one reason why bitcoin will not surpass fiat

[franky1]

Bitcoin will not surpass fiat because most people feel insecure about safety of bitcoins.Unless all governments approve bitcoin as a payment option, it will not surpass fiat

but by making bitcoin into the middleman (lightning hubs) so people understand and trust bitcoin, because its managed for them... its no longer the bitcoin that was originally designed. and is just another fiat currency. meaning only fiat has replaced fiat

[bitcapitalist]

Because most people don't like changing their way or conception of real hard cash. BTC is for a minority of people like us only.

[bitjoin]

I can only speak for myself, but bitcoin surpassed fiat seven years ago for me. Using a credit card or fiat system seems ridiculously archaic and dumb now. It's like switching to a smart phone, no one ever goes back to a flip phone.

Maybe it seems dumb to us but the problem is we need money to be universal and 99% of people still dont care for crypto.  Better then 99.9% though like it was a few years back.

[Tyrantt]

It won't because the government and banks won't let that happen.

[karmakeddon]

Bitcoin will never surpass fiat since bitcoin itself doesnt have value. It's value derives from fiat. Fiat's value comes from gold reserves.
Second, governments wont allow it to surpass fiat since for all they know, there is one man who holds a whole lot of bitcoin. When Satoshi mined the genesis block, he accumulated a lot of the coin, enough to destabilize the currency when he wishes to. For that reason alone, governments wont allow a currency that would drop its value the moment a person with a lot of it dumps the whole thing. It's like a government federal reserve printing paper money without a gold reserve. Useless.

[franky1]

bitcoin is like the internet

*the promise of anyone being able to make their own webpage in the early days, and able to have their own webaddress
*people not understanding it.
*they then taught to make myspace pages where their address is linked to a site
*then taught to upload their life to facebook, have less control of how their information is used, even less/none control over how its displayed "coz its free"

*if people want their own address they have to pay to have it and the costs increase over time
right now bitcoin is at the second * and things like sidechains and lightning is the third *

[VC George]

bitcoin is like the internet

*the promise of anyone being able to make their own webpage in the early days, and able to have their own webaddress
*people not understanding it.
*they then taught to make myspace pages where their address is linked to a site
*then taught to upload their life to facebook, have less control of how their information is used, even less/none control over how its displayed "coz its free"

*if people want their own address they have to pay to have it and the costs increase over time
right now bitcoin is at the second * and things like sidechains and lightning is the third *

Don't get me wrong but your rhetoric is not helping anyone. And since you are an active member here you should at least take some efforts to help the code instead of critisizing it. I for once started learning code to be able to HELP this community instead of criticizing the devs or anyone else. HARD work stays, words get thrown to the garbage once a thread is deleted or just forgotten.
And no hell no I don't think anyone's intention is to deprivate them selfs by making BTC just another way to spy on people except if they are being paid to do that in which case let dem burn like original bears

[mczarnek]

Very interesting point... I'd add to it that not only do we have to trust the coder who created the contract but he'll also be very expensive.  He has to be trained as BOTH a lawyer and a programmer.  Two of the most expensive professions out there and he basically needs to be an expert in both or you need to hire both to work together.

I guess you could argue there will likely be some standard contracts out there and users could pick and choose clauses they want to see.  That could kind of work.. but forget about any kind of customization, which seems to be pretty typical.

[yayayo]

Bitcoin will go mainstream if it's easy enough to use for mainstream. That's already the case with some applications. What's still missing is the motivation for the uninformed to move from fiat to Bitcoin. This motivation is currently being generated by the quantitative easing policy of central banks which will bring us significant fiat money devaluation at a rate that is even felt by the dumbest Joe in town. When people feel that they are loosing purchasing power they are eager to learn about alternatives. That's where Bitcoin comes in to play...

