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Author Topic: Bitcoin can not replace fiat  (Read 162925 times)
Meuh6879
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December 23, 2015, 04:12:24 PM
 #21

you get random strangers that complain about paying a coffee and waiting 2 hours.

You live in a cave ?
No commercial system wait 8 days to have the confirmation of VISA/MASTERCARD ...

And with Bitcoin, you have the 0-confirmation in the 2 seconds like the 0-confirmation of VISA/MASTERCARD.
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December 23, 2015, 04:16:50 PM
 #22

Yes, got you intrigued, didn't it?

Bitcoin is a very good thing to have as an asset. Just like gold. Even better if I may say. It's secure, and unlike fiat money it actually exists and work is put into it to produce it. This makes it great to store value.
However, it cannot and will not replace current fiat money that the entire world it using. It just cannot.
Take paying a cup of coffee for example. To pay your coffee with bitcoins, one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough). It ends up being a quite complicated process, don't you think?
Until we reach the point where paying for a cup of coffee is as easy with Bitcoin as it is with cash, we will never get mass adoption. And as far as I see it, there is no way of simplifying the acquiring of bitcoins.

I definitely agree to this.
but the reason about the coffee can be solve in the future.
like just sending money wallet to wallet from your phone.
the real reason i can see that bitcoin can not replace fiat.
as not all people in the world can use it. especially in places with out electricity.
or simply just because a lot of people not trust it.
and also think if bitcoin replace fiat. there will be a shortage as the maximum we can only mine is only 21m.
well this is only in my opinion.. Tongue


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Amph
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December 23, 2015, 05:11:20 PM
 #23

you get random strangers that complain about paying a coffee and waiting 2 hours.

You live in a cave ?
No commercial system wait 8 days to have the confirmation of VISA/MASTERCARD ...

And with Bitcoin, you have the 0-confirmation in the 2 seconds like the 0-confirmation of VISA/MASTERCARD.

that's why i said that it can be solved via sidechain, by adding a subchain that have much faster confirmation, in seconds if you want, but apparently you didn't read my whole post
thejaytiesto
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December 23, 2015, 06:00:59 PM
 #24

Yes, got you intrigued, didn't it?

Bitcoin is a very good thing to have as an asset. Just like gold. Even better if I may say. It's secure, and unlike fiat money it actually exists and work is put into it to produce it. This makes it great to store value.
However, it cannot and will not replace current fiat money that the entire world it using. It just cannot.
Take paying a cup of coffee for example. To pay your coffee with bitcoins, one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough). It ends up being a quite complicated process, don't you think?
Until we reach the point where paying for a cup of coffee is as easy with Bitcoin as it is with cash, we will never get mass adoption. And as far as I see it, there is no way of simplifying the acquiring of bitcoins.

Then answer is jobs, getting paid in Bitcoin. If you get in paid Bitcoin, you will use it as fiat and will be more inclined to perform daily transactions with it. If you buy it, you value it way too much and tend to hold like gold. So until we have a ton of jobs for Bitcoin, I dont see it happening.
Yakamoto
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December 23, 2015, 06:10:24 PM
 #25

Yes, got you intrigued, didn't it?

Bitcoin is a very good thing to have as an asset. Just like gold. Even better if I may say. It's secure, and unlike fiat money it actually exists and work is put into it to produce it. This makes it great to store value.
However, it cannot and will not replace current fiat money that the entire world it using. It just cannot.
Take paying a cup of coffee for example. To pay your coffee with bitcoins, one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough). It ends up being a quite complicated process, don't you think?
Until we reach the point where paying for a cup of coffee is as easy with Bitcoin as it is with cash, we will never get mass adoption. And as far as I see it, there is no way of simplifying the acquiring of bitcoins.
Bitcoin never has to replace fiat, it's just a valuable alternative to it, which serves the same functions.

Fiat can be a measure of transferring value quickly, sure. We can still use PayPal or Mastercard to send funds back and forth. Bitcoin should exist as a way of maintaining value over time, once it is properly stabilized, and as a means of transferring large amounts of value, or even transferring value overall.

