Let`s say bitcoin replaces fiat. What happens?

[oktana]

I get the assumption, but I'm afraid it'll never be possible. Fiat cannot be erased completely. I use to be concerned about what could happen to a country's financial system when majority of it's citizens opt into cryptocurrency rather than fiat. But like I said earlier, Fiat cannot be erased.

It can be possible but the problem is people are still putting value in goods and services, if we are able to look past that notion then I think that fiat being eradicated altogether with the banks that benefit from it, I think that it is possible.

To OP, we can replace fiat and in regards to who will get bigger when the changes happen, it will not happen if we were to solve the problem of monopoly as soon as the current system is removed.

Do you understand how impossible it is to overshadow fiat? Fiat is the root! It is what people have forever known and will forever trust. Imagine if you begin to use only Bitcoin (of course you can't get S hair cut with it), and others too. What will happen to the country's fiat? The country's financial system will crash because no one wants dollars anymore? Dude, no matter what, you'd still need fiat. At least for now

[Mahanton]

I get the assumption, but I'm afraid it'll never be possible. Fiat cannot be erased completely. I use to be concerned about what could happen to a country's financial system when majority of it's citizens opt into cryptocurrency rather than fiat. But like I said earlier, Fiat cannot be erased.

It can be possible but the problem is people are still putting value in goods and services, if we are able to look past that notion then I think that fiat being eradicated altogether with the banks that benefit from it, I think that it is possible.

To OP, we can replace fiat and in regards to who will get bigger when the changes happen, it will not happen if we were to solve the problem of monopoly as soon as the current system is removed.

Do you understand how impossible it is to overshadow fiat? Fiat is the root! It is what people have forever known and will forever trust. Imagine if you begin to use only Bitcoin (of course you can't get S hair cut with it), and others too. What will happen to the country's fiat? The country's financial system will crash because no one wants dollars anymore? Dude, no matter what, you'd still need fiat. At least for now

To think that the world does have lots of countries and specific government that do control over it and we know that fiat does shows countries as a symbol of power
and if we do really end up on having a single currency like bitcoin then imagine if it really possible to have unity on this world? It would really just create chaos and competition
because each country will really be accumulating btc as much as they can because the more you had the more powerful you are.I cant imagine on how
it would be a mess up for such diversion or total integration.You cant just imagine on how the world would look like or would be.

[Alucard1]

Bitcoin won't replace fiat currency, it won't happen because fiat is decentralized which is used in the real-life governed by those authorities. Imagine if bitcoin would be the standard currency or replace fiat currency, a lot of small businesses and those unfortunate people without any knowledge about cryptocurrency would make their life so hard because of bitcoin.

[mirakal]

I can't imagine how the world would be if bitcoin will replace fiat.

What happen to the government then, they will print money which they can control, if bitcoin will replace fiat, then there will be no control, only the big holders can control the market by moving it and I doubt the government would allow that as they always want stability, hence fiat will stay.

We always want bitcoin to succeed, but not to the point that we will be unrealistic, bitcoin is good only as a substitute or alternative but not as a main currency.

[bitzizzix]

Bitcoin has no underlying and is not centralized and besides that Bitcoin does not have a deposit and credit mechanism like conventional currencies, and bitcoin only exists as an alternative currency, especially the world's digital currency that can be used as an alternative means of payment.
So I think it is unlikely that bitcoin will actually turn into fiat, and the two will go hand in hand and not eliminate each other and there are still many differences but the goal is the same.

[stompix]

I can't imagine how the world would be if bitcoin will replace fiat.
What happen to the government then, they will print money which they can control, if bitcoin will replace fiat, then there will be no control, only the big holders can control the market by moving it and I doubt the government would allow that as they always want stability, hence fiat will stay.

Move it against what?
Have you forgotten that in your scenarios there is no more fiat, no more USD no more Euros?
So, against what will the whales move BTC up and down?

Imagine a world with only one currency, how could you manipulate the currency against something that exists no more, exactly what you're talking about happened to Greece when they couldn't devaluate their currency anymore and weren't able to print money to get out of it.

Bitcoin will never replace FIAT as a currency because it's been badly broken (no longer a cash payment system) and was converted into a settlement layer by the disgusting neckbeards at blockstream.

Says the disgusting neckbeard who was claiming around here that he knew and was Satoshi's friend.

[mirakal]

I can't imagine how the world would be if bitcoin will replace fiat.
What happen to the government then, they will print money which they can control, if bitcoin will replace fiat, then there will be no control, only the big holders can control the market by moving it and I doubt the government would allow that as they always want stability, hence fiat will stay.

Move it against what?
Have you forgotten that in your scenarios there is no more fiat, no more USD no more Euros?
So, against what will the whales move BTC up and down?

Imagine a world with only one currency, how could you manipulate the currency against something that exists no more, exactly what you're talking about happened to Greece when they couldn't devaluate their currency anymore and weren't able to print money to get out of it.

Moving it for the purpose of making profit, that's what I see and when that happen, the price dump, and when there's a hype, the price pump and that is not a good definition of stability. I believe in the potential of bitcoin but if we always see this kind of market movement, I doubt ordinary people would use bitcoin as a currency.

