Bitcoin can not replace fiat

[Kotone]

Where did you read this source that soon bitcoin will gonna reply fiat ? I think there's some hoax news you read before coz if we are going to look bitcoin can not really replace fiat bitcoin needs fiat so that trading will still alive and kicking some butt of traders we need fiat too to convert our bitcoins.

It's not a news but his pure speculation, there's no basis on that and it's unrealistic speculation. Sometimes when we are too  confident, we feel bitcoin will be the new currency that people love but without realizing that there are only few users compared to the total population in the world.

It's really don't have basis on this but there are chance that this will make happen right ? if his speculation is really accurate then maybe in next year fiat will be gone and it will be replace by another currencies what you think? Is this really great ?

[olushakes]

That's what I will continue to say, both cannot replace each other they will rather co-exist because Bitcoin itself is limited in supply and how will that even go round? Another is if its going to replace Bitcoin then it must be legalized by all countries of the world in which I am not seeing that happening anytime soon. Another is the change in perception of what people have about the currency this will go along way in acceptance.

[error08]

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 can not really replace fiat we know that bitcoin is a very good currency in this internet and has a asset and any many alternative coins if you are going to or if there a chance that bitcoin will replace fiat then how about the other currency ? Is bitcoin gonna cut out the entire relationship with fiat?

Yes, bitcoin invented to become better medium of exchange and design to decentralized which use advanced technology around the world, it is online currency but ever been made the physical of it. I like the idea of bitcoin but I agree it won't replace fiat, mean people will still use fiat for their daily lives.  We are waiting for the time comes when bitcoin already well-known by everyone and use everywhere just like fiat, it would be another method of payment but better than fiat, because the value keep increasing since the first time bitcoin was created.

[groll]

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 can not really replace fiat we know that bitcoin is a very good currency in this internet and has a asset and any many alternative coins if you are going to or if there a chance that bitcoin will replace fiat then how about the other currency ? Is bitcoin gonna cut out the entire relationship with fiat?

Yes, bitcoin invented to become better medium of exchange and design to decentralized which use advanced technology around the world, it is online currency but ever been made the physical of it. I like the idea of bitcoin but I agree it won't replace fiat, mean people will still use fiat for their daily lives.  We are waiting for the time comes when bitcoin already well-known by everyone and use everywhere just like fiat, it would be another method of payment but better than fiat, because the value keep increasing since the first time bitcoin was created.

Yes, of course! Bitcoin cannot replace fiat, bitcoin is designed for optional choice or alternative way of payment, it was digital and not all people use bitcoins, i think only small percentage of people on earth  are using bitcoins, theres also limitation in using bitcoins online unlike on fiat you can do whatever you want. Fiat is the currency that all people recognizing and nothing can replace fiat. Fiat is the number 1 needs of all people.

[usefrees]

I'm sure that Bitcoin will never replace the national currency and fiat. Bitcoin always stay at any time without an alternative currency. not too many people know about it. and a fiat money everyone knows from infancy

[deadpoolx]

At the present time, this is unlikely to happen, but it's possible to realize that people are getting tired of inflation, there is a high cost in using a currency that loses value at a high rate, year after year. Maybe Bitcoin will not make people stop using fiat currency, but at some point when they realize the benefits of using Bitcoin, the number of fiat currency users could drop significantly.

[raven7886]

At the present time, this is unlikely to happen, but it's possible to realize that people are getting tired of inflation, there is a high cost in using a currency that loses value at a high rate, year after year. Maybe Bitcoin will not make people stop using fiat currency, but at some point when they realize the benefits of using Bitcoin, the number of fiat currency users could drop significantly.

As long as people are having appropriate reasons to switch over to bitcoin payment system, how we could expect the survival of fiat systems ?

Other than economical reasons, online usage like on the go with the mobile phone kind of requirements will push bitcoin to go mainstream of payments system. By considering all other potential benefits of bitcoin along with this online usage, I believe bitcoin will replace fiats slowly.

