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Author Topic: Do you Still believe in Fiat?  (Read 74818 times)
goldcoinminer
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August 10, 2016, 08:30:51 AM
 #341

Yup i am still believe in Fiat, not only me so many people believe in Fiat. Now the question raise why ? The reason is so simple bitcoin is not used offline in many countries, it only use for online shopping directly. So people should believe on fiat because they use fiat in their daily life and buy things that they need in their life.

And at a moment if we have to spend bitcoins directly then we need to convert it to fiat first, so basically we can say that bitcoins is dependent on fiat.
yeah true even though we are using bitcoin and get bitcoin. but still we have to convert it to a fiat to do the spending
because for the moment inevitably we still have to depend on fiat currency because we are the major currency is fiat

Yes that's why we want bitcoin to have more use in the future so we will not depend in fiat, if we can already use it  in her own value buying things or widraw your money easly without exchange it that's better and I hope it will happen soon.

I think it will take long time for that to happen, its not easy for bitcoin to get accepted everywhere at physical place and even merchants should be aware that they can accept payments in bitcoins too.
It's true, when the government will feel that bitcoin is a threat to them then they will not simple support it. Bitcoin is for freedom and we are free to transact online without personal information being divulge and the government does not want that.

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August 10, 2016, 08:35:08 AM
 #342

Fiat money is backed by the fact that the government accepts it as legal payment. Because the government is willing to accept it in exchange for goods and services or tax payments, their currency gains intrinsic value.The value of a fiat currency is similarly arbitrary, but as long as the government can maintain its monetary system, that value will hold because that's the value the government is willing to honor. Because of the government is such a large part of the economy, the currency retains its value even in private exchanges as it is something that everyone can use when interacting with the government

It is not only that. Government also pays in its currency to civil servants and state employees as well as their contractors (public sector), which further spend their salaries on the goods and services produced by businesses and private enterprises (private sector). The latter pay wages to their employees and the cycle closes...

This is how a fiat currency is bootstrapped when it is first introduced
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August 10, 2016, 08:36:35 AM
 #343

Yup i am still believe in Fiat, not only me so many people believe in Fiat. Now the question raise why ? The reason is so simple bitcoin is not used offline in many countries, it only use for online shopping directly. So people should believe on fiat because they use fiat in their daily life and buy things that they need in their life.

And at a moment if we have to spend bitcoins directly then we need to convert it to fiat first, so basically we can say that bitcoins is dependent on fiat.
yeah true even though we are using bitcoin and get bitcoin. but still we have to convert it to a fiat to do the spending
because for the moment inevitably we still have to depend on fiat currency because we are the major currency is fiat

Yes that's why we want bitcoin to have more use in the future so we will not depend in fiat, if we can already use it  in her own value buying things or widraw your money easly without exchange it that's better and I hope it will happen soon.

I think it will take long time for that to happen, its not easy for bitcoin to get accepted everywhere at physical place and even merchants should be aware that they can accept payments in bitcoins too.
It's true, when the government will feel that bitcoin is a threat to them then they will not simple support it. Bitcoin is for freedom and we are free to transact online without personal information being divulge and the government does not want that.

If many people using bitcoin in one country, i'm sure the government will accept bitcoin and support bitcoin. and i think bitcoin is not a threat into fiat and many people still believe in fiat, even bitcoin come.
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August 10, 2016, 08:40:56 AM
 #344

I somehow feel more powerful when i hold my dollar bills in my hand. I don't feel a shit when i see numbers on my screen no matter how big they are. Give me a bag of 1$ bills and i will feel like i own the America :d

Fiat is not as practical as credit cards or bitcoin when you make payments but if you hide them somewhere, it is you the one who owns the money. Not btc devs, not mastercard ceo's, but you.

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August 10, 2016, 08:45:32 AM
 #345

I somehow feel more powerful when i hold my dollar bills in my hand. I don't feel a shit when i see numbers on my screen no matter how big they are. Give me a bag of 1$ bills and i will feel like i own the America :d

This is evidently a delusion of being rich, lol

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August 10, 2016, 08:54:28 AM
 #346

I somehow feel more powerful when i hold my dollar bills in my hand. I don't feel a shit when i see numbers on my screen no matter how big they are. Give me a bag of 1$ bills and i will feel like i own the America :d

This is evidently a delusion of being rich, lol



No no. Not just that. When i see numbers on my screen it is like, "alright i got 500k in somewhere in the bank that's nice" but i can't see my bills whenever i want to. They usually don't let you take that amount out of the bank right away but some other day.

On the other hand, if store them in my private safe, i can look at them and jerk off at any time.

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August 10, 2016, 09:02:14 AM
 #347

I somehow feel more powerful when i hold my dollar bills in my hand. I don't feel a shit when i see numbers on my screen no matter how big they are. Give me a bag of 1$ bills and i will feel like i own the America :d

This is evidently a delusion of being rich, lol

No no. Not just that. When i see numbers on my screen it is like, "alright i got 500k in somewhere in the bank that's nice" but i can't see my bills whenever i want to. They usually don't let you take that amount out of the bank right away but some other day.

