Bitcoin to replace fiat

[Stac]

  Bitcoin is now a days a prominent  medium of exchange so experts think that Bitcoin will replace fiat money .Most of the Bitcoin investors believe that Bitcoin will replace fiat or traditional money and they says that we can wait and see that happens in the future .Since Bitcoin is accepted as an international electronic currency that is operated digitally and the concept of fiat currency has changed to network transactions . Even though China says they have banned the use of Bitcoin they use Bitcoin in their own unique way and the effect of Bitcoin is different in different parts of the world if Bitcoin is used in terms of money then fiat money will lose its value.

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[zee11225]

I know that there are many people holding Bitcoin because of the belief that in the future it will replace FIAT as the most popular currency. But I know that this is one of the difficult things to achieve success. But I am a Bitcoiner, so I hope that it will try to replace FIAT in the future.

I think bitcoin will not replace fiat money, but side by side as a currency, where one is physically the other digitally. But both are equally easy to use.
Based on this fact, the government need not fear the increasing use of bitcoin in many countries, because as a digital currency the government only needs to make regulations in its country in order to be able to withdraw profits.

[BigBos]

One thing some people in the crypto space do not understand is that Bitcoin can never replace fiat. Fiat is the representation of the value of Bitcoin and it has been in used for thousands of years. The use of fiat does not require any technology to make transactions. Not every part of the world is technology inclined and to even think of using blockchain wallets or make transactions using computers. We just need to accept fiat as the backing of Bitcoin and other cryptocurrencies.

you're right, even when bitcoin replaces fiat, it will create instability, and cause the economic system to change, because there will be very many people who will try to take over the position of bitcoin. however, fiat cannot be replaced by bitcoin, because it has become a fundamental thing in a country.

[muratsink]

in reality, microeconomics can also help improve the economy of the people and the country. but it must be managed properly.
I admit and believe, that BTC will replace fiat in the future, the positive value of BTC is decentralized which cannot be influenced by the global economic crisis and geopolitics.

BTC will survive the effects of it all, so that BTC will be the main alternative to maintain economic value. and fiat will experience a global crisis.

[Johnzky]

I dont know how many topics like this or something related that i have read for my years here in cryptocurrency and most specially this bitcointalk.org

But yet same discussion,and my answer is still the same that cryptocurrency not only bitcoin but in general will may replace fiat but will never make physical money gone since they are both different one is virtual and the others is physical

[dupee419]

in reality, microeconomics can also help improve the economy of the people and the country. but it must be managed properly.
I admit and believe, that BTC will replace fiat in the future, the positive value of BTC is decentralized which cannot be influenced by the global economic crisis and geopolitics.

BTC will survive the effects of it all, so that BTC will be the main alternative to maintain economic value. and fiat will experience a global crisis.

I do hope that BTC survives, yet I don't know if BTC will be at its continuous pace, I do think that it will survive all of its challenges in the future, though it will be a slow process before this happens because a lot of people have stuck towards  the major use of fiat, and it will take a lot of guts convincing the others to full understand what BTC is.

[PlusOne88]

Well changing fiat to cryptocurrency would definitely be difficult since money is controlled and cryptocurrency isn't. Stability is important for money to exist without causing so much trouble storing it. Imagine a world where your money being stored loses its value more often or so quickly that it is volatile, how do you think will people admit the fact that there millions are now worth thousands?. But changing cryptocurrency is not really that difficult to deal with if the government will be making their own cryptocurrency separate from the commom cryptocurrency. It is more of a storage cryptocurrency that we can use to connect to the current digital coins that we have now. I think this is more plausible.

[LogitechMouse]

Why these people want to replace fiat by Bitcoin?? Why don't we just say "Bitcoin as an alternative payment system aside from fiat". There is no need to replace fiat by Bitcoin. Lets just accept Bitcoin as an "alternative" to paying things. Replacing world currency by another currency will take a long time to happen and there is no need to replace it to be honest.

[kissme09]

I think that is indeed the right way to reduce debt to the state, and using Blockchain technology will be very profitable in the financial system.

Indeed there are good impression coming from Bitcoin which is the mainstream manifestation of the Blockchain Technology, this technology has brought transparency and freedom for it users. For Bitcoin to possess these features will likely replace the fiat but will take sometime to dethrone FIAT.

This is an incorrect idea to think that it could be deposed by FIAT. Blockchain or Bitcoin technology cannot help a country get richer or reduce public debt. Blockchain and Bitcoin technologies are tools for wealthy people to become richer.

