Bitcoin can not replace fiat

[tanginamoo]

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.

It is not yet predictable that bitcoin will replace fiat. But as we can see, the popularity of bitcoin is really amazing. The price is high and many countires accept it and legalized it. So maybe bitcoin can replace fiat.

[Tapyaks72]

With the current price I think BTC cannot be used for micropayments (by example, go to market and buy a drink)

Bitcoin is highly divisible. The problem is high transaction fee (which can be higher than even purchase now). It will be solved soon with Lightning Network.

As of now Bitcoin cannot change Fiat in terms of paying common comodities  were Fiat money is used. Because Bitcoin is not yet tailored to be used because some facilities which is not ready yet, in other reason also  that some commercial establishment are not accepting Bitcoin .but still we can in cash Bitcoin to Fiat thats is why it is still usefull but not soo comfortable.

Yeah because Bitcoin is not yet widely acceptable some commercial establishment were not ready yet to accept bitcoin as medium of payment. in other reasons also the government is fully accept it as an official currency but still is considered a real currency since it can be converted to cash anytime but still acceptable to some  busineses by mutual agreement.7

[squidiot438]

Bitcoin can never replace Fiat just yet. Our world runs on Fiat and the govt controls us via Fiat currency.

[MMostaza]

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.

After two years of this post, I can say Bitcoin, and rest of crypto coins, are on their way to get mass adoption. Ok, even now, still is soon to talk about mass adoption, but I think the steps are going there. So, I really put on question mark the phrase "Bitcoin can not replace fiat", now for sure no, but in a future maybe yes, it will.

Yesterday Seed announced Bittrex is going to be their major investor, and all the transactions will be guaranteed by the CFTC. There will be the option to make exchanges between 200 crypto coins and 19 fiat. This is just and example of how economy is adopting the crypto  world, and this is the reason for what I believe that in a future is not crazy to think that Bitcoin, or another altcoin, can replace fiat.

[EvaGC]

Dunno about Bitcoin, but digital currencies are definetely the future.

Cryptocurrencies and fiat will coexist for a long time. But the time will come when printed money will be just obsolete and a waste of resources.

[blckhawk]

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 don't think so but maybe someday because in this world nothing is constant. Everything can change and nithung is impossible. Someday bitcoin xan replace fuat if evryone of us is only depebd in bitcoin and nothing more.

Precisely, as of now it is impossible for bitcoin to replace fiat. Bitcoin needs a massive adoption and it must be prefarred of most people to use in their daily transaction. Bitcoin has a long way to run but nothing is impossible. Bitcoin is unpredictable so no one can predict on what will happen in the future.

[boyptc]

Bitcoin can never replace Fiat just yet. Our world runs on Fiat and the govt controls us via Fiat currency.

Bitcoin is a digital currency while fiat is a currency that has the blessing of the government and it is not likely going to happen that bitcoin will replace fiat. We had enough with bitcoin as a universal cryptocurrency of all and it has the highest value of all.

[Naoko]

maybe some people will prefer biecoin to fiat, but it will not become mass

[nightways]

I agree bitcoin can not replace Fiat.  Bitcoin is better then gold in some ways

I think Bitcoin only is better than gold just because of it's profit. It can't be comparing with Bitcoin about the stable feature.

The comparison between “bitcoin and gold” should not be compared with the comparison between “Bitcoin and Fiat” because these two comparisons will not let us to draw something informative to judge them. Moreover, I think Gold has some strength and it is acceptable worldwide and can dominate all the currencies at any part of the world, but fiat and crypto are two different currencies which ae different at different parts of the world.

[jonatuzc]

Until now spread of bitcoin in real life has not been felt in the sense can't used as means of payment for daily needs.

Many shops accepting Bitcoin already and their numbers grows rapidly!

The number will further increase in the near future and even now many sites are at the verge of making bitcoin as an acceptable mode of payment. Bitcoin is also going to be made legal in so many countries after the increase in number of people who are investing into bitcoin.

People are going to use it for clearing their all bills and dues soon even some are still using it. Bitcoin is going to bring a great revolution.

[expless]

We need a blockchain technology that will rival the speed of VISA or Mastercard (thousands of transactions per second).
Once this happens, we can buy a cup of coffee with bitcoin or our alts.

Governments will fight to the death to retain control of power thru fiat, they may even release their own blockchains.
Money is power. Bitcoin is very disruptive and creating a power shift or distributing it to the masses.

More statement to add to this why bitcoin can't replace FIAT. Bitcoin can accommodate 4 transactions every second which will delay the transaction of any payment worldwide. Bitcoin is a currency that cannot be used without the presence of internet (big problem). but once this issue has been resolved there's no doubt that bitcoin will be the first to use currency in the whole world. And another issue will be the vitality of bitcoin.