On the other hand, if store them in my private safe, i can look at them and jerk off at any time.

To each his own...

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August 10, 2016, 09:04:42 AM
 #348

Yup i am still believe in Fiat, not only me so many people believe in Fiat. Now the question raise why ? The reason is so simple bitcoin is not used offline in many countries, it only use for online shopping directly. So people should believe on fiat because they use fiat in their daily life and buy things that they need in their life.

And at a moment if we have to spend bitcoins directly then we need to convert it to fiat first, so basically we can say that bitcoins is dependent on fiat.
yeah true even though we are using bitcoin and get bitcoin. but still we have to convert it to a fiat to do the spending
because for the moment inevitably we still have to depend on fiat currency because we are the major currency is fiat

Yes that's why we want bitcoin to have more use in the future so we will not depend in fiat, if we can already use it  in her own value buying things or widraw your money easly without exchange it that's better and I hope it will happen soon.

I think it will take long time for that to happen, its not easy for bitcoin to get accepted everywhere at physical place and even merchants should be aware that they can accept payments in bitcoins too.
It's true, when the government will feel that bitcoin is a threat to them then they will not simple support it. Bitcoin is for freedom and we are free to transact online without personal information being divulge and the government does not want that.

If many people using bitcoin in one country, i'm sure the government will accept bitcoin and support bitcoin. and i think bitcoin is not a threat into fiat and many people still believe in fiat, even bitcoin come.

I think the older generation who don't have any relation with internet world will continue their journey with fiat, as they hesitate even in using internet so I think using biticoin is an big deal for them.
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August 10, 2016, 05:26:16 PM
 #349


I think the older generation who don't have any relation with internet world will continue their journey with fiat, as they hesitate even in using internet so I think using biticoin is an big deal for them.

That could be right. The younger generation who can use the smart phone will be ones to use bitcoin in the future.


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August 10, 2016, 05:29:48 PM
 #350


I think the older generation who don't have any relation with internet world will continue their journey with fiat, as they hesitate even in using internet so I think using biticoin is an big deal for them.

That could be right. The younger generation who can use the smart phone will be ones to use bitcoin in the future.

I think we should teach our parents and people around us about bitcoin and people who believes in technology will surely start using it, but that doesn't mean fiat will disappear in future.
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August 10, 2016, 05:32:21 PM
 #351

Fiat can't disappear in my opinion, but its usability will reduce with time because Bitcoin and the other crypto currencies, are growing fast and will conquer the world soon.
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August 10, 2016, 05:40:34 PM
 #352

Fiat can't disappear in my opinion, but its usability will reduce with time because Bitcoin and the other crypto currencies, are growing fast and will conquer the world soon.
Fiat will never disappear. It might at the most change forms and become digitized as well, but it will never disappear and it will always exist, UNLESS we have a global movement back to backed currencies (via some commodity, energy, carbon credits, something). If that happens and the currencies begin to get backed again then there'll be less fiat overall, but it'll still be there, somewhere.
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August 10, 2016, 05:42:03 PM
 #353

Fiat can't disappear in my opinion, but its usability will reduce with time because Bitcoin and the other crypto currencies, are growing fast and will conquer the world soon.

Yeah agree fiat will be my option and i will it because Fiat is the most legal and regulated currency. Also it is backed by some tangible asset like gold. SO the price can't go down after a certain limit. If a certain fiat currency started going down, the central bank of that particular country will intervene to stop that fall. Once bitcoin register its place in the world market we ll start to use of it high volume till that fiat will the option.
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August 10, 2016, 05:46:14 PM
 #354

Fiat can't disappear in my opinion, but its usability will reduce with time because Bitcoin and the other crypto currencies, are growing fast and will conquer the world soon.

Yeah agree fiat will be my option and i will it because Fiat is the most legal and regulated currency. Also it is backed by some tangible asset like gold. SO the price can't go down after a certain limit. If a certain fiat currency started going down, the central bank of that particular country will intervene to stop that fall. Once bitcoin register its place in the world market we ll start to use of it high volume till that fiat will the option.

No fiat currency as of today is backed by gold. Muammar Gaddafi had been speculating on introducing a gold dinar ("a single African currency made from gold, a true sharing of the wealth") but was very conveniently assassinated before he actually got anything done in this respect...

He was not democratic, he got terminated
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August 10, 2016, 05:47:39 PM
 #355

I somehow feel more powerful when i hold my dollar bills in my hand. I don't feel a shit when i see numbers on my screen no matter how big they are. Give me a bag of 1$ bills and i will feel like i own the America :d

Fiat is not as practical as credit cards or bitcoin when you make payments but if you hide them somewhere, it is you the one who owns the money. Not btc devs, not mastercard ceo's, but you.

This is like holding physical gold, of course that you feel better when you have cash on your hands rather than digits on your screen. But as we see nowadays everything is going to be converted in digits so less and less people are using cash and banks encourage people to use more the bank accounts and credit cards to purchase or make transfers because they want to know everything about their customers where do they spend their money.
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August 10, 2016, 05:52:37 PM
 #356

Yup i am still believe in Fiat, not only me so many people believe in Fiat. Now the question raise why ? The reason is so simple bitcoin is not used offline in many countries, it only use for online shopping directly. So people should believe on fiat because they use fiat in their daily life and buy things that they need in their life.

