Let`s say bitcoin replaces fiat. What happens?

[Pizzalover420]

I’m curious about how you accept money now. Is it purely digital to you now? Maybe it’s time you get fiat because you are losing many customers for you to supply on. You cannot be successful in your business if you keep being negative on the operational expenses.

I barter, I trade my peaches for pizza when I want a pizza. My neighbor makes pizza and accepts peaches for his jam.
I bought a phone with peaches from another guy.

I also accept gold, as gold is backed by something, metal.

Sure I am at negative income now since I don`t accept fiat. But at least I am not feeding people who don`t deserve it, I rather see the fruit rot rather than feed politicians and banker parasites.

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[Pizzalover420]

I really don't get the need for freedom of money to be honest because despite how this may sound good to some there are several consequences I doubt the op is even considering those consequences,
Take a look at the rich people, the celebrities for example and tell me if they look like slave to you,  Be careful what you wish for......

Elon Musk the richest person in the world is a slave to rothschilds. He knows it.
"Bitcoin is almost as bs as fiat" -Elon Musk
https://twitter.com/elonmusk/status/1340588909974200321

The celebrities are just ignorant, They don`t realize they are getting played.

[Pizzalover420]

To all of those posting "bitcoin will never replace fiat"

I am well aware of this, It was a hypothetical question. The point is, even if it did, the central bankers still win.

Bitcoin runs off the fumes of fiat.

[XZERO1]

I don't think Bitcoin will ever replace Fiat, but I do see a future that cryptocurrencies either fully or for the most part replace Fiat and the need for banks.

I never understood why so many people are eager to see Bitcoin to be the only currency that the whole world use to make transactions, since obviously just like Fiat a large portion of Bitcoin are now probably in the hand of few people and that would not have a good result.

Instead of that I prefer to see the future in which we have many different fully decentralized cryptocurrencies as an alternative to Fiat and use them to pay for all purchases or services, as the more time passes and people start to realize how easier and cheaper it is to use crypto instead of bank services and their currencies, they will gradually lean more towards using them and even though worldwide adoption could take years, it definitely will happen.

[crwth]

On the other hand, I don't believe that he doesn't accept fiat cash at all.

I know this isn't the main concern at all in this topic but knowing this is kind of confusing, TBH. I don't know.

Now to answer the question, what will happen if Bitcoin replaces fiat? You need to wake up into the reality that Bitcoin will never replace fiat at all. Bitcoin is just an alternative mode of payment and fiat is the most widely accepted currency worldwide. I see Bitcoin as an investment more than a currency TBH but it will never replaces fiat.

I kind of want to see how the world will be with just BTC but that's just not possible, or maybe not in our lifetime. Everyone has some kind of money in store, maybe it's not invested or just plain money that is stored away in their homes. I doubt the people who stock it there would want it to have zero value. This applies to HODLers too for sure.

[Pizzalover420]

On the other hand, I don't believe that he doesn't accept fiat cash at all.

I know this isn't the main concern at all in this topic but knowing this is kind of confusing, TBH. I don't know.

I don`t, come to my farm will trillions of fiat and try and buy a single peach or cherry from me. Bring all your bitcoin to while you are at it.
I will simply laugh at you then tell you to fuck off.

[crwth]

I don`t, come to my farm will trillions of fiat and try and buy a single peach or cherry from me. Bring all your bitcoin to while you are at it.
I will simply laugh at you then tell you to fuck off.

I think with that attitude, that's probably the reason why your profit is negative.

[Pizzalover420]

I don`t, come to my farm will trillions of fiat and try and buy a single peach or cherry from me. Bring all your bitcoin to while you are at it.
I will simply laugh at you then tell you to fuck off.

I think with that attitude, that's probably the reason why your profit is negative.

I`m up more food than I ever been, Go ahead eat your bitcoin and fiat bud.

profit cannot be negative btw, you oxymoron.

[crwth]

I don`t, come to my farm will trillions of fiat and try and buy a single peach or cherry from me. Bring all your bitcoin to while you are at it.
I will simply laugh at you then tell you to fuck off.

I think with that attitude, that's probably the reason why your profit is negative.

I`m up more food than I ever been, Go ahead eat your bitcoin and fiat bud.

profit cannot be negative btw, you oxymoron.