Bitcoin's main use case are not smart contracts. Who ever claimed that? Bitcoin's main use case is sound, decentralized, freely movable cash. Everybody understands that. - And speaking about "smart" contracts, these are easy to understand, too. It's just automatic execution of a contract based on fulfilling certain contractual conditions.

ya.ya.yo!

[The Sceptical Chymist]

Please do not mention DAO or other piece of shit coin in the same sentence with bitcoin. Bitcoin existed way before those shit coins. The only coin worth mentioning is Litecoin. (and maybe monero for its anonimousity advantages) The others were/are obvious scam.

Bitcoin isn't there to replace FIAT in the first place. It is there to make our lives eaiser.

Yup.  But I don't see bitcoin replacing fiat anytime soon.  Cash transactions are pretty damn anonymous if you need that, excepting the security cameras that are everywhere.  And the cell phone videos.

Don't know about smart contracts.  I leave that sort of thing to people who are much smarter than me.  Bitcoin as a currency?  It's much better as a store of value IMO, but I know folks are passionate about spending it.  More power to them.  If mass adoption happens, it's going to be years in the future.  Governments don't want to abandon fiat!  Look at Zimbabwe, look at Weimar Germany!

[btvGainer]

Unless governments accept bitcoin,it can never surpass fiat.When it comes to monetary things what matters is trust of people and people trust things which are backed by their governments,If any government openly and clearly support bitcoin,then number of users of bitcoin in that country will go up

[shinratensei_]

we hear about cool and new bitcoin ideas every day and also how these ideas will improve the standing of bitcoin. a cool feature that makes it better than fiat.
i want to talk about one such feature. bitcoin can reduce the trust we need when money is involved. let us say i want to bet a friend of mine and to make sure we pay after the bet is resolved we use a smart contract.
this sounds fine and reduces the trust needed.
but in fact we just shifted the trust to the coder who made the smart contract. sure we could verify the code, but how many people can do this (remember the DAO)? my mother can certainly not.
so in order to make smart contracts a big point for bitcoin we will need generations and maybe even have some sort of basic smart contracts training in schools. so this is not very likely.
even today nobody reads the fine print and just trusts that everything will work out fine (most people think they can sue to get the money back is something fishy happens). but all we need with smart contracts is just one misspelled letter and the money can be lost without recovery.
people are dumb, so fiat works just fine for them. bitcoin might be to advanced for people to really go mainstream without destroying many peoples lives, because they made a small mistake or trusted the wrong code/people.

can we solve this problem? should we get used to the losses? or is this one of the reasons bitcoin will never go mainstream?

Bitcoin will not go fully mainstream in the developed world until governments ban cash, because then and only then people will see the magic and value of bitcoin. .

Well that is will never happen, and I never think the government will ban fiat. how about the destiny of bitcoin? if in this time the value of bitcoin depending on the fiat.

[Zadicar]

we hear about cool and new bitcoin ideas every day and also how these ideas will improve the standing of bitcoin. a cool feature that makes it better than fiat.
i want to talk about one such feature. bitcoin can reduce the trust we need when money is involved. let us say i want to bet a friend of mine and to make sure we pay after the bet is resolved we use a smart contract.
this sounds fine and reduces the trust needed.
but in fact we just shifted the trust to the coder who made the smart contract. sure we could verify the code, but how many people can do this (remember the DAO)? my mother can certainly not.
so in order to make smart contracts a big point for bitcoin we will need generations and maybe even have some sort of basic smart contracts training in schools. so this is not very likely.
even today nobody reads the fine print and just trusts that everything will work out fine (most people think they can sue to get the money back is something fishy happens). but all we need with smart contracts is just one misspelled letter and the money can be lost without recovery.
people are dumb, so fiat works just fine for them. bitcoin might be to advanced for people to really go mainstream without destroying many peoples lives, because they made a small mistake or trusted the wrong code/people.

can we solve this problem? should we get used to the losses? or is this one of the reasons bitcoin will never go mainstream?

