Bitcoin vs Fiat

[Juggy777]

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'm often baffled as to why do people think bitcoins should replace fiat? whenever we trade bitcoins we trade it for fiat, so if bitcoins replaced fiat what would we trade it for? I do hope all remember bitcoins is limited fiat isn't. Bitcoins was formed to create a decentralised currency, so people would be free of government regulation, also so people could create it as a store value, never was it intented to replace fiat.

I believe the best option is all governments should allow the usage of bitcoins they can tax it, all sellers should accept it this would save loads of fees on cross border transaction. Even post taxes Bitcoins users shall earn more than their fiat peers.

Bitcoins should be given in tandem with fiat for salaried people, so they can choose it, and when it's prices increase they can benefit from it. (I can't reveal the name but one firm actually did it, and 9 out of 10 employees opted for bitcoins, this was when bitcoins prices were at 1k, all the employees made serious profits).

[Malintha1996]

In my opinion at least for few decades each should exist.Since there exist countries without internet access, accepting crypto currencies as global is still not possible. However in future but soon I believe fiat currencies will completely evolve into crypto currencies.

[Impulseboy]

No matter how much we want this to happen, I think that bitcoin and cryptocurrency should not replace fiat at all. I believe that the crypto world and the government/banking system can and will find a way for both to co-exist with each other. We do not know for sure if this will stay for a long time, but for now at least it has better chance of existing together.

[FlexBrah]

Most likely bitcoin was created as an alternative to the banking system. That it was all transparent and did not have intermediaries in its structure

[LeGaulois]

One of the theories is also to give a full control over our money and it's maybe the most important. To be free from the banking system and the governments. Unbanking all of us...

When you deposit money into your bank account the funds are not your anymore, you lend it to the bank with a promise to get it back whenever  you want (banking rules)
Nowadays we have more and more restrictions on how to use our own money. Try to go your bank and ask for $5000 cash, it's not possible or you have to call two or three days in advance. Try to withdraw $1000 using the ATM, this is not possible most visa cards have a maximum of $300 per day. So if an urgency comes up and you need money, you're fucked. More and more banks don't have cash money in the office anymore, only in the ATM.
Sometimes you even need to justify why you need to withdraw $1500, over $5000 transactions in the same month and your account details and history is sent to the financial police for an audit, for the sake of the AML.
There are also millions of citizens who don't have access to a simple banking service. No account, etc. And when I say millions I am not exaggerating.

When you say the role of Bitcoin is still unclear, is not totally the truth. It was clear but the community changed its role (aka using Bitcoin as an investment) yeah some guys will say "here we go again!"...

The ideal for purists would be to see Bitcoin totally replacing fiat but this will remain a utopia I think. The community killed this dream, with the lack of consensus, internal conflicts, and so on.
"They should both exist side by side": It could be possible of course. You can think about the unbanked people, or for the countries where they don't have many options to send cross-border payments. For example, Paypal is not available in all countries.
There is not any cryptocurrency which has to replace fiat other than Bitcoin. The reason is most of them are not designed to be able to totally replace fiat.

[BabyBoss]

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.

Yes, I believe on it it’s only need time to be done I believe in the power of bitcoin and I think in the next years as we experience more modern technology we also need modern currency and bitcoin fits on it.

[Leenkoranan]

Bitcoin composed as crytocurrency in terms of digital money, it used by transacting payment who undergo with internet function there are lots of difference than fiat, fiat is directly use as payment our daily needs without using internet transaction cos this is money..

[kamoto]

Well, I'd rather put some other decentralized currency instead of bitcoin. For example, the ethereum, which is much steeper in terms of coin technology. And in this case, Fiat has no chance, decentralized crypto currency will be much more convenient. But certainly not bitcoin, because it is not consistent as a crypto currency in general ...

[Xxmodded]

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.

of course bitcoin will not be able to replace fiat money. this is a fact, and until now we still carry out traditional transactions using paper currency. there is another possibility in the future, if crypto becomes pepolor in the future, it means that each country will have its own crypto currency. this is the most logical reason.

[r32godzilla]

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.

Actually bitcoin was not created to replace fiat and it was created only to provide a P2P platform for sending money instead of banks.But now,almost its traveling in a new track and has become the highest ROI giving asset.

[khelan]

I thought bitcoin will win rise more and more but now days bitcoin is price reducing so fast that people again going towards Fiat rather than bitcoin investment and transaction

[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.

I'm often baffled as to why do people think bitcoins should replace fiat, whenever we trade bitcoins we trade it for fiat, so if bitcoins replaced fiat what would we trade it for?

If Bitcoin fully replaces fiat then you won't need to exchange it. You simply can buy goods and services with it, so no intermediaries needed.

[thepers0n]

In my opinion BTC can take a huge part of FIAT money but won't replace it. The power of banking systems is still huge and governments don't want to lose it .

[Allan Ramanda]

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.

in my opinion the benefits of bitcoin for real life are very many, for example we can trade freely to gain profits, then send money out of the country using bitcoin. but bitcoin won't be of any use, if it doesn't have an exchange rate with fiat currency. the conclusion is that bitcoin and fiat have an important role in our lives.

[zilong123]

Nope I don't consider bitcoin as a fiat and if BTC will be fiat there will many conflicts and its complicated cause btc is volatile and changes of price of btc is fast so I think we should have fiat even in the future.

[Dadaro]

Some altcoin will definitely replace fiat currency in the future. It may not be bitcoin but altcoin will certainly do. Cryptocurrencies are just in it's baby stage, and currently starting for mass adoption. Give it more time and it will replace fiat.

[bob123]

When you deposit money into your bank account the funds are not your anymore, you lend it to the bank with a promise to get it back when you want (baking rules)

Exactly this.

People seem to have completely forgotten about this.
Most only see bitcoin as toy to get rich quick. But they don't understand the true value.

Look at Greece for example. They restricted the maximum amount of withdrawals to 50€ per day.
They basically held the money of their customers hostage. It didn't matter anymore how much money 'you had'.
In the end the bank had it all. And in the end, they decide how much you are allowed to withdraw at what time. And if they don't like your reasons to withdraw the money, they can easily freeze it.


With bitcoin as a global tool for transfer of value, all of these problems are no longer a problem. I definitely believe bitcoin will become a 'standard' form of payment. At least (or especially) on the internet.

[QuppyTeam]

FIAT will always be the number one in currency day-to-day usage. However, Bitcoin has all the opportunity to replace it, but, first of all, it has to be accepted and adopted worldwidely and open doors to use it in main places such as shops, for example

[Bonpay]

When you deposit money into your bank account the funds are not your anymore, you lend it to the bank with a promise to get it back when you want (baking rules)

Exactly this.

People seem to have completely forgotten about this.
Most only see bitcoin as toy to get rich quick. But they don't understand the true value.

Look at Greece for example. They restricted the maximum amount of withdrawals to 50€ per day.
They basically held the money of their customers hostage. It didn't matter anymore how much money 'you had'.
In the end the bank had it all. And in the end, they decide how much you are allowed to withdraw at what time. And if they don't like your reasons to withdraw the money, they can easily freeze it.


With bitcoin as a global tool for transfer of value, all of these problems are no longer a problem. I definitely believe bitcoin will become a 'standard' form of payment. At least (or especially) on the internet.

Perfectly said. People believe that they own their money until the government or a bank needs this money back.

[hachiman13]

I'd like to think of bitcoin as another option for payment, not a contender of some sort to replace fiat. There are pros and cons to using each one so I'd rather make them co-exist so whenever the time to use bitcoin comes up, I can utilize it and vice-versa.