Bitcoin will never replace fiat cash.

[bayu7adi]

there is no denying that we still need FIAT to make transactions. the existence of centralized parties gets better scores than decentralized parties in several large sectors. We know that Binance is currently more popular than Uniswap, just as FIAT is still more in demand than Cryptocurrency.

Cryptocurrency assets are like stocks, which we are very limited in to use as a transaction tool, but we can buy digital cryptocurrency assets and sell them on exchanges. Until now I have not thought about the elimination of FIAT by Bitcoin, because it is still very unlikely to be realized in the near future.

[Darker45]

1. I agree. It will never replace fiat, or shall I say, it simply cannot. Bitcoin is owned and controlled by no one, not even governments. So, how in the world would it become or allowed to be the main legal tender of any country?

2. Forget about cash; it will be replaced with its digital version in the years to come.

3. "A coin everyone mints at the same rate will." What the heck is this kind of coin? You will mint your own coin and I will also mint mine? Or I am missing something?

4. Bitcoin is indeed getting much of its value out of fiat's failures, particularly by providing that which fiat lacks. And for as long as those points of failure exist, Bitcoin will always stay relevant. The problem is that one of those points is the fact that fiat is owned, managed, and fully controlled by the government.

The moment governments allow currencies which are truly decentralized, Bitcoin's argument won't be special anymore. But that's also the moment it becomes the main currency. And I don't think that day will ever come.

[Walterhank]

I think it wasn't supposed to that in the first place or at least its flaws might stop it from doing that. There will certainly be a period where they will coexist for a time. This transitionary period could possibly be quite lengthy. But in the end, there will simply be no competing against a deflationary currency. When you throw a deflationary currency among inflationary currencies, it starts acting as a black hole absorbing all the wealth in the world. This doesn't even take into account that bitcoin is more than a currency and cannot be seen in just this light. In the end, who knows what might happen. Even the expert's predictions have been proved wrong here and there.

[Anonylz]

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.

Am guessing you are from the future 🤔 and from there you already saw what crypto everyone will accept, since I don't think anyone has ask you yet about it, let me have the privilege to ask.....
what is this crypto everyone will mine at the same rate that will replace fiat?
Can you share a name or net yet in existence? Am just curious to know because it seem you already have an idea what that crypto will be by using "mark my word" as point of assurance.

[Mpamaegbu]

For the simple reason that electricity can't go round the world (there are countries still in dare need of this), it's an impossibility for Bitcoin to replace cash. Again, what is the total supply of Bitcoin? A mere 21million (with over 18.5million already in circulation) can't satisfy a global population in billions. The idea of Bitcoin or cryptocurrency is a good one for a paradigm shift but not as a replacement.

[samputin]

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

Yep. And I have actually seen it this way ever since I knew about bitcoin. I saw it as an alternative and not to replace our paper money. As we gear towards a more digitalized era, then we could use all the alternatives we can get. And thanks to bitcoin for giving us that. It's way better if we think of it harmonizing with fiat rather than to replace it.

Bitcoin exists because it is decentralized. Because no one owns it. No one controls it.
And it cannot be shut down. It will probably never die. Nobody can kill it.

And I think this is one of the reasons I'm confident with bitcoin. It's decentralized, and it has the potential to last because nobody controls it, or takes over it. With that I say, "Long live, Bitcoin!"

[Shallow]

I still wonder why people always think Bitcoin will replace Fiat; that was not the intention, at least to my own understanding, but however Bitcoin is there to compliment fiat in ways it (fiat) couldn't such as easy peer-to-peer transactions with anyone in the world. Also, no coin whatsoever will ever replace Fiat, not to talk of altcoins; you really think the government will surrender such power and control to a few people or developers who owns an altcoin, that will not happen.
Lastly, many altcoins are quick to point out the flaws the found in Bitcoin hence basing on it to say they will replace Bitcoin but they are no where to be found, in fact they have stopped trying, because they have seen the battle is not worth it.
Till date, Bitcoin is the most valuable, the most trusted and the most secured, but same cannot be said of altcoins, so let the comparison end already.

[adzino]

It was never meant to. I don't know why there are people out there that thinks it will replace the fiat cash system. Look at all the current issues bitcoin and most of the crypto currencies have. Those needed to be addressed first. Once solutions to those problems (high fee and wait time during network congestion and so on) are found, there is still no guarantee that it will replace the fiat system. More likely will be used parallelly.  
Curious, what do mean by coins that will be mint/mined at the same time? How does this work?

[carlisle1]

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.

