Bitcoin and Fiat - this is how I see the future

[DeadCoin]

Bitcoin and fiat both are in future, fiat is a government currency but bitcoin is not like that. Many countries not accepted bitcoin. Fiat currency can be controlled by the government whereas bitcoin is a decentralized currency it cannot be controlled by the government. Eventhough bitcoin is famous nowadays people use fiat only for their main transactions. Bitcoin has a bright future as a payment tool, but people use fiat also at the same time. They use bitcoin as a investment tool.

[1Referee]

more details, because every bitcoin or other crypto transaction is recorded in a blockchain ledger, so nothing can be hidden. can be controlled, but the transaction is also done anonymously. I also see a bright future with crypto as a decentralized payment tool.

Transactions aren't anonymous if you don't do anything to get rid of your taint.

Most people buy coins from an exchange they are verified at, which is something that a lot people tend to underestimate.

Exchange > wallet > merchant = no privacy and the exchange itself and all sorts of agencies will be able to accurately monitor your activity.

Exchange > wallet > mixer > wallet > merchant = extra layer of privacy highly reducing the probability of having agencies monitor your activity.

Every coin that I end up spending or sending to my cold wallet goes through a mixer first, and that has been the case since 2013. The situation where privacy would become a worthless thingy in the future was clear already years ago. I know people who run their coins through a mixer twice, and it isn't because they are criminals.

[0t3p0t]

When you sell your car to someone, there will be a transfer of ownership to you and this will leave a paper trail for the IRS or whatever tax authority. When they audit you or if someone else report you to the tax authorities, you will have to explain your wealth to them and what you used to pay for that.

Governments and tax authorities have full control, no matter what you think. 

I agree. Even in the cryptocurrency world, governments still can implement taxes through our local exchanges and that is why we are paying it passively everytime we convert our cryptocurrency funds into fiat money. Being in a cashless society will still be under controlled by governments and we cannot escape or evade tax generally. Bitcoin will be our best investment or other cryptos while fiat will be good for economic stability so I think having both assets will make sense.

[Btcwashu]

When you sell your car to someone, there will be a transfer of ownership to you and this will leave a paper trail for the IRS or whatever tax authority. When they audit you or if someone else report you to the tax authorities, you will have to explain your wealth to them and what you used to pay for that.

Governments and tax authorities have full control, no matter what you think. 

I agree. Even in the cryptocurrency world, governments still can implement taxes through our local exchanges and that is why we are paying it passively everytime we convert our cryptocurrency funds into fiat money. Being in a cashless society will still be under controlled by governments and we cannot escape or evade tax generally. Bitcoin will be our best investment or other cryptos while fiat will be good for economic stability so I think having both assets will make sense.

The fiat currency system may be seriously tested over the coming decade and ultimately we may need to find an alternative. Cryptocurrencies are all the rage at the moment and are as much about blockchain as anything else, but there could be an increasing desire for alternative mediums of exchange in the years to come. Keep in mind that fiat money is a relatively young innovation and it's only truly been the norm.

[Proton2233]

more details, because every bitcoin or other crypto transaction is recorded in a blockchain ledger, so nothing can be hidden. can be controlled, but the transaction is also done anonymously. I also see a bright future with crypto as a decentralized payment tool.

Transactions aren't anonymous if you don't do anything to get rid of your taint.

Most people buy coins from an exchange they are verified at, which is something that a lot people tend to underestimate.

Exchange > wallet > merchant = no privacy and the exchange itself and all sorts of agencies will be able to accurately monitor your activity.

Exchange > wallet > mixer > wallet > merchant = extra layer of privacy highly reducing the probability of having agencies monitor your activity.

Every coin that I end up spending or sending to my cold wallet goes through a mixer first, and that has been the case since 2013. The situation where privacy would become a worthless thingy in the future was clear already years ago. I know people who run their coins through a mixer twice, and it isn't because they are criminals.

