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Author Topic: Can Bitcoin and FIAT co-exist? What will be the advantages then?  (Read 557 times)
yaphetSGG
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October 17, 2018, 06:44:51 PM
Merited by ramesh770 (1)
 #1

FIAT money is our daily currency which has been existing here for hundreds of years, when crypto currencies like Bitcoin is squeezing their way up to become a world currency and sort. Can they co-exist? If so then what benefits we can get from them, altogether? Not separately.
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October 17, 2018, 07:44:46 PM
 #2

FIAT money is our daily currency which has been existing here for hundreds of years, when crypto currencies like Bitcoin is squeezing their way up to become a world currency and sort. Can they co-exist? If so then what benefits we can get from them, altogether? Not separately.

Well, if only to trade on the exchange cryptocurrency, and change to Fiat. Since the volatility of the cryptocurrency is now insane, and you can make good money. But as used in everyday life, I don't know. People will get used to electronic money for a long time, and especially to the cue ball. Fiat habitual, easier, it is easier to calculate

They can exist, but separately. As today.

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October 17, 2018, 07:50:50 PM
 #3

Now there are many ICO projects that implement the relationship of fiat money and cryptocurrency.

Paper money must exist in conjunction with cryptocurrencies.

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October 17, 2018, 07:52:35 PM
 #4

FIAT money is our daily currency which has been existing here for hundreds of years, when crypto currencies like Bitcoin is squeezing their way up to become a world currency and sort. Can they co-exist? If so then what benefits we can get from them, altogether? Not separately.
Don't they co-exist now? Who says that bitcoin will become global currency? (yeah people open same and same threads but sometimes OPs start with different sides). Can you tell me how will bitcoin handle so much transactions when billions of people will start to use it? What will happen once mining ends? How will it become global currency when some businessmen mine bitcoins? Don't get lost, if you are really interested in this task, answer to my questions.

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October 17, 2018, 07:53:11 PM
 #5

I think in the future it will be so. fully fiat force out cryptocurrency can not. at least in this generation. After all, most people of the age do not want to understand what a cryptocurrency is and they already live well with fiat money

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October 17, 2018, 08:40:35 PM
 #6

Fiat is the globally accepted currency, and bitcoin can not replace it, neither was it created to.

Both are coexisting at this point in time. Bitcoin is for the more adventurous people who can venture out of the assumed safety of fiat to try out this new technology.

Bitcoin is still at its early stages and has lots of capacity to grow. But we are not ready to let go of fiat, not anytime soon.

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October 17, 2018, 08:51:01 PM
 #7

FIAT money is our daily currency which has been existing here for hundreds of years, when crypto currencies like Bitcoin is squeezing their way up to become a world currency and sort. Can they co-exist? If so then what benefits we can get from them, altogether? Not separately.

They will definitely co exist like they are co existing now. There is no issues between these two types of currencies. The conflicts are created by the powerful banking lobby because they can foresee a threat to their business.

Since centuries, banking system is controlling the monetary system but with the introduction of crypto, the controlling power is being shifted to the hands of common people. That's the only major difference in crypto as compared to the current monetary system.

The way crypto is progressing, banks will eventually have to jump in to tap that market. Probably we are not seeing that change now, but in next few years, banks will have to start offering such services just to survive in their business.

It will only benefit the consumers like us due to the competition crypto will create in the economical sphere. Remittances and cross border trades will be simplified and less time consuming with the adoption of cryptos into mainstream economy. However, there are lot more benefits it can offer which is not possible to cover within the scope of this thread.

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October 17, 2018, 09:02:29 PM
 #8

They are both two different entities and I think they can co-exist. When they both exist one of the advantages is that, We can use the Fiat currency to buy the bitcoin. 

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October 17, 2018, 09:09:10 PM
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Now bitcoin and Fiat coexist.And no one has any problems.If we consider fiat money and bitcoin as a use in everyday life, then a significant advantage in this situation will be the convenience of withdrawing big money through bitcoin to the territory of another country.