Exactly! It requires sometime to manage the things in the best possible way. There are certain issues regarding bitcoin but none of them is long lasting. It will only take some time and all the things will be in very much favor of bitcoin. I believe that bitcoin is very much capable of replacing the paper money. In fact, there are likely chances that there will remain no existence of paper money in the world.

[s0beit]

I think so too, because people would still settle for tangible currency. Even though bitcoin is really convenient in terms of transactions and usage, there are some means that fiat money is still convenient to have and use. In some occasion, it is better to transact with fiat money compared when using bitcoin. Let's say for example you need instant cash and there's a problem with bitcoin mining and transaction confirmation.

[Nfp]

Yes of course, bitcoin cannot replace fait or cash. Bitcoin is an electronic currency that is only works with an internet connection. It is difficult to those bitcoin users that don't have a stable internet connection. Just like what I've been experienced in my place, i need to use wifi to skim an internet connection.

[paul00]

Yes of course, bitcoin cannot replace fait or cash. Bitcoin is an electronic currency that is only works with an internet connection. It is difficult to those bitcoin users that don't have a stable internet connection. Just like what I've been experienced in my place, i need to use wifi to skim an internet connection.

I agree with you. Bitcoin uses internet in able to be accepted or used and I think that it will be difficult if it will be used as the fiat or official curency right now. Also, the fiat is still the basis of the value of bitcoin that's why making it as replacment is not yet possible.

[Hamaber]

maybe some people will prefer biecoin to fiat, but it will not become mass

Not some people, soon whole world will demand to implement bitcoin currency system to fascinate whole humanity on the planet. Bitcoin is gaining more and more fame day by day and the investor community is growing denser and stronger, and there are brighter chance for bitcoin to replace flat as online outlets are now accepting bitcoin payment and sooner or later bitcoin will keep its wings over world currency.

[Tenderino]

Bitcoin can not replace fiat and it is also not required. Imagine the fiat system is gone, who will then feed the tax department? The system relies on fiat and needs people who use it to feed it! And let us use bitcoin or other crypto currencies for our needs like online gambling or purchasing products or services if possible.

[Finestream]

Bitcoin can not replace fiat and it is also not required. Imagine the fiat system is gone, who will then feed the tax department? The system relies on fiat and needs people who use it to feed it! And let us use bitcoin or other crypto currencies for our needs like online gambling or purchasing products or services if possible.

The government won't allow that to happen if it will happen it's gonna be the government's decision because they implement the law and we are bound to follow the law, otherwise we will face the consequences of our violations. Bitcoin and fiat could co exist together which I agree with you that it's not required to replace fiat by bitcoin, they are both useful so they should remain.

[millgates]

Bitcoin can not replace fiat and it is also not required. Imagine the fiat system is gone, who will then feed the tax department? The system relies on fiat and needs people who use it to feed it! And let us use bitcoin or other crypto currencies for our needs like online gambling or purchasing products or services if possible.

The government won't allow that to happen if it will happen it's gonna be the government's decision because they implement the law and we are bound to follow the law, otherwise we will face the consequences of our violations. Bitcoin and fiat could co exist together which I agree with you that it's not required to replace fiat by bitcoin, they are both useful so they should remain.

Fiat is not the only one real medium of exchange, there is gold and silver which always valuable. Fiat/cash based economy is unfair, old and slow. Governments will always find the way to collect tax from their citizen, they aren't fool. Bitcoin will not replace fiat. But gold will replace fiat/cash in the future.

[KenChanYu]

Bitcoin can not replace fiat and it is also not required. Imagine the fiat system is gone, who will then feed the tax department? The system relies on fiat and needs people who use it to feed it! And let us use bitcoin or other crypto currencies for our needs like online gambling or purchasing products or services if possible.

The government won't allow that to happen if it will happen it's gonna be the government's decision because they implement the law and we are bound to follow the law, otherwise we will face the consequences of our violations. Bitcoin and fiat could co exist together which I agree with you that it's not required to replace fiat by bitcoin, they are both useful so they should remain.

Fiat is not the only one real medium of exchange, there is gold and silver which always valuable. Fiat/cash based economy is unfair, old and slow. Governments will always find the way to collect tax from their citizen, they aren't fool. Bitcoin will not replace fiat. But gold will replace fiat/cash in the future.

I think there is no such thing that can easily replace fiat because fiat is from the tradition and it is really sailed by the government to be use as payment in anything that is really beyond  the corresponding currency in one country i believe that we  dont really need to think more than enoughf of what we expected because we teally didnt even know what would really happen in thw near future.

[19Nov16]

The presence of bitcoin brings a great deal of change in the global transaction system, users who drastically increase in a short time proves that bitcoin performance is remarkable, but it will not be able to replace the fiat because it is beset by the government.