Bitcoin will not go fully mainstream in the developed world until governments ban cash, because then and only then people will see the magic and value of bitcoin. Until then, we are the pioneers of this thing. Poor unbanked countries will maybe jump on bitcoin before the developed world does.
It will keep growing as a better gold anyway. Also smart contracts in the bitcoin will be solid and very simple, none of that ETH/DAO bullshit.

Government will never prohibit cash but bitcoin will play an important role in the future although appeared new crypto currencies.

No government would ban cash in future just for bitcoin? lol. Bitcoin wouldnt surpass in any ways  even how bitcoin would  be very successful in upcoming years to come. Fiat  does play a  big role on economic state and  activity  on a certain country which money is  encircling to this process.

[madwica]

we hear about cool and new bitcoin ideas every day and also how these ideas will improve the standing of bitcoin. a cool feature that makes it better than fiat.
i want to talk about one such feature. bitcoin can reduce the trust we need when money is involved. let us say i want to bet a friend of mine and to make sure we pay after the bet is resolved we use a smart contract.
this sounds fine and reduces the trust needed.
but in fact we just shifted the trust to the coder who made the smart contract. sure we could verify the code, but how many people can do this (remember the DAO)? my mother can certainly not.
so in order to make smart contracts a big point for bitcoin we will need generations and maybe even have some sort of basic smart contracts training in schools. so this is not very likely.
even today nobody reads the fine print and just trusts that everything will work out fine (most people think they can sue to get the money back is something fishy happens). but all we need with smart contracts is just one misspelled letter and the money can be lost without recovery.
people are dumb, so fiat works just fine for them. bitcoin might be to advanced for people to really go mainstream without destroying many peoples lives, because they made a small mistake or trusted the wrong code/people.

can we solve this problem? should we get used to the losses? or is this one of the reasons bitcoin will never go mainstream?

Bitcoin will not go fully mainstream in the developed world until governments ban cash, because then and only then people will see the magic and value of bitcoin. Until then, we are the pioneers of this thing. Poor unbanked countries will maybe jump on bitcoin before the developed world does.
It will keep growing as a better gold anyway. Also smart contracts in the bitcoin will be solid and very simple, none of that ETH/DAO bullshit.

Government will never prohibit cash but bitcoin will play an important role in the future although appeared new crypto currencies.

No government would ban cash in future just for bitcoin? lol. Bitcoin wouldnt surpass in any ways  even how bitcoin would  be very successful in upcoming years to come. Fiat  does play a  big role on economic state and  activity  on a certain country which money is  encircling to this process.

Fiat will remain in the future this is for life time and it is very useful for each person even you are poor or rich, while in bitcoin even in the future not all people can used this because it will required some gadgets and internet connection which is not all people can afford that.

[mk4]

I dont think bitcoins will surpass FIAT; but I think it will work alongside FIAT. if that makes sense.

[goinmerry]

Belief. Many people believe that it should not be harder when using money. Should be easy to undrrstand. Works for lazy people. Dont want anything that will need some definition, introduction amd knowledge. With that they wont use this bitcoin, it is not really that easy to understand specially when you are a technical guy.

[Yakamoto]

we hear about cool and new bitcoin ideas every day and also how these ideas will improve the standing of bitcoin. a cool feature that makes it better than fiat.
i want to talk about one such feature. bitcoin can reduce the trust we need when money is involved. let us say i want to bet a friend of mine and to make sure we pay after the bet is resolved we use a smart contract.
this sounds fine and reduces the trust needed.
but in fact we just shifted the trust to the coder who made the smart contract. sure we could verify the code, but how many people can do this (remember the DAO)? my mother can certainly not.
so in order to make smart contracts a big point for bitcoin we will need generations and maybe even have some sort of basic smart contracts training in schools. so this is not very likely.
even today nobody reads the fine print and just trusts that everything will work out fine (most people think they can sue to get the money back is something fishy happens). but all we need with smart contracts is just one misspelled letter and the money can be lost without recovery.
people are dumb, so fiat works just fine for them. bitcoin might be to advanced for people to really go mainstream without destroying many peoples lives, because they made a small mistake or trusted the wrong code/people.

can we solve this problem? should we get used to the losses? or is this one of the reasons bitcoin will never go mainstream?

