Bitcoin to replace fiat

[bitcoin_diamond]

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.

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[geminiboy]

then what does the block chain have to do with the state what you mean, blokchain is a technology for crypto currency transactions and storage, so it has nothing to do with being able to help resolve state debt

[Bitinity]

then what does the block chain have to do with the state what you mean, blokchain is a technology for crypto currency transactions and storage, so it has nothing to do with being able to help resolve state debt

Wondering exactly the same thing, how is it possible to use blockchain to pay huge debt? By converting all fiat money to crypto? Wouldn't be the same value once it is converted? Unless there is a huge pump of the price like what we saw in 2017.
Actually there are bunches topic discussing about this "bitcoin to replace fiat", but I'm still sure that it will never happen because fiat paper money is still the most used money all around this world.

[mrdeposit]

US's power is USD and I do not guess it wants to give up its power in the near future, also others. Besides, many years are required for crypto's acceptance and if accepted today, debts will not be reduced. There will be more negotiations to take this decision and regulate the economy.

[MakeMoneyBtc]

Changing from fiat to cryptocurrencies will really help our society to evolve and solve a lot of problems but but right now it think it's impossible to see that happening. Think that there are countries on the earth that until now don't have internet or even a computer or smartphone so how do you think they could use cryptocurrencies? Even in many countries were internet does exist, there still are a lot of people who do not have a smartphone and I'm talking here especially about old people. So unfortunately we should forget about cryptocurrencies replacing fiat for some time and when we evolve a little more more with the technology then we can talk about it.

[kryptqnick]

then what does the block chain have to do with the state what you mean, blokchain is a technology for crypto currency transactions and storage, so it has nothing to do with being able to help resolve state debt

Wondering exactly the same thing, how is it possible to use blockchain to pay huge debt? By converting all fiat money to crypto? Wouldn't be the same value once it is converted? Unless there is a huge pump of the price like what we saw in 2017.
Actually there are bunches topic discussing about this "bitcoin to replace fiat", but I'm still sure that it will never happen because fiat paper money is still the most used money all around this world.

I think the op did mean that the value will grow, so investing fiat in Bitcoin is a good start towards paying the debts. If more people choose crypto over fiat, the value will naturally grow due to the limited supply. You are saying that fiat won't be replaced, but the fact that it's very common now does not mean that people will not abandon it eventually. There've been issues with hyperinflation throughout history because of the fiat system. And US dollar became fiat rather recently. Relying on the economists and the authorities keeping everything under control seems really unreliable. It's easy to cross the line, type a bunch of banknotes and lead to serious consequences. The principle that limits the supply without significant human intervention is a great think, and after another global economic crisis or two people will get it.

[KennyR]

Bitcoin replacing fiat is not gonna happen, because fiat usage around the world in comparison to cryptocurrencies have at least a 100% difference. In this regard it takes lot time to reach the fiat into circulation. In this way fiat usage won't get replaced by cryptocurrency anytime. Fiat and cryptocurrencies will coexist and gets used.

[MiguelCryptoss]

then what does the block chain have to do with the state what you mean, blokchain is a technology for crypto currency transactions and storage, so it has nothing to do with being able to help resolve state debt

In my opinion OP is trying to exray the usefulness of the blockchain to state or to the government of the world. Recently I had that the government is seeking bailouts funds from cryptoexchanges which is a respect to the crypto world.

[tomahawk9]

People need to stop spreading this dumb narrative. Bitcoin it's not going to replace fiat money, ever, the banks won't allow it, and the governments around won't allow it. What's going to replace paper money is electronic money, digital transactions, the increase in use of debit cards and other forms for spending electronic funds. If anything Bitcoin will be an alternative for payments so that merchants around the world can also accept btc.

Btw, what you're saying in the OP has nothing to do with the title, but just so you know, the blockchain technology won't help to get rid of all the problems and issues and debt a country has.

[Meysa_richa]

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.

[crzy]

So bitcoin will become fiat money too, that is being controlled by the government?
Well, I’m just happy that this two money are not connected to each other because bitcoin is better if its decentralized. Fiat money should stay with the government, let’s not hope for them to combined.

[RapTarX]

People need to stop spreading this dumb narrative. Bitcoin it's not going to replace fiat money, ever, the banks won't allow it, and the governments around won't allow it. What's going to replace paper money is electronic money, digital transactions, the increase in use of debit cards and other forms for spending electronic funds. If anything Bitcoin will be an alternative for payments so that merchants around the world can also accept btc.

Bitcoin always is referred as a currency. As per your comment, bitcoin is nothing but a payment system like paypal, payoneer, skrill. Don't you think bitcoin is a currency?

