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AmXProX (OP)
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October 17, 2017, 07:45:29 AM |
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While reading some of the posts and speculation if bitcoin will really make fiat currency disappear. I remembered a movie that I watched before about a cashless society where in they are paid time to live. And the main currency that they are using is that time. Is this somewhat the same as crypto currency or will this be the future of crypto currency?  http://www.imdb.com/title/tt1637688/ |
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KAKACH
Newbie
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Activity: 23
Merit: 0
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October 17, 2017, 07:56:30 AM |
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While reading some of the posts and speculation if bitcoin will really make fiat currency disappear.
Government and central bank are so happy to print free money, they will not stop this. They just have to request taxes payment in their fiat, so it will never disappear. |
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Almat
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October 17, 2017, 11:32:09 AM |
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Bitcoin will never be able to eliminate fiat. The fact of the matter is, fiat is much better for smaller transactions, of which there are plenty. Unless this changes sometime soon, fiat will rule over small transactions.
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Altas
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October 17, 2017, 11:46:33 AM |
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Such a situation will never happen with the fiat system usage. Fiat is always the basic framework for the currency circulation, but to fulfill the growth happening with time advancement is highly required. Based on the same cryptocurrency has got innovated and when this is unable to fulfill the need something advanced might get into existence.
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Kronos21
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October 17, 2017, 12:24:26 PM |
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The basis of any economy is Fiat. State banking system is also adapted for use with Fiat. I do not believe that bitcoin or other altcoins can ever change that. I think that paper money will move into electronic form but the time same it will be a Fiat. The state will try to release the cryptocurrency as an investment asset but will do its utmost to deal with bitcoin.
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Aamir1
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October 17, 2017, 12:33:51 PM |
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Every country has control over their economic and financial systems, and that is how they rule on the countries. If a government has no access to the money used within the country, i wonder what will happen. As soon as a country finds out that the people within the country are leaving fiat and using another currency which is totally out of their reach (Like Bitcoin), they will surely take action against it and probably will ban it from the country. Now after that, the people within the country won't have any other choice but to use the money they allow again. So basically, it doesn't seem possible for Bitcoin to make fiat disappear, but it can only run the way it is running right now, side by side.
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jimbo2000
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October 17, 2017, 01:31:17 PM |
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Every country has control over their economic and financial systems, and that is how they rule on the countries. If a government has no access to the money used within the country, i wonder what will happen. As soon as a country finds out that the people within the country are leaving fiat and using another currency which is totally out of their reach (Like Bitcoin), they will surely take action against it and probably will ban it from the country. Now after that, the people within the country won't have any other choice but to use the money they allow again. So basically, it doesn't seem possible for Bitcoin to make fiat disappear, but it can only run the way it is running right now, side by side.
The main problem with bitcoin from a countries point of view is it is decentralised and so they have no control over money supply which is an invaluable economic tool. This is why bitcoin in my opinion will always struggle to get adoption in terms of a mainstream currency. |
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Baofeng
Legendary
Offline
Activity: 2576
Merit: 1655
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October 17, 2017, 01:41:09 PM |
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While reading some of the posts and speculation if bitcoin will really make fiat currency disappear. I remembered a movie that I watched before about a cashless society where in they are paid time to live. And the main currency that they are using is that time. Is this somewhat the same as crypto currency or will this be the future of crypto currency? http://www.imdb.com/title/tt1637688/As much as we want to have a cashless society, I think we are not closure to its actual implementation and it will take more years before we can see it happening. And I doubt that this will be the future of cryptocurrency. This is too far fetched for me. I haven't seen the movie yet but based on the summary you put, this is just pure science fiction for me. Again, as much as I would like to have cashless society, we may never see it in our lifetime, although there have been countries like Sweden or Switzerland if I'm not mistaken who has been trying to introduce it to their society. But I don't know if this will be a success or a total failure. |
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sindikat
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October 17, 2017, 01:55:04 PM |
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Every country has control over their economic and financial systems, and that is how they rule on the countries. If a government has no access to the money used within the country, i wonder what will happen. As soon as a country finds out that the people within the country are leaving fiat and using another currency which is totally out of their reach (Like Bitcoin), they will surely take action against it and probably will ban it from the country. Now after that, the people within the country won't have any other choice but to use the money they allow again. So basically, it doesn't seem possible for Bitcoin to make fiat disappear, but it can only run the way it is running right now, side by side.
