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Kasabus
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January 14, 2017, 11:12:04 AM |
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If people start accepting bitcoins as currency in our country it might happen otherwise fiat will always rule the market .we should make it more popularise it throughh these and make them understand that bitcoins are better than fiat .
Fiat will still rule the market unless technology is widely used even in the farthest corner of every country.Fia currencyt is readily available to everyone while bitcoin exist only in the internet and you need to go online first before you can use the virtual currency. Still fiat are widely and commonly use instead of bitcoin,to people who are not engaged how to use todays modern technology the one that are rarely use is fiat.Well,probably in due time if the demands of using bitcoin will continue to and its widely use worldwide then probably it will reduse the demand of fiat. |
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Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
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DomainMagnate
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January 14, 2017, 11:38:22 AM |
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Is it correct if more people start to use Bitcoin than they will use less fiat currency than demand of fiat currency will reduce and at the same time Bitcoin value will be growing?
There is no demand of Fiat but the demand of commodity or service that can be acquired with fiat creates Fiat demand. If fiat is totally replaced by bitcoin,then Fiat will become useless and obviously there would be no demand for it. Value of fiat depreciate with storing it while bitcoin value appreciates with time. |
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Zadicar
Legendary
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Activity: 1316
Merit: 1019
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January 14, 2017, 11:46:03 AM |
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Is it correct if more people start to use Bitcoin than they will use less fiat currency than demand of fiat currency will reduce and at the same time Bitcoin value will be growing?
There is no demand of Fiat but the demand of commodity or service that can be acquired with fiat creates Fiat demand. If fiat is totally replaced by bitcoin,then Fiat will become useless and obviously there would be no demand for it. Value of fiat depreciate with storing it while bitcoin value appreciates with time. Fiat wouldnt become useless in the long run and im sure with that and it cant be replaced by bitcoin no matter what.We cant say that fiat is on demand since we do really need it on everyday living.Value of fiat would not depreciate and it cant really be compared or compete with bitcoin since bitcoin is getting its value from fiat. |
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grandy
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January 14, 2017, 04:11:18 PM |
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Is it correct if more people start to use Bitcoin than they will use less fiat currency than demand of fiat currency will reduce and at the same time Bitcoin value will be growing?
There is no demand of Fiat but the demand of commodity or service that can be acquired with fiat creates Fiat demand. If fiat is totally replaced by bitcoin,then Fiat will become useless and obviously there would be no demand for it. Value of fiat depreciate with storing it while bitcoin value appreciates with time. Fiat wouldnt become useless in the long run and im sure with that and it cant be replaced by bitcoin no matter what.We cant say that fiat is on demand since we do really need it on everyday living.Value of fiat would not depreciate and it cant really be compared or compete with bitcoin since bitcoin is getting its value from fiat. i think yes with the passage of time it can be possible that bitcoin will overcome fiat. when the number of bitcoin users will increase more and more. in our area the number of bitcoin is really in creasing too much and if the same ratio continue everywhere the defiantly bitcoin will become number one currency of the world not online online but in real life also. |
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adzino
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www.Crypto.Games: Multiple coins, multiple games
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January 14, 2017, 04:29:55 PM |
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If people feel comfortable using modern technologies and more people start to prefer using bitcoins, it might actually reduce the demand of fiat currency. But i do not think that's likely to happen.
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izanagi narukami
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January 14, 2017, 05:07:31 PM |
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There some aspect , for example : goverment and stabilization
If your goverment legalize bitcoin usage , it will increase bitocin usage and existence over fiat
and also if bitcoin value already stable enough, people will use bitcoin as their daily currency
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Zadicar
Legendary
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Activity: 1316
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January 14, 2017, 05:10:06 PM |
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There some aspect , for example : goverment and stabilization
If your goverment legalize bitcoin usage , it will increase bitocin usage and existence over fiat
and also if bitcoin value already stable enough, people will use bitcoin as their daily currency
This thing might possible to happen if the government would decide to fully adopt bitcoin on their place but the big question is "they will do such thing?" I dont think so because government doesnt like bitcoin in terms controlling it since its decentralized which means they cant monetize it for sure.FIat is not a demand for me since its a commodity. |
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romero121
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January 14, 2017, 05:14:11 PM |
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If people feel comfortable using modern technologies and more people start to prefer using bitcoins, it might actually reduce the demand of fiat currency. But i do not think that's likely to happen.
Bitcoin has nothing to do with fiat, people wish to use as well stick to growing technology. At the same they need to be convenient as well needs acceptance. At this point we haven't got as much acceptance that users expect, so fiat continues to have more demand. |
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ophyrim
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January 14, 2017, 05:20:49 PM |
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nearly 7 billion people live on earth and nearly 70.000 people know what is bitcoin. When the number of people who aware about bitcoin will increase the usage of bitcoin and other cryptocurrencies will also increase. Particularly we will see this increase in the web shopping site. When the usage of bitcoin will increase the usage of money will decrease inevitably.
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BitcoinPC
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January 17, 2017, 06:07:18 AM |
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Yes it is correct, if more people start to use the bitcoin than definitely bitcoin price or value increase, but it is incorrect that bitcoin users left the fiat, because we are using bitcoin only on online to online, every country have no facility to use the bitcoin in open market,and secondly, if bitcoin cross the highest value than i believe people can't left the fiat.
