Bitcoin can not replace fiat

[Mickeyb]

So far the supply isn't even enough to cover the whole world. So if they want to replace it they have to think how they can do. Also I don't think fiat will totally replaced by Bitcoin .

1) How so? You can use smaller units of Bitcoin and still be fine if the rate per bitcoin is high enough
2) Bitcoin's upper limit on how many coins can be changed, via a change in the protocol if nodes accept it

[ctlaltdefeat]

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.

yes i also think like that,and i think too complicated to buy coffee with some step. but i also think that its not the only way to use bitcoin,there was some simple way to make bitcoin as payment,even not replaced fiat,bitcoin will be one of alternate payment.

[romero121]

Bitcoin might be a part of fiat. It can't completely replace fiat. Certain users also try to use bitcoin transaction to convert their fiat to standard currency.

[Fasdurcas]

Bitcoin will coexist with fiat for long time. It will not replace the fiats any time soon. It takes time for bitcoin to be popular.

[randy8777]

Bitcoin might be a part of fiat. It can't completely replace fiat. Certain users also try to use bitcoin transaction to convert their fiat to standard currency.

bitcoin and fiat can work together without problems. right now bitcoin is tied to fiat which is a great thing. i don't understand why people still think in terms of bitcoin replacing fiat one day. it will not happen.

[jaysabi]

it actually can do this if bitcoin will be popular enough among the people, though its a really hard thing to do

Bitcoin will not replace a fiat currency but It will replace US dollars place in international market due to its price growth and development. It will happen for sure once more adoption in business world. May it would more than 5 years at least from current situation. Price of the bitcoin also will be more than 1000$ for sure.

There's no way bitcoin replaces the USD's place in the international market without replacing the USD itself. Bitcoin is far to volatile to be an international currency. Currencies need to be a stable store of value, and bitcoin isn't, nor is it close to being one.

[jaysabi]

it actually can do this if bitcoin will be popular enough among the people, though its a really hard thing to do

Bitcoin will not replace a fiat currency but It will replace US dollars place in international market due to its price growth and development. It will happen for sure once more adoption in business world. May it would more than 5 years at least from current situation. Price of the bitcoin also will be more than 1000$ for sure.

Yeah, it would cross $1k mark in near future and it would be much higher then that, but the fact is people will still continue to use fiat even if the value of bitcoin reaches to the moon, bitcoin will always be a secondary currency.

Price will fall after halving and we don't know whether it will go up again or not, but we will see a major dump after halving, but the future of fiat is safe and people will continue to use it.

Why do you say price will fall after halving? I've seen people prognosticating every which way on the topic, just wondering why you take it as a given that it will.

[HarryKPeters]

Bitcoin will coexist with fiat for long time. It will not replace the fiats any time soon. It takes time for bitcoin to be popular.

Correct. Bitcoin needs fiat, while fiat can do without bitcoin.
Which is not bad, since you need fiat too for gold and other assets. There is no real competion between the two in my perception.

[mixan]

Bitcoin will coexist with fiat for long time. It will not replace the fiats any time soon. It takes time for bitcoin to be popular.

Correct. Bitcoin needs fiat, while fiat can do without bitcoin.
Which is not bad, since you need fiat too for gold and other assets. There is no real competion between the two in my perception.

Bitcoin is not ready to venture out on its own yet. It will rely on other currencies until it has become more widely used and accepted to be a viable solution for people to use it in the first place. The volatility is there and that turns people off to it.
To me cash/gold is king, for now.

[Pitchblackroom]

Bitcoin will coexist with fiat for long time. It will not replace the fiats any time soon. It takes time for bitcoin to be popular.

Exactly the biggest challenge for Bitcoin is that it needs to get popularity.

[aardvark15]

I don't think bitcoin or any electronic forms of currency transactions (credit cards, paypal) can replace fiat for a long time.  Bitcoin requires technology to make a transaction and there are many places and people that don't have the technology available.

[Pattart]

I don't think bitcoin or any electronic forms of currency transactions (credit cards, paypal) can replace fiat for a long time.  Bitcoin requires technology to make a transaction and there are many places and people that don't have the technology available.

agree. fiat still very much needed and all those still using fiat. need a long time. for bitcoin be aligned with fiat

[RastMan]

Bitcoin will coexist with fiat for long time. It will not replace the fiats any time soon. It takes time for bitcoin to be popular.

Exactly the biggest challenge for Bitcoin is that it needs to get popularity.

Yes. The more people use the bitcoin, the higher value it has. It will be very popular in the next decades.

[socks435]

Bitcoin will coexist with fiat for long time. It will not replace the fiats any time soon. It takes time for bitcoin to be popular.

Exactly the biggest challenge for Bitcoin is that it needs to get popularity.

Yes. The more people use the bitcoin, the higher value it has. It will be very popular in the next decades.

Well if that's the case we should hold more bitcoins and wait for decades when was the bitcoin will be popular..
Honestly that's true if the population is increasing using bitcoin the value also will increase.. that's why year by year the price is still increasing and kicking..Not like other coins.. even it will happen in decades fiat still remain as or fiat. not bitcoin..

[RastMan]

Bitcoin might be a part of fiat. It can't completely replace fiat. Certain users also try to use bitcoin transaction to convert their fiat to standard currency.

Bitcoin will coexist with fiat for long term. Central banks are also creating the digital currency. This is happen in China at least.

[Mr. Big]

There is no reason for bitcoin to replace fiat.. in the coming years, bitcoin could be a good choice to keep our money aside from bank, but it won't still replace fiat...

[n0ne]

I don't think bitcoin or any electronic forms of currency transactions (credit cards, paypal) can replace fiat for a long time.  Bitcoin requires technology to make a transaction and there are many places and people that don't have the technology available.

Well said bitcoin or any other means of system which were developed for transaction purpose won't replace fiat. As said there are people unknown to such technology getting into fiat exchange.

[expert4knowledge]

There is no reason for bitcoin to replace fiat.. in the coming years, bitcoin could be a good choice to keep our money aside from bank, but it won't still replace fiat...

Yes, at least in current situation, bitcoin is not qualified to be fiat for many conditions. But if some mechanisms be developed then it can be qualified for becoming fiat.

[kartaggen]

There is no reason for bitcoin to replace fiat.. in the coming years, bitcoin could be a good choice to keep our money aside from bank, but it won't still replace fiat...

Yes, at least in current situation, bitcoin is not qualified to be fiat for many conditions. But if some mechanisms be developed then it can be qualified for becoming fiat.

Yeah, bitcoin is not that popular at a moment, and fiat is widely used and widely accept and that will continue in future too, as we find more users of fiat in compare to bitcoins.

[Hirose UK]

of course bitcoin can't replace fiat. because there will be people who don't know use internet, bingo, they're not able to use bitcoin.