Bitcoin vs Fiat

[shoreno]

both currency has a pros and cons . bitcoins is more slightly difficult to understand but it is packed by a lot of features that fiats cannot possibly do .

fiat on the other hand is more easy to use and understand because it has its own physical shape which means you can use it straightly anywhere you are  .

many people nowadays are going for cryptos because they are also curious on what it is and soon , there might be a probability that cryptos can dominate the entire currency system .

[Bonpay]

I dont think bitcoin can replace fiat money. Fiat monetary standards enable the government to have a lot of control of their economy.
They can choose to print progressively or remove some from the economy through banks. A cryptocurrency would need to be connected to their fiat cash and be absolutely controllable, for a government to permit it instead of their fiat, however that would essentially be a fiat at any rate. So we would require new enactment or new governments.

This is a very rational argument. I would assume that in such case the only possible solution would be both a new financial system and new enactment.

[fargoway]

In the current time Bitcoin can't exist without fiat because bitcoin is relative to USD and at least for the nearest future one can't separate the two as different entities because BTC is very much depended on fiat.

What? Bitcoin was created to exist without fiat. If sellers start accepting Bitcoin as a payment for goods and services, there will be no need in fiat money at all.

[isllander]

Some time they will move next. An example of cash is a number of cards. Some countries are already close to getting better with cash. New time is new opportunities.

[CryptoGosu]

At this stage of development, Bitcoin is much less popular than Fiat and it's harder to find a place where you can buy products for Bitcoin but Bitcoin is more like it and I would like it to become even more popular.

[HDContent751]

Fiat is the main currency in all over the world and it is the oldest currency and it will become very difficult to replace it because everyone strongly believe on it on the other hand bitcoin is a new currency.

[stiffbud]

Bitcoin is simply known as electronic currency which has no physical form where as fiat currency is known as physical currency. Bitcoin is a decentralised nature currency which does not under control of any kind of authority or government where fiat currency are under control of many government. Fiat currency are more stable then that of bitcoin and it is not complex as that of bitcoin. Fiat currency can be duplicate because of their physical form but bitcoin cannot be duplicate because of its digital in nature.

[*kimcil*]

I don't think this can be changed and doesn't need to be changed. If bitcoin becomes a fiat currency, maybe the vision and mission applied by Satoshi will not come true. Bitcoin is better to become a crypto currency. Bitcoin doesn't need to be more fiat. various countries.

[Bonpay]

Bitcoin is simply known as electronic currency which has no physical form where as fiat currency is known as physical currency. Bitcoin is a decentralised nature currency which does not under control of any kind of authority or government where fiat currency are under control of many government. Fiat currency are more stable then that of bitcoin and it is not complex as that of bitcoin. Fiat currency can be duplicate because of their physical form but bitcoin cannot be duplicate because of its digital in nature.

Yes, there are a lot of differences between them and that's why replacing fiat with Bitcoin sounds perspective. The only critical problem most of you admitted is lack of physical form of Bitcoin, but I believe that we can find a solution for this issue.

[CrucialTechnology57]

Right now it is impossible to replace fiat because bitcoin also need the support of fiat currency but literally it will replace and it take time long time.

[awosesun]

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.

Fiat still far ahead of bitcoin in many ways. Its crystal clear that bitcoin is still behind. If you say many country are in huge debt today, i won't disagree over that but they are in debt not because of fiat but a bad governance like the case of Venezuela. If Venezuela adopted bitcoin today, it won't take them out of recession or make them rich.

[Vladislav2306]

Bitcoin won't replace fiat completely. You can see it in reaction of some countries about cryptocurrency at all and bitcoin in particular. I think the countries will implement their own currencies based on blockchain technology to save the oportunity of taking taxes.

[Gonzaleti]

I dont think bitcoin can replace fiat money. Fiat monetary standards enable the government to have a lot of control of their economy.
They can choose to print progressively or remove some from the economy through banks. A cryptocurrency would need to be connected to their fiat cash and be absolutely controllable, for a government to permit it instead of their fiat, however that would essentially be a fiat at any rate. So we would require new enactment or new governments.

Bitcoin will not be able to replace fiat money, because banknotes are easy to use for payments and there is a physical form. For example, can you imagine school children using bitcoin? It will be difficult for small transactions such as buying candy, ice cream, buying pencils, etc. But for large transactions that use banking services can use bitcoin, because it is faster, easier, and cheaper. So bitcoin and fiat money can function together as a means of payment.

[Satish147]

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.

There is more chances for replacing fiat with Bitcoin. Right now most of the countries are already developing their centralized digital currency to benefit from Blockchain but they will fail after implementation. And then real Bitcoin adoption will start by reserving them with every countries reserves.

In this way Bitcoin will replace fiat.

[Spontebob]

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.

Afterall, just like what you have said, the purpose of bitcoin is to be a solution if ever fiat bumps into problem. I don’t think bitcoin will ever replace local currency though. Probably because fiat is used by a lot of people and fully supported by the government compared to bitcoin

[Nilda]

Bitcoin vs. fiat vs. gold vs. banks vs. governments. All of these can coexist for everyone’s convenience. No need to discard something.

[joromz1226]

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 

This is just your opinion, but for me bitcoin was being used in many features, like in sending money, can be use as payment/electronic payment, and a kind of opportunity which can give profit to each in everyone of us, unlike in Fiat, there is no chance for us to earn it unless you have a job before you can have your own money.

[Zalaster]

10 years is a short time. This is not enough to replace fiat. In the future, I'm sure they will both exist complementing each other.

[block2point0]

Bitcoin and Fiat both are different because bitcoin build with blockchain technology and fiat is holding all world's economy so we can't say bitcoin will replace Fiat but now many new investors getting interested for bitcoin because of bitcoin price touched $20k dollars in December 2017. bitcoin is a new project and its take time to cover market but behind its blockchain technology can make new revolution to crypto world. bitcoin will be Global currency and people will use it for fast and bulk money transaction with minimum fee and this will stand front of other Fiat currencies. 

[fulled]

I think bitcoin will be alternative currency if fiat currency system in future be more safe and transparant, but if not, i believe bitcoin will be the main currency of the world, it will take atleast 50 years in from now in my opinion