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bitalk1
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October 17, 2018, 11:20:25 PM
 #10

Now bitcoin and Fiat coexist.And no one has any problems.If we consider fiat money and bitcoin as a use in everyday life, then a significant advantage in this situation will be the convenience of withdrawing big money through bitcoin to the territory of another country.
I completely agree, it’s better to use Bitcoin to move money, you don’t need to spend time with banks and pay commissions.

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October 17, 2018, 11:52:29 PM
 #11

isn't currently between bitcoin and fiat already co-existed?
we can buy something with bitcoin and convert bitcoin to fiat if you want to cashout
and vice versa if you want to buy something that can not use fiat then just buy bitcoin

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October 18, 2018, 02:25:57 AM
 #12

Of course it will happen, bitcoin will live beside the FIAT currency, but i think bitcoin never be change the FIAT currency because FIAT is the main currency and will never change with other currency

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October 18, 2018, 02:31:19 AM
 #13

Well, unless Bitcoin is really popular and dominates the market. Traditional currency and traditional trading methods have long been available. Obviously, flat money is easier to use and more transactional than Bitcoin.
Bitcoin is too unstable to be able to dominate the market, it must exist parallel to the flat.

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October 18, 2018, 02:54:55 AM
 #14

Yes they can. Advantages is that people have more options on which to use. Restaurants can give choices to their customers on how they would like to pay; via Bitcoin or via cash. Aside feom that, money transfer and remittances will be more convenient.


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October 18, 2018, 02:58:52 AM
 #15

It is possible, though only to a certain extent. Fiat would still be widely used on day-to-day transactions whereas bitcoin can be used for purchases across borders. It is also possible to hold bitcoin reserves for a small nation, and the implementation still depends on the country's needs, of course. While I expect a lot of things for bitcoin, I don't expect that it will replace fiat in any way.

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October 18, 2018, 03:02:24 AM
 #16

Can they co-exist?
We are living in the modern world and you spend cash to your things and I do spend it as well. I'm into crypto and so you are so what do you think about that? they are co-existing right now so that answers your question if there's a possibility if they can exist together, of course they can.

If so then what benefits we can get from them, altogether? Not separately.
We have another medium of exchange.

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October 18, 2018, 03:12:49 AM
 #17

In today's world, fiat and bitcoin are walking side by side. Now  we can buy bitcoin using fiat money. But bitcoin is a challenge to fiat money. So there is less chance to work together because if people use bitcoin, then there is no need to exist bank in this world.
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October 18, 2018, 05:11:40 AM
 #18

FIAT money is our daily currency which has been existing here for hundreds of years, when crypto currencies like Bitcoin is squeezing their way up to become a world currency and sort. Can they co-exist? If so then what benefits we can get from them, altogether? Not separately.
do paper file system and databases co-exist? Sure.
Though one becomes more common than other with time.
I guess same will be the case with fiats and cryptos.

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October 18, 2018, 05:23:42 AM
 #19

Fiat is the globally accepted currency, and bitcoin can not replace it, neither was it created to.

actually Fiat is local not global. for example you can't go to a supermarket in US and pay with Indian INR although everywhere in the world they recognize INR you will have to convert it to local fiat of that country to be able to use it.
but bitcoin IS global which means if you go to US or India you can use the same thing and pay similarly.

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October 18, 2018, 05:30:47 AM
 #20

I think Satoshi's view on this was for Bitcoin to be a alternative P2P payment option. He knew that governments will never abandon their precious Fiat currencies, so he developed something that would provide an alternative option for Fiat currencies. He just made sure that his payment option were not controlled by any government or financial institution, like Banks.  Roll Eyes

When we look at Bitcoin now, we see that people are not using Bitcoin as it was meant to be used. <Centralized services are dominating the payment scene> Examples : Payment processors / Exchanges / centralized wallet providers.  Angry

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