Bitcoin vs Fiat

[zeingrind777]

For me, Bitcoin and Fiat money must go side by side because not every store accepts bitcoin as payment. maybe in luxury supermarkets or restaurants, we can pay with bitcoin, but in a village that has a traditional market doesn't understand and doesn't even know about bitcoin and digital money. So, Fiat and BTC must have a balance

[mornabo]

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.

Thats right of course with that condition we will no longer need fiat if bitcoin can be used anywhere and anyone accepts payment with
bitcoin then of course people will be more comfortable transactions using bitcoin and fiat will no longer be used

[jzale]

I don't think that Bitcoin will ever replace fiat as a currency. In the first place, Bitcoin failed to function as what the creator intended it to be. Instead of being the lead of digital currency as a alternative to fiat, It became more of an asset, a piece for investment and home for manipulations. Bitcoin has a very long way to be able to function as what is intended for even within 20 years. Fiat has a more established foundation and has been the medium of transaction since the rise of civilization. Bitcoin is very volatile for a currency too. What I can see for now is that Bitcoin and fiat co-exists together.

[antonhuda]

It seems that bitcoin will remain a digital currency that will be used continuously on the internet world, and fiat money is still used in everyday life. We cannot bring bitcoin in traditional markets and around it. But for holidays or traveling in various countries we can trade with bitcoin according to the purpose.

[speedy1987]

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.

At present current situation one cannot lie that fiat money is more relevant in the currency world than cryptocurrency, but give btc time to mature in the market and find a way to stabilize its value and you will understand why a lot of bitcoin enthusiasts thought of bitcoin as being far more superior than fiat.
we need a more innovative way of transacting to mark our technological progress.

[FlightyPouch]

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

I don't think that Bitcoin will ever be a main currency in the future. Not because I am being negative but the reason is the government and it's features. We all know that fuats are being controlled by the government, if they will be using a crypto currency as their fiat in their country, just imagine how volatile will their economy will be. Also, it can be manipulated by a lot of huge whales so I don't think that that will happen.

[HeXecutor]

Well ... I totally disagree with bitcoin to replace paper money. However, it is obvious that sooner or later the paper money will be replaced. Therefore, something should come to replace ... and I'm sure that it will not be bitcoin. If it is a crypto currency, then it will be some more perfect and technological alternative. Bitcoin has too many technical flaws.

[Emilyp]

The reality is that no digital currency will ever be able to replace fiat, not just Bitcoin but every other digital currency. People will always identify with fiat, think of the large population of the world that has no access to internet and haven't even heard of Bitcoin, how do you expect them to use Bitcoin for purchases? It's not possible.

[BigBlackSheep57]

Right now fiat currency is the strongest currency and bitcoin also need fiat to run so, bitcoin can't lose fiat at least now.

[albert11]

I don't think so. We can assure everyone that bitcoin will last a lifetime.
Bitcoin have a potential to grow more but it cannot replace fiat in any ways.

[Aikidoka]

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 

Well I do believe that bitcoin was created to oppose banks and corrupted governments. And yes, people now are seeing bitcoin as a source of money, and you cannot blame them. Most people need money. If their government does not give them the opportunity to work, then there are many other tools to get that done. Bitcoin has saved many people's lives. I do agree that some people are greedy but there also are people who are needy.

[HarryBrace]

In my country most of the people live in the rural area and they only believe in fiat currency and they don't ever hear the name of crypto.

[guybrushthreepwood]

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.

I don't think bitcoin has to replace fiat for it to be a success, but it's an alternative option for people to use outside of the mainstream mechanisms for banking and payments. I still see bitcoin as an experiment and it is currently like in something of a beta test mode to see if it would be a viable currency. Do I think it is right now? No. Could it be in the future? Possibly. Blockchain technology clearly works as a system and payment protocol, but is it perfect as a monetary system right now? Absolutely not. That doesn't mean I think it will always be that way but the obvious fluctuations in value would be a real issue for it as a day-to-day currency. Fiat isn't perfect either and looses value other time merely due to inflation and things like quantitative easing, but bitcoin lost 50% of its value within months which wouldn't be ideal if you had all your savings in it. I think a real interesting test for it would be if it was mass adopted by a state with a failing currency, like you mentioned Venezuela. It could either go one of two ways. One would be great where the value keeps rising due to demand and everyone benefits because you get more bang for your buck, but then if another bubble happens that pops then that could be even more devastating than their fiat collapsing. Only time will tell whether bitcoin can become a viable currency or even threaten state-issued fiat, but it's going to be an interesting experiment whatever happens.

[Frallen]

I think money is replaced with a token like Tether

[DannyMarco]

Bitcoin can't replace fiat but fiat can replace bitcoin because everyone trust fiat but not every one trust bitcoin, bitcoin still need long time to reached that position.

[dewi91]

Bitcoin can't replace fiat and there is no crypto currency can replace fiat. How bitcoin can replace fiat whereas most of people use bitcoin as an investment because we know the potential of bitcoin, people who buy bitcoin because they want to earn money from it not to use it as a payment.

[bananaunana]

I've voted for They should both exist side by side

For me this would be the best solution, using Bitcoin for online purchases and pay with Fiat offline. Best solution! 

[stayeduptolate]

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.

Now a days we know bitcoin and other crypto currency as a mode of investment and they are considered as the most reliable and the most beneficial investment of all the times as they are able to provide the very good profit in very short span of time and thus there are millions of people around the world who are investing in bitcoin and if we look our future with bitcoin then bitcoin is consider as a very great and the safest payment method and thus bitcoin is considered as superior and a threat to Fiat currency.

[Aying]

Now a days we know bitcoin and other crypto currency as a mode of investment and they are considered as the most reliable and the most beneficial investment of all the times as they are able to provide the very good profit in very short span of time and thus there are millions of people around the world who are investing in bitcoin and if we look our future with bitcoin then bitcoin is consider as a very great and the safest payment method and thus bitcoin is considered as superior and a threat to Fiat currency.

Still, fiat is a great one for now as we cannot live for now without the use of fiat, we should not compare both of them as they are really a great tool for us to pay and to have an economy balance in the world, bitcoin and fiat should unite and not to be compare with each other.

[Sponsoredby15]

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.

It will take some time before Bitcoin replace fiat currency because they don't control the distribution of it. Control and power is very important in the government that is why it is hard for them to accept Bitcoin as a currency.