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Author Topic: Do you Still believe in Fiat?  (Read 74892 times)
deisik
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January 21, 2017, 07:39:58 AM
 #1081

Fiat in itself is not completely the problem, having a currency not backed by anything may seem weird and it is, but the problem is politicians take advantage of it and print it like there is no tomorrow, and at the rate they are printing it there is not going to be a tomorrow for fiat

This point is debatable (that it is weird)

It could be said that fiat money is backed by all the goods and services that can be exchanged for this particular money. And this is real backing unlike alleged gold back-up promised by the government and which is never going to deliver on their promises on mass scale (as it happened in 1960s when the US refused to redeem paper dollars for gold). On the other hand, Bitcoin is even less backed than almost any fiat out there (I'm not taking into account Zimbabwean dollars and their likes) since how many goods can you buy for bitcoins compared to fiat?



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January 21, 2017, 07:51:15 AM
 #1082

Crypto currencies is obvious future of fiat and paper money. Will it be just bitcoin or some crypto currencies in used of future is question now. But the replacement will happen not so soon, because of there is millions of people who have no computers and no internet and even not a smartphone.

You're right so there's no reason not to believe in fiat because we currently interchangeably use them with the cryptocurrencies and we need them both to balance out ways of life. It's still early days for cryptocurrencies to completely substitute fiat.
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January 21, 2017, 10:01:41 AM
 #1083

Crypto currencies is obvious future of fiat and paper money. Will it be just bitcoin or some crypto currencies in used of future is question now. But the replacement will happen not so soon, because of there is millions of people who have no computers and no internet and even not a smartphone.

You're right so there's no reason not to believe in fiat because we currently interchangeably use them with the cryptocurrencies and we need them both to balance out ways of life. It's still early days for cryptocurrencies to completely substitute fiat.

I think that crypto is an investment option and a way to make payments, but for a small minority of people.
For most people it will always bee to complicated or not safe enough.
Those people want a certain amount of scurity, and that is something a currency which is completely under the rules of the market can not provide.

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January 21, 2017, 10:29:30 AM
 #1084

Crypto currencies is obvious future of fiat and paper money. Will it be just bitcoin or some crypto currencies in used of future is question now. But the replacement will happen not so soon, because of there is millions of people who have no computers and no internet and even not a smartphone.

You're right so there's no reason not to believe in fiat because we currently interchangeably use them with the cryptocurrencies and we need them both to balance out ways of life. It's still early days for cryptocurrencies to completely substitute fiat.

I think that crypto is an investment option and a way to make payments, but for a small minority of people.
For most people it will always bee to complicated or not safe enough.
Those people want a certain amount of scurity, and that is something a currency which is completely under the rules of the market can not provide.
Give it some time, at the moment you are right saying that only a small majority of people are using it but the rest will catch on to cryptocurrencies.
It can be complicated but that killer app we are all waiting on will most likely take all the hard stuff away for those that just want to use it without the hassles.

I think some countries will even start to release their own cryptocurrencies as they progress into a cashless society, it has already been tried by one i know of and that was Iceland with Auroracoin: https://en.wikipedia.org/wiki/Auroracoin
https://medium.com/the-nordic-web/the-failed-crypto-currency-experiment-in-iceland-251e28df2c54


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January 21, 2017, 12:48:07 PM
 #1085

Is there such a thing into not believing in fiat? Then that means you wont use it. I found it hard to live without using it. It is one of the easiest part of the world's trade and changing it will really make a hard time for every people that is using it.
I know we have credit cards now but not everyone is using it and not all people do care about it. Many people dont even have bank accounts.

I agree with you, even if you have BTC you still need to convert it to fiat to be accaptable in most places. Fiat currency has been ingrained in the way we do things and will remain this way for a long time
That's why bitcoin need more time to spread in other people mind and change the way people think about cryptos and digital currencies. In the future, we expect to see more people and places accept Bitcoin because it is more secure and has more advantages than FIAT currency. It really irritate me that Bitcoin is being underestimated over FIAT


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January 21, 2017, 02:55:55 PM
 #1086

I think that the vote of no confidence to the Fiat is too early to say since more than half the world's population uses this particular currency. Even if the crisis will grow, no one dares to let the money fall completely.

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January 21, 2017, 03:37:11 PM
 #1087

Is there such a thing into not believing in fiat? Then that means you wont use it. I found it hard to live without using it. It is one of the easiest part of the world's trade and changing it will really make a hard time for every people that is using it.
I know we have credit cards now but not everyone is using it and not all people do care about it. Many people dont even have bank accounts.

