If Bitcoin is a get rich quick scheme, then fiat is a get poor slow scheme

[kryptoklerk]

Fiat will be replaced by crypto currency but i dont think it will be bitcoin. Government want to control everything and even fiat money , bitcoin cant control by the governement so  they will create thier own and will use blockchain technology to make a new way of payment before fiat currency fall.

I think it must be BTC, the main crypto!!!

[Gotumoot]

You should also consider possible problems in the future if bitcoin replaces crypto immediately,

I'm sure this will create havoc especially for people who are unfamiliar with bitcoin and other altcoins. It has to be well thought out and I don't think it's time for bitcoin to replace fiat currency.

[kryptqnick]

Fiat will be replaced by crypto currency but i dont think it will be bitcoin. Government want to control everything and even fiat money , bitcoin cant control by the governement so  they will create thier own and will use blockchain technology to make a new way of payment before fiat currency fall.

Sure the government cannot control Cryptocurrency but the Government is likely to Crash too

Really?So you are saying that no government can't control crypto mining and trading?
What if USA and EU ban crypto mining and trading?What happens then?

Best case scenario: people protest and the ban is lifted soon. Worst case scenario: the amount of miners decreases, the difficulty rate drops and those who are still in the game keep mining as if nothing happened.

Bitcoin isn't a quick rich scheme. In my experience it is a quick rich scheme for very few users who are lucky to earn big out of the investment in a very short. Looking upon the profit earned by that few we can't believe this to be a quick rich scheme. Such a misunderstanding is the reason for people to fall on traps. Whether it is cryptocurrency or fiat when used with perfect plans and good learning about the market it'll be profiting someday.

Well, if we interpret the name of the thread loosely, it's correct. Fiat is a 'get poor slow scheme', because of inflation that inevitably makes the value of fiat decrease (what's also called 'the hidden tax'). Bitcoin, on the other hand, is not susceptible to inflation and growing in value with time due to limited supply. So it is a 'get rich' scheme, kind of, and if you compare it with getting rich while investing in things like stock, it offers profits faster.

[mindrust]

Bitcoin is doing these big ups and down because we are still in its early days. That big roller coaster made lots of people rich beyond imagination and made lots of people poor (for now) sadly.

The FED, ECB, BoJ, BoE they all print money in exchange for what? Debt. I would say nothing but it is worse than nothing. In other words, they are printing debt, not money.

Money should be sound. Money should be limited supply. Bitcoin is the perfect money.

[Asuspawer09]

I found this quality topic on twitter and it all caught my attention. I have seen that fiat is the currency of the Government and Bitcoin is the currency of the people, Can the Government Crash? if so the people cannot Crash neither, because so many people are not making good business from the fiat than in bitcoin, which have provided so much job opportunities for users who are online. Fiat will be replaced soon by bitcoin.

Share your thoughts

I think bitcoin cannot replace fiat money as a currency use, in a lot of countries they are using fiat money but have a different value just like a pesos or a dollar,
in my opinion bitcoin cannot be the only currency in all over the world because different country has different standard other things might be cost or expensive in other country but not in other countries, maybe bitcoin is going to reply the fiat money but I don't think that fiat money is going to disappear if the bitcoin become a top currency I think fiat money is still in use.

[TRONTON]

I found this quality topic on twitter and it all caught my attention. I have seen that fiat is the currency of the Government and Bitcoin is the currency of the people, Can the Government Crash? if so the people cannot Crash neither, because so many people are not making good business from the fiat than in bitcoin, which have provided so much job opportunities for users who are online. Fiat will be replaced soon by bitcoin.

Share your thoughts

I think bitcoin cannot replace fiat money as a currency use, in a lot of countries they are using fiat money but have a different value just like a pesos or a dollar,
in my opinion bitcoin cannot be the only currency in all over the world because different country has different standard other things might be cost or expensive in other country but not in other countries, maybe bitcoin is going to reply the fiat money but I don't think that fiat money is going to disappear if the bitcoin become a top currency I think fiat money is still in use.

we have long been trapped in the understanding of the world economic caste, and it all started from the age of industrialization. If it's too complicated with that, we can take the equality of value held by gold as a comparison.

fiat will still exist, but it will become a more modern digital entity, and bitcoin will run on both more complex functions, but will still refer to the fiat value equation, because it is not possible to form stable prices on btc without active legal policies.

