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Author Topic: How would bitcoin coexist with digital fiat in the future?  (Read 1171 times)
BlendCraft
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March 23, 2017, 03:13:31 PM
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So in the future, fiat currency will become digital only and cash will completely disappear. Credit cards will also disappear. People will be implanted with chips that contain all their information and they'll need the chips when buying or selling goods

 I have many questions:

How would bitcoin coexist in the future with this method of payment?

Will it get accepted as a second currency?

What about other crypto currencies or bitcoin forks?

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March 23, 2017, 03:31:27 PM
 #2

I know we are all excited about bitcoin but I don't believe It will become #1 currency in the world, the banking system won't simply let us. If the banking system will create something then they will create it centralized and totally controlled by them, Mr.Robot (Ecoin) is an example of that.
I also don't think that cash and credit cards will disappear anytime soon honestly, I mean credit cards exists for long time now, still, a lot of people still use cash. Finally, I think Bitcoin will co-exist just like It's co existing with fiat right now.

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March 23, 2017, 03:54:24 PM
 #3

So in the future, fiat currency will become digital only and cash will completely disappear. Credit cards will also disappear. People will be implanted with chips that contain all their information and they'll need the chips when buying or selling goods

 I have many questions:

How would bitcoin coexist in the future with this method of payment?

Will it get accepted as a second currency?

What about other crypto currencies or bitcoin forks?

Nobody will plant a damn chip into my body and I see no need for it with the technology advances we have made with payment technologies.

Why do you need a chip in your body, if you can have a electronic wallet built into your hat or glasses or on a ring or imbedded into ear rings?

Contactless payment systems are already built into some card now, and you will soon see this in other devices too... like your cell phone.  Wink

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March 23, 2017, 04:08:46 PM
 #4

I know we are all excited about bitcoin but I don't believe It will become #1 currency in the world, the banking system won't simply let us. If the banking system will create something then they will create it centralized and totally controlled by them, Mr.Robot (Ecoin) is an example of that.
I also don't think that cash and credit cards will disappear anytime soon honestly, I mean credit cards exists for long time now, still, a lot of people still use cash. Finally, I think Bitcoin will co-exist just like It's co existing with fiat right now.

MadGamer has a very good point here. The banking system will not approve BTC as the #1 currency in the world. They will find a way to create something that will directly compete to bitcoin. We all know that the banking system that we have right now is here to exist forever. Some people will still favor the bank over BTC even in the future, in my opinion. As for the other cryptocurrencies, I think there will be 2 or 3 altcoins that will be on par to BTC. Their rapid growth in terms of marketcap is quite alarming and I wouldn't be surprised if they will be on the same level to BTC in the coming years, or even more, surpass it.

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March 23, 2017, 04:20:42 PM
 #5

I know we are all excited about bitcoin but I don't believe It will become #1 currency in the world, the banking system won't simply let us. If the banking system will create something then they will create it centralized and totally controlled by them, Mr.Robot (Ecoin) is an example of that.
I also don't think that cash and credit cards will disappear anytime soon honestly, I mean credit cards exists for long time now, still, a lot of people still use cash. Finally, I think Bitcoin will co-exist just like It's co existing with fiat right now.

In the example of mr. robot, it was especially bitcoin that was thriving before and during Ecoin was launched. Bitcoin has a solid spot there for anyone not willing to use a currency like Ecoin and that's the beauty of it.
Just like you can trade fiat for bitcoin now, even in the worst case like Ecoin, you will always be able to buy bitcoin with it.

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March 23, 2017, 04:33:22 PM
 #6

So in the future, fiat currency will become digital only and cash will completely disappear. Credit cards will also disappear. People will be implanted with chips that contain all their information and they'll need the chips when buying or selling goods

 I have many questions:

How would bitcoin coexist in the future with this method of payment?

Will it get accepted as a second currency?

What about other crypto currencies or bitcoin forks?
I don't think that we will be implanted with chips for our information and to buy and sell,
And if the Fiat currency will become digital only I think Bitcoin would be the best to be place as the new Fiat when it happens.
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March 23, 2017, 05:01:30 PM
 #7

In india people have not heard about credit cards , debit cards at all .due to demonetisation people applied for debit cards for atm .here cash will flow on and on till people are educated .even government hotels doesnt accept cards at all.
Bitcoin acceptance is a long way to go .we need people to join hands to accept it jn mass acceptance.

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March 23, 2017, 05:08:37 PM
 #8

NO chips for me Thank you!

Same as it is right now that is if bitcoin is able to survive that long, but the system will probably change
because of the progressing technology but I doubt bitcoin will still be around. people especially banks/government
will find a new system that is better and superior to bitcoin(but of course it is centralized).

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March 23, 2017, 05:10:35 PM
 #9

So in the future, fiat currency will become digital only and cash will completely disappear. Credit cards will also disappear. People will be implanted with chips that contain all their information and they'll need the chips when buying or selling goods
That just makes absolutely no sense.  There's no real or accurate way that people would use chips in their body for payment, or reason that that would happen and you're presenting this as if it's fact.  You even claim that cash will disappear when cash is and will continue to be a useful means of payment.
Quote
How would bitcoin coexist in the future with this method of payment?
By being useful in day to day life - helpful because it's decentralised so if people were concerned that their credit cards, which they would most likely still use weren't protecting their privacy they would use Bitcoin (and especially so if they wanted their currency to deflate).
Quote
Will it get accepted as a second currency?
It is a second currency.  A government doesn't have to say that Bitcoin is a currency for it to be a currency.
Quote
What about other crypto currencies or bitcoin forks?
Other cryptocurrencies will either be still just used for meaningless trading, or if Bitcoin turns out not to be scalable, there might be cryptocurrencies for different specific purposes (or cryptocurrencies might cease to be used).