Fiat shouldn't be a means of paying workers, unless they can transfer their funds to another fairly liquid asset that will retain its value over time. This way wages won't lose value, and work we do at younger ages will still mean something in the future, instead of being reduced in value by 50% or similar numbers.
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December 23, 2015, 06:15:02 PM
 #26

Yes, got you intrigued, didn't it?

Bitcoin is a very good thing to have as an asset. Just like gold. Even better if I may say. It's secure, and unlike fiat money it actually exists and work is put into it to produce it. This makes it great to store value.
However, it cannot and will not replace current fiat money that the entire world it using. It just cannot.
Take paying a cup of coffee for example. To pay your coffee with bitcoins, one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough). It ends up being a quite complicated process, don't you think?
Until we reach the point where paying for a cup of coffee is as easy with Bitcoin as it is with cash, we will never get mass adoption. And as far as I see it, there is no way of simplifying the acquiring of bitcoins.

Then answer is jobs, getting paid in Bitcoin. If you get in paid Bitcoin, you will use it as fiat and will be more inclined to perform daily transactions with it. If you buy it, you value it way too much and tend to hold like gold. So until we have a ton of jobs for Bitcoin, I dont see it happening.
says the guy getting paid in bitcoin with the sig campaign lol

wildan88
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December 23, 2015, 06:19:01 PM
 #27

bitcoin is not real money but merely a different way of employing existent fiat money, obviously it cannot replace it.

in other words, a bitcoin is not itself money, because it always relies on an actual form of money to underlie it. 
Betwrong
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December 23, 2015, 07:10:27 PM
 #28

bitcoin is not real money but merely a different way of employing existent fiat money, obviously it cannot replace it.

in other words, a bitcoin is not itself money, because it always relies on an actual form of money to underlie it. 

I don't get it. Can't we say the same about any currency or even about gold?

Would you agree with the notion below?

"Gold is nothing by itself it is only something when you know the price of it in dollars."

I hope not. Smiley

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Parazyd
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December 23, 2015, 07:14:13 PM
 #29

bitcoin is not real money but merely a different way of employing existent fiat money, obviously it cannot replace it.

in other words, a bitcoin is not itself money, because it always relies on an actual form of money to underlie it.  

I don't get it. Can't we say the same about any currency or even about gold?

Would you agree with the notion below?

"Gold is nothing by itself it is only something when you know the price of it in dollars."

I hope not. Smiley

This is the case why Bitcoin and gold are better than cash. Fiat is called fiat because of it. Trust and nothing else.
With the former two, you have actual proof of value.
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December 24, 2015, 09:06:32 AM
 #30

Same goes with getting money, you don't have it already. You would either need to earn your money or get it from the government. You don't just get money and pay for your coffee.
I think that unless mass adoption has happened into the world, bitcoin cannot replace fiat.
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December 24, 2015, 10:40:17 AM
 #31

realistic people don't think bitcoin will replace fiat. there is no reason for bitcoin to replace it. bitcoin and fiat can function perfectly fine together. bitcoin is an alternative.
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December 24, 2015, 11:46:56 AM
 #32

realistic people don't think bitcoin will replace fiat. there is no reason for bitcoin to replace it. bitcoin and fiat can function perfectly fine together. bitcoin is an alternative.
So far this is the most balanced reply. Until FIAT will disgrace itself by drowning in another crisis. We won't see influx of new bitcoin users.
Stop trying to hasten this process, bitcoin is progressing slowly, we should be happy with this.




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December 24, 2015, 11:47:21 AM
 #33

Yes, got you intrigued, didn't it?

Bitcoin is a very good thing to have as an asset. Just like gold. Even better if I may say. It's secure, and unlike fiat money it actually exists and work is put into it to produce it. This makes it great to store value.
However, it cannot and will not replace current fiat money that the entire world it using. It just cannot.
Take paying a cup of coffee for example. To pay your coffee with bitcoins, one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough). It ends up being a quite complicated process, don't you think?
Until we reach the point where paying for a cup of coffee is as easy with Bitcoin as it is with cash, we will never get mass adoption. And as far as I see it, there is no way of simplifying the acquiring of bitcoins.

