Bitcoin to replace fiat

[wiik]

Mmmm , I dont think that will happen before we die. Haha , i mean some people still dont accept the idea behind the blockchain/bitcoin or any other cryptocurrency. And about paying state debt with blockchain , as said by the previous replies the value might go down once you convert and go deeper into debt. So yeah nah , not a good idea.

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[izanagi narukami]

I can say it's difficult to happen because they are completely different things
Yes, bitcoin has advantage has fiat but their normal state for me , they are still ordinary investment like gold
Eventhough government want to legalize it, they require some time to do it !

[susila_bai]

I can say it's difficult to happen because they are completely different things
Yes, bitcoin has advantage has fiat but their normal state for me , they are still ordinary investment like gold
Eventhough government want to legalize it, they require some time to do it !

I agree , that both have their own benefits and it is very hard to replace anyone as both can function simultaneously, like what you said bitcoin is used just like investing in gold, silver as they all are good for investment. Legalising cryptocurrency cannot be done fully but they can restrict the users to use it under legal control.

[AniviaBtc]

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.

I think it is impossible for bitcoin to replace fiat currency, even bitcoin is becoming more popular today it does not mean that it has a chance to replace fiat currency so easily because the government will still choose to support fiat over bitcoin and both of it has a lot of differences.

[kucritt]

i think before changing fiat to bitcoin, i think we should know that we need the stable currency before somebody makes the it to daily currency, and bitcoin right now can't reach that goal, because the price of bitcoin is changing everytime, its not a stable currency

[Latviand]

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.

It will be difficult for bitcoin to replace fiat because there are still countries who do not like bitcoin and a lot of counntries are still banned bitcoin. There are chance for bitcoin to be use as a currency because there are already few stores in every country who accept it as a payment, but no chance to replace fiat currency.

[purple.thoughts]

Bitcoin will replace fist currency? I think that will happen for now because bitcoin's current price in the market is low but I can say that there are possibilities that fiat will be replaced by it. Because technigy is advanced now snd therr will be the time in the future that people will prefer using cashless transactions.

[Whosdaddy]

CRYPTO and FIAT are both means of payment and cannot completely replace FIAT though it might take a larger part in the near future. Bitcoin will be so easy enough to use in the future which virtually everyone will start trading with it and also use it as store of value but FIAT will never fade away, don’t forget that crypto is technology base why fiat does not strictly depend on technology.

Till the world ends, I don’t think technology can reach all parts of the world and as far as crypto is tech base, it is impossible to replace a paper currency except it will operate of both tech base and paper base which will then be same as fiat but can be the most used method of payment.

[Seth2009]

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.

Agree... Maybe it will take more time for bitcoin to totally replace fiat money...still a lot of countries didnt accept bitcoin... Because their government are against on it.. Thinking that in blockchain transactions evrything is hidden especially the identity of the users.. It will be very hard for them to identify people who commit crimes when using blockchain.. And one more thing they cant put taxes for every transactions that are using blockchains...

[Webberson]

Cryptocurrency and fiat currency, are two distinct currencies with different mode of operations. Bitcoin might dominate fiat currency, but i believe fiat currency will still be in existence as a back up currency used in making smaller day to day transactions, and also serve as an alternative means of making transaction whenever there is a failure in the operation of the digital currency.

[candra raditya]

Maybe if bitcoin is pumping high then it can happen, but I think it won't last long at high prices. Fiat still needs to be used and cannot be easily removed.

[xuv500]

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.

You are right, its not so easy to replace fiat straight away and even the public will not support to this unless it gains the trust about this technology and yes it has given freedom which was not expected by anyone. hopefully after 20 to 25 years it may happen until then paper currencies will work on the entire globe.

[cambda]

It isn't about of substitution however it is an approach to have choice of what we needing to utilized for our day by day exercises in our solaces. Fiat still have its esteem and considering the way that crypto isn't acknowledged in a few regions where completely crypto won't have such capacity to overcome fiat. Cryptos are structure for online exchanges, in this manner all others exchanges should utilized our neighborhood monetary standards.

[blueteam09]

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.

[syamster]

In my opinion nope. bitcoin will never to replace fiat. Yes many people around the world almost know about what is bitcoin and how expensive is bitcoin but to become a fiat, i'm not sure about that because there are still many things to do to make bitcoin to replace fiat or at least to become a fiat.

There's no chance for bitcoin to replace fiat because fiat money is being supported by every country and for sure they don't want to fully decentralized their own market. So bitcoin will stand together with fiat money, people have to choose this time and for me Bitcoin is the best of all but we still need fiat money.

For me your discussion does not make any sense as an investors I know people are now much involve in bitcoin than fiat because fiat is now only an old age currency but digital currency like bitcoin is changing lives and it is improving our economical state as well, bitcoin gives money earning facility that makes our life better and secures our future but having lots of money will only get rusted.

[gutshot5820]

I think the better statement is crypto to replace fiat. There will be more than just Bitcoin imo

[BlueStackz]

it is true that you can not rely on the altcoins but the reason for that is because they are mostly scams and poorly projects that were made for monetary reasons (meaning the developer wanted to become rich overnight either through premining or running an ICO).
but we are talking about bitcoin here and it is the most and only reliable currency out there. it is true that its price is volatile but if you look at the bigger picture you can see the price is pretty reliable. you can clearly see that in the past 3 years (long term outlook instead of short term) price has solidly risen from $800 to $3000+ and that shows growth and the strength of that growth.

Yeah, bitcoin is still the most reliable crypto currency out there in which other altcoins even depends on and the bitcoin fluctuating is because of the coin still being introduce and gradually being accepted, when bitcoin becomes widely accepted, it will become stable like the FIAT and the price less volatile.

Once become becomes widely accepted and stable, most of these altcoin will definitely be off market, thereby eliminating any project that scam people inform of altcoin, infact I see most altcoins as scams and will not stand the test of time other than bitcoin.

[Danslip]

In my opinion nope. bitcoin will never to replace fiat. Yes many people around the world almost know about what is bitcoin and how expensive is bitcoin but to become a fiat, i'm not sure about that because there are still many things to do to make bitcoin to replace fiat or at least to become a fiat.

There's no chance for bitcoin to replace fiat because fiat money is being supported by every country and for sure they don't want to fully decentralized their own market. So bitcoin will stand together with fiat money, people have to choose this time and for me Bitcoin is the best of all but we still need fiat money.

For me your discussion does not make any sense as an investors I know people are now much involve in bitcoin than fiat because fiat is now only an old age currency but digital currency like bitcoin is changing lives and it is improving our economical state as well, bitcoin gives money earning facility that makes our life better and secures our future but having lots of money will only get rusted.

New ecosystem will let society to manage their assets without the help of middleman. It is not only about making money and there are other things that we should take it seriously. Investors are smart and they know how to control the situation and their financial portfolio.

[Reid]

Is it?
Debts will be paid by how much growth their economy will have.
Even if you change to another type of currency then pay it with that, the result will just be the same.

Also, dont worry about that. Their debt will just keep on increasing and somehow that Wold Bank will just keep on loaning them that money and it will just go on and on until the end of the world.  

If you have some wise ideas, please do share. I dont think there is a solution to that. Good economy only and good governance.
But with pollution!? Nah!.

Just live the remaining years of your life then let them do the next. 

[minersday]

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.