Bitcoin vs Fiat

[Bonpay]

Although Bitcoin exists for almost 10 years, its role in our life is still unclear. One of the theories states that Bitcoin was created to solve the problems which fiat money cannot overcome. We can see how so many Governments have huge debts and how some countries cannot support their own currency (Venezuela might be the best example now), so Bitcoin looks like a possible option nowadays. Getting rich was never the goal for Bitcoin. It was meant to become the currency of the digital world and provide an alternative to the dying economy.

So the question is, how do you think, should Bitcoin replace Fiat money, or there are other options of how it could be useful to the society?

Edit: To give you more food for thought, there is a nice article about the history of the creation of both Fiat and Bitcoin and their detailed comparison.

[fargoway]

Bitcoin is not able to replace fiat, at least now. I believe that there will be another cryptocurrency which would be able to replace traditional money because Bitcoin has a lot of issues as well. BTC is good, but it is too far from perfect.

Btw, I totally agree that Bitcoin is not an investment. It was created for other goals. Greedy people don't get that 

[Mary Birkin]

Bitcoin is not able to replace fiat, at least now. I believe that there will be another cryptocurrency which would be able to replace traditional money because Bitcoin has a lot of issues as well. BTC is good, but it is too far from perfect.

Btw, I totally agree that Bitcoin is not an investment. It was created for other goals. Greedy people don't get that 

Why do you think that BTC is too far from perfect?

[Sbdip]

I don't think so. Bitcoin can growmuchday by day for sure. But I don't think it'll be able to replace fiat. Because btc is acting morelike asset than the currency..  So without being fully accepted currency bitcoin won't be able to beat fiat

[Colan Zolo]

I think if fiat and bitcoin will continue side by side, for us who have learned technology and know about bitcoin will not refuse if bitcoin becomes a transaction tool other than fiat, but for those who do not understand bitcoin, they will refuse and certainly use fiat for their lives.
Many communities that will be technology but not all know about bitcoin, let alone to learn it is not necessarily want. They believe more in what they see and do not believe in digital technology which really has good benefits for the future.

[talkbitcoin]

it is impossible to answer your Poll because they options are the same. for instance my choice is "No" because bitcoin is not supposed to replace fiat and also "They can coexist" because not replacing means they both exist alongside and both work, fiat as the centralized currency that everyone knows and bitcoin as that additional option for decentralization.

[Bonpay]

it is impossible to answer your Poll because they options are the same. for instance my choice is "No" because bitcoin is not supposed to replace fiat and also "They can coexist" because not replacing means they both exist alongside and both work, fiat as the centralized currency that everyone knows and bitcoin as that additional option for decentralization.

Then I guess the right choice would be: "They can coexist". Anyway, thank you for noticing, I will make the poll more clear.

[Taki]

I guess you meant all crypto in general under bitcoin, course only bitcoin doubtly will replace fiat over the world, but crypto may do.
By my opinion bitcoin was made to free people from fiat and government's control. But when bitcoin began to cost over 1000$ everybody became interested in it and now all countries fight to regulate it and turn on all benefits of crypto to work on government and its needs.

[davhek]

There was already a discussion similar to this, and IMO, there is no way BTC or any other crypto can replace FIAT. Not now, not in 10 years. Maybe in some further future but we are far away from it.
We will use cryptos for sure but not as a primary currency.

[Roberttran]

bitcoin is hard to replace fiat. Bitcoin needs internet to operate. And as I know many places in the world do not have access to the internet, many older people can not use smartphones smoothly (like my dad, my mother and my grandmother). It would be difficult if bitcoin replaced fiat.

[Bonpay]

I guess you meant all crypto in general under bitcoin, course only bitcoin doubtly will replace fiat over the world, but crypto may do.
By my opinion bitcoin was made to free people from fiat and government's control. But when bitcoin began to cost over 1000$ everybody became interested in it and now all countries fight to regulate it and turn on all benefits of crypto to work on government and its needs.

Well, you are right. The same way as the dollar is dominating among other fiat currencies, I assumed that Bitcoin will be the main, but other cryptocurrencies could be used too.

[fargoway]

Bitcoin is not able to replace fiat, at least now. I believe that there will be another cryptocurrency which would be able to replace traditional money because Bitcoin has a lot of issues as well. BTC is good, but it is too far from perfect.

Btw, I totally agree that Bitcoin is not an investment. It was created for other goals. Greedy people don't get that 

Why do you think that BTC is too far from perfect?

Because Bitcoin cannot complete some essential challenges in order to replace the fiat money. For example:

1) transactions last long (in comparison to Visa/Mastercard transactions)
2) high volatility
3) scaling

The main reason why I think there might be something better than Bitcoin is that cryptocurrencies are developing very fast and every day more and more solutions appear on the market. It is very common when something extremely new was invented which was only a prototype for a better version of it.  

[Bonpay]

bitcoin is hard to replace fiat. Bitcoin needs internet to operate. And as I know many places in the world do not have access to the internet, many older people can not use smartphones smoothly (like my dad, my mother and my grandmother). It would be difficult if bitcoin replaced fiat.

Yeah, I agree this is a major problem. Maybe the solution will be found in the future.

[norther90]

No chance for bitcoin to replace fiat currencies and become an instrument for payments all over the world,at least nowdays. So many problems yet to be solved and people to get used to crypto and particularly to IT technologies to make bitcoin a primal currency. In a far,far future when people replace classic cars with cars which can fly

[Bonpay]

No chance for bitcoin to replace fiat currencies and become an instrument for payments all over the world,at least nowdays. So many problems yet to be solved and people to get used to crypto and particularly to IT technologies to make bitcoin a primal currency. In a far,far future when people replace classic cars with cars which can fly

The progress is moving faster and faster every year, who knows, maybe in a few years you will fly on your car to a nice restaurant where you can pay with BTC.

[Alns]

I think that we are already to strongly stuck in the system that is present and it means that we need to change some things, bitcoin is a great alternative to existing systems.

[fargoway]

No chance for bitcoin to replace fiat currencies and become an instrument for payments all over the world,at least nowdays. So many problems yet to be solved and people to get used to crypto and particularly to IT technologies to make bitcoin a primal currency. In a far,far future when people replace classic cars with cars which can fly

Nobody believed in the Internet as well, but it spread very fast. Today you can hardly find a place without free wi-fi

[borovikovtopmen]

Fiat money will not leave our usual life but cryptocurrency will help to use them at a more modern level !

[bob123]

Because Bitcoin cannot complete some essential challenges in order to replace the fiat money. For example:

1) transactions last long (in comparison to Visa/Mastercard transactions)

Bitcoin transactions are final. Visa's are not.
If used in daily purchases (and proper implemented), accepting 0-conf payments is absolutely fine.
They are marginal slower than visa payments.

2) high volatility

Volatility will decrease with adoption.
The more people adopt bitcoin as a payment system, the lower the volatility will be which then again attract new user.

3) scaling

Scaling is taken off-chain.
With the LN all of these scaling-debates finally should have an end.

When LN is ready to be released and people are starting to use it, the average fee for your transactions will decrease.
And so will the confirmation time. You'll have instantly confirmed (not yet settled on the blockchain) transactions happening.

[odessit1377]

As if we did not want Bitcoin to replace Fiat's unfortunately the next few years, and perhaps even a decade, it would not be possible. Too firm dollar keeps its positions, at the legislative level bitcoin is not approved. Banks simply do not give up their domination.