Bitcoin will never replace fiat cash.

[error08]

Bitcoin is not competing to replace fiat and moreover this topic has been discussed here over hundred times, neither bitcoin nor any other crypto coin can ever replace fiat as crypto has its own base which runs parallel to fiat and regardless of adaptability rate of bitcoin there will be set of users who will never switch from fiat to any other payment method.

A crypto everyone mines at the same rate will replace fiat.  People will opt into a fairly generated supply.  Merchants won`t accept fiat in the future, my 600 acre farm already does not.

No, it won't happen as long as there is an authority called the government.
Every country has fiat currency, why are they replacing established currencies with third party cryptos? or don't countries issue their own crypto?
The only condition it may happen if all the countries agreed to use one decentralized crypto or there is no longer any power in each country to maintain the value of fiat currency.

[Reid]

He blew his whistle on a bitcoin community.
That's healthy.  

Well, it was never meant for that.
Up until now, I have never thought about it.
Even with all the same thoughts of other people who don't really understand it. They keep on telling the same thing.
"Bitcoin will replace fiat." Nah.
But Bitcoin might give problems to the banking industry.  

[Sebas.tian]

Bitcoin will never replace fiat cash.  A coin everyone mints at the same rate will.  It will also replace bitcoin and all of the shitcoins.
Mark my words.
Bitcoin runs off the fumes of fiat.

Most older people trust traditional ways to accept or send payments which is cash but the more influence bitcoin gain over the new population.
And they start using it then bitcoin will become a traditional way to accept and send payments.

Yeah the older generation are still very much in love with the fiats cash, which is a traditional means of payment, though this can't be seen as their fault becasue they are not adaptive like the young, most especially the Bitcoin technicalities. The traditional fiats cash can't replace Bitcoin neither the Bitcoin to replace the traditional fiat cash, this two will consolidate each other for a perfect means of making payment in future.

[ChrisPop]

I don't believe cash or paper is going to be part of our future. In 5-10 years I'd bet we won't use cash at all.

As long as we have internet there isn't any reason to keep using them. If something happens with the world like a ionic pulse that completely erases the networks luckily we will still have gold and.. of course we can make blockchain snapshots.

[Zionatin]

Bitcoin was never in competition with fiat. What do you mean by "a coin everyone mints at the same rate"? You should explain yourself better when making topics. So to you every other coin out there that's not bitcoin is a "shitcoin"? That's just not sensible.

Nah no word to remark.

"Bitcoin runs off the fumes of fiat." Yes because fiat is dying so it's letting off its last fumes before it dies. Bitcoin consumes these fumes.

[bitmover]

Bitcoin never meant to replace fiat.
It is an alternative, a store of value and a an electronic cash system.

What store of value is it storing? It`s not like gold where the value that is stored is actual metal.

metal that is, for the most part, useless. there is far more gold stored in bars/coins, sitting in vaults and safes, than could ever be conceivably used for industrial or medical purposes. i don't think non-monetary utility is where gold really derives its value from. it's more about predictable scarcity and organic network effect---basically the idea that it's universally accepted and can't be easily devalued/diluted.

among other things (portability, divisibility, the ability to pay electronically) bitcoin may prove to be superior to gold in the long run because of its predetermined supply.

programmable money---what an idea!

What value bitcoin is storing?
Well, bitcoin is storing the value of energy. Do you know that it costs energy to mine bitcoin, right?

And energy is something that is essential, and will continue to be essential in the world as we know for a long time.

[aesma]

First of all fiat and cash are two different things. Fiat has decades more to run, maybe centuries. It could even become a crypto.

Cash on the other hand, coins and bills, that might disappear quite quickly. It is an avowed goal of many governments, to prevent the hidden economy. Sweden is already basically cashless.

[sayaya17]

Fiat currency is very strong because the government supports it. Created and approved by the central bank of the local country.
This makes fiat so powerful. And of course bitcoin has no such power. Bitcoin also has some problems that make it difficult
to replace conventional currencies. Although the trend of using Bitcoin internationally is quite high.
Bitcoin exchange rate changes over time and fluctuates. Perhaps in the long run, Bitcoin will still be one of the alternative currencies.

[coolcoinz]

I don't believe cash or paper is going to be part of our future. In 5-10 years I'd bet we won't use cash at all.

As long as we have internet there isn't any reason to keep using them. If something happens with the world like a ionic pulse that completely erases the networks luckily we will still have gold and.. of course we can make blockchain snapshots.

You are right about this. Many countries already begun preparing to go cashless. For instance Sweden went semi-cashless in 2018 reducing cash payments by 40%. They introduced card readers to every public facility, even to public toilets. We can say that cash is a dying breed. What is going to overtake it? What has some of the privacy features of cash while remaining digital? Bitcoin.

[Innerpumper]

Bitcoin will never replace fiat cash.  A coin everyone mints at the same rate will.  It will also replace bitcoin and all of the shitcoins.

Mark my words.

Bitcoin runs off the fumes of fiat.

Why should bitcoin compete with fiat? i think fiat is a conversion suitable for doing offline transactions we all know because bitcoin is very limited. How can you put fiat on a server or an online store owner? I think bitcoin makes it easier, and the purpose of creating bitcoin is to make it easier to transact online, not to make fiat. Please remember that.