With the help of a mixer, you can achieve relative anonymity when transferring cryptocurrencies, but how can you achieve anonymity when exchanging for Fiat? That isn't possible. I'm sure that if you want you can track any activity on the network. It is expensive and requires a long time so the security services do it very rarely.

[kwarto]

well, good insight! but if we say goverment its everything buddy! even how small it is as long as its taxable then goverment can trace and get to it...
on the replacement i would say its imposible to impose that kind of system but if side to side acceptable cryptocurrency and fiat then theres a great ppsibility to happen. even today some cryptocurrency is use as payment for some goods.. sooner or later it will widely use in the society.

[daarul50]

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.

The reason is clear enough and understandable to all bitcoin users why governments hate digital currencies like bitcoins whose systems are decentralized. All bitcoin users just want to avoid all economic affairs to be tied to the government so they can manage their economy privately without having to deal with the government.

[breathlessz]

When you sell your car to someone, there will be a transfer of ownership to you and this will leave a paper trail for the IRS or whatever tax authority. When they audit you or if someone else report you to the tax authorities, you will have to explain your wealth to them and what you used to pay for that.

Governments and tax authorities have full control, no matter what you think. 

I agree. Even in the cryptocurrency world, governments still can implement taxes through our local exchanges and that is why we are paying it passively everytime we convert our cryptocurrency funds into fiat money. Being in a cashless society will still be under controlled by governments and we cannot escape or evade tax generally. Bitcoin will be our best investment or other cryptos while fiat will be good for economic stability so I think having both assets will make sense.

The fiat currency system may be seriously tested over the coming decade and ultimately we may need to find an alternative. Cryptocurrencies are all the rage at the moment and are as much about blockchain as anything else, but there could be an increasing desire for alternative mediums of exchange in the years to come. Keep in mind that fiat money is a relatively young innovation and it's only truly been the norm.

i think cryptocurrency is the answer to the future about how to transact more practically in accordance with the needs of modern humans. although it takes a lot of time and difficult constraints but the development of technology can not be avoided

[gaxfrwpy]

Bitcoin is popular in many fields, and the government may welcome the application of bitcoin in the field of industry cooperation, but the government does not welcome the rights of bitcoin to snatch Fiat.

[bocyaj]

The main reason for the regulation of bitcoin by the government is this one.Because the government  of that country like to get the tax from the people for trading,mining and crypto related activity.Recently South Korea start to regulate the crypto currency to track the transaction of their people and to get some tax.

[jrrsparkles]

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.

Don't confuse it too much,you are actually paying the taxes while buying it firstly to the government so if you bough second handed cars then you no need to pay taxes again.It doesn't depend on the cash we are using it depends on the product we are buying if you buy something with crypto currencies or fiat in darkenet then it can't be traced but if you can buy car or more legal things then you have to pay appropriate taxes for that product.

[Epimetheus]

Personally, I see the future without fiat money, but a full cashless settlement. The Internet currency is the currency of the future, there will be a word behind it.

Bitcoin and fiat currency both have bright future. But Bitcoin is upgrading currency. Bitcoin is digital currency and it fully supports the cashless society agenda by its innovative money transaction facility and Blockchain technology. Many online retailer and big companies start using Bitcoin. Bitcoin is has no physical appearance but it can convert into fiat currency. Although Bitcoin is a improve currency but it still ban in many country, it is not worldwide accepted currency but fiat currency is worldwide accepted and trusted. So i think in near future bitcoin has no chance to take the place of fiat currency.

[dupee419]

If fiat is going to remain up until in the future I think there will be major upgrades regarding to fiat and bitcoin, first and foremost Bitcoin will be way different and hopefully it is much more imrpoved and advanced, on the other hand I think fiat will be more advanced as well, people will greatly be using both fiat and Bitcoin in the near future.

[senin]

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.