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Bitcoin0916
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January 17, 2017, 06:13:52 AM |
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Yes of course, when there is an alternative transaction that is better, of course with their bitcoin will reduce the use of fiat money. People will think more practical and low cost on send and receive money, so they will not think to return to fiat money.
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diegz
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January 17, 2017, 07:48:04 AM |
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Yes of course, when there is an alternative transaction that is better, of course with their bitcoin will reduce the use of fiat money. People will think more practical and low cost on send and receive money, so they will not think to return to fiat money.
No, that's impractical. Why would we not return to fiat, we can't live with bitcoin alone. Everything can be bought with fiat, but not with bitcoin, lets keep that in mind. For sure, if we use bitcoin just to send and receive money, we still need to convert it back to fiat. Demand in fiat will never be reduced, unless central bank of a certain country starts to control the release of new paper money and introduce new currencies as alternative. |
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sotoshihero
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January 17, 2017, 11:23:08 AM |
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Yes it is correct, if more people start to use the bitcoin than definitely bitcoin price or value increase, but it is incorrect that bitcoin users left the fiat, because we are using bitcoin only on online to online, every country have no facility to use the bitcoin in open market,and secondly, if bitcoin cross the highest value than i believe people can't left the fiat.
Both bitcoin and fiat has its own purpose and uses.While fiat can be used offline bitcoin mostly on online transaction. But, in the future I think, yes it will affect and probably reduced the usage of fiat since people change they way they pays and transact and mostly they are doing it online. |
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kingsart
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January 17, 2017, 12:58:32 PM |
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Yes it is correct, if more people start to use the bitcoin than definitely bitcoin price or value increase, but it is incorrect that bitcoin users left the fiat, because we are using bitcoin only on online to online, every country have no facility to use the bitcoin in open market,and secondly, if bitcoin cross the highest value than i believe people can't left the fiat.
Both bitcoin and fiat has its own purpose and uses.While fiat can be used offline bitcoin mostly on online transaction. But, in the future I think, yes it will affect and probably reduced the usage of fiat since people change they way they pays and transact and mostly they are doing it online. For me it has reduced my dependance on fiat, as I usually transact online. |
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Xester
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January 17, 2017, 01:36:24 PM |
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Yes of course, when there is an alternative transaction that is better, of course with their bitcoin will reduce the use of fiat money. People will think more practical and low cost on send and receive money, so they will not think to return to fiat money.
No, that's impractical. Why would we not return to fiat, we can't live with bitcoin alone. Everything can be bought with fiat, but not with bitcoin, lets keep that in mind. For sure, if we use bitcoin just to send and receive money, we still need to convert it back to fiat. Demand in fiat will never be reduced, unless central bank of a certain country starts to control the release of new paper money and introduce new currencies as alternative. Bitcoin usage will not reduce the demand of fiat but instead will increase it. Why, the more people earn bitcoins the more will sell them and convert it to fiat currency. When people buy and sell bitcoins fiat currency is used and so it just means that bitcoin cannot move without fiat backing its value. This just means that the demand of fiat is not affected by bitcoin usage. |
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ASHLIUSZ
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January 17, 2017, 01:43:15 PM |
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If people feel comfortable using modern technologies and more people start to prefer using bitcoins, it might actually reduce the demand of fiat currency. But i do not think that's likely to happen.
As quoted when people prefer technology and move towards digitization the demand for fiat won't gets reduced. Everyone is not capable of using digital currencies, on such basis fiat will be still in use without any decrease in its demand for all sort of needs. |
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1Referee
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Activity: 2170
Merit: 1427
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January 17, 2017, 01:54:16 PM |
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Both bitcoin and fiat has its own purpose and uses.While fiat can be used offline bitcoin mostly on online transaction. But, in the future I think, yes it will affect and probably reduced the usage of fiat since people change they way they pays and transact and mostly they are doing it online.
Bitcoin won't reduce the use of fiat money. Especially not when it comes to using and spending fiat within the country. Fiat's position is simply too strong for that. If you look how easy it is to complete purchases with fiat, where everything is instant and free, plus everything you buy gets insured as well, then it doesn't leave much room for Bitcoin to gain ground in that regard. But it's not a problem at all since we know that Bitcoin is just an alternative currency/tool. Bitcoin's growth will come from other aspects where these are the main features; # Investment aspect. # Store of value aspect. # Money transfers aspect. For me these are the main reasons of me being in Bitcoin. Currency aspect (as in using it for shopping) was never an appealing feature for me. |
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Betwrong
Legendary
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Activity: 3262
Merit: 2136
Stand with Ukraine
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January 17, 2017, 01:54:39 PM |
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Is it correct if more people start to use Bitcoin than they will use less fiat currency than demand of fiat currency will reduce and at the same time Bitcoin value will be growing?
I don't think the amount of the fiat money will be reduced in the observable future. Even if Bitcoin will become extemely popular fiat will stay for a long time because people have accustomed to using it. |
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Babayega31
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January 17, 2017, 02:35:24 PM |
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I don't think bitcoin will reduce demand of fiat because exchange of crypto currency to fiat nowadays were very compatible and both of them earns independently in terms of its exchange rate value specially btc to fiat conversion. And if we talk fiat to bitcoi it also have its own market value of its pricing of bitcoin buying online so it doesn't confirm to the subject of demand is reduced because of bitcoin usage, its just a mere speculation if we can observe the reality.
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