Bitcoin and Fiat - this is how I see the future

[kenel]

I believe the desire to control the movement and monitor transactions is natural, it is a way to protect their interests in the field of protection of citizens

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[pieppiep]

I think in the future this bitcoin and fiat will be able to work together and maybe bitcoin can be used for fait transactions and fiat can also be used for cryptocurrency transactions because in my opinion there is nothing impossible on cryptocurrency, all possibilities can occur on cryptocurrency .

[Minh maluco]

Bitcoin and fiat combine... it depends because as we all know this is two different system and some government and banks do not accept bitcoin because it might cause their down fall but can use fiat but still if their agree to do so why not because many are still using fiat and it would be hard to abolish it.

[Silberman]

My friends and I have become more and more fond of bitcoin, because in my country fiat is depreciating every day, and constant inflation will make people hold it as little as possible in the future.

This is something that many do not seem to see, it is true that the volatility of bitcoin is big and it can be a disadvantage but there is fiat that is behaving way worse than bitcoin, at least bitcoin goes up from time to time and it gives you profits but when it comes to fiat it only gives you losses, and there are many countries that have lost control of their economy because they printed too much of it and people are using bitcoin to protect themselves from that.

[hyadumadha]

Yeah, it same with the use of crypto anarchy in the deep web earlier time. We want decentralized, transparent and tax free currency.

[GunsLair]

I also agree that bitcoin and the fiat currency will exist in parallel. It is impossible to completely get rid of ordinary paper money. And also it's very difficult to provide all people with the conditions necessary for using cryptocurrencies. It's not only a computer, a smartphone and the Internet but also elementary electricity which in our progressive time unfortunately not everyone has.

[Irvinn]

No, I do not agree with your point of view. Crypto currency is not more traceable to the state than cash. Just the opposite. Even in your example with buying a car, not quite right. If you buy a car for cash, you reissue the ownership of it in the appropriate state or other government-authorized bodies and you are taxed for its purchase. This is all traced. Still, the crypto currency is more anonymous and confidential.

[Sarastiche]

Digital currency is quit not easy to trace by government more reason why  government globally refuse to accept Bitcoin and other Altcoin as they do not have control on the transaction and regulation in the space.

[Bonsaiav]

At a time where I see currencies moving away from cash to digital I think the reason is partly so that governments can control the flow of their currency more particularly for laundering. They can possibly gain more taxation from a cashless currency because cash cannot be fully traced. If i sell my car for cash to another individual the government dont get any revenue from that because it is not traceable.

So in a governments aim to control our money it will leave a big opening for bitcoin and other decentralised crypto to exist along with fiat and will allow people to "trade" anonymously with each other over a completely independent infrastructure.

This review's quite interesting, enough to open my mind and eyes. Its true, cash's actually more difficult to track than digital currency. I think this thing too which's the main reason for the government to reject bitcoin because it's so easy to track. So that makes them worried if their bad actions such as corruption and money laundering they do will be known to the public easily.

[Phophobobooo]

That's a good idea about bitcoin and fiat binding but there are some more questions that come up. I mean why would the government choose bitcoin for this purpose and why can not they go and set aside the money itself?

[EllieBasti05]

The fiat was built together with the history that passes through generations that's why it cannot be abolished.
 The Cryptocurrency was built with cryptographic protocols that make transactions secure and difficult to fake.

-Fiat nowadays can be faked, can be traced through serial numbers and can be steal by money laundering and other illegal transactions.
-While cryptocurrency is a devoid of a central currency. It can be wiped out due to unexpected events like, strong weather disturbsnce and terrorism, crashing of computers and hacking of the system.
But still they can coexist to each other.

[OrangeII]

Digital currency is quit not easy to trace by government more reason why  government globally refuse to accept Bitcoin and other Altcoin as they do not have control on the transaction and regulation in the space.

well, that's why the development is still being done. Hopefully someday, the government will utilize bitcoin for a country's economic development. well, but at the moment I think bitcoin and fiat still overlap, in the fiat position it's still much more needed than bitcoin.