Best thing: no smart contracts. Solves literally all of your issues and we don't have to worry about any of that. Let some other software make that a reality, and just have Bitcoin be one surrogate of it. There is no need to force a smart contract into the blockchain, and there are a ton of other things that can be better easily. Let someone else figure out what the best fixes for everything are.

[Wind_FURY]

Just to give a slightly different view. I do not think that Bitcoin was meant to surpass fiat. This only my personal opinion, but I think the main reason why Satoshi created and developed Bitcoin was to make a political statement. We have seen the things the bankers did that caused the 2008 financial crisis making ordinary people lose their jobs and their homes. Bitcoin is showing us a way that we do not need banks and that we have the option to take control of our money thru the use of technology. We may take it for granted because we deal with Bitcoin everyday but the statement made is very very powerful. We should feel lucky that we are taking part in it one way or another.

[dunfida]

we hear about cool and new bitcoin ideas every day and also how these ideas will improve the standing of bitcoin. a cool feature that makes it better than fiat.
i want to talk about one such feature. bitcoin can reduce the trust we need when money is involved. let us say i want to bet a friend of mine and to make sure we pay after the bet is resolved we use a smart contract.
this sounds fine and reduces the trust needed.
but in fact we just shifted the trust to the coder who made the smart contract. sure we could verify the code, but how many people can do this (remember the DAO)? my mother can certainly not.
so in order to make smart contracts a big point for bitcoin we will need generations and maybe even have some sort of basic smart contracts training in schools. so this is not very likely.
even today nobody reads the fine print and just trusts that everything will work out fine (most people think they can sue to get the money back is something fishy happens). but all we need with smart contracts is just one misspelled letter and the money can be lost without recovery.
people are dumb, so fiat works just fine for them. bitcoin might be to advanced for people to really go mainstream without destroying many peoples lives, because they made a small mistake or trusted the wrong code/people.

can we solve this problem? should we get used to the losses? or is this one of the reasons bitcoin will never go mainstream?

Bitcoin will not go fully mainstream in the developed world until governments ban cash, because then and only then people will see the magic and value of bitcoin. Until then, we are the pioneers of this thing. Poor unbanked countries will maybe jump on bitcoin before the developed world does.
It will keep growing as a better gold anyway. Also smart contracts in the bitcoin will be solid and very simple, none of that ETH/DAO bullshit.

Government will never prohibit cash but bitcoin will play an important role in the future although appeared new crypto currencies.

No government would ban cash in future just for bitcoin? lol. Bitcoin wouldnt surpass in any ways  even how bitcoin would  be very successful in upcoming years to come. Fiat  does play a  big role on economic state and  activity  on a certain country which money is  encircling to this process.

Fiat will remain in the future this is for life time and it is very useful for each person even you are poor or rich, while in bitcoin even in the future not all people can used this because it will required some gadgets and internet connection which is not all people can afford that.

Agree, no matter how bitcoin would  progress in future its not possible to replace fiat as you said not all people would afford to have an internet and a good  cellular phone to switch directly on bitcoin.  Thats why people would surely use fiat no matter what anytime soon.

[Kakmakr]

I dont think bitcoins will surpass FIAT; but I think it will work alongside FIAT. if that makes sense.

Yes, there is enough scope for everyone to participate to their strong points in the financial world, but greed will push some entities to try and push technologies like public blockchains into a corner. You will soon see the emergence of private permissioned Blockchains coming from the banking sector, and they will become even more hostile towards any competition in this field.

Shill activity will increase, misinformation about public Blockchains being spread in mainstream media will increase, and governments closing doors for public Blockchains will be global. ^hmmmmm^