I don't think that replacing Fiat  is one of the objective why satoshi created Bitcoin mate because if that's the intention then maybe the governments around the world already banned crypto but it is not,meaning They still believe that this is just another Electronic payments but decentralized that's why they are avoiding to adopt.

Combination of crypto and Fiat will still best to Help the world and not being replacing each other.

And me ?i don't like that idea also because Fiat is needed same as crypto.

[Latviand]

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.

The fact that they are in a different platform makes bitcoin also a store of value in a digital wallet.

Bitcoin can be stored in a wallet where you can safely handle it confidently.

It is really impossible for bitcoin to replace fiat, did gold replaced fiat? No.

Exactly, because it is only an asset where you can make profit and wait for its price to increase in the market.

[maydna]

How if bitcoin can work together with fiat? I think that will give people more options to make a transaction because they can use bitcoin instead of fiat. It is like what happens today in this pandemic. People now can use digital money from a third party to pay whatever they bought, and perhaps, bitcoin will be like that. If that happens, bitcoin will not replace fiat cash, but bitcoin gives people more opportunity to pay. Besides using bitcoin for making a transaction, people can also have a new type of investment, which can provide them with another income or profit in the future.

[Iron Fist]

...

So you're basically talking about Robert Owen's utopian socialism?

[imstillthebest]

now this is what im lookin for,  something new because i think your the only person that claims to be that btc wont replace fiats because you know on the past all users are claiming that btc will replace fiats one day  .
i care to disagree them just like you but what i only dont like with you is when you say that btc and every crypto are going to be replace by a coin that is more easier to mine but how come ?
if a coin is easier to mine that only proves that its not powerful.  

[rijaljun]

Of course it will not. Do you think the government will let the Bitcoin be the currency on their country? They will not since it will crash the economy also the Bitcoin is decentralize and so the price is volatile. Second thing not all person will understand such complicated currency.

[Inkdatar]

It is obvious that people need fiat from the start it is part of our daily lives. When bitcoin created and become popular it does not aim to replace cash, it is decentralized and no one controls it that's why users enjoys owning this asset because of the freedom to use it.

[sapnu]

Cryptocurrency and Fiat have both importance in their own ways. We need that to use for traditional transaction since cryptocurrency is not known by all people and not ready to use as the primary way of paying. We cannot say that it will still the same as time passes by, maybe in the future we can say that in can be use by all people as a payment method and also investments. We all know that cryptocurrency is decentralized, it is hard for the government to regulate.

[kamadazje]

You can't be sure to it as we know that the technology is keep on evolving as days passes by so the chances that fiat will be replace in the future is still there.

Though I cannot point out that bitcoin will be the one to replace the fiat but if in the future the fiat will be replace, what I will be sure of is that a crypto currency will do it for sure. Maybe the time will come that every country will create their own crypto currency where they have a full control and distribute it to their people as a replacement of fiat.

[Ayiranorea]

Replacement of fiat won't happen, and what we see with bitcoin is its multiple usage. Bitcoin came into existence with some core value, but the usage of bitcoin has got widespread in different forms. Starting as a payment gateway, investment, transaction asset, and it counts on and on. Fiat cash usage hasn't got lowered due to the existence of bitcoin, but people have added bitcoin as an additional/alternate to the fiat.

[passwordnow]

Can you give more a description of that coin? I think I've heard that even before and still nothing happened. But there's CBDC, is this the coin that you're saying that would soon replace fiat? we're going digital so cash would be gone out for sure when every transaction is happening in the cloud.

Can you give more a description of that coin?
Sure it`s like bitcoin but everyone has the same hashrate or we all are distributed supply at the same rate, using block height or elapsed duration, everyone could be given the same amount of coins every block or every hour.

Never heard of CBDC.

You can have your time googling what's the description of it. Basically it is backed up by the banks and they're about to make it in different continents, like one in Europe, China, IIRC Japan and there are more to come in the future. With the similarity of your description of what you're thinking that should be made, I don't think that there will be any consensus within it. And if someone comes up with that idea and make an application out of it, that would be hard because the community has already been in the favor of bitcoin and it's hard to convince everyone from leaving bitcoin into a new and unknown coin that you're mentioning.

[bitzizzix]

Bitcoin is present as an alternative currency, especially digital currency which serves as an alternative means of payment.
and bitcoin is like a medium of exchange or payment, for example gold, diamonds, banknotes, commodity stocks whose value is a general agreement of acceptance and belief of everyone, and bitcoin exchange rates can change from time to time and fluctuate, so that until whenever bitcoin will become a currency alternative to fiat and will not completely replace fiat and the two will work together.