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Author Topic: Do you Still believe in Fiat?  (Read 74821 times)
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January 08, 2017, 07:02:33 AM
 #961

Well, of course I still believe in fiat. I use it because I believe it. but, I just use it as a means of transaction. I have more confidence in the bitcoin might make me get more profit from the use of fiat in the business world.

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January 08, 2017, 07:44:07 AM
 #962

Most people underestimate the complexity of a monetary system.

"Fiat" currencies are currencies that are not "backed" by a simple asset like gold. In this sense, even Bitcoin is a "fiat" currency. Now, I know, most of the members of this forum consider only state-issued currencies "fiat" currencies.

Such "state-fiat-currencies" are extremely complex systems, because money is a very complex system itself. But state-fiat-currencies are even more complex, because there are more actors to take into account (the Central Bank, external trade, capital flight, external speculators, etc.).

We, the Bitcoin users, can see that money is complex because of the simple fact that it's impossible to predict the Bitcoin price in a safe way. Why is this so? Because there is no universally accepted definition for "a bitcoin" aside from the mathematical one that it's equivalent to 100.000.000 satoshis. So it could be worth 1000 kg of, let's say, bread today and 500 kg tomorrow.

Well, with "state-fiat-currencies" it's the same. It's not guaranteed that you, today, will get the same amount of bread than tomorrow. But there is a complex system trying to guarantee that, taking into account not the price of a single (and simple) asset like gold but multiple indicators of the economy. It worked well for most of the time now.

I think "fiat" will continue working, in most of the cases. Bitcoin must gain traction on its own merit, not because of a "collapse" of the fiat system. It has multiple advantages for freedom-seeking people, so we can be bold about BTC's advantages without having to wait for a "fiat crash".

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January 08, 2017, 07:59:51 AM
 #963

I'm used to bitcoin, and do not even think of throwing. I do not think that the prospects for real currency weak. Fiat will not fall ever.

Yes though crypto currencies have made transactions effortlessly simple and easy still because of the fact that in each and every country there is a government and hence we cannot stop using fiat just yet.
I wonder how awesome it would be if all transactions are digitally made.
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January 08, 2017, 08:27:06 AM
 #964

I'm used to bitcoin, and do not even think of throwing. I do not think that the prospects for real currency weak. Fiat will not fall ever.

Yes though crypto currencies have made transactions effortlessly simple and easy still because of the fact that in each and every country there is a government and hence we cannot stop using fiat just yet.
I wonder how awesome it would be if all transactions are digitally made.
We have to use fiat for at least 10 years since it is still the most popular type of currency at the moment. You can not go around and buy something with Bitcoin because the number of shops or stores which accept Bitcoin is still very small. The world will be much better if all transactions are created digitally because you can not fake the information. Everything will be check carefully by the computer system


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January 08, 2017, 08:28:54 AM
 #965

 I do not believe and will never believe in fiat ever again and I consider people who go from cryptocurrencies to fiat out of their minds.
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January 08, 2017, 09:18:27 AM
 #966

I do not believe and will never believe in fiat ever again and I consider people who go from cryptocurrencies to fiat out of their minds.

No, they are not stupid. In fact, I consider them as wise. They are earning and really benefit from what cryptos could give them. Unlike others who are only earning a few and yet has the guts to keep it. But those who has large stash and sell it all and never came back are the stupid. Lets be practical, we can't live with crypto alone at this time. When everything else in the world can be paid with crypto then that's the only time that we could say what you are saying.

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January 08, 2017, 11:26:40 AM
 #967


Do I believe in fiat? So this is the only and the main currency in the real world. And I am confident that the country will firmly and confidently defend the interests of their money.

Unless the government will declare bitcoins or the usage of gold and silver will be the main currency of the whole nation, then I won't believe with fiat anymore.

But since even there is bitcoin still it is not recognized by many people so we still need to stay in believing in keep on using fiat.

It is the medium that most of the merchants, businessmen and stores are preferring to accept.
Bitcoin will grow only by users. No one works on the popular cryptocurrency since those who use bitcoin. But what applies to Fiat, the real money are growing in popularity.
The other part like he mention that if government will declare the bitcoin or the usage of silver and gold .. for me if government declare it is impossible that bitcoin will be use instead they will choose gold and silver because we have physical and we can use it also in online with same name currency.. unlike bitcoin that you can only use it online..
and it is obvious that bitcoin is always good as alternative and fiat never will change maybe they can add coins or paper money with different faces.  like here in my country.  they are adding new money with different faces of heroes or previous president,.

Because the choice of bitcoin is not that guaranteed at all and if the government will declare mass adoption to it, as most of the countries have their people who are not into technology.

You are right with it, fiat will never be replaced by any other currency and regarding those faces that you are thinking.