You buy food or ingredients with BTC or Fiat. I cook those ingredients and feed myself.

Lol. If you are talking about Gross profit or Net profit, it's possible. It depends on the context you are trying to check. If you don't know how to compute that, that's sad.

[Pizzalover420]

You buy food or ingredients with BTC or Fiat. I cook those ingredients and feed myself.

Lol. If you are talking about Gross profit or Net profit, it's possible. It depends on the context you are trying to check. If you don't know how to compute that, that's sad.

Not from this farmer who is not a idiot.

profit: a financial gain.
How can you profit negatively? that is not a gain, that would be called a net loss or gross loss or loss.

[verita1]

You could accept fiat for your peaches and exchange them for bitcoin. So you could know the real benefit of financial freedom and you could contribute better in your area. Your employees could benefit from better incentives but it will depend on the decisions you make.

Now we have a great call, Bitcoin for institutions that will be a great change, it is clear that the world will be more digital, new technologies will be on the rise.

[Rengga Jati]

Let's say if you only accept and give Bitcoin for payment and transaction, and including the fee for your workers. Will your environment and government around you and in your country also support it? Sometimes, we have our ideas about something, but the environment and rules from the government don't allow and not support that. What will you do then? Replacing fiat with Bitcoin is something so difficult and also complicated. It is not only replacing to use BTC instead of fiat, but it also correlates with the law, complicated rules, payment rates, method, technique, and many more terms to be cosnidered. And this is not easy, at least will not be conducted in this era.

 

[Twentyonepaylots]

Well one thing that I'm really looking forward to in terms of bitcoin being accepted is the world bring free from fossil fuel usage which greatly deteriorates our planet's integrity. With bitcoin, a coin that is not backed by oil, gold, or any non-renewable resource being more accepted than dollars, we would be able to take a chance at saving our planst and our children's lives.

[semobo]

Bitcoin was meant to be a currency and it was the first cryptocurrency not the only cryptocurrency so if there is a time comes that bitcoin started to become not usable by everyone then people will adopt to altcoins as well and then it will become multiple cryptocurrency payments system.

So miners which can't be able to mine bitcoins will move to altcoin mining or they simply can keep mining the bitcoins with lesser profits not in a loss because the price of bitcoin is expected to be lot higher when it is adopted by the whole world.

[Natsuu]

As a farmer, I no longer accept fiat cash for my fruits, veggies, time and my work. I have 300 acres of fiat free land. (I don`t accept bitcoin either but let`s say that I do)

Let`s say all of the other farmers wake up to the slavery they are in and do the same.
Let`s say the electric companies do the same, they stop accepting fiat and only accept bitcoin.
Let`s say the bitcoin mining manufacturers do the same.

Won`t the people with the most miners at that time stay on top forever?
They will be the only people to generate the supply or obtain supply from network fees when there is none left in nature.

Won`t the people with the most miners collect most of the network fees since they have the highest hash rate and push out all the small miners because the smaller miners will actually mine at a loss and go out of business running there machines at a electric power loss? At some point in time they will have to turn off their machines.

It is like my small family farm, I cannot compete with the bigger corporation farms, they have 1000`s of acres and can sell peaches at a much lower price than me, pushing my small family farm out of the game. My cost of operations exceeds my profit intake, especially with the min wage going up. I just can`t afford workers.

So, Won`t 1 miner win in the end, the biggest miner will just keep getting bigger, and everyone else will be left in the dust?
Don`t you think that miner will be a central banker, for they had the most fiat before hand to buy the most miners?
So a central banker still wins.

This scenario is pretty similar to older age where people fights for POWER, and pretty much where the scenario will eventually end up.

Other people will try to take that coins from those people on the top, thus the barbarians, or kingdom fights. Or,

People will try to resist this system, and made their own kind of trading transactions, whether will they revive the fiat, or go back to items by items trading.

[stompix]

Won`t the people with the most miners collect most of the network fees since they have the highest hash rate and push out all the small miners because the smaller miners will actually mine at a loss and go out of business running there machines at a electric power loss? At some point in time they will have to turn off their machines.

Nop, it doesn't work like that.
If I have one s19 and a guy has 100 s19 so for each one satoshi I earn he will earn 1000sat, but he will also consume 1000 times more electric energy. Mining bitcoins is not like agriculture or coal mining, what matters here is just the price you pay for electricity, a home miner in some country with 3 cents per kWh is far more profitable than a huge miner who can't get cheaper energy than 5 cents.

