Bitcoin can not replace fiat

[suzanne5223]

Most upper middle class people now use more digital currencies, especially bitcoins and other cryptocurrencies, but for the lower society still use paper currency so in my opinion it is balanced and has its own market every currency.

This means that bitcoin cannot replace the fiat simply because not all people are relying to computers and internet in which very important to learn for every crypto currencies transactions. The paper money was commonly and conveniently used by the poor people that if we really want to enforce to replace the fiat therefore all people shall be computer literate in which the literacy expense should be shouldered by all government.

At present, it is very much difficult for bitcoin to replace fiat. The only reason behind it is that still there in only 1% of the population who knows about bitcoin. So it will take a lot of time for everyone to know about bitcoin, only then we can expect this thing to happen. Moreover, till the time the local governments will not take any step it is not possible.

You're right and the world total population of bitcoin adopters is not even up to 1%. However, bitcoin was not created to replace fiat in the first place and bitcoin was created to save people from world economic/financial problem which the government can not fix.

[Tukang Becak]

I  also believing that bitcoins can never ever replace fiat forex evn if bitcoin will be the worlds forex.Simply because fiat is owned b authorities and not the exact same as bitcoin who is owned by rich peoples.But bitcoin can be in fiat forex line but can never at any time substitute any fiat

Why bitcoin can not replace fiat money? because for now the state protects fiat money so it is not or yet can be replaced with anything. but I'm sure that someday bitcoin can replace fiat money.

[diegz]

Snip

Why bitcoin can not replace fiat money? because for now the state protects fiat money so it is not or yet can be replaced with anything. but I'm sure that someday bitcoin can replace fiat money.

Can't you see the trend? Countries are more like creating their own cryptocurrency than adopting bitcoin as its own money. We need to accept that, countries won't accept anything that it has no control over.

The only thing I can think of is that bitcoin will be copied by each state and use it to build their own and it will be known as the origin of all of those cryptocurrencies that will exist in the future.

[Fluer]

Bitcoin is certainly on the rise now. But the strikest difference between it and fiat is the fact that bictoin isn't backed by anything. Fiat is backed by gold or other fiat, whereas bitcoin is supported only by trust of other enthusiasts

[mai_mirai]

Bitcoin can never replace fiat for now because fiat has proven  his existance and many people use it daily as transaction anywhere they go theres always stores that accept fiats as payment and for now online transaction. So I just don't think bitcoin can replace fiat.

[aldrian09]

Maybe bitcoin can't replace fiat as of now but in the future there will be possibilities that all of the people will use money as a payment. Remember ages ago people use gold for payment and paper money replaced it and bitcoin will probably replace paper money soon but no one knows when though.

[Sled]

Maybe bitcoin can't replace fiat as of now but in the future there will be possibilities that all of the people will use money as a payment. Remember ages ago people use gold for payment and paper money replaced it and bitcoin will probably replace paper money soon but no one knows when though.

Paper money is different from gold so it is not like the gold that will get replaced. The gold is replaced by the fiat because the government knows that it is not enough and wise to use gold for exchanging things. The bitcoin cannot replace the fiat because it doesn't have enough supply like gold and it is not a good money since it is volatile so i think it is impossible to replace fiat using bitcoin.

[RMDV]

Of course can't fiat money replace bitcoin, because we still use fiat money at the end look how much banks they are in the world they won't just change to go to bitcoin. Bitcoin is just good when you trading or other stuff. Also we need fiat for bitcoin price.

[conected]

Snip

Why bitcoin can not replace fiat money? because for now the state protects fiat money so it is not or yet can be replaced with anything. but I'm sure that someday bitcoin can replace fiat money.

Can't you see the trend? Countries are more like creating their own cryptocurrency than adopting bitcoin as its own money. We need to accept that, countries won't accept anything that it has no control over.

The only thing I can think of is that bitcoin will be copied by each state and use it to build their own and it will be known as the origin of all of those cryptocurrencies that will exist in the future.

- I agree with you, the governments of countries around the world will not accept bitcoin replacement fiat because they can not control and manage transactions around bitcoin, if they accept it, that would lead to money laundering or tax evasion, affect the economy of their country, they will not do. But if they do not accept, that would not be good for their country because digital currency is the trend of the future, so their solution is to create digital currency for their country, they will be easy to control and still be able to help the economy of their country grow

[Foromany]

i think new engineering not developed for changing anything,its just for alternate,its imply bitcoin created for alternate payment,not substitute fiat. even bitcoin have mass adopted,i dont believe bitoin will changing fiat.

[Keyboard PC]

it's possible, it's because bitcoin is on the internet, and many still make it illegal. other than that public trust to fiat is very strong, so bitcoin can not directly replace it. it takes a long process to replace the fiat.