It is just a commemorative and appreciation of those faces that did good contribution to a country.


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January 08, 2017, 02:51:04 PM
 #968

I'm used to bitcoin, and do not even think of throwing. I do not think that the prospects for real currency weak. Fiat will not fall ever.

It is not about fiat getting weaker, it is that bitcoin is finally getting some attention and some country with high inflation might be thinking of choosing it to replace their currency however that chance is very low atleast for now, in atleast ten more year more country will finally aware of its existence and people will start to consider it more
No matter how weak the fiat currency from a certain country is, or whatever other problems they have, there will never be a country that replaces it's own currency with Bitcoin.

If they ever going to replace their fiat system, then it will be something that is being issued by the government itself, and not a decentralized incentive as Bitcoin.

It doesn't take much effort for governments to create their own digital currency where they remain the central authority of every aspect of their system/economy. That's the most likely scenario.
The government has all the resources to make their own digital system and cope the system of bitcoin and give people the comfort of fast online transaction. However, since it's government created, we cannot erase the nature that it will always be centralized and we have to comply whatever the law would be to enjoy using the service.
I am quite sure that the majority of the people here wouldn't mind such a thing since they see government involvement as a good thing.

It gives them the feeling of trust which for more experienced Bitcoiners is something they won't even consider for a second.

That's why I am happy that fiat and Bitcoin are two separate things where people have the option to choose both instead of forcing themselves to choose one.

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January 08, 2017, 03:01:31 PM
 #969

I don't believe in fiat anymore, simply because that there is a better awy of transacting, of storing value, sending money to your family and friends overseas without having to ever deal with long clearance times or anything physical.

That alternative is bitcoin, obviously. Just compare bitcoin to Western Union transfers and you'll see the huge advantages bitcoin has over WU or PP.

What about people who dont accept bitcoin or countries that are banning bitcoin. In many places bitcoin is used to mobilize large volumes of black money and this is one of the biggest issues of the world economies. Since there is not centralized bank operating for bitcoin no one can count for these black money transactions.

In another way, bitcoin may just help these black marketers. So for them fiat is not useless.

Again where bitcoin is not popular fiat still reigns at large.

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January 08, 2017, 04:31:33 PM
 #970

I still believe fiat even i use bitcoin.
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January 08, 2017, 04:39:26 PM
 #971

I still believe fiat even i use bitcoin.
Bitcoin can be used everywhere as fiat yet. I also use bitcoin, but today for me it's mostly the instrument of money making, I live on those money that I earn with bitcoin. But in daily life I still use fiat, cause there is no place here hat would accept bitcoin as payment directly.
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January 08, 2017, 06:06:14 PM
 #972

I still believe fiat even i use bitcoin.
Bitcoin can be used everywhere as fiat yet. I also use bitcoin, but today for me it's mostly the instrument of money making, I live on those money that I earn with bitcoin. But in daily life I still use fiat, cause there is no place here hat would accept bitcoin as payment directly.
Guys the only way that a money/fiat will lose its value is when the government of that country has fallen or the economy of it goes to zero. Either of the 2 and nothing else. Having the outside factor like Bitcoin won't be an issue for the Fiat currency because they are backed up by their own government that has full control over it.

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error08
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January 08, 2017, 06:09:46 PM
 #973

I'm used to bitcoin, and do not even think of throwing. I do not think that the prospects for real currency weak. Fiat will not fall ever.

It is not about fiat getting weaker, it is that bitcoin is finally getting some attention and some country with high inflation might be thinking of choosing it to replace their currency however that chance is very low atleast for now, in atleast ten more year more country will finally aware of its existence and people will start to consider it more
No matter how weak the fiat currency from a certain country is, or whatever other problems they have, there will never be a country that replaces it's own currency with Bitcoin.

If they ever going to replace their fiat system, then it will be something that is being issued by the government itself, and not a decentralized incentive as Bitcoin.

It doesn't take much effort for governments to create their own digital currency where they remain the central authority of every aspect of their system/economy. That's the most likely scenario.
It's too complicated to replace fiat currency into absolutely bitcoin for some countries with high inflation.
The first problem is to acquire enough bitcoin for everyone as the price is too expensive for them (on high inflation)
Second problem is decentralized currency that they can't control it, there will be unbalance spread among the citizens and lead to another crisis.
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January 09, 2017, 04:13:28 PM
 #974

Most people underestimate the complexity of a monetary system.

"Fiat" currencies are currencies that are not "backed" by a simple asset like gold. In this sense, even Bitcoin is a "fiat" currency. Now, I know, most of the members of this forum consider only state-issued currencies "fiat" currencies.

Such "state-fiat-currencies" are extremely complex systems, because money is a very complex system itself. But state-fiat-currencies are even more complex, because there are more actors to take into account (the Central Bank, external trade, capital flight, external speculators, etc.).