[transabox]

Logically - yes, Bitcoin is much cheaper fiat. And it gives the possibility to think that it will replace the Fiat in the future. However, still there are many factors that can not be taken into account. Such as people's confidence in cryptocurrency. After all, not everyone trusts Bitcoins. Therefore, I consider Bitcoin only as an alternative currency

[richardsNY]

Logically - yes, Bitcoin is much cheaper fiat. And it gives the possibility to think that it will replace the Fiat in the future. However, still there are many factors that can not be taken into account. Such as people's confidence in cryptocurrency. After all, not everyone trusts Bitcoins. Therefore, I consider Bitcoin only as an alternative currency

Whether or not people having a high level of trust in Bitcoin, it will never come close to what fiat is. Not even to a percentage as low as 0.5%. Governments are the only entities with the ability to change the way the entire fiat system is set up. Bitcoin is only an alternative. People have the freedom to choose for Bitcoin and control everything they have in full, or choose to continue being a sheep running circles in a fiat system. For me an easy choice.

[adidas]

I don't think it can replace it unless it becomes more stable to compete on the markets with the other worldly currencies.

[olubams]

How will that even happen? FIAT that have stayed with us since the beginning of civilisation that have developed and even to become part of us just like that? Even external reserves of countries are kept in FIAT, countries owe each other in FIAT, country's power are determined by the value of its FIAT, FIAT serve as identity of respective countries etc... then I ask how will Bitcoin just take over and replace that?

[Yuuto]

How will that even happen? FIAT that have stayed with us since the beginning of civilisation that have developed and even to become part of us just like that? Even external reserves of countries are kept in FIAT, countries owe each other in FIAT, country's power are determined by the value of its FIAT, FIAT serve as identity of respective countries etc... then I ask how will Bitcoin just take over and replace that?

This is exactly why we need change and why we need bitcoin. We need to stop letting the central bankers steal our wealth as a nation. They can print more and more fiat currency without stop and in the process essentially tax us legally without telling us.

Bitcoin is a decentralised cryptocurrency, as opposed to a centralised fiat currency.

[delliaerd]

How will that even happen? FIAT that have stayed with us since the beginning of civilisation that have developed and even to become part of us just like that? Even external reserves of countries are kept in FIAT, countries owe each other in FIAT, country's power are determined by the value of its FIAT, FIAT serve as identity of respective countries etc... then I ask how will Bitcoin just take over and replace that?

I am sorry friend, I am disagree with your statement. Some country were have a problem with their fiat. Fiat price can drop then become really cheap like bolivar. People in venezuela were make demand to change their 141 million bolivar into bitcoin. Also people in china were change their fiat into bitcoin too, becouse they want to avoid government control of their money. You see it is mean fiat become useless. Bitcoin was replace fiat litle by litle. Thats my opinion.

[Skarner21]

How will that even happen? FIAT that have stayed with us since the beginning of civilisation that have developed and even to become part of us just like that? Even external reserves of countries are kept in FIAT, countries owe each other in FIAT, country's power are determined by the value of its FIAT, FIAT serve as identity of respective countries etc... then I ask how will Bitcoin just take over and replace that?

I am sorry friend, I am disagree with your statement. Some country were have a problem with their fiat. Fiat price can drop then become really cheap like bolivar. People in venezuela were change their 141 million bolivar into bitcoin. Also people in china were change their fiat into bitcoin too, becouse they want to avoid government control of their money. You see it is mean fiat become useless. Bitcoin was replace fiat litle by litle. Thats my opinion.

Its is impossible that it can replace fiat and i think government will not accept the change their fiat in bitcoin.. since bitcoin is online money we can not use it if do not have internet we can transfer it without online.. Bitcoin is always good only for alternative to pay or to use spend in online..

[magneto]

How will that even happen? FIAT that have stayed with us since the beginning of civilisation that have developed and even to become part of us just like that? Even external reserves of countries are kept in FIAT, countries owe each other in FIAT, country's power are determined by the value of its FIAT, FIAT serve as identity of respective countries etc... then I ask how will Bitcoin just take over and replace that?

I am sorry friend, I am disagree with your statement. Some country were have a problem with their fiat. Fiat price can drop then become really cheap like bolivar. People in venezuela were change their 141 million bolivar into bitcoin. Also people in china were change their fiat into bitcoin too, becouse they want to avoid government control of their money. You see it is mean fiat become useless. Bitcoin was replace fiat litle by litle. Thats my opinion.

