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

[henrybek3]

Bitcoin domination is very falza. Even if the bitcoin price goes up, altcoin prices are adversely affected. Why should people invest in altcoins? For subcoins, the bitcoin price needs to remain constant. In 2020, there could be such an improvement.

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[Bitcoincc]

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

People don't like to pay taxes, many local currencies always devalue, bitcoin have high tendencies to increase in value over time. So, because of these, people are now preferring to buy and do bitcoin transaction business over fiats.

With that said above, people like to convert fiats to bitcoin and it is very possible that this make bitcoin more wanted than fiats in the future. But, there are barriers that will make this not to happen. Governments are the barriers, that is why they are banning and placing strict regulations against bitcoin.

Although, with strict regulations, bitcoin value is still increase but this has delayed bitcoin to be the world currency.

[BartS]

I wonder why the subject is directly saying using fiats is an indication of a negative future, but in fact, the systems we've developed in fiats is the foundation why we have the best currencies of today which is the cryptocurrency. Being rich will not be determine on what currency we have, nor the economy we belonging into, it will be based on how aware we are to our condition, and how we keep on working hard to escape poverty. As a bonus, if we try to have our knowledge deeper, it will help us to grow faster and eventually become rich.

Fiat currencies are not the foundation of cryptocurrencies, there is a reason why bitcoin is often thought to be some form digital gold, bitcoin has almost all the characteristics of gold but with the advantage that it is very easy to store compared to gold.

But if at some point in time governments begin to develop their own cryptocurrencies you are going to see the difference, they are going to create a centralized cryptocurrency that is going to be nowhere near what bitcoin is about and it will not offer the freedom that bitcoin offers.

[sana54210]

I like Bitcoin and cryptocurrency, but judging from how things are going right now I would say that decentralizedcryptocurrency is not going to replace fiat.

You should take China as an example, they are creating their own cryptocurrency but they never said that they are going to stop their citizens from making use of their fiat (Chinese Yuan), rather their cryptocurrency will be another option for those who doesn’t want to make use of the regular currency and it will also be a faster means of transaction and the way I see it, it will be issued by the banks and people will be able to exchange it for fiat if they wish to. So fiat will still be there and governments will create centralized cryptocurrencies that they can regulate.

[affandi]

in the digital age like today, many people speculate the same thing as you. but it seems that most of every government wants everything to be centralized, so they can control. whereas we all know that bitcoin is decentralized, so it seems that it will be difficult to replace fiat. at present, in my country, bitcoin is only used as an alternative currency and as an investment.

[Meowth05]

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

A lot of people speculating that cryptocurrencies will eventually replace Fiat but I think not because first of all government who is the one handled the monetary system. It will be hard for government to monitor this kind of currency so there's a high for them to not accept this technology or simply ban this on their country. Probably, they will use it as an alternative monetary system for the country.

[msarro]

Government backed fiat will crash and government will still be standing? I really doubt both these will happen at same time.
If there is no fiat then there will be no government operating in the country, since the financial control is one of the strong pillar on which any governments stand. Bitcoin has its own value and use cases but that doesn’t mean we should start saying that it’s going to replace fiat.

[supercanada1]

Government backed fiat will crash and government will still be standing? I really doubt both these will happen at same time.
If there is no fiat then there will be no government operating in the country, since the financial control is one of the strong pillar on which any governments stand. Bitcoin has its own value and use cases but that doesn’t mean we should start saying that it’s going to replace fiat.

Bitcoin can not replace fiat in any way because cashless economy can not be possible. Bitcoin stands on its own without the government’s support. That is true that bitcoin will hold a strong position in our lives in future but it will use in parallel to the fiat. It can in no way fully replace fiat.

[Ashong Salonga]

It depends on the individual if he can acquire the possibility on getting rich through Bitcoin or through Fiat because there are different cases that even a single person just sticks into Fiat all throughout his life, he still manages to get rich all by himself. On the other hand, cryptocurrency such as Bitcoin provides us a great opportunity and possibilities of earning large income through working into various ways possible that is also dependent into your preference. Even if cryptocurrency provides us such opportunity, the effort we exert on dping work related to earning crypto will say what can truly happen to our journey on crypto industry. Still working hard is the best way to get rich and there is no such shortcut on doing such thing but exerting hard work on every single thing you do whether it is on Fiat or cryptocurrency. Having a wise choice and also good decision making matters if you will going to be rich or another way around because even if you have greater possibility to get rich with cryptocurrency but you have poor intelligence on decision making you might still end up being poor.

[bryant.coleman]

I am not sure whether we can compare the two, because Bitcoin is an asset mostly used for investment nowadays and fiat currency is mostly used as a medium of payment. The purpose of fiat currency is different from that of Bitcoin. So it won't be proper to say that anyone investing in fiat currency will be getting negative returns (just because we are not supposed to "invest" in fiat currency). Now please don't misunderstand me. I am not a fan of fiat currency and for the last 8 years, I have remained as a loyal user of Bitcoin. But I need to clarify certain things, so that the new users won't get confused.