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Eternu
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October 21, 2017, 02:31:13 PM |
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For now no, at least not yet. Bitcoin community is still growing, and for people to be able to use it as it was planed more things need to get sorted. Simplest one would be, more places where we ccould spend our Bitcoins. Bitcoin is made to be world's currency, and one day it could become just that.
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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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Ipwich
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October 21, 2017, 02:46:58 PM |
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At present we have no option left except to accept the truth that Bitcoin can not replace fiat. But Nothing is impossible so we can expect that within 10 years or 15 years any thing can happen. This is only possible when bitcoin is accepted every where.
well that's the truth, it's just so impossible that bitcoin will rule in this world that is manage by the government. You know in general the government are corrupt, they do not want to loss their power because they protected something for their own interest and as much as they are holding the law, they can do things that would make fiat on top. |
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GreenBits
Legendary
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Activity: 1148
Merit: 1048
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October 21, 2017, 03:09:22 PM |
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indeed to replace the function of fiat money completely of course bitcoin will not be because we know bitcoin has an obstacle in transactions offline, but it does not close the possibility if one day bitcoin will be a legal currency that can be used by everyone in the world to share transactions financial or business transactions
The exposure of fiat is for a wide swath of the global population, while with bitcoin, we can only estimate how many users are enjoying it. Most bitcoin users are fiat users as well; but not all fiat users are using bitcoin. Let that marinate. Bitcoin transactions that are offchain arent transactions. Cash is much cheaper to transact. Cash is much easier to transact. Cash does not leave a record Cash required nothing else but itself to reconcile a transaction (no electricity, no connectivity, just some good old hands and a brain  ) Having said that, there is no way bitcoin can replace fiat in the future. Fiat simply does not serve the same purpose; using bitcoin in alot of cases is dumb (buy a Coke from a vending machine with bitcoin, ill wait.) |
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golub_io
Jr. Member
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Activity: 37
Merit: 2
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October 21, 2017, 03:12:54 PM |
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I believe nothing describes bitcoin better than theory of so called "free money" which was described even in the first part of last century. The difference is now we have new technologies and tools which make these thing come true every single day! Yes, the system is probably still quite unstable and hardly predicted, but such outstanding tech bang just needs more time to calm the field down.  BTC |
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MS.LAWLIET
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October 21, 2017, 03:36:44 PM |
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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 can't replace fiat. Yes bitcoin is money but fiat is more known by people. But bitcoin also have it's advantage. That's why it's better to have both you only have to choose which one you'll use.. |
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kanderlov
Newbie
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October 21, 2017, 03:54:00 PM |
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Yes, bitcoin can't replace dollar. Because, bitcoin has no physical form and no regulation from any government controls its circulation, so it doesnt meet the qualifications of act like dollar in real life.
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lexamagic
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October 21, 2017, 04:08:16 PM |
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Yes, bitcoin can't replace dollar. Because, bitcoin has no physical form and no regulation from any government controls its circulation, so it doesnt meet the qualifications of act like dollar in real life.
The fact that bitcoin does not have a physical form does not make it worse than the dollar. This is not the reason that bitcoin can not replace the dollar. The reason is that the government will not allow this |
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vibingpositively
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October 21, 2017, 04:44:22 PM |
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Yes, bitcoin can't replace dollar. Because, bitcoin has no physical form and no regulation from any government controls its circulation, so it doesnt meet the qualifications of act like dollar in real life.
The fact that bitcoin does not have a physical form does not make it worse than the dollar. This is not the reason that bitcoin can not replace the dollar. The reason is that the government will not allow this Why not it cant replace? I think it is perfectly reasonable 50 years from now we rarely use fiat and mainly use bitcoin as a form of currency dont see why thats not possible. Also governments? Please if they wanted to stop what was happening with bitcoin they would have done so already. Bitcoin is changing from a novelty to something much more than that. I dont think anybody has the power to stop it and as a result we will see it as a primary form of currency come 25+ years from now. Maybe I can come back to this post in that much time and say told ya so   |
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tittensor
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October 21, 2017, 05:30:32 PM |
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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.
Maybe for us now bitcoin cannot replace fiat but its higher value and more demand all over the world because of its higher value in the digital world. fiat is fiat and no one can replace it as our money currency that we used everyday in our life,but remember bitcoin now is making her own legacy. Remember again, FIAT has replaced Gold, Silver and Bronze (a money system) from the past, since thousands of years ago. Therefore, in someday, FIAT also can replaced by something, but it does not mean Bitcoin will be the next money for us and replace FIAT. |
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desiger01
Jr. Member
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Activity: 55
Merit: 10
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October 21, 2017, 06:32:49 PM |
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Someday people will refuse cash at all, and bitcoin will take its place among the currencies. I don't know about the ability to pay for a cup of coffee, but i'm sure that we'll can pay the most products online
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Lecsor
Full Member
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Activity: 210
Merit: 100
Comprehensive Blockchain Billing Protocol
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October 21, 2017, 07:24:10 PM |
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Someday people will refuse cash at all, and bitcoin will take its place among the currencies. I don't know about the ability to pay for a cup of coffee, but i'm sure that we'll can pay the most products online
We can pay bitcoin for all the goods. But bitcoin will not replace the centralized currency. The share of bitcoins of transactions compared to Fiat is very small. And the world will long enjoy the centralized currency |
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Gameflip ICO
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October 21, 2017, 07:30:30 PM |
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I think regulatots won’t allow Bitcoin or any other cryptocurrency to reolace fiat, brcause in such case they will loose control over money supply.
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xanxus.kun
Full Member
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Activity: 495
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You have to get what you want your own way.