Its is impossible that it can replace fiat and i think government will not accept the change their fiat in bitcoin.. since bitcoin is online money we can not use it if do not have internet we can transfer it without online.. Bitcoin is always good only for alternative to pay or to use spend in online..

It is possible to replace fiat, trust me. However the government will not allow it to happen under their watch. What we need to do as a community is come together and refuse to use fiat, but only use bitcoin for day to day transactions.

That way, the government will be left holding their useless pieces of junk.

[user27]

However bitcoins users now are very big and bitcoin population are getting bigger and bigger now we are earning bitcoins from different things first is in signature campaign and trading now if we earn bitcoin what will gonna to trade it into fiat to use that in our daily needs and if fiat will dead then what we gonna use? Tbh we can't really use bitcoin for now in physical things.

I would say, when the day comes bitcoin as a centralized money and if all the government announces we can use the bitcoin any kind of transaction like paypal. Then bitcoin will replace the fiat and It will become the leader for the all currencies and transaction mediums.

No!!! Bitcoin is designed to be decentralised and that is why there is such strong support for it especially with crypto-anarchists on this forum. The reason why we hate fiat is exactly because it is controlled by the government, and is centralised.

Bitcoin needs to stay decentralised, otherwise it is the same as paypal.

[X-ray]

However bitcoins users now are very big and bitcoin population are getting bigger and bigger now we are earning bitcoins from different things first is in signature campaign and trading now if we earn bitcoin what will gonna to trade it into fiat to use that in our daily needs and if fiat will dead then what we gonna use? Tbh we can't really use bitcoin for now in physical things.

I would say, when the day comes bitcoin as a centralized money and if all the government announces we can use the bitcoin any kind of transaction like paypal. Then bitcoin will replace the fiat and It will become the leader for the all currencies and transaction mediums.

No!!! Bitcoin is designed to be decentralised and that is why there is such strong support for it especially with crypto-anarchists on this forum. The reason why we hate fiat is exactly because it is controlled by the government, and is centralised.

Bitcoin needs to stay decentralised, otherwise it is the same as paypal.

i wonder why he could said bitcoin in the future will be centralized. its system didn't allow bitcoin itself to be centralized because it's peer to peer and the miners are come from around the world. bitcoin is vulnerable to 51% major attack but otherwise it's still safe until now.
making bitcoin centralized without buying all bitcoin over the world is impossible

[outatime1]

Bitcoin can't replace fiat just like gold can't replace fiat. Bitcoin will have many uses like a store of value or a way to send money to someone else, or even a method of payment but there will always be a place for a government currency as well.

[freedomgo]

Bitcoin can't replace fiat just like gold can't replace fiat. Bitcoin will have many uses like a store of value or a way to send money to someone else, or even a method of payment but there will always be a place for a government currency as well.

Bitcoin is not even recognize as legal so why would the government think of replacing it to fiat. Only the government can do it, they are in full control of the law.

[knyolku123]

How will that even happen? FIAT that have stayed with us since the beginning of civilisation that have developed and even to become part of us just like that? Even external reserves of countries are kept in FIAT, countries owe each other in FIAT, country's power are determined by the value of its FIAT, FIAT serve as identity of respective countries etc... then I ask how will Bitcoin just take over and replace that?

I am sorry friend, I am disagree with your statement. Some country were have a problem with their fiat. Fiat price can drop then become really cheap like bolivar. People in venezuela were change their 141 million bolivar into bitcoin. Also people in china were change their fiat into bitcoin too, becouse they want to avoid government control of their money. You see it is mean fiat become useless. Bitcoin was replace fiat litle by litle. Thats my opinion.

Its is impossible that it can replace fiat and i think government will not accept the change their fiat in bitcoin.. since bitcoin is online money we can not use it if do not have internet we can transfer it without online.. Bitcoin is always good only for alternative to pay or to use spend in online..

It is possible to replace fiat, trust me. However the government will not allow it to happen under their watch. What we need to do as a community is come together and refuse to use fiat, but only use bitcoin for day to day transactions.

That way, the government will be left holding their useless pieces of junk.

I think you right if bitcoin try to replace fiat government will not allow and make rules about bitcoin. if bitcoin replace fiat, so it makes economically broken. so I think is impossible bitcoin replace fiat. even that bitcoin can disappear by a government.