Your reasoning is not entirely correct. Cash is also controlled by the state to receive taxes. For example, in your example of buying and selling a car, such a transaction, as a rule, is formalized by a notary or through the relevant state authorities. At the same time, notaries and these state bodies are charged with paying a certain percentage of the transaction as a tax. Even if we go to a regular store and buy certain goods of small value, the price includes the value-added tax, which we simultaneously pay. We almost do not notice it, however, as a rule, we pay taxes even when calculating in ordinary paper money. Only when calculating between citizens, if such calculations do not require any assurance by third parties, the state can not fix them. However, such transactions are not so much.
Of course, any transactions with non-cash money the state has the ability to control completely.

[maraclariss14]

When you sell your car to someone, there will be a transfer of ownership to you and this will leave a paper trail for the IRS or whatever tax authority. When they audit you or if someone else report you to the tax authorities, you will have to explain your wealth to them and what you used to pay for that.

Governments and tax authorities have full control, no matter what you think. 

I agree. Even in the cryptocurrency world, governments still can implement taxes through our local exchanges and that is why we are paying it passively everytime we convert our cryptocurrency funds into fiat money. Being in a cashless society will still be under controlled by governments and we cannot escape or evade tax generally. Bitcoin will be our best investment or other cryptos while fiat will be good for economic stability so I think having both assets will make sense.

The fiat currency system may be seriously tested over the coming decade and ultimately we may need to find an alternative. Cryptocurrencies are all the rage at the moment and are as much about blockchain as anything else, but there could be an increasing desire for alternative mediums of exchange in the years to come. Keep in mind that fiat money is a relatively young innovation and it's only truly been the norm.

I agree, Fiat currency will have an alternative currency in the future, I see the future will be digitize so that we need digital money also, Bitcoin is one of the choices, It will stand until the very next generation, so it is possibly will dominate the other currencies including fiat. Bitcoin just need to be consider by other countries.

[Harley29]

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.

Bitcoin is examples of open cryptocurrencies. Everyone can see how much money you have on your wallets, how much it you send and who gets this money.

Technically we cannot know who is holding that wallet which mean we are really anonymous but in terms of security we are not because of KYC. Fiat money is very important because not all people knows how to use cryptocurrency but I think our future with cryptocurrency is pretty amazing.

Our future is surely attached with bitcoin, if we will save bitcoin it will get high in price, bitcoin has a lot of wallets which keeps it safe from being hack and all other problems of holding and rising, we should make our bitcoin famous more than fiat because it gives us security of holding and promising us to be high more than anything, our money gets double within few months so nothing is better than bitcoin these days so bitcoin is future currency which is gonna rule all over the world.

[ylnar123]

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.

Right now, this is what we are experiencing. The synchronization of Fiat currency and cryptocurrency is now in reality where some of the nation's government regulated it to have a legal legit wallet for the citizens to be used.

[Baoo]

Unfortunately, the governments always want to exploit users through a huge value of taxes, and due to they cannot control the cryptocurrencies through the transactions, that's why in these years there have been numerous attacks by governments in order to destroy Bitcoin but they always fail to achieve their goals because the field of cryptocurrency is very secure.

On the other hand, I expect that the future will be better than now in terms of the recognition of Bitcoin and the other cryptocurrencies by the countries, and possibly, there will be a good development, because I saw many countries that has a strategies in order to benefit from Blockchain technology, and they want to achieve those plans in the future (after a few years) and I think that FIAT will disappear soon.

[Lorence.xD]

Being able to control the income, money and properties of the citizens is the main reason why most governments refuse to recognize or regard cryptocurrency most especially bitcoin as an online currency even though it made payment possible and less stressful for the users. Most governments are greedy and supremacy and wants to control every financial aspect of their citizens lives which seems unfair.

Bitcoin and FIAT will go a long way, not until the government adopt the crypto or Bitcoin as main currency for digital transaction. this is the main issue on Regulation by countries who are looking into the Crypto trading market or the digital transaction, the other thing they are looking into is the Taxes imposed or possible taxation on all digital transaction using Bitcoin on the market treed. Bitcoin will remain in the market treed as well as the FIAT of different country NOT until the total acceptance of Bitcoin as main currency globally.

[wtbhitlv]

I agree with you that the government has the ability to take over the encrypted world if bitcoin can not develop without the support of the government.