Bitcoin can not replace fiat

[prass tyo]

it is true until now have not been able to replace fiat bitcoin since, people have become accustomed menggunakanj fiat jai need the introduction and dissemination to the public, perhaps with a new bitcoin cacra it can replace fiat forever

[CoinFoxs]

There has not been a country that officially approved the use of bitcoin, the main factor because they are still using fiat money for all transactions. Bitcoin will never replace a fiat money because bitcoin is decentralized and could not be in control.

Well there are already countries that recognizes and is in approval of btc. I've read that the philippine central bank already does this. Though i agree with you on the part that btc won't ever replace fiat. Possible even that without fiat bitcoin wouldn't survive. That is at thia point but i don't think there would be a scenario where in it would have to be a choice between the two. We can work better with both anyways

i do not think that there is any single country where the government has consider  bitcoin as legal currency. i think still some countries are thinking about it but still they do not consider bitcoin as legal currency.

The reason why Countries don't consider bitcoin as legal currency because it is decentralized, no central power control bitcoin. And bitcoin is used offline in many countries but no country allow bitcoin as a legal currency .

[jamieb81]

it is true until now have not been able to replace fiat bitcoin since, people have become accustomed menggunakanj fiat jai need the introduction and dissemination to the public, perhaps with a new bitcoin cacra it can replace fiat forever

It's true that bitcoin has not been able to replace the fiat which is not possible at all to be honest with you as bitcoin cannot be national currency but bitcoin will be the first choice of people when it comes to any alternative from fiat and i am sure no other alt coins can even reach the level bitcoin has reached now.

[sandor111]

There has not been a country that officially approved the use of bitcoin, the main factor because they are still using fiat money for all transactions. Bitcoin will never replace a fiat money because bitcoin is decentralized and could not be in control.

Well there are already countries that recognizes and is in approval of btc. I've read that the philippine central bank already does this. Though i agree with you on the part that btc won't ever replace fiat. Possible even that without fiat bitcoin wouldn't survive. That is at thia point but i don't think there would be a scenario where in it would have to be a choice between the two. We can work better with both anyways

i do not think that there is any single country where the government has consider  bitcoin as legal currency. i think still some countries are thinking about it but still they do not consider bitcoin as legal currency.

No they don't. I know the Philippines and I have never seen a single store that accepts Bitcoin which proves the point that it cannot replace Fiat currency. The government plays a big factor to it on the decisions of businesses because they are the ones who can identify Bitcoin if it is illegal or not. It can really affects the companiws decision for making Bitcoin as a payment option.

Yes bitcoin will not replace fiat currency as it cannot be controlled by government but still bitcoin is still used in almost all the countries as an alternative to the fiat and i am sure no government will declare bitcoin as national currency but it will continue to be an alternative and growing every single day.

[Rahar02]

There is a possibility but I can say it is very slim.  People will always use the currency issued by their government.  No matter how good Bitcoin is, people will still believe in the currency that is supported and endorsed by the authority.  Even if Bitcoin had been approved and acknowledge as currency, I still doubt that it will replace fiat.

But isn't bitcoins already endorsed and supported by the authority once it has been approved and acknowledged as a valid/legal currency? Because that's actually the point why did the government approved it in the first place.

With all the international or long distance transactions going on every single day, I believe that bitcoins will take over most especially when the government has approved bitcoin as currency. Even without the government's approval, bitcoin still has a chance to take over because of the same reason (people are sending money overseas/long distance more and more).

Fiat money is a big power backed by government, bitcoin simply cannot replace it instead of become an alternative currency which used for send/receive money overseas, useful only if you send it pass through your country to another which use bank service or remittance require higher fees and some documents to fill. If I want to send money domestically inside my country, using bank service is a better idea and it's free or cheaper than bitcoin.

[qiwoman]

There is a possibility but I can say it is very slim.  People will always use the currency issued by their government.  No matter how good Bitcoin is, people will still believe in the currency that is supported and endorsed by the authority.  Even if Bitcoin had been approved and acknowledge as currency, I still doubt that it will replace fiat.

But isn't bitcoins already endorsed and supported by the authority once it has been approved and acknowledged as a valid/legal currency? Because that's actually the point why did the government approved it in the first place.

With all the international or long distance transactions going on every single day, I believe that bitcoins will take over most especially when the government has approved bitcoin as currency. Even without the government's approval, bitcoin still has a chance to take over because of the same reason (people are sending money overseas/long distance more and more).

Fiat money is a big power backed by government, bitcoin simply cannot replace it instead of become an alternative currency which used for send/receive money overseas, useful only if you send it pass through your country to another which use bank service or remittance require higher fees and some documents to fill. If I want to send money domestically inside my country, using bank service is a better idea and it's free or cheaper than bitcoin.

Yes that's true we cannot use bitcoin if we need to transfer money within the country but when it come to international money transfers people will be more dependent on bitcoin due to its less transaction fee and obviously fiat will always be there.