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March 23, 2017, 05:13:54 PM
 #10

Simply, like present !
No matter if fiat turn digital or chip, its not form but concept behind fiat which entertains competition between two.
Untill government develops the concept of people's money or we can say "currency open source" like open source coding, Bitcoin vs fiat rivalry continues for ages.
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March 23, 2017, 05:19:26 PM
 #11

How would bitcoin coexist in the future with this method of payment?

Will it get accepted as a second currency?

What about other crypto currencies or bitcoin forks?
- Nobody can predict future but bitcoin is self sustainable system so i think it can survive for long time in future.

- Which you think will be first currency?

- Most of the other cryptos that doesn't provide any real life uses and are just clone of bitcoin will die within next 10-20 years.

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March 23, 2017, 05:21:17 PM
 #12

So in the future, fiat currency will become digital only and cash will completely disappear. Credit cards will also disappear. People will be implanted with chips that contain all their information and they'll need the chips when buying or selling goods

 I have many questions:
How would bitcoin coexist in the future with this method of payment?
Will it get accepted as a second currency?
What about other crypto currencies or bitcoin forks?

credit cards won't disappear they will change form and the future you are describing is not going to happen in many years. and fiat will be in a different form.

and for all we know we all are dead and we shouldn't even be caring about anything by then Smiley

but in any case bitcoin will still be different as long as it remains decentralized and alive and with all the characteristics it has today. and any other "digital fiat" will be centralized and that is difference enough for you.

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March 23, 2017, 05:33:04 PM
 #13

97% of fiat is digital already. Cash is a quaint layer on top.

I can't think of many places that would willingly hand over total control of expenditure via implanted chips but no doubt someone's going to try.

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March 23, 2017, 05:37:19 PM
 #14

The same way it does now... as a rejection of the authority of central banks across the globe.

 Cool

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March 24, 2017, 11:58:33 AM
 #15

A bracelet type chip would be preferable. You can put your bitcoin micro wallet in there along with your government supplied "ID chip"

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March 24, 2017, 12:21:32 PM
 #16

So in the future, fiat currency will become digital only and cash will completely disappear. Credit cards will also disappear. People will be implanted with chips that contain all their information and they'll need the chips when buying or selling goods

 I have many questions:

How would bitcoin coexist in the future with this method of payment?
The same way as it is today. Maybe will be a mobile wallet where someone can have many cryptocurrencies and fiat as well. 

Quote

Will it get accepted as a second currency?
There is none could answer 'yes' or 'no'. But, who really cares? The point is to be a currency and if is possible to be accepted in many places in the world. Second or third; only the conversion rate has meaning.

Quote

What about other crypto currencies or bitcoin forks?
About other cryptos the same as it is today. The more strong ones, with a big user base will achieve to survive, some of them will be used as a medium of payment and the rest will die. As far as it concerns the possible bitcoin HF there are so many threads in the forum where you can be informed.

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March 24, 2017, 12:30:02 PM
 #17

Bitcoin is currently coexisting wth the fiat right now. We use bitcoin in fast transaction but if we need to buy something in malls and supermarkets ( not including the stores that accepts bitcoin as a payment ) we convert it to fiat.

If we are talking about the future and if you are asking how will bitcoin coexist with the fiat in the future, then first thing is that in order to coexist two products, two products must exist so if you are talking of making bitcoin the number one currency that would be hard because bitcoin coexisting with fiat will only make fiat number one. ( e.g bitcoin is needed in transactions and in order to buy things convert it to real money ). That wont change the situation of bitcoin. Making bitcoin as a number one currency with a co existing fiat is still a blurry situation to me ( unless bitcoin will be used as a reserve ; oil or gold ).


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March 24, 2017, 12:39:33 PM
 #18

Bitcoin is currently coexisting wth the fiat right now. We use bitcoin in fast transaction but if we need to buy something in malls and supermarkets ( not including the stores that accepts bitcoin as a payment ) we convert it to fiat.

If we are talking about the future and if you are asking how will bitcoin coexist with the fiat in the future, then first thing is that in order to coexist two products, two products must exist so if you are talking of making bitcoin the number one currency that would be hard because bitcoin coexisting with fiat will only make fiat number one. ( e.g bitcoin is needed in transactions and in order to buy things convert it to real money ). That wont change the situation of bitcoin. Making bitcoin as a number onw currency with a co existing fiat is still a blurry situation to me ( unless bitcoin will be used as a reserve ; oil or gold ).
You're right.
Bitcoin is connected to the whole fiat system so Bitcoin couldn't be a Currency at the moment. Once the people in the world start to recognize Bitcoin as the payment of choice, I am kind of sure that people will still try to stick with the major Currencies because of the reputation that it has.
In my opinion, Bitcoin seems more like a token rather than a Currency. Bitcoin could get used more in online games than being spent in stores.

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March 24, 2017, 12:41:29 PM
 #19

There is digital fiat right now guys and Bitcoin is coexisting with it at the moment. I doubt it that it would be any different in the future than the current situation. If people prefer to use Bitcoin then they will use Bitcoin it's just a matter of personal preference.

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March 24, 2017, 12:47:07 PM
 #20

Fiat currency is already digital. I understand that some governments are trying to block the use of cash - India is one that springs to mind. The interesting development is the emergence of gold backed currencies. China seems to be using a gold backed Renminbi to buy oil from Russia. Britain has a gold coin with a nominal value of £100 which is legal tender, and there are others such as the Sovereign and some silver coins.

Bitcoin is an Internet currency, and it seems to me that it is unrelated to any government or fiat currency.


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