Does Bitcoin really need to *Replace* Fiat?

[BittBurger]

What if Bitcoin was simply the worldwide global currency?   The thing you could use anywhere you travel right alongside that given country's existing fiat?
A bad comparison:  You can use that country's cash if you want, or you can use Visa anywhere in the world.

Wouldn't that be a more realistic future for Bitcoin? 

[ArticMine]

Very much so. In fact I strongly suspect Bitcoin will end up complementing rather than replacing fiat currencies and the fiat banking system.

[Mike Christ]

Do cell phones really need to replace home phones?

[hostmaster]

What if Bitcoin was simply the worldwide global currency?   The thing you could use anywhere you travel right alongside that given country's existing fiat?
A bad comparison:  You can use that country's cash if you want, or you can use Visa anywhere in the world.

Wouldn't that be a more realistic future for Bitcoin? 

Agreed i believe bitcoin should be more supported. But also aware it's not easy to be accepted currency.  Everyday more people using bitcoin remember the early days of credit card. only few shop has credit card option. As time passes the number increased and now all have this plastics...

[BittBurger]

Do cell phones really need to replace home phones?

Touche!

However ... cell phones didn't mean the end of government control over a major element of every society.

Bitcoin would.

If Governments knew that Bitcoin wasn't going to overthrow their power, they'd probably much more inclined to let it flourish.

And with a worldwide fiat market value of 70 Trillion ... BTC could reach a similar market cap, as it would be used just as much, if not more, giving a per-BTC value of $3 million (as per calculations in another thread).

-B-

[jonanon]

As long as we are moving in the right direction - ie Bitcoin becoming more widely used - then we needn't worry about what happens eventually.

Moving in small steps is definitely the way to go.

[Peter R]

Do cell phones really need to replace home phones?

Touche!

However ... cell phones didn't mean the end of government control over a major element of every society.

Bitcoin would.

If Governments knew that Bitcoin wasn't going to overthrow their power, they'd probably much more inclined to let it flourish.

Bitcoin replacing fiat currency would force governments to change; it would not eliminate governments. 

Humanity has used gold and gold-backed currencies for thousands of years, and governments managed just fine.  Bitcoin is simply a new take of gold--designed for the Information Age.  It's only been the last 100 years that we've had the fiat system where governments could easily inflate the money supply to paper over spending problems. 

If bitcoin becomes a dominant currency, yeah, there might be some "friction" during the transition, but in the end we'd still have government and taxes and all the rest.  But the people of the world would regain financial freedom, and the unbound growth of bureaucracy and regulation would be curtailed.

[BTCisthefuture]

I personally don't see bitcoin replacing fiat, especially since you need fiat to purchase bitcoins (for the most part). i do see bitcoin functioning very nicely side by side with fiat currencies around the world though. i don't view it as an either or, i think both can exist and both will exist together.

[bryant.coleman]

Bitcoin will not replace fiat, no matter how popular it becomes. However, there is a possibility that it will replace payment processors like Paypal and remittance providers such as Western Union.

[justusranvier]

Bitcoin does not replace fiat. Bitcoin allows people to escape from fiat.

Some might believe that most of the population is very happy with fiat. They don't mind their purchasing power draining away over time, they enjoy restrictions on how they are allowed to use their currency, nothing pleases them more than having their bank accounts confiscated at the whim of distant politicians and used to bail out politically privileged groups.

If you believe that, there's no reason for Bitcoin to continue to grow.

On the other hand, if it turns out that most people don't actually enjoy those things then they will flee in ever larger numbers as alternatives to fiat become increasingly credible until nobody uses government-issued currencies any more.

[vadoff]

It doesn't "have" to. It can work perfectly well as a compliment.

[iluvpie60]

What if Bitcoin was simply the worldwide global currency?   The thing you could use anywhere you travel right alongside that given country's existing fiat?
A bad comparison:  You can use that country's cash if you want, or you can use Visa anywhere in the world.

Wouldn't that be a more realistic future for Bitcoin? 

Government won't allow it to happen. Pure and simple. AKA China/India and soon to follow others.

[Mike Christ]

Government won't allow it to happen. Pure and simple. AKA China/India and soon to follow others.

If government gets in the way of the world, side with the world.

[jaked]

Bitcoin does not replace fiat. Bitcoin allows people to escape from fiat.

Some might believe that most of the population is very happy with fiat. They don't mind their purchasing power draining away over time, they enjoy restrictions on how they are allowed to use their currency, nothing pleases them more than having their bank accounts confiscated at the whim of distant politicians and used to bail out politically privileged groups.

If you believe that, there's no reason for Bitcoin to continue to grow.

On the other hand, if it turns out that most people don't actually enjoy those things then they will flee in ever larger numbers as alternatives to fiat become increasingly credible until nobody uses government-issued currencies any more.

Thumbs up.

[iluvpie60]

Government won't allow it to happen. Pure and simple. AKA China/India and soon to follow others.

If government gets in the way of the world, side with the world.

The majority of people DGAF about bitcoin and it honestly does very little to help the average person(besides confuse them).

To the normal person who is scared of new things, they will never use it. EVER.

[sublime5447]

When I figured out that it couldnt replace government issued fiat I was no longer interested, I am personally not interested in working side by side with the state.

I got involved with bitcoin to change the way the world works not to give existing financial institutions a new tool.

Bitcoin became worthless to me when I realized it couldnt change the existing paradigm, but the speculators is this community are not driven by ideology, other than personal enrichment.    

[justusranvier]

The majority of people DGAF about bitcoin and it honestly does very little to help the average person(besides confuse them).

To the normal person who is scared of new things, they will never use it. EVER.

First World Problem

[Mike Christ]

The majority of people DGAF about bitcoin and it honestly does very little to help the average person(besides confuse them).

To the normal person who is scared of new things, they will never use it. EVER.

It would help me immensely if you would state your age.

[Jaerky]

No, not bitcoin. But a superior version of it (Not created yet) hopefully will replace all fiat currencies in the future.

Whats happening right now is akin to very young markets in their experimental stages. There is alot of experimenting going on with new coins being made and generally you're looking at a growing market. Hold nearly any alt coin for a year and most likely you're going to see a gain. This is a very nice time to be in the crypto market.

[Welsh]

To the normal person who is scared of new things, they will never use it. EVER.

Remember, that everything is new at some point. I'm going to bring up Paypal. They were new when they first started and a lot of people didn't want to use them because they were sceptical. However, after time it becomes one of the most popular services used. Of course, some people are still sceptical.

As long as Bitcoin is presented in a good way and has enough tutorials and guidance and most importantly gets enough positive media attention then people will start to get interested.