[sorehammer]

There is a possibility but I can say it is very slim.  People will always use the currency issued by their government.  No matter how good Bitcoin is, people will still believe in the currency that is supported and endorsed by the authority.  Even if Bitcoin had been approved and acknowledge as currency, I still doubt that it will replace fiat.

But isn't bitcoins already endorsed and supported by the authority once it has been approved and acknowledged as a valid/legal currency? Because that's actually the point why did the government approved it in the first place.

With all the international or long distance transactions going on every single day, I believe that bitcoins will take over most especially when the government has approved bitcoin as currency. Even without the government's approval, bitcoin still has a chance to take over because of the same reason (people are sending money overseas/long distance more and more).

Fiat money is a big power backed by government, bitcoin simply cannot replace it instead of become an alternative currency which used for send/receive money overseas, useful only if you send it pass through your country to another which use bank service or remittance require higher fees and some documents to fill. If I want to send money domestically inside my country, using bank service is a better idea and it's free or cheaper than bitcoin.

Yes that's true we cannot use bitcoin if we need to transfer money within the country but when it come to international money transfers people will be more dependent on bitcoin due to its less transaction fee and obviously fiat will always be there.

Who said that you cannot transfer money within country? You can easily do it on localbitcoins where you just need to give your bank details and trader will transfer fiat currency to your bank account for the amount of bitcoins that you are willing to sell and bitcoin is not limited only for international transfers it can be done for local transactions too.

[ArnoldChippy]

There has not been a country that officially approved the use of bitcoin, the main factor because they are still using fiat money for all transactions. Bitcoin will never replace a fiat money because bitcoin is decentralized and could not be in control.

Well there are already countries that recognizes and is in approval of btc. I've read that the philippine central bank already does this. Though i agree with you on the part that btc won't ever replace fiat. Possible even that without fiat bitcoin wouldn't survive. That is at thia point but i don't think there would be a scenario where in it would have to be a choice between the two. We can work better with both anyways

i do not think that there is any single country where the government has consider  bitcoin as legal currency. i think still some countries are thinking about it but still they do not consider bitcoin as legal currency.

but in future we can expect that the government will start thinking about bitcoin to consider it as legal currency of the world.

[Fatanut]

There is a possibility but I can say it is very slim.  People will always use the currency issued by their government.  No matter how good Bitcoin is, people will still believe in the currency that is supported and endorsed by the authority.  Even if Bitcoin had been approved and acknowledge as currency, I still doubt that it will replace fiat.

But isn't bitcoins already endorsed and supported by the authority once it has been approved and acknowledged as a valid/legal currency? Because that's actually the point why did the government approved it in the first place.

With all the international or long distance transactions going on every single day, I believe that bitcoins will take over most especially when the government has approved bitcoin as currency. Even without the government's approval, bitcoin still has a chance to take over because of the same reason (people are sending money overseas/long distance more and more).

Fiat money is a big power backed by government, bitcoin simply cannot replace it instead of become an alternative currency which used for send/receive money overseas, useful only if you send it pass through your country to another which use bank service or remittance require higher fees and some documents to fill. If I want to send money domestically inside my country, using bank service is a better idea and it's free or cheaper than bitcoin.

It is supported by government. But it's not "backed" by it unless you meant something else than what I'm thinking. When you say fiat is backed by gold, that means any fiat is equivalent to the amount of gold available and you can exchange your fiat to gold right away. So if you say that fiat is backed by government, can you exchange your fiat into a government? Definitely not.

~snip~
but in future we can expect that the government will start thinking about bitcoin to consider it as legal currency of the world.

With Japan and the Philippines (and other countries that I haven't read of lately) accepting bitcoins as a legal payment method to pay your bills, etc. I'm pretty sure other countries, especially the major ones (i.e. China, Russia, America), have already been considering accepting bitcoin as a legal currency.

[Cherylstar86]

We all knew that fiat cash money is a very widely used and recognized form that is used for spending on things you are buying. If we will replace fiat with bitcoin its not appropriate to implement in this way digital currency is concerned because it cost a lot of budget when deploying and educating people to use computers in transacting digital.currency by merging it with usual money exchange through fiat currency in between digital currency. I can conclude that fiat won't be replaced with bitcoin because we needed fiat to exchanged from digital to cash money.

[justdimin]

There has not been a country that officially approved the use of bitcoin, the main factor because they are still using fiat money for all transactions. Bitcoin will never replace a fiat money because bitcoin is decentralized and could not be in control.

Yes exactly and why the hell do we need something to replace fiat ?

I mean bitcoins can work along with them, the main worth of bitcoins is that today you can easily exchange them for fiat and if fiat is the one that is removed then first of all can only happen in hypothetical situations since government needs funds to run and execute.
Then if even it's replaced then how the price would be determined of bitcoins ?

[PokerFace3]

There has not been a country that officially approved the use of bitcoin, the main factor because they are still using fiat money for all transactions. Bitcoin will never replace a fiat money because bitcoin is decentralized and could not be in control.