We, the Bitcoin users, can see that money is complex because of the simple fact that it's impossible to predict the Bitcoin price in a safe way. Why is this so? Because there is no universally accepted definition for "a bitcoin" aside from the mathematical one that it's equivalent to 100.000.000 satoshis. So it could be worth 1000 kg of, let's say, bread today and 500 kg tomorrow.

Well, with "state-fiat-currencies" it's the same. It's not guaranteed that you, today, will get the same amount of bread than tomorrow. But there is a complex system trying to guarantee that, taking into account not the price of a single (and simple) asset like gold but multiple indicators of the economy. It worked well for most of the time now.

I think "fiat" will continue working, in most of the cases. Bitcoin must gain traction on its own merit, not because of a "collapse" of the fiat system. It has multiple advantages for freedom-seeking people, so we can be bold about BTC's advantages without having to wait for a "fiat crash".
Disagree, Bitcoin and fiat are not backed by anything, but bitcoin is not fiat, bitcoin does not have value because the government says so, because the government decree bitcoin to have value, the idea behind bitcoin is the opposite, bitcoin is a currency not backed by precious metals and not backed by government decree.
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January 09, 2017, 04:17:40 PM
 #975

I do not believe and will never believe in fiat ever again and I consider people who go from cryptocurrencies to fiat out of their minds.

No, they are not stupid. In fact, I consider them as wise. They are earning and really benefit from what cryptos could give them. Unlike others who are only earning a few and yet has the guts to keep it. But those who has large stash and sell it all and never came back are the stupid. Lets be practical, we can't live with crypto alone at this time. When everything else in the world can be paid with crypto then that's the only time that we could say what you are saying.
Im agree with you people are just using fiat because its needed yes its not mandatory to everyone use it fiat is a good way to exchange our bitcoin im the one who using fiat for this cyrpto change i can't say that im making good profit. I earned enough for my self only to live

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January 10, 2017, 06:47:19 AM
 #976

I do not believe and will never believe in fiat ever again and I consider people who go from cryptocurrencies to fiat out of their minds.

No, they are not stupid. In fact, I consider them as wise. They are earning and really benefit from what cryptos could give them. Unlike others who are only earning a few and yet has the guts to keep it. But those who has large stash and sell it all and never came back are the stupid. Lets be practical, we can't live with crypto alone at this time. When everything else in the world can be paid with crypto then that's the only time that we could say what you are saying.
Im agree with you people are just using fiat because its needed yes its not mandatory to everyone use it fiat is a good way to exchange our bitcoin im the one who using fiat for this cyrpto change i can't say that im making good profit. I earned enough for my self only to live
It's not mandatory but still we consider it as mandatory because it's our necessity, without fiat life would not be easy. Bitcoin is only created to supplement our fiat system in our form, with bitcoin we can have fast online transaction unlike fiat which we have to comply with governmental rules.

This two will help each other to give us a better future, it's the development because the world moves, so do we.

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January 10, 2017, 07:01:09 AM
 #977

anyone with a clue would know that fiat is a scam. but until a viable alternative exists we are still stuck with fiat. if it would be bitcoin then thats good enough for me. if not then there must be some other coin to fill that need



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January 10, 2017, 10:22:05 AM
 #978

anyone with a clue would know that fiat is a scam. but until a viable alternative exists we are still stuck with fiat. if it would be bitcoin then thats good enough for me. if not then there must be some other coin to fill that need
Yes, using fiat is not really good for us, because the government can do endless printing of fiat, then the value is automaticaly decrease becouse of inflation. I prefer like to use bitcoin and gold as currency.


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January 10, 2017, 10:40:51 AM
 #979

Yes, using fiat is not really good for us, because the government can do endless printing of fiat, then the value is automaticaly decrease becouse of inflation. I prefer like to use bitcoin and gold as currency.

It's just how you adapt to the situation. If you just keep saving your fiat in your savings account for a long period of time without doing any effort to invest or hedge, then yes, you can bet on it that it will work against you in the long run. That's why it's important to invest at least 10% of your wealth. Only this way you can avoid seeing the value of your total wealth go down year on year (assuming you manage to profit). That's why I am glad to have Bitcoin that I am holding and using for trading purposes. This has helped me to increase the level of my wealth with at least 1000% since very early 2013. All thanks to Bitcoin.

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January 10, 2017, 11:07:38 AM
 #980

anyone with a clue would know that fiat is a scam. but until a viable alternative exists we are still stuck with fiat. if it would be bitcoin then thats good enough for me. if not then there must be some other coin to fill that need
if someone says fiat scam, I think he should not use or depend on the fiat fiat. fiat used centuries ago, and is used by all countries,
there is no reason not to believe in fiat

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