[Ailmand]

At a time where I see currencies moving away from cash to digital I think the reason is partly so that governments can control the flow of their currency more particularly for laundering. They can possibly gain more taxation from a cashless currency because cash cannot be fully traced. If i sell my car for cash to another individual the government dont get any revenue from that because it is not traceable.

So in a governments aim to control our money it will leave a big opening for bitcoin and other decentralised crypto to exist along with fiat and will allow people to "trade" anonymously with each other over a completely independent infrastructure.

I have mentioned this in similar threads, and most of my replies pertain to a future where cryptocurrencies and fiat will be able to somehow co-exist in the currency playing field instead of having one, usually cryptocurrency, eating the other one out until it dies. I say that because fiat, especially the strong and more established ones, would not be that easy to kill, and so, it would be better and healthier for the market to actually have more assets to choose from and competing because having healthy competition gives vibrancy the business sectors always need.

[westril688]

But even so the government still wants to know who is the sender and recipient when there is a cashless transaction such as that done in a bank, while the nature of the cryptocurrency is anonymous. So there are lots of exchange and blockchain projects that require KYC to be subject to government oversight of suspicion of abuse of cryptocurrencies.

As long as you are trading through a bank or using cash, you can be tracked by the government. If it's a safe transaction, no problem. But if what you do is illegal transactions like money laundering or drugs, you will get into trouble. Therefore, transactions using bitcoin are suspected of being illegal, because they are anonymous and peer to peer. The dark side of bitcoin is the problem why many countries still prohibit as a means of payment.

[trauchot]

There is truth in something, but do not forget that governments always want to get more money and therefore they want to control the cryptocurrency for their benefit, and first of all they are imposing taxes on it. What about the fiat, I believe that it will not go away for a long time, because people already long time use fiat and refuse to get the fiat money is not going until the government orders or makes an official announcement.

[Nucunsimeo]

That's a good idea about bitcoin and fiat binding but there are some more questions that come up. I mean why would the government choose bitcoin for this purpose and why can not they go and set aside the money itself? So by stating that they will use only a digital form of payment?

[HSRP]

Yeah, it same with the use of crypto anarchy in the deep web earlier time. We want decentralized, transparent and tax free currency.

That is what most of us are longing for. And hopefully there will be clear transparency. Tax exemptions and taxes must be accurate. There must be more civilized times to exist.

[Quenlamsierti]

Bitcoin will emerge as alternative fiat as it will lessen financial transactions which are expensive and slow. Bitcoin's fast and reliability would be an advantage that would keep it an alternative payment for the people and and in the business sector.

[martinholly167]

At a time where I see currencies moving away from cash to digital I think the reason is partly so that governments can control the flow of their currency more particularly for laundering. They can possibly gain more taxation from a cashless currency because cash cannot be fully traced. If i sell my car for cash to another individual the government dont get any revenue from that because it is not traceable.

So in a governments aim to control our money it will leave a big opening for bitcoin and other decentralised crypto to exist along with fiat and will allow people to "trade" anonymously with each other over a completely independent infrastructure.

because of this anonymously trading this feature makes digital currency the perfect tool for criminal transactions. Just like drug dealers and other unscrupulous individuals use cash to avoid detection, transactions made with Bitcoin and others like it are virtually untraceable. This could be a reason for some governments to declare Bitcoin transactions illegal in their countries.

[Ranly123]

At a time where I see currencies moving away from cash to digital I think the reason is partly so that governments can control the flow of their currency more particularly for laundering. They can possibly gain more taxation from a cashless currency because cash cannot be fully traced. If i sell my car for cash to another individual the government dont get any revenue from that because it is not traceable.

So in a governments aim to control our money it will leave a big opening for bitcoin and other decentralised crypto to exist along with fiat and will allow people to "trade" anonymously with each other over a completely independent infrastructure.

This I do not agree. In my point of view, the government will know what your assets and liabilities which you are bound to pay taxes. Even when you sell your car, the money you get from that sold car is taxable because it's your ownership.