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October 21, 2017, 07:43:52 PM |
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Of course not, i really doubt that BTC can replace fiat any time soon, there are still many government and countries that is against BTC, not to mention it is really volatile in nature, government can't manage the circulation of btc so it might create tons of problems if you use it to replace fiat. It may be possible in the future, but for now let's stick to fiat.
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virasog
Legendary
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Activity: 2982
Merit: 1159
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October 22, 2017, 03:21:02 PM |
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There's no chance to replace fiat money with bitcoins. The reason is everyone use fiat money most of banks accept money instead bitcoins. And on the top we need money in order to buy bitcoins so how we can replace it with money. If money disappear how will you able to buy coins , unless we see a world where there is only digital currency and no physical currency and i dont see it can happen in near furture, not even in 10+ years.
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prtty2gal2
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October 24, 2017, 06:04:51 AM |
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BTC can completely replace Fiat in countries with volatile currency
No, it can not. Bitcoin can only supply 21 million coins while we need to for the people. In fact, there are only less than 5 million coins are used by the people while others are lost because of the careless users. They lose the private key and they can not access their bitcoin address anymore. But, bitcoin can replace gold gold is better than FIAT. How sure are you that the rest of the coins are actually missing and that all those people have lost their private keys? While I doubt the number that you put there (5 million coins), I also doubt that these coins are all lost. It's possible that these addresses have owners that are just waiting for the right time to sell their coins. Just because a coin is sleeping doesn't mean it's dead. It's possible that they have another address that they use daily to buy/sell things and have their thousands of coins or hundreds of coins located in an offline wallet and the wallet seed is with them. It's not that hard to believe that there will be addresses that will wake up in the future. It's not hard to believe an address from 2012 will resurrect back to life and sell thousands of coins. We should expect this to happen because as the price is increasing, it becomes more and more tempting to sell your coins. Another thing, there might be just 21 million coins but these coins can be divided into extremely smaller portions and I think that's more than enough coins for all of us. The thing is that if Bitcoin Raise your price to those volumes that are predicted for a long time, up to $ 100,000 for 1 Bitcoin, then Believe me that every coin will be distributed well among the total population of the planet. But still it will be when Bitcoin can replace Fiat. But I think that this will not happen. You don’t seem.to understand– Bitcoin can only be competitive in terms of investment, but outside of that, it can’t compete with real money which we all know as Fiat. Fiat is owned by the government, and you can’t expect Bitcoin to stand against the government. Fiat is always the captain of the ship. |
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katrimans
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October 25, 2017, 01:19:58 PM |
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BTC can completely replace Fiat in countries with volatile currency
No, it can not. Bitcoin can only supply 21 million coins while we need to for the people. In fact, there are only less than 5 million coins are used by the people while others are lost because of the careless users. They lose the private key and they can not access their bitcoin address anymore. But, bitcoin can replace gold gold is better than FIAT. How sure are you that the rest of the coins are actually missing and that all those people have lost their private keys? While I doubt the number that you put there (5 million coins), I also doubt that these coins are all lost. It's possible that these addresses have owners that are just waiting for the right time to sell their coins. Just because a coin is sleeping doesn't mean it's dead. It's possible that they have another address that they use daily to buy/sell things and have their thousands of coins or hundreds of coins located in an offline wallet and the wallet seed is with them. It's not that hard to believe that there will be addresses that will wake up in the future. It's not hard to believe an address from 2012 will resurrect back to life and sell thousands of coins. We should expect this to happen because as the price is increasing, it becomes more and more tempting to sell your coins. Another thing, there might be just 21 million coins but these coins can be divided into extremely smaller portions and I think that's more than enough coins for all of us. The thing is that if Bitcoin Raise your price to those volumes that are predicted for a long time, up to $ 100,000 for 1 Bitcoin, then Believe me that every coin will be distributed well among the total population of the planet. But still it will be when Bitcoin can replace Fiat. But I think that this will not happen. You don’t seem.to understand– Bitcoin can only be competitive in terms of investment, but outside of that, it can’t compete with real money which we all know as Fiat. Fiat is owned by the government, and you can’t expect Bitcoin to stand against the government. Fiat is always the captain of the ship. There is hardly any reason to deny this fact that bitcoin can quite easily replace paper money. It is because of the reason that bitcoin is also a currency of the modern world. For bitcoin to replace fiat, the role of government will carry a significant role. If the government is willing to take positive steps in order to promote bitcoin and other currencies, then it is very much possible. |
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Python2.5
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October 25, 2017, 02:04:26 PM |
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Of course not, and I hope it never does. I like that we have plenty of options to decide when it comes to paying for something, also, we cannot pretend everyone will accept Bitcoin, less use it for everyday transactions.
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Allan Ramanda
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October 25, 2017, 03:01:48 PM |
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it could happen. today bitcoin is very popular around the world, plus investors from every country always give a very large contributor to bitcoin. therefore bitcoin will continue to advance ahead, and will become a valid digital currency
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spyerf
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October 25, 2017, 03:54:04 PM |
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bitcoin will not replace the fiat, although there is similarity in its usefulness because its value is too large for everyday expenditure, bitcoin is just a virtual currency whose value is changed so bitcoin is only the source of the fiat itself. Good grades make bitcoin work as a tool to facilitate online transactions or even as an investment and savings. Even so, bitcoin is no less popular than fiat as more and more fans add bitcoin.
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Jgatsby
Full Member
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Pretty kewl right?
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October 25, 2017, 04:15:04 PM |
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You're right for now I really doubt that BTC can replace fiat, even if BTC is doing really good lately, there are still tons of people, countries and government who are skeptical in using Bitcoin, even with every proof lay down on how good it is and potential it offers. Other thing is tons of countries are not ready for digital/bitcoin money era, not just technological but they're infrastructure as well, maybe in the future, but for now it can't be
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