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Pffrt
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February 13, 2020, 05:47:20 PM
 #1

The chance is very low to happen a significant inflation unless world war III or worldwide epidemic disease occur. Let's assume any of this happened. Will people likely to switch their fiat currency into bitcoin?
If that's what happened and people attempt to switch their fiat into bitcoin, there will be a chance of fiat currency become nothing of value.
PS- I don't want world war or epidemic disease at all. i am just thinking at what point bitcoin will take over the fiat currency system.
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February 13, 2020, 05:59:13 PM
 #2

We honestly just don't know, we have seen countries that have had hyperinflation move over to crypto but that doesn't necessarily mean the entire world could or if the system could actually support it.
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February 13, 2020, 06:31:14 PM
 #3

Though bitcoin is already making moves within the world economy, I don't think people would be confident enough to adopt the said cryptocurrency almost immediately. It is basically unproven within the global economic scene and only appears as an investment vehicle/tool and not much of a financial tool that can be used for real world transactions. it can be a hedge against inflation together with gold but for real-world usage on a large scale, it wouldn't pan out. If everyone is keeping it, then there wouldn't be anyone who would be willing to use it as well.

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TheNewAnon135246
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February 13, 2020, 06:53:21 PM
 #4

We're about to witness what will happen to Bitcoin in such scenarios. Corona is going to have a (huge) impact on the global economy. Chinese factories are closing down, causing a disruption of the global supply chain. A lot of EU/US based factories and businesses are relying on parts from China. People are canceling their trips to Asia, causing those countries to miss out on a lot of revenue from tourism. Big conventions are being cancelled because of fear of contamination etc.

It's only a matter of time before traditional markets will start to react.
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February 13, 2020, 07:14:42 PM
 #5

i am just thinking at what point bitcoin will take over the fiat currency system.

In my opinion, there will be no point.  Whether Bitcoin will take over or not depends on the government of each country.  Sure, Bitcoin will play as an alternative but it never crosses even in my imagination that the central government will allow their country under the grace of a decentralized currency that they can't control.  Worst, most of the coin is owned by a few individuals.  The government will not let their economy be played by those individuals, will they?

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February 13, 2020, 07:16:23 PM
 #6

It's only a matter of time before traditional markets will start to react.
It has already started. I have not been for a month for service which I am providing for one of my Chinese clients. We are in contact for more than 3 years now. Never had a delay in payment but this time, no response from him for a long time. I am worried about him.
I guess there will be a panic around the world and countries heavily depending on China will have a hard time soon. It will not be possible to balance the demand/supply at all.
The affect may get some more attention to bitcoin as till now, it's the best way of storing value.
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February 13, 2020, 08:21:17 PM
 #7

The chance is very low to happen a significant inflation unless world war III or worldwide epidemic disease occur. Let's assume any of this happened. Will people likely to switch their fiat currency into bitcoin?

Global inflation (and therefore probably the global recession) will spare no one. It will hit everyone, eventually, from the street sellers to the multinational corporations. In a state of hyperinflation, severe social disturbances occur and the economy does not function at all. People will focus all their energy on meeting basic needs and will lose confidence in the power of any currency (fiat or digital). Money exchange is replaced by trump (commodity exchange).
In the event of such a major global catastrophe, society is more likely to sink into the pre-industrial era. Bitcoin may be independent of institutions and countries, but it depends on other segments of modern society, such as electricity, the internet and IT technology in general.

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February 14, 2020, 07:04:03 AM
 #8

I guess it depends on what currency people find more useful and safe.
I think if such events occur, people will most likely use Bitcoin if they know about it and if still censorship resistant, easy to use and access.
A Well decentralized Bitcoin or cryptocurrency really has a chance of doing well in such situations.



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February 14, 2020, 10:51:20 AM
 #9

The chance is very low to happen a significant inflation unless world war III or worldwide epidemic disease occur. Let's assume any of this happened. Will people likely to switch their fiat currency into bitcoin?
If that's what happened and people attempt to switch their fiat into bitcoin, there will be a chance of fiat currency become nothing of value.
PS- I don't want world war or epidemic disease at all. i am just thinking at what point bitcoin will take over the fiat currency system.

It will take a very long time before bitcoin will take over fiat currencies, since we have been using fiat ever since. Even if there would be a large inflation worldwide, we cannot expect that people will immediately switch to bitcoin that will be used for canned transactions.