[Zemomtum]

Well, there might be another currency apart from the Bitcoin that will be universally accepted. Nowadays, Central Banks are looking into the blockchain deeply and planning to issue their own token. Who knows what the future will hold but we are just speculating. I will be glad though if it will be Bitcoin

[LUCKMCFLY]

~snip~

Everything is that Bitcoin represents a technology, apart from it is a deflationary economy, while the FIAT currency is a currency that is controlled, comes from an economy that has mostly its common denominator debt and tends to have inflation, is controlled by governments and Banks.

In the not too distant future there will be a migration to digital, and the US is considering the digital dollar, China is preparing everything for its launch of its own cryptocurrency, in addition Germany is joining the same trend.

But both economies can coexist, there is no problem, the only thing is that they always attack bitcoin and cryptocurrencies for the fact that they are not controlled, now they are taking some measures such as the KYC to decrease their privacy, and in some countries they placed taxes for crypto and it is not that Bitcon is a scheme for the rich, but that it is much more accessible than it is with the traditional economy managed by third parties.

[xiboothrezi]

I'm not really sure what you mean by the government and the people "crashing", but I disagree with your other statements. Fiat is still a better currency to use for businesses simply because of the stable value of the USD(compared to BTC at least), and because fiat is still far easier to use than cryptocurrencies in general.

Also, as a long term bitcoin bull, you don't really expect the current fiat system to be replaced by bitcoin "soon". It will definitely take a while. Bitcoin isn't even ready yet to use for-payments.

That's true, even though Bitcoin provides an opportunity to get a bigger profit than fiat, it really depends on each strategy. Fiat, although not as fast as bitcoin in providing benefits, has many advantages as well and is more effective in certain matters and easier to use by the general public. So, I prefer to use it in a balanced manner, taking advantage of each, complementing each other.

[gentlemand]

Bitcoin isn't a quick rich scheme. In my experience it is a quick rich scheme for very few users who are lucky to earn big out of the investment in a very short. Looking upon the profit earned by that few we can't believe this to be a quick rich scheme. Such a misunderstanding is the reason for people to fall on traps. Whether it is cryptocurrency or fiat when used with perfect plans and good learning about the market it'll be profiting someday.

The people who do arrive just before a bubble are almost always too dazzled to see it for what it is so don't ride it up and bugger off like the real pros. Then they have to sit there waiting for years. I'd say it's like a torture chamber with the prospect of escape just beyond one's grasp.

[BlackFor3st]

I found this quality topic on twitter and it all caught my attention. I have seen that fiat is the currency of the Government and Bitcoin is the currency of the people, Can the Government Crash? if so the people cannot Crash neither, because so many people are not making good business from the fiat than in bitcoin, which have provided so much job opportunities for users who are online. Fiat will be replaced soon by bitcoin.

Share your thoughts

Right now fiat can be use by anyone whether you are poor, illiterate or pwd but if the time will come that crypto can serve this kind of service also then there is a possibility that crypto can replace fiat someday because everything will always depend to adoption and whether it can be use by anyone.

I cannot say that fiat is a type of scheme to make us poor or even Bitcoin is not a scheme to easily get rich. All will always depend on how you are going to adapt and make a living for it, without work you will not earn anything even the hackers need a lot of hard work to bypass their target.

[barabarian1]

bitcoin has opened up jobs for many people all over the world and has also created some new wealthy people. but I think even though bitcoin has provided many benefits for us holders. the government will not be able to directly replace their fiat currencies with bitcoin. because many things need to be prepared to replace fiat currency with bitcoin. and also our people are used to using fiat money so I think it's quite difficult for them to switch to using bitcoin. bitcoin is a fast way to get more fiat money. but in payment we will still rely on fiat money.

[Youghoor]

There are no specific ways or information with regard to the ways and methods cryptocurrencies are likely to used to replace the use of fiat currency. Each day and day out, people develop new crypto coins with no specific responsibilities for that particular coins and what exact problem the coin is gonna solve in entire financial ecosystem. This strongly shows that the entire  cryptocurrency space  do not have any specific goal towards improving the financial ecosystem.  