Well there are already countries that recognizes and is in approval of btc. I've read that the philippine central bank already does this. Though i agree with you on the part that btc won't ever replace fiat. Possible even that without fiat bitcoin wouldn't survive. That is at thia point but i don't think there would be a scenario where in it would have to be a choice between the two. We can work better with both anyways

Yes, actually most of the bigger countries like USA and Canada have a positive view towards bitcoins and though they don't ban it completely at the same time they want to make sure that money laundering and crimes does not get arise due to bitcoins, which in my option is correct too. There is never a need of replacement both can live together, I agree with you.

[duuuuude]

There has not been a country that officially approved the use of bitcoin, the main factor because they are still using fiat money for all transactions. Bitcoin will never replace a fiat money because bitcoin is decentralized and could not be in control.

Well there are already countries that recognizes and is in approval of btc. I've read that the philippine central bank already does this. Though i agree with you on the part that btc won't ever replace fiat. Possible even that without fiat bitcoin wouldn't survive. That is at thia point but i don't think there would be a scenario where in it would have to be a choice between the two. We can work better with both anyways

Yes, actually most of the bigger countries like USA and Canada have a positive view towards bitcoins and though they don't ban it completely at the same time they want to make sure that money laundering and crimes does not get arise due to bitcoins, which in my option is correct too. There is never a need of replacement both can live together, I agree with you.

Yeah and why to choose one if we can use both of them as still there are many places where only fiat can be used and bitcoin is no where in the list and bitcoin is good when it comes to spending online so I think we need both of them even in future.

[PokerDiceMan]

There has not been a country that officially approved the use of bitcoin, the main factor because they are still using fiat money for all transactions. Bitcoin will never replace a fiat money because bitcoin is decentralized and could not be in control.

i agree with you bitcoin can't replace fiat money
bitcoin until now still not ready regulated, have not physic, if can replace fiat money must have physic
but bitcoin this now is number one digital curency, the best payment curency and easy use

[Botnake]

Bitcoin can never replace fiat as every time when we need money we have to convert our bitcoins to fiat currency so that we could spend that money for buying anything and I don't think that bitcoin will be accepted everywhere even in future and it will always be dependent on fiat.

Everything we have should be converted into fiat and we have no choice but to do that if we want to spend it. I think that is easy to understand because bitcoin can never be a legal tender or a main currency that is independent on its own. Also, if you could check at the price now, it's down big and that is not a characteristic of a strong coin that will replace fiat.

[delliaerd]

There has not been a country that officially approved the use of bitcoin, the main factor because they are still using fiat money for all transactions. Bitcoin will never replace a fiat money because bitcoin is decentralized and could not be in control.

i agree with you bitcoin can't replace fiat money
bitcoin until now still not ready regulated, have not physic, if can replace fiat money must have physic
but bitcoin this now is number one digital curency, the best payment curency and easy use

The other reason is due when Bitcoin replace the national currency of a country, Bitcoin could collapse the national currency. Just imagine if the national currency flock switch to using Bitcoin, Strength of own national currency will be loss all of that affected to a country.

[elitegiftcards]

Bitcoin cannot replace fiat, as long as taxes have to be paid in fiat.

Once bitcoin is accepted and respected by the state then it will be the start of a new era.

Otherwise, we can have a bitcoin economy slowly develop.  Smiley

[btcjoin14]

^ True, since Bitcoin isn't looked at as a system that could have a standard price set so when and if the Government tires taxing Bitcoin then they could do so. Since Bitcoins value is based on speculation, the coin can't get taxed so easily because the users of Bitcoin could be paying very little or plenty when the price gets manipulated by the huge spenders.
Bitcoin won't replace fiat, there might be an alternative to Bitcoin that will be used for the later plan.

[PhucS]

I agree with your opinion. At present, Bitcoin is developing quite well and strong, its value is constantly increasing. It seems Bitcoin is taking the top spot in the electronic money world. But Bitcoin still can not replace cash, Bitcoin is easy to use with people who already know it, often work on the internet. If cash is replaced by BItcoin, some people will not know how to use it. To spend everyday simply you will also have to use cash, if using BItcoin you will be difficult to calculate. However, there are now some services that allow Bitcoin payments, which are also quite well developed. No one can deny the development of Bitcoin. In the future no one will know what will happen

[Viscore]

Bitcoin cannot replace fiat, as long as taxes have to be paid in fiat.

Once bitcoin is accepted and respected by the state then it will be the start of a new era.

Otherwise, we can have a bitcoin economy slowly develop.  Smiley

Fiat is the most powerful currency and bitcoin is simply inferior to bitcoin because it's just a payment system, I doubt even if it will be very popular it will surpass the success of fiat. I mean, fiat is widely used because it was endorse by the government and we trust our government to govern us, with fiat the circulation is properly accounted therefore we cannot do away with paying taxes which is the life blood of a country.