Bitcoin simply cannot replace fiat

[BTCisthefuture]

In short, I would agree bitcoin can't "replace" fiat.

With that said, who says both can't co-exist. I think they certainly both can and will and both will have it's own set of uses and strengths/weaknesses.

[1714654802]

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[1714654802]

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[LostDutchman]

Cryptocurrency was never intended to replace fiat.

So many have missed the point of the whole thing...................................

What does one do?

One buys them the books and they eat the covers...................................

My $.02.

[deisik]

Value isn't meaningless. It's who gives it value, and whether it is supported that is relevant.

And ultimately it all boils down to what you, and me, and everyone else think about it. This is what "relevant" in the end. So I have to repeat in case you didn't get my point, value as such taken by itself is meaningless because it simply doesn't exist beyond human mind and its perception...

[brooksby]

There is no reason why bitcoin, or some other digital currency, couldn't replace fiat currencies.  The comment "Fiat rules the world because it’s what people are used to" doesn't hold water.  Ancient cultures used to use sea shells for money and that didn't last.  Just about everything changes given enough time.

[speedtrader]

An independent company will provide the Bitcoins. If the price plunged, neither Alderney nor the Royal Mint would lose anything.

[luqash3]

Yes b!z I agree that Bitcoin Simply Cannot Replace Fiat especially due to the fact bitcoin is only worth until people are willing to accept it as payment. Bitcoin is based on technology once people lose its faith in it than simply it will worth nil. Whereas fiat is backed by the state so really I don’t believe fiat will be unacceptable any time soon but can’t say about bitcoin.

[Buffer Overflow]

Bitcoin won't be replacing anything in China in the foreseeable future.
The government quickly nipped that one in the bud.

[LostDutchman]

Bitcoin won't be replacing anything in China in the foreseeable future.
The government quickly nipped that one in the bud.

I am, along with my associates, working on a solution to that one.

I'll keep the community posted.

[sandbox]

Quote from the article:
"I agree that Bitcoin is intrinsically valuable, and useful (for purposes such as online payments and provably fair gaming), but the chances of it taking over the fiat world are pretty much non-existent."

Not too long ago this kind of article was saying "Bitcoin has NO intrinsic value".  Now they've had to pull back from that since it is being used to buy stuff (starting with pizza).  In the future they will also have to pull back from saying the chances of Bitcoin taking over fiat is non-existent.

[flipstyle]

lol Does anyone here in their right minds actually think fiat will ever be replaced?

Fiat is the sole control mechanism that governments use to keep their citizens in check.  Military/govn't spy programs..you name it...all boils down to fiat and its power.  Banks and governments are synonymous.    You're going to have to overthrow your government in order to ever have fiat replaced by a virtual currency.  The only, and I mean only way that would happen is if the government itself eliminated fiat, established their own virtual currency, and banned all other alt-currencies.  

Use your brain people, this is simply just an alternative form of future payment, just like paypal and western union were and still are.

[bryant.coleman]

I am, along with my associates, working on a solution to that one.

I'll keep the community posted.

Have you found a way to circumvent the government regulations? If so, why can't you post a few words about it?

[deisik]

lol Does anyone here in their right minds actually think fiat will ever be replaced?

Fiat is the sole control mechanism that governments use to keep their citizens in check.  Military/govn't spy programs..you name it...all boils down to fiat and its power.  Banks and governments are synonymous.    You're going to have to overthrow your government in order to ever have fiat replaced by a virtual currency.  The only, and I mean only way that would happen is if the government itself eliminated fiat, established their own virtual currency, and banned all other alt-currencies. 

Modern fiat currencies are already over 90% virtual. I know this is very likely not your point exactly, but one of the strongest features of a fiat currency before any backed up currencies (or limited in supply by some external factors like bitcoin, for that matter) is that it potentially allows effectively and even handsomely solve some problems inherent to the latter. First of all, I refer here to the problem of disincentivizing production which fiat currencies easily get rid of...

[cryptobanks]

Bitcoin does not need or want to replace fiat.

I agree, they can work independent or with each other.  Crypto Currencies do not need to replace fiat.