I agree with you, even if you have BTC you still need to convert it to fiat to be accaptable in most places. Fiat currency has been ingrained in the way we do things and will remain this way for a long time
That's why bitcoin need more time to spread in other people mind and change the way people think about cryptos and digital currencies. In the future, we expect to see more people and places accept Bitcoin because it is more secure and has more advantages than FIAT currency. It really irritate me that Bitcoin is being underestimated over FIAT
Probably still the imminent collapse of fiat invariably to the economic crisis worldwide. This will prevent neither the banking system nor the individual financial institutions. It means the collapse of all. Assuming that bitcoin will take their place, then judge for yourself, how many people use bitcoin. They are not widely used.
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January 21, 2017, 05:01:42 PM
 #1088

Crypto currencies is obvious future of fiat and paper money. Will it be just bitcoin or some crypto currencies in used of future is question now. But the replacement will happen not so soon, because of there is millions of people who have no computers and no internet and even not a smartphone.

You're right so there's no reason not to believe in fiat because we currently interchangeably use them with the cryptocurrencies and we need them both to balance out ways of life. It's still early days for cryptocurrencies to completely substitute fiat.

I think that crypto is an investment option and a way to make payments, but for a small minority of people.
For most people it will always bee to complicated or not safe enough.
Those people want a certain amount of scurity, and that is something a currency which is completely under the rules of the market can not provide.
Give it some time, at the moment you are right saying that only a small majority of people are using it but the rest will catch on to cryptocurrencies.
It can be complicated but that killer app we are all waiting on will most likely take all the hard stuff away for those that just want to use it without the hassles.

I think some countries will even start to release their own cryptocurrencies as they progress into a cashless society, it has already been tried by one i know of and that was Iceland with Auroracoin: https://en.wikipedia.org/wiki/Auroracoin
https://medium.com/the-nordic-web/the-failed-crypto-currency-experiment-in-iceland-251e28df2c54


What's the point in all of these issues of its currency is not clear. I do not think that will benefit from it all. Moreover, it seems to me that the government does not like the anonymity of users. There are probably two sides of the same coin.
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January 21, 2017, 05:32:54 PM
 #1089

I think that the vote of no confidence to the Fiat is too early to say since more than half the world's population uses this particular currency. Even if the crisis will grow, no one dares to let the money fall completely.

You're right. Most of the population are still heavily realiant in this kind of currency and all of us have grown and are already so used to this that replacing it with another would be a difficult option. The fact also that most big banks and every government is running on fiat would already give us enough reasons to believe in it

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January 21, 2017, 05:38:58 PM
 #1090

I think that the vote of no confidence to the Fiat is too early to say since more than half the world's population uses this particular currency. Even if the crisis will grow, no one dares to let the money fall completely.

You're right. Most of the population are still heavily realiant in this kind of currency and all of us have grown and are already so used to this that replacing it with another would be a difficult option. The fact also that most big banks and every government is running on fiat would already give us enough reasons to believe in it
Yes because it is common sense. Because Fiat currency is regulated by a country's government when you think of it this way why would a government allow another foreign currency to be use in their country? It will greatly affect the economy and the value of their very own fiat currency because the common demand and supply also works in fiat currency. It will certainly affect the price of their own currency.

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January 21, 2017, 06:01:13 PM
 #1091

I think that the vote of no confidence to the Fiat is too early to say since more than half the world's population uses this particular currency. Even if the crisis will grow, no one dares to let the money fall completely.

You're right. Most of the population are still heavily realiant in this kind of currency and all of us have grown and are already so used to this that replacing it with another would be a difficult option. The fact also that most big banks and every government is running on fiat would already give us enough reasons to believe in it
Yes because it is common sense. Because Fiat currency is regulated by a country's government when you think of it this way why would a government allow another foreign currency to be use in their country? It will greatly affect the economy and the value of their very own fiat currency because the common demand and supply also works in fiat currency. It will certainly affect the price of their own currency.
Real currency is at a height of as much as will keep the state. Each state has its dependence on Fiat and the banks will do everything not to miss the top bitcoin.
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January 21, 2017, 06:12:02 PM
 #1092

I think that the vote of no confidence to the Fiat is too early to say since more than half the world's population uses this particular currency. Even if the crisis will grow, no one dares to let the money fall completely.

You're right. Most of the population are still heavily realiant in this kind of currency and all of us have grown and are already so used to this that replacing it with another would be a difficult option. The fact also that most big banks and every government is running on fiat would already give us enough reasons to believe in it
Yes because it is common sense. Because Fiat currency is regulated by a country's government when you think of it this way why would a government allow another foreign currency to be use in their country? It will greatly affect the economy and the value of their very own fiat currency because the common demand and supply also works in fiat currency. It will certainly affect the price of their own currency.
Got your point people here just thinking that bitcoin can replace our fiat and bitcoin can be use locally.. that honestly bitcoin is just alternative payment methods processor.. unlike fiat that actually how many years we are using it..
Its still important because fiat is our money.. and we are using it to deal to someone..