If Bitcoin is a get rich quick scheme, then fiat is a get poor slow scheme

why should you make this assumption in the first place? The only different between Bitcoin and fiat is the system used in their mode of transactions. Apart from this, there are no significant differences between Bitcoin and Fiat.  People don't really understand the brain behind the creation of Bitcoin and cryptocurrency in general. Once there is lack of understanding, people will also create this kinda post on this forum.

[maydna]

When people know that they can search for the opportunity through the internet and they did find that job and make money. They would not do business in real-life if they discovered that they could make a lot of money from the internet. But they will still use fiat to buy something or to fill their daily needs until bitcoin or whatever it called can get approved by the government. But so far, bitcoin is not yet reaching all people in the world, and people still like to use fiat, so perhaps, we will not see bitcoin will be the next currency soon.

[jsizar]

There are almost no pure "get rich scheme" in the world. Crypto can be a get poor fast scheme too

[Cacingkemi]

Fiat will be replaced by crypto currency but i dont think it will be bitcoin. Government want to control everything and even fiat money , bitcoin cant control by the governement so  they will create thier own and will use blockchain technology to make a new way of payment before fiat currency fall.

the government will not fully control cryptocurrency, but both in the future will co-exist, in other words, most governments in the future will be able to accept digital currencies to be used as alternatives for various transactions without having to eliminate the fiat function itself

[nydiacaskey01]

Fiat will be replaced by crypto currency but i dont think it will be bitcoin. Government want to control everything and even fiat money , bitcoin cant control by the governement so  they will create thier own and will use blockchain technology to make a new way of payment before fiat currency fall.

How can cryptocurrency replace fiat if cryptocurrency is not fully controlled by the Government? I don’t think there will be a Government that will allow their current currency to be totally replaced by cryptocurrency.

Sure the government cannot control Cryptocurrency but the Government is likely to Crash too

Can you elaborate more on how the Government can crash? Maybe it depends on the power of their currency, if its US, they have a strong currency unlike other currency.

[Getmon]

Fiat will be replaced by crypto currency but i dont think it will be bitcoin. Government want to control everything and even fiat money , bitcoin cant control by the governement so  they will create thier own and will use blockchain technology to make a new way of payment before fiat currency fall.

How can cryptocurrency replace fiat if cryptocurrency is not fully controlled by the Government? I don’t think there will be a Government that will allow their current currency to be totally replaced by cryptocurrency.

The government's fiat could be totally replaced by cryptocurrency only if the cryptocurrency replacing it is of their own making and full control. Other than that, any other cryptocurrency will remain an alternative currency which will be allowed to be of use by the citizens depending on the decision of the powerful government.

Sure the government cannot control Cryptocurrency but the Government is likely to Crash too

Can you elaborate more on how the Government can crash? Maybe it depends on the power of their currency, if its US, they have a strong currency unlike other currency.

Some governments are crashing. The middle east, Latin America, and the African continent have examples. But there will always be another government that replaces the one which crashed.

[CryptoBry]

Fiat will be replaced by crypto currency but i dont think it will be bitcoin. Government want to control everything and even fiat money , bitcoin cant control by the governement so  they will create thier own and will use blockchain technology to make a new way of payment before fiat currency fall.

Yes, this is quite a possibility. We see right now that some governments are already planning to launch their own versions of a cryptocurrency although there are now some precedents like the failing Petro of Venezuela, yet we have not seen a big country taking cryptocurrency with full force, maybe what China is cooking can be the litmus test on the probability and viability of a state-sponsored and run cryptocurrency. Once China can be successful with its cryptocurrency we might be seeing other big governments like Russia, EU and even the USA taking notice. However, I also don't think that Bitcoin will die because of this as the opposite can even be happening.

[makishart]

the government will not fully control cryptocurrency, but both in the future will co-exist, in other words, most governments in the future will be able to accept digital currencies to be used as alternatives for various transactions without having to eliminate the fiat function itself

I doubt it because government will feel threatened considering allowing two currency to coexist and one which is not in control and decentralized could potentially hurt their economy. the uncontrollable currency is a huge disadvantage for the government considering that they need control over everything to let things run as they were planned and crypto will become a hindrance.