And at a moment if we have to spend bitcoins directly then we need to convert it to fiat first, so basically we can say that bitcoins is dependent on fiat.
yeah true even though we are using bitcoin and get bitcoin. but still we have to convert it to a fiat to do the spending
because for the moment inevitably we still have to depend on fiat currency because we are the major currency is fiat

Yes that's why we want bitcoin to have more use in the future so we will not depend in fiat, if we can already use it  in her own value buying things or widraw your money easly without exchange it that's better and I hope it will happen soon.

I think it will take long time for that to happen, its not easy for bitcoin to get accepted everywhere at physical place and even merchants should be aware that they can accept payments in bitcoins too.
It's true, when the government will feel that bitcoin is a threat to them then they will not simple support it. Bitcoin is for freedom and we are free to transact online without personal information being divulge and the government does not want that.

If many people using bitcoin in one country, i'm sure the government will accept bitcoin and support bitcoin. and i think bitcoin is not a threat into fiat and many people still believe in fiat, even bitcoin come.
no really sure about that, for now in the west and america many people has using bitcoin but you can see government of america still not acknowledge the existence of bitcoin.

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August 10, 2016, 05:53:18 PM
 #357

I somehow feel more powerful when i hold my dollar bills in my hand. I don't feel a shit when i see numbers on my screen no matter how big they are. Give me a bag of 1$ bills and i will feel like i own the America :d

Fiat is not as practical as credit cards or bitcoin when you make payments but if you hide them somewhere, it is you the one who owns the money. Not btc devs, not mastercard ceo's, but you.

This is like holding physical gold, of course that you feel better when you have cash on your hands rather than digits on your screen. But as we see nowadays everything is going to be converted in digits so less and less people are using cash and banks encourage people to use more the bank accounts and credit cards to purchase or make transfers because they want to know everything about their customers where do they spend their money.
Everything is digits, everything is sketchy, very few things are tangible anymore, and we see that when we look at the current financial system and all the pitfalls it has. Now that money is numbers on a screen, fractional reserve lending can run rampant, further enslaving the middle class and allowing for bankers to get away with more schemes. It's a terrible thing.
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August 11, 2016, 11:08:14 AM
 #358

Yup i am still believe in Fiat, not only me so many people believe in Fiat. Now the question raise why ? The reason is so simple bitcoin is not used offline in many countries, it only use for online shopping directly. So people should believe on fiat because they use fiat in their daily life and buy things that they need in their life.

And at a moment if we have to spend bitcoins directly then we need to convert it to fiat first, so basically we can say that bitcoins is dependent on fiat.
yeah true even though we are using bitcoin and get bitcoin. but still we have to convert it to a fiat to do the spending
because for the moment inevitably we still have to depend on fiat currency because we are the major currency is fiat

Yes that's why we want bitcoin to have more use in the future so we will not depend in fiat, if we can already use it  in her own value buying things or widraw your money easly without exchange it that's better and I hope it will happen soon.

I think it will take long time for that to happen, its not easy for bitcoin to get accepted everywhere at physical place and even merchants should be aware that they can accept payments in bitcoins too.
It's true, when the government will feel that bitcoin is a threat to them then they will not simple support it. Bitcoin is for freedom and we are free to transact online without personal information being divulge and the government does not want that.

If many people using bitcoin in one country, i'm sure the government will accept bitcoin and support bitcoin. and i think bitcoin is not a threat into fiat and many people still believe in fiat, even bitcoin come.
no really sure about that, for now in the west and america many people has using bitcoin but you can see government of america still not acknowledge the existence of bitcoin.

Certain US government department recognises the bitcoin as a property. Some recognise it as commodity.


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August 11, 2016, 11:18:19 AM
 #359

Certain US government department recognises the bitcoin as a property. Some recognise it as commodity.

Something is always recognized as property if it can be owned by someone or some entity. Commodity is just a type of asset that has been standardized in such a way that each unit is indistinguishable from another (Bitcoin fits here perfectly). Thereby, any commodity should necessarily be considered as property since there is no commodity without an owner...

But the opposite is evidently not always true (i.e. not all property can be made into a commodity)
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August 11, 2016, 11:25:04 AM
 #360

Certain US government department recognises the bitcoin as a property. Some recognise it as commodity.

Something is always recognized as property if it can be owned by someone or some entity. Commodity is just a type of asset that has been standardized in such a way that each unit is indistinguishable from another (Bitcoin fits here perfectly). Thereby, any commodity should necessarily be considered as property since there is no commodity without an owner...

But the opposite is evidently not always true (i.e. not all property can be made into a commodity)

Whatever that is recognized by the US. I'm sure everyone still expects a bitcoin as supporting a better future!. Everyone will still continue using bitcoin however will be, during the bitcoin is advantageous for all of us. This will not be a problem, as the internet grows in the bitcoin and we definitely will be able to access easily

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