[Indrawan77]

I don't see any relevance between fiat and how blockchain is going to solve the debt problem, blockchain technology is going to create a more efficient transaction system, it couldn't help the inflation or create more value to the fiat, and crypto is also not a tool to solve the debt problem, the unbalanced usage of crypto could cause the fiat value to become weaker and it will cause the debt become bigger

[jakezyrus]

Bitcoin replacing fiat is not gonna happen, because fiat usage around the world in comparison to cryptocurrencies have at least a 100% difference. In this regard it takes lot time to reach the fiat into circulation. In this way fiat usage won't get replaced by cryptocurrency anytime. Fiat and cryptocurrencies will coexist and gets used.

Agree  . crypto cant be useful offline because it is only dependent on internet and electricity while fiat can be use anywhere on or anything .

 that is the advantage of fiat , thats why many people will stick using it even if they are already aware that crypto is becoming a trend  .

Other crypto enthusiasts tend to push their vision about crypto replacing fiat in the future . oh well , lets see how this debate can go  .

[wilburwilbur]

Why does fiat needs to be replaced? Fiat currency in every country is unique and bitcoin is an open source cryptocurrency , most of the people can buy btc and it doesnt need to replace fiat.
Fiat and bitcoin can go together and should not go against each other

[TimeTeller]

I don't see any relevance between fiat and how blockchain is going to solve the debt problem, blockchain technology is going to create a more efficient transaction system, it couldn't help the inflation or create more value to the fiat, and crypto is also not a tool to solve the debt problem, the unbalanced usage of crypto could cause the fiat value to become weaker and it will cause the debt become bigger

True. Why would blockchain resolve the debt problem?
It is not created to do that kind of aspect in the first place.
But bitcoin replacing fiat is not happening anytime soon.
Many have discussed it already, and the bottomline - we still need fiat for so many valid reasons.
Come to think of it, only a small percentage of people across the globe know how to use crypto.
So how can bitcoin replace fiat in this case?

[creeps]

I don't see any relevance between fiat and how blockchain is going to solve the debt problem, blockchain technology is going to create a more efficient transaction system, it couldn't help the inflation or create more value to the fiat, and crypto is also not a tool to solve the debt problem, the unbalanced usage of crypto could cause the fiat value to become weaker and it will cause the debt become bigger

Yeah, its not good for a government to rely on blockchain technology at all. Debt will never become zero even if the rich country also have their own debt. Bitcoin will not replace fiat money for this reason, bitcoin is created to offer a more efficient services, fiat money will grow over time and stay in the market.

[pooya87]

if Government really needs to solve their debt issues blockchain is the only way out to convert their useless fiat to valuable blockchain technology

how does that work?
it is like saying "if i want to pay my loan i have to open up another account in the bank"! changing the form of money from fiat/cash into digital/cryptocurrency is not going to make the "debt" vanish. it will still be there and try not to confuse blockchain technology with some cash cow that creates wealth out of thin air, it may look like it but it is not.

[cellard]

then what does the block chain have to do with the state what you mean, blokchain is a technology for crypto currency transactions and storage, so it has nothing to do with being able to help resolve state debt

Wondering exactly the same thing, how is it possible to use blockchain to pay huge debt? By converting all fiat money to crypto? Wouldn't be the same value once it is converted? Unless there is a huge pump of the price like what we saw in 2017.
Actually there are bunches topic discussing about this "bitcoin to replace fiat", but I'm still sure that it will never happen because fiat paper money is still the most used money all around this world.

There's no way to pay the debt back because the debt has been built upon QE after QE. It is widely understood now that the train only goes further, with no brakes. We are in fact on a constant state of QE now, how does this end?

1) Governments willingly default and something is agreed upon
2) Governments don't willingly default because no one wants to be the one that is holding the exploding hot potato, so it somehow explodes, and we have something like 1929 and maybe worse
3) Other's start decoupling from the dollar, the empire gets mad at this and we have a nasty world war of sorts

In any case, hold gold and Bitcoin, but specially Bitcoin, it's the only 2 bunkers of sanity left. You'll end up richer while the situation is resolved.

[pinoyden]

Why does fiat needs to be replaced?

idk because thats the mob are saying  .

Fiat currency in every country is unique and bitcoin is an open source cryptocurrency

bitcoin is also unique because it can be used in multipurpose  . if btc is  open source , so is the fiat because anyoone can manipulate its design  and some even fake and clone it  .

most of the people can buy btc and it doesnt need to replace fiat.

how can they buy btc or mining hardware ( to mine btc ) if they dont have a fiat ?   , thats what im talking about .  fiat is too important to be replaced and forgotten by the public .