The main problem with bitcoin from a countries point of view is it is decentralised and so they have no control over money supply which is an invaluable economic tool. This is why bitcoin in my opinion will always struggle to get adoption in terms of a mainstream currency. Why bitcoin to prove its superiority? He has a very different purpose. With bitcoin people can influence the government. We live in the world ruled by the rich. Bitcoin has put all on an equal footing. Until the rich can't buy up all the coins. Governments will have less money to spend for entertainment purposes and to pay more attention to the economy. If this does not happen, people will step aside bitcoin and the state will experience problems. |
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Wipro
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October 17, 2017, 02:03:11 PM |
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The basis of any economy is Fiat. State banking system is also adapted for use with Fiat. I do not believe that bitcoin or other altcoins can ever change that. I think that paper money will move into electronic form but the time same it will be a Fiat. The state will try to release the cryptocurrency as an investment asset but will do its utmost to deal with bitcoin.
Even third world countries moving into the cashless society but in this time you are saying fiat is the base for economy. I think you are dream of 1990. As cashless society move is increasing more everyday then in future, we can find the every country will accept the bitcoin and other altcoins for the each country. I think currency revolution will happen in 2025 since cryptos price increases more and more. |
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Cloud27
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October 17, 2017, 02:46:35 PM |
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It will never happen in the real world, As far as I know based on the sci-fi movie the lifespan of a person will be based on the value of a time you earn, time is the currency in that movie, something like this if you earned 876000 hours you will have 100 year lifespan. The portrayal of cashless is similar to digital currency, but the purpose of how they use it in the movie is different.
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YinShuiSiYuan
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October 17, 2017, 02:54:59 PM |
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While reading some of the posts and speculation if bitcoin will really make fiat currency disappear. I remembered a movie that I watched before about a cashless society where in they are paid time to live. And the main currency that they are using is that time. Is this somewhat the same as crypto currency or will this be the future of crypto currency? http://www.imdb.com/title/tt1637688/It's just sci-fi and nothing like it will happen, but if we go to a distant future, I think that another form of payments after cryptocurrency may be something like a holograms or some flash signs  |
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xFGND
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October 17, 2017, 03:03:27 PM |
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Unless governments start to adopt cryptocurrencies, and you see a massive culture shift, I highly doubt that bitcoin will replace fiat. However, I do believe that the blockchain will overtake fiat
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YinShuiSiYuan
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October 17, 2017, 03:08:01 PM |
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Unless governments start to adopt cryptocurrencies, and you see a massive culture shift, I highly doubt that bitcoin will replace fiat. However, I do believe that the blockchain will overtake fiat
Fiat currency probably never will be removed from market, But there is enough space for fiat and crypto in the financial market. I think both can function together. With time i bet that crypto will be more popular and stronger, but it is a long way to that point. |
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GreatGEEK
Newbie
Offline
Activity: 86
Merit: 0
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November 16, 2017, 02:01:02 PM |
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While reading some of the posts and speculation if bitcoin will really make fiat currency disappear. I remembered a movie that I watched before about a cashless society where in they are paid time to live. And the main currency that they are using is that time. Is this somewhat the same as crypto currency or will this be the future of crypto currency? http://www.imdb.com/title/tt1637688/Maybe, Bitcoin itself won’t be able to eliminate fiat, but cryptocurrency could. I sometimes turn to those futuristic movies and they now seem not so futuristic any more. Hard to say when cryptocurrency will take lead, but it will, I’m sure. |
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mrcash02
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November 16, 2017, 02:44:19 PM |
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It would be an extreme society that have lost all their values and empathy that we still have today (not that we have much of that today). The savage capitalism could lead us this way, the anarchy. So it's important to always balance our lives with economy and spiritualism, never choosing only one route that lead to the extremism, the balance is the key for the prosperity and for a ethical coexistence on a society.
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