[Willitivity]

This topic and discussion of Bitcoin replacing fiat have been always a reoccurring thing . Think about this, Bitcoin requires a certain level of technology to be in place before use, and this is not readily available to every place. Bitcoin is highly volatile, it would be difficult for people to accept it over cash. Bitcoin and fist will forever exist side-by-side, Bitcoin ain't toppling fiat.

[purple.thoughts]

This will going to be a big step not for the Unionbank itself but also to the Philippines. Adopting Bitcoin is surely a serious matter from the economy of a community. I heard that there are a lot of Bitcoin users and earners came from Philippines and this percent of cryptocommunity helps not only Bitcoin but cryptocurrency to grow more. I am just afraid because of it was said that Bitcoin was already regulated by Bangko Sentral ng Pilipinas then I think it will definitely have tax in the future. Am I right guys? I want to hear your answers too.

[Haxor321]

In this history of mankind any kind of innovation to solve something has always benefited it does however takes its own time to fix things .. look at those trillion dollars of debt in u.s if they don't pay the entire country goes into bankruptcy and this not only affects one country but several others will be down along with it .. we need robust technology to solve such things if humans keep using paper money it will not only cause problems to the country but to its own people. adoption of block chain is very important in near future. lets see how much we care .. if Government really needs to solve their debt issues blockchain is the only way out to convert their useless fiat to valuable blockchain technology it will not only help to crush fiat and pay of trillions it will help to rescue the majority of countries in Asia and worldwide.

In my own opinion, bitcoin cannot replace fiat because more people used fiat currency than bitcoin for example, we mostly use fiat currency to pay bills and buy the things that we need, unlike bitcoin we cannot use it to as a payment. So there are less chance for bitcoin to replace fiat.

[Marina5]

It is really hard but if it happens, then it will be great feature for us. We will be able to pay with it securely and fast. It will reduce our time and money also. In this digital world, it is still possible to replace Fiat by Bitcoin.

[Blockfolioz]

It is really hard but if it happens, then it will be great feature for us. We will be able to pay with it securely and fast. It will reduce our time and money also. In this digital world, it is still possible to replace Fiat by Bitcoin.

If this happens surely it is a big change in the world. To this just ten years of growth is not enough, it needs to travel for a much longer time period. Particularly fiat is all about the trust through the continued usage, physical appearance, backing asset and the years of history. To attain the same it is not that easy with bitcoin in short time period.

[gabbie2010]

In this history of mankind any kind of innovation to solve something has always benefited it does however takes its own time to fix things .. look at those trillion dollars of debt in u.s if they don't pay the entire country goes into bankruptcy and this not only affects one country but several others will be down along with it .. we need robust technology to solve such things if humans keep using paper money it will not only cause problems to the country but to its own people. adoption of block chain is very important in near future. lets see how much we care .. if Government really needs to solve their debt issues blockchain is the only way out to convert their useless fiat to valuable blockchain technology it will not only help to crush fiat and pay of trillions it will help to rescue the majority of countries in Asia and worldwide.

Blockchain technology wouldn't solve any government debt issues this technology will cater for transparency, trust and effective management of policies that would warrant smooth running of any government, organisation and corporations, the government should seek ways of settling their debts and resorts to digital currency in a bid to reduce expenses incurred on printing of fiat.

[DeadCoin]

What happened earlier when countries were in debt before bitcoin was invented. They still managed to get back and become a wealthy country. Hence, we can not just degrade fiats replacing with Bitcoin. Bitcoin is another form of currency which has grown up so huge with price based on its fluctuations. If, bitcoin is accepted in America, the dollar value will certainly come down.

[L1240erion]

I don't agree with that at all. I think that Bitcoin will coincide with it if anyhting.. or take it over compeltely 

[bestiya]

The world is changing before our eyes. The time of the traditional economy and, accordingly, of all traditional ideas about the world ends. We are all present at the birth of completely different economic relations based on cryptoeconomics.

[Aponkye1]

Technological advancement has always been geared towards improving upon things that were already in place. Bitcoin and cryptocurrencies were actually created to improve upon the payment system and as to what it is going to replace fiat currency i guess that depends on the world to decide. If the mass adoption actually find bitcoin to be very innovative then i guess we might switch totally to the use of bitcoin to make transactions. Other than that it is going to be another payment system like Visa Card, Master Card etc.

[Meysa_richa]

I think this is very good if Bitcoin can one day actually replace Fiat, but I think it is still very difficult to implement at this time because of the constraints of internet networks in certain regions.