[Vohoanghiep]

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 do not think so. I think it will be time for Fiat not being used by people much to meet their needs. The raw materials to make Fiat will also be exhausted. Bitcoin will survive forever, gradually there will be more Bitcoin trading methods, faster, more convenient. Therefore, Bitcoin can completely replace fiat

[DrGuns4Hands]

it's possible, it's because bitcoin is on the internet, and many still make it illegal. other than that public trust to fiat is very strong, so bitcoin can not directly replace it. it takes a long process to replace the fiat.

nope that won't happen at all. because government won't let go the fiat system since that's the only way to have a balance economy. you know that bitcoin is a decentralized currency so we can stick to it because anytime it could go dump and go pump. nobody wants to have a volatility money. where they have a large amount of money afterwards if there's a big dump you could lose that large money so. fiat will stay where they are and bitcoin will stay as a decentralized currency that's why bitcoin is unique.

[fearcoka]

it's possible, it's because bitcoin is on the internet, and many still make it illegal. other than that public trust to fiat is very strong, so bitcoin can not directly replace it. it takes a long process to replace the fiat.

nope that won't happen at all. because government won't let go the fiat system since that's the only way to have a balance economy. you know that bitcoin is a decentralized currency so we can stick to it because anytime it could go dump and go pump. nobody wants to have a volatility money. where they have a large amount of money afterwards if there's a big dump you could lose that large money so. fiat will stay where they are and bitcoin will stay as a decentralized currency that's why bitcoin is unique.

Bitcoin is useful for investment and trade than become a currency for using every day as FIAT. You must to know the nature of Bitcoin also can not help the government manage it, so if they accept Bitcoin, how do they guaranteed the capital of user or fixed its value?

[Simone18]

Yes I do believe that bitcoin can't replace fiat as long as majority of the population are still using fiat. Its not that easy that a traditional currency will be replaced in an instant maybe it will take many more years for that to happen. I don't understand why some here would like to eliminate fiat where in they can co exist with bitcoin in my own opinion.

[deisik]

it's possible, it's because bitcoin is on the internet, and many still make it illegal. other than that public trust to fiat is very strong, so bitcoin can not directly replace it. it takes a long process to replace the fiat.

nope that won't happen at all. because government won't let go the fiat system since that's the only way to have a balance economy. you know that bitcoin is a decentralized currency so we can stick to it because anytime it could go dump and go pump. nobody wants to have a volatility money. where they have a large amount of money afterwards if there's a big dump you could lose that large money so. fiat will stay where they are and bitcoin will stay as a decentralized currency that's why bitcoin is unique

I beg to differ with your view

You say that no one wants volatile money. But do you know there are only a dozen major currencies which can be called as non-volatile, if I can say so? Most fiat currencies are insanely volatile in and of itself, and it looks that, strictly speaking, we can't even use the term volatile in respect to them since they just go down until they lose their purchasing power completely. On the other hand, the advantage of cryptocurrencies is that they don't need government approval, people can just start using them without looking back and watching what the government says to them. This is what happens in Venezuela, and, as I suspect, in a lot of other countries

[pavelv3]

I  also believing that bitcoins can never at any time change fiat currency evn if bitcoin will be the worlds forex.Because fiat is owned b authorities and not the same as bitcoin who is owned by abundant peoples.But bitcoin can be in fiat forex line but can never ever replace any fiat

[Nerman]

Yes as much as I want Bitcoin to be the official currency of the world i do not think that Fiat can be replaced by Bitcoin or any coins. Government will not allow it yes they can pass a bill or make a law that they can recognize it as a currency but not as their official currency. Also there are to many Billionaires who know the right people who are not invested in Bitcoin. They will definitely not agree if their  money became worthless. Also sad but true that there are still many people who do not know Crypto currency or Bitcoin.

[Ronaldcoin2017]

Yes as much as I want Bitcoin to be the official currency of the world i do not think that Fiat can be replaced by Bitcoin or any coins. Government will not allow it yes they can pass a bill or make a law that they can recognize it as a currency but not as their official currency. Also there are to many Billionaires who know the right people who are not invested in Bitcoin. They will definitely not agree if their  money became worthless. Also sad but true that there are still many people who do not know Crypto currency or Bitcoin.

yes i agree it really hard to replace fiat by bitcoin same as the fiat cannot replace bitcoin or vice vesa.because tjey are really different bitcoin is a digital cryptocurrency while fiat is from the government that has a corresponding amount and it cannot be change anytime because it has already an amount.whike bitcoin is a good investment to produce a huge income because of its price that can be change  anytime without a prior notice.

[dissgo]

Yes, I agree with OP.
It'll rise higher and higher but still can't replace fiat.
most of people will think of it as a risk currency, cause it's digital.