[Crptomagma]

Bitcoin was never created to replace fiat cash. Bitcoin is a store of value and isn’t controlled by the centralized Authority it’s a decentralized currency and is being stored in a digital wallet

Bitcoin will be an alternative payment option if the world appreciate the technology and give it chance to grow. Yeah I know most countries of the world want to go on cashless economy but we should remember we other altcoins.

[gabriela1999]

Bitcoin will never replace fiat cash.  A coin everyone mints at the same rate will.  It will also replace bitcoin and all of the shitcoins.

Mark my words.

Bitcoin runs off the fumes of fiat.

bitcoin will never replace fiat. That is obvious . But bitcoin is becoming a store of wealth for investors and bitcoin will be an investment channel similar to gold or a foreign currency.

[figmentofmyass]

What value bitcoin is storing?

it's subjective value IMO. people believe---whether because of bitcoin's scarcity, network effect, security, etc---that bitcoin will hold its value into the future.

it's worth what the next person is willing to pay for it.

Well, bitcoin is storing the value of energy. Do you know that it costs energy to mine bitcoin, right?

And energy is something that is essential, and will continue to be essential in the world as we know for a long time.

is it though? miners expend energy and convert it into computational security. you make it sound like that energy could be stored and reused, which of course is not the case.

this idea reminds me of marx's labor theory of value---that value is defined by the cost of production. in this case, that would basically mean that miners could point endless electricity at bitcoin and then bitcoin would magically rise in value to reflect the rise in hash rate.

i don't think that's actually what is happening. very, very few bitcoin investors care what miners are doing or how much energy is being expended. it's miners that are following the market, expanding or shutting down mining operations in reaction to price. and that price, it's purely subjective IMO. it's the aggregate of how the entire market values bitcoin. it's worth $19k right now because that's what buyers and sellers agree on at this moment.

[Yatsan]

Bitcoin is not really created with the intention of replacing fiat. This have many talks even before and there is no really such thing as Bitcoin will be replacing fiat. Bitcoin is a decentralized digital currency on which it is an alternative payment option to make transactions seamlessly fast. Fiat and Bitcoin are two different types of currencies that can co-exist in the society so there is really no sense always comparing them when they are having different roles depending on the preference of the person using it. There is no need for some replacement for both can still keep up both existing on the same space all at the same time. There are still lots of people being reliant on fiat and in reality even some Bitcoin users on different parts of the world cannot directly use Bitcoin that they still need to exchange it into fiat just to make use of it.

[jamesde]

Whether bitcoin is intended to replace fiat currencies or not it won't. The monetary value of bitcoin against fiat currencies, including the US Dollar, will continue to be described. Bitcoin doesn't go anywhere and will coexist and serve various ends. There are so many reasons why bitcoin will not replace the fiat currency, but it can be quickly summed up by saying that the design of bitcoin lends it to being a digitized value store and a much more usable version of gold, but still far less usable than a daily currency and completely unable to function in the way governments want it to function. instead, fiat currencies will be digitized as a crypto fiat currencies, taking advantage of bitcoin's technological leap while being designed to maintain fiat currency control and usability.

[WinBitcoinsCasino]

It has already replaced ! ! !

Lol man what to say to you

[Question123]

Fiat cash is very important for our daily lives because we use it every day for our daily transaction to buy our needs and wants and fiat cash is will use for long more hundreds years or more but the bitcoin we do not know the life span and I do not think bitcoin will replace the fiat because investing in the bitcoin will gives you a lot of fiat because you will get a profit from the bitcoin.

[Yamifoud]

Bitcoin will never replace fiat cash.  A coin everyone mints at the same rate will.  It will also replace bitcoin and all of the shitcoins.

Mark my words.

Bitcoin runs off the fumes of fiat.

Sorry, but you are wrong with this stance because it was not the intention of Bitcoin creator to replace fiat money in the first place but instead, this will only serve as an alternative payment option at our choice.

Have we already heard that people are now 100% using Bitcoin? We don't coz it was not the reason for its existence and somehow, some people misunderstood for it. If we take a look around and even asking our friends, relatives, and our family members, they are not known to crypto, and probably they never know that Bitcoin can be used as a payment option online.

[Kong Hey Pakboy]

Bitcoin will never replace fiat cash.  A coin everyone mints at the same rate will.  It will also replace bitcoin and all of the shitcoins.

Mark my words.

Bitcoin runs off the fumes of fiat.

Sorry, but you are wrong with this stance because it was not the intention of Bitcoin creator to replace fiat money in the first place but instead, this will only serve as an alternative payment option at our choice.

Have we already heard that people are now 100% using Bitcoin? We don't coz it was not the reason for its existence and somehow, some people misunderstood for it. If we take a look around and even asking our friends, relatives, and our family members, they are not known to crypto, and probably they never know that Bitcoin can be used as a payment option online.

Indeed. The only purpose of bitcoin and other cryptocurrencies is to be the best alternative payment method, not to replace fiat currency. Many people still don't know about bitcoin and blockchain technology, and some of them misunderstood it that they assume it is a scam. However, even though only a few people use bitcoin in their daily lives, I still think that bitcoin already surpasses its goal as the best digital currency because famous people and big companies acknowledge bitcoin and blockchain technology.

[plvbob0070]

I have already seen similar threads and you will see similar responses that bitcoin was not made to replace fiat in the first place. Bitcoin is still not widely accepted or known by the majority so it's far from reaching that point. And we all know that people will still choose fiat so I never really see bitcoin as something that will replace fiat. Bitcoin is a good alternative for us that solves our problems with fiat and centralized authorities.