Of course. I don't think that Bitcoin will replace fiat, but It can be utilized by many many people ! I see that Bitcoin will be used like the gold, only for safe investment, naturally when price will be more stable than now !
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December 24, 2015, 12:07:18 PM
 #34

Bitcoin don't need to replace fiat to become succesfull.
If we get many users to start using bitcoin in their daily life we have succeeded because
Because more companies trust bitcoin and more customers trust on bitcoin

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December 24, 2015, 12:11:30 PM
 #35

Yes, got you intrigued, didn't it?

Bitcoin is a very good thing to have as an asset. Just like gold. Even better if I may say. It's secure, and unlike fiat money it actually exists and work is put into it to produce it. This makes it great to store value.
However, it cannot and will not replace current fiat money that the entire world it using. It just cannot.
Take paying a cup of coffee for example. To pay your coffee with bitcoins, one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough). It ends up being a quite complicated process, don't you think?
Until we reach the point where paying for a cup of coffee is as easy with Bitcoin as it is with cash, we will never get mass adoption. And as far as I see it, there is no way of simplifying the acquiring of bitcoins.


Of course bitcoin and fiat cannot be compared, the first one is only a good and valid alternative to send large (or not) quantity of 'money' or data from A to B all over the world.
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December 24, 2015, 12:15:07 PM
 #36

Bitcoin can not replace fiat at the present time only as the adopters of bitcoin still few comparing with the rest of the world population.
But it can be if all people start using bitcoin.
Remember when they created the banknotes and no one was trusting or using it at first
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December 24, 2015, 12:15:40 PM
 #37

I don't even understand why this subject is being discussed heavily last years. It will never happen. Forget about it. Bitcoin is here, it's working, and it doesn't need to replace any kind of fiat currency in order to be what it already is.

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December 24, 2015, 03:07:23 PM
 #38

bitcoin is not real money but merely a different way of employing existent fiat money, obviously it cannot replace it.

in other words, a bitcoin is not itself money, because it always relies on an actual form of money to underlie it.  

I don't get it. Can't we say the same about any currency or even about gold?

Would you agree with the notion below?

"Gold is nothing by itself it is only something when you know the price of it in dollars."

I hope not. Smiley

Yes, I think just about everyone would agree with that statement. If I offer to trade you a hunk of gold for $100, you have no idea whether you're getting a good deal or not without knowing what the value of the gold is in US dollars. If you know the gold is worth $200 dollars, you'd probably take that trade in an instant. If you know the gold is worth $20 dollars, you'd probably tell me to take a hike.

If I offer to buy an expensive piece of furniture off you for half an ounce of gold, you don't know whether to make that trade or not without knowing the value of half an ounce of gold in USD. That's because our economy is denominated in USD, and everyone deals in and thinks in USD. No one knows the value of gold except in terms of USD, that's why it's quoted in USD.
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December 24, 2015, 03:42:13 PM
 #39

I don't think bitcoin can ever replace fiat. These are two different things, however I do believe that bitcoin can become it's own currency without having to depend on fiat.
Right now bitcoin depends on fiat, fiat doesn't depend on bitcoin to grow in value. So whatever happens to bitcoin, it wouldn't have any affect on fiat.

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December 24, 2015, 06:04:28 PM
 #40

Though I partially agree with you but in some cases, at some point,it will replace fiat .Consider the examples below :

Buying Digital Goods online :
A company selling vpn's/proxies/social media marketing, are more likely to use bitcoins rather then fiat cash .Why ?Because its easy! Who would want to pay additional taxes and bank service for online payment setup when you can just have everything automated for few digits ?

Porn Websites :Though it belongs to Digital Goods category ,it has its special relevance .Privacy .Why would some has to leak their bank details online to buy the service ? Bitcoins are transparent and anonymous to reveal anyone's identity .

E-Commerce :The way e-commerce is taking over hardly you can find anything which is not available online.As the number of people using bitcoins rise,the big giants will soon start accepting them.It has already begun on the markets coming out of Europe.


I'd like to online gambling where Bitcoin can have a huge impact! Sport betting, online casinos, online poker, prediction markets etc.

Bitcoin can also create completely new ways to generate income online. I'm thinker about youtubers, twitch, live podcasts, live streams (online lectures offered by schools or teachers), bloggers and many many more.This way people will earn Bitcoin!!
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