What I'm talking is currency is for payment system, it's suppose to be stable, bitcoin is not stable, hence I believe it's only good for investment now like protecting your money against inflation.

[MCobian]

I believe the government may not allow Bitcoin to replace fiat for whatever reason, because Bitcoin cannot be controlled by the government.
Therefore it is not surprising that some countries legalize Bitcoin but it is only a digital asset, so as not to replace fiat and the government can
still control public finances.

I also agree with the government that now is simply not the right time to replace fiat with Bitcoin. In addition to the many shortcomings of Bitcoin
that must be sought for solutions, there are still many people who do not understand Bitcoin too. So a lot of education is still needed first about
Bitcoin, so that Bitcoin is known first by most of the world community.

[7788bitcoin]

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.

If you still did not understand the bitcoin market, the principle theory bitcoin is following is capitalism, people having more contribute to the system and thereby winning more money and that is the case with mining, people who have the capital to invest do that and for that you need more money and people with more money to spend can make more money than anyone else.

[bassbity]

I still can't say that bitcoin replaces fiat.
  fiat remains fiat with its position, and bitcoin is still Bitcoin, both of which cannot replace their respective roles. here we are talking globally, that every fiat user doesn't like bitcoin, but every bitcoin user likes fiat.
Put simply, Bitcoin will remain a tool for investing, and has more value than fiat.

[Twinkledoe]

I believe the government may not allow Bitcoin to replace fiat for whatever reason, because Bitcoin cannot be controlled by the government.
Therefore it is not surprising that some countries legalize Bitcoin but it is only a digital asset, so as not to replace fiat and the government can
still control public finances.

I also agree with the government that now is simply not the right time to replace fiat with Bitcoin. In addition to the many shortcomings of Bitcoin
that must be sought for solutions, there are still many people who do not understand Bitcoin too. So a lot of education is still needed first about
Bitcoin, so that Bitcoin is known first by most of the world community.

We can't expect government to replace their fiat by bitcoin but accepting btc in existence. Definitely, yes. For decades, financial system is revolving around fiat currencies, whether in digital form or physical cash. And they have full control of it. With bitcoin, they will have no full control as everyone can just create their own address from their wallets. So definitely big NO, for the government. I don't think bitcoin will ever replace fiat in the future.

[oktana]

Bitcoin won't replace fiat currency, it won't happen because fiat is decentralized which is used in the real-life governed by those authorities. Imagine if bitcoin would be the standard currency or replace fiat currency, a lot of small businesses and those unfortunate people without any knowledge about cryptocurrency would make their life so hard because of bitcoin

Firstly, I don't know if it was a typo, but fiat is not decentralized. Also, small businesses and others who don't know about crypto doesn't really sound like a valid reason. The use of cryptocurrency as a currency is not complex. It's something that wouldn't take one's time to learn.


Edit: but fiat is not decentralized*

[Pizzalover420]

Firstly, I don't know if it was a typo, but fiat is not centralized.

How the fuck is it not centralized? what planet do you live on?

[kolesozw]

Crypto will not replace fiat.

It's free and easy to put $100 in your hand.

It's not free and not easy to put 0.00333 Bitcoin in your wallet. And if you use multiple addresses, you will have to pay additional taxes to 'stack' your money.

[maculeth]

I think it's hard to imagine if bitcoin replaced fiat. the reason is that bitcoin prices are volatile and can change very quickly depending on the buying and selling power of the bitcoin market itself. This is of course very dangerous if bitcoin is used as a substitute for fiat because the possibility of economic inflation is very large.

[Obito]

Replacing fiat with bitcoin will be difficult, let's just say that it did happen, will bitcoin supply be able to sustain the circulation of an economy that spends a lot of money for every day transactions, and one big blackout/power outage will be enough to cripple the economy if we solely rely on bitcoin for daily transactions.

[oktana]

Firstly, I don't know if it was a typo, but fiat is not centralized.

How the fuck is it not centralized? what planet do you live on?

Lol... That was a typo. I was actually going against what he said about fiat being decentralized. I'd make the edit. Thanks for pointing it out.

[Yatsan]

It is still too far beyond and quite impossible to make happen that Bitcoin will be replacing fiat for the fact that many people still relies on the usage of fiat and if you are will no longer accept fiat as a mode of payment or transaction, then how possible you can be able to sell your goods and services if you will be just plain accepting Bitcoin alone for the sake of adoption. Better be two sided upon using both instead of being reliant on only one. Better be that than one.

[iTradeChips]

In my opinion, in a "perfect" world only you can use bitcoin as a currency. As the world will become fully digital, there will be no paper money and people earn satoshis from doing different jobs. Then use bitcoins in transactions but of course the pricing of goods would depend on how the market would react to the prices put by the businessmen. Higher prices will be shunned to prefer those who sell their wares cheaply. But again, that will happen in a perfect world. Ours is way far from being perfect.

[carlisle1]

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.

How Lovely is the Morning if we wake up with all this happening , Farmers that Feeds us will Only accept Bitcoin ?

Electric Company the Give us Light and easy living will only accept Bitcoin.

Mining will Only accept Bitcoin

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.

Well i am not sure if the miners will be on top Forever but what i'm sure is ? all Bitcoin Lovers and users will be rich by then.