Besides, there is also a huge difference.
A home miner doesn't have to pay rent, he doesn't need a special warehouse, he doesn't need employees and security and accountants.
You plug your one or two miners there and you mine by yourself, unlike other business when it comes to home mining small setups are more profitable than large ones IF we assume the same price per kwh.

It is like my small family farm, I cannot compete with the bigger corporation farms, they have 1000`s of acres and can sell peaches at a much lower price than me, pushing my small family farm out of the game. My cost of operations exceeds my profit intake, especially with the min wage going up. I just can`t afford workers.

As I said, it's not like that!
Huge far of a small farm, you will still have the same hash rate per mining gear, there is no advantage in numbers!
And the worker's wage actually plays against the large farms.

[Pomogator]

I think that now you do not mine as much bitcoins as large investors have who bought bitcoins in 2011-2012. The top 1 will always be a big whale that is multiplying its assets right now on the volatility of bitcoin. Every country in the world builds its economy around its own currency, what is the point of making bitcoin as the # 1 currency? Unclear. I don't see Bitcoin as the first currency in the world. A maximum of 2-3 companies will switch to this, no more

[KryptoKings]

It won't ever replace FIAT.

Fiat can scale infinitely because it is centralized. There are zero bottlenecks with FIAT.

If some magic happens and Bitcoin replaces FIAT however, it would be same as FIAT without any physical bank notes...

Bitcoin supply is limited and it is cornered by a few people. It would be total chaos and the governments would fall and the next world war would begin.

Agreed. Bitcoin is store of value. It will replace gold not fiat in future. Soon we will see digital version of all national currencies. China has already developed it didgiat yuan.
People will no longer use BTC for buying or selling, they will use as storage of value just like people do with gold.

[Samthehero]

It won't ever replace FIAT.

Fiat can scale infinitely because it is centralized. There are zero bottlenecks with FIAT.

If some magic happens and Bitcoin replaces FIAT however, it would be same as FIAT without any physical bank notes...

Bitcoin supply is limited and it is cornered by a few people. It would be total chaos and the governments would fall and the next world war would begin.

You guys should be careful what you wish for. Sure, crypto is fun and interesting now.

You are right, total chaos and the governments would fall, and the next world war would begin, but not immediately.

The current fiat system, with the US dollar as the world reserve currency is what keeps the financial system stable. If Bitcoin or some other cryptocurrency should replace it, then the dollar money printing would stop and mass unemployment would be the result, mass starvation and mass protests like we have never seen before in modern times would after some time (maybe a year or two) take place. People would stop going out of their houses of fear of violent gangs roaming the streets, electricity and crucial societal functions would eventually stop. Shops will get looted and emptied, so good luck finding any food to eat.

If you think all that is really bad, the worst is yet to come.

All this chaos would lead to "strong men" ala Hitler/Stalin/Mao as the current political system disintegrates. When they clash, you can expect a nuclear exchange, with multiple ICBM's incoming.

ALL THAT MISERY BECAUSE OF SOME SHORT TERM GREED TODAY. BE CAREFUL WHAT YOU WISH FOR!!

We all have a duty to stop this from happening. You can all be a part of the solution, dont be a part of the problem, avoid the nuclear winter.

Scary yes, not very likely. Maybe a 10% chance, if that. And btw, no electricity no access to bitcoin. So worst case scenario, BTC could trigger almost a Skynet equivalent type of event?

I do agree to if the Fed money printing stops, there will be a financial meltdown crisis like in 2008, just ten times as bad.

[k@suy]

Agreed. Bitcoin is store of value. It will replace gold not fiat in future. Soon we will see digital version of all national currencies. China has already developed it didgiat yuan.
People will no longer use BTC for buying or selling, they will use as storage of value just like people do with gold.

I agree, not matter what country it will adapt it whether it is bitcoin or other crypto made by them still still the use, purposes, and the senses of fiat cannot be replace by bitcoin, fiat is very much in need in each country it cannot be replace by anything, and not all part of the country can use crypto in their daily lives there will be still a limitation in every thing. So country  can adapt bitcoin and other crypto to their monetary system but will not replace it.