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January 21, 2017, 06:32:36 PM
 #1093

I think that the vote of no confidence to the Fiat is too early to say since more than half the world's population uses this particular currency. Even if the crisis will grow, no one dares to let the money fall completely.

You're right. Most of the population are still heavily realiant in this kind of currency and all of us have grown and are already so used to this that replacing it with another would be a difficult option. The fact also that most big banks and every government is running on fiat would already give us enough reasons to believe in it
Yes because it is common sense. Because Fiat currency is regulated by a country's government when you think of it this way why would a government allow another foreign currency to be use in their country? It will greatly affect the economy and the value of their very own fiat currency because the common demand and supply also works in fiat currency. It will certainly affect the price of their own currency.
Got your point people here just thinking that bitcoin can replace our fiat and bitcoin can be use locally.. that honestly bitcoin is just alternative payment methods processor.. unlike fiat that actually how many years we are using it..
Its still important because fiat is our money.. and we are using it to deal to someone..
I do not think that more people will trust in the Fiat, even if the whole world know about bitcoin. Most likely everything will remain at the previous level, as Fiat reigns in the entire financial sector, in contrast to cryptocurrency.
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January 22, 2017, 05:21:12 PM
 #1094

Fiat in itself is not completely the problem, having a currency not backed by anything may seem weird and it is , but the problem is politicians take advantage of it and print it like there is no tomorrow, and at the rate they are printing it there is not going to be a tomorrow for fiat.
I think the government will not do printing of fiat money blindly. because of course it will create inflation in the country, the government will surely make fiat to be good, so I believe in fiat

Oh yes, inflation will happen if they are going to keep on printing and printing continually. And as you know, politicians are not the who are responsible for printing the paper money but the central bank of a country. And if that is going to be abused, many foreign investors and local investors are going to fly away to other country if that is happening.
You are correct, the central banks are the ones doing the printing but at then end they are politicians since the president of the central bank is named by politicians, besides money printing is going to be abused despite whatever the investors think there are hundreds of examples of countries printing their currency like there is no tomorrow, without caring for investors and the general population.



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January 22, 2017, 05:34:48 PM
 #1095

Well, until now I still believe in fiat. although my main income comes from bitcoin, I still believe in fiat, because 80% of my needs, requires a fiat to complete. so, I still have to find fiat, although the income I get from the bitcoin, much bigger.

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January 22, 2017, 06:34:31 PM
 #1096

Well, until now I still believe in fiat. although my main income comes from bitcoin, I still believe in fiat, because 80% of my needs, requires a fiat to complete. so, I still have to find fiat, although the income I get from the bitcoin, much bigger.

I believe we should believe in fiat, because now bitcoin is only a source of income, where we work it and get bitcoin, but it can't fulfill our requirement of life. In our life, whenever we need anything than only fiat is money which fulfill our need not bitcoin. Because bitcoin need many time to comparative with fiat. Now all crypto currencies are very small in front all fiat.

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January 22, 2017, 07:44:22 PM
 #1097

fiat will always be alive because poor countries who are not accustomed to using digital money for payment.
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January 22, 2017, 07:58:01 PM
 #1098

Well, until now I still believe in fiat. although my main income comes from bitcoin, I still believe in fiat, because 80% of my needs, requires a fiat to complete. so, I still have to find fiat, although the income I get from the bitcoin, much bigger.

Perhaps this is the same situation for most bitcoiners because we have to admit that the world is just starting to understand the potential of altcoins, so at this moment the world is not prepared to carry out all the indispensable transactions to work with normality.

But I hope it does not take much time this transition period, although seeing the market capitalization of the altcoin economy it seems very far from a significant participation in the global economy.
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January 22, 2017, 08:58:18 PM
 #1099

It depends on witch country you live, i'm sure that users from countries where you see big devaluation of your currency like Venezuela, don't believe on its fiat money as an store of value, but they use on daily business. In this case people could invest on bitcoin its savings (now some of them invest on stronger currencies like dollars).
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January 22, 2017, 09:50:53 PM
 #1100

It depends on witch country you live, i'm sure that users from countries where you see big devaluation of your currency like Venezuela, don't believe on its fiat money as an store of value, but they use on daily business. In this case people could invest on bitcoin its savings (now some of them invest on stronger currencies like dollars).
No matter you live you should not believe fiat. Using it is adverse us, all fiat will be replaced by another currency wich more apropriate for us. It could be gold or bitcoin.


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