We will come to that time where we will use for our everyday lives, but it is not today.
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February 14, 2020, 11:05:29 AM
 #10

IIRC, this has been discussed in some other threads already. People who are conscious with their wealth will definitely look for a place where it can be safe and bitcoin can be their option for it. This applies for those people that are still not aware of bitcoin but has no choice but to convert their wealth to a safer asset like bitcoin. But they also have an option to convert to gold but, they have to carry it on their own while in bitcoin, all they need is to keep it on a digital wallet with their private keys.

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February 14, 2020, 11:22:30 AM
 #11

The chance is very low to happen a significant inflation unless world war III or worldwide epidemic disease occur. Let's assume any of this happened. Will people likely to switch their fiat currency into bitcoin?
If that's what happened and people attempt to switch their fiat into bitcoin, there will be a chance of fiat currency become nothing of value.
PS- I don't want world war or epidemic disease at all. i am just thinking at what point bitcoin will take over the fiat currency system.

Anything can happen and untill it happens we cannot speculate about the situation. There are countries like Venezuela and Iran where people are investing heavily into Bitcoin but, you are talking about the whole world.

I feel if such a situation arises, people will primarily think about surviving than investing in Bitcoin.

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February 14, 2020, 04:54:21 PM
 #12

Possibly. If we take into account the loss of value of USD and other fiat currencies, using BTC instead could be the way to go. Just that, I doubt the government would readily leave the fiat currency with just that. They'd probably look for a way to reset the market, restoring order. Not only that, afaik, if an inflation hits the globe, society itself would also become heavily affected, whether it be in terms of fiat currency or in terms of product flow, everything would be hugely affected. Sure, there are possibility that we would come back up from it quite nicely, but damages would surely be done, and I doubt only fiat would be the only one affected. The cryptoscene would probably be affected as well, one way or another.

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February 14, 2020, 05:55:54 PM
 #13

every year there is significant inflation world wide.

the reason people dont notice it is because its world wide. so the exchange rate between the currencies still equal the same amount..

what you find has changed is how much bread or milk you can buy for that amount

it wont matter if people use bitcoin or fiat. it would all equal the same.
less bread and milk no matter what currency is used

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February 14, 2020, 06:17:09 PM
 #14

Fiat is already worthless. Just a piece of paper, that's it! You create a $100 banknote with a material worth less than $0.25. It's just like overvalued paper.

In case of a significant worldwide scenario, people will retreat from fiat as much as possible and enter the commodity world. That includes Bitcoin, but it still remains to be seen whether a hyperinflation would trigger people to move on a higher percentage to BTC or precious metals.

It's an interesting subject imo, as it's never happened before. The only scenario we can take as an example is Venezuela. You can see from their situation that Bitcoin can be handled in a way easier manner than gold. Bitcoin is yours - put a paper in your pocket and cross borders with as much money as you like without someone even knowing whether you have $0 or a billion on you. Gold is different - I wish you good luck crossing borders with 10kg of gold.

I want to believe Bitcoin would be the winner in case of a significant inflation, against all the other commodities. But again, this has never happened before so I predict a huge load of FUD in OP's scenario.

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todiboa
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February 14, 2020, 06:20:46 PM
 #15

The chance is very low to happen a significant inflation unless world war III or worldwide epidemic disease occur. Let's assume any of this happened. Will people likely to switch their fiat currency into bitcoin?
If that's what happened and people attempt to switch their fiat into bitcoin, there will be a chance of fiat currency become nothing of value.
PS- I don't want world war or epidemic disease at all. i am just thinking at what point bitcoin will take over the fiat currency system.

Bitcoin could be one of the tools that will replace fiat during global inflation. However, I am inclined to believe that physical consumables like food, water, oil, gold, weapons, medicines, and so on will have the value if we are talking about world war 3 or another world cataclysm
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February 17, 2020, 01:02:28 PM
 #16

The chance is very low to happen a significant inflation unless world war III or worldwide epidemic disease occur. Let's assume any of this happened. Will people likely to switch their fiat currency into bitcoin?
If that's what happened and people attempt to switch their fiat into bitcoin, there will be a chance of fiat currency become nothing of value.
PS- I don't want world war or epidemic disease at all. i am just thinking at what point bitcoin will take over the fiat currency system.

There are number of ways the world can employ to fight such things. Increasing interest rate is one of the major weapons to fight inflation. It will create different situations for different group of people. People who are living on interest, will be benefited and people who are paying huge loans like housing, will be hit! None of these scenarios will make fiat worthless! So put that possibility out of the equation.

But yes, such kind of scenario can give a good boost to cryptos like Bitcoin and assets like Gold because there will be a group of people who would want to safeguard their capital. Nothing more can be expected!

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