Let`s say bitcoin replaces fiat. What happens?

[NathanielParker]

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.

[/quote
good point. bitcoin is limited, this can not be changed by anyone yet, the government either. So fiat is needed still

[mezzaluna]

Having that kind of business is a great source of income and having to use another type of payment transaction which you can decide for yourself like Bitcoin is another kind of investment involve but Bitcoin replacing fiat will mean that most of our systems and platforms will be digitized and I can imagine farms within buildings because some people are already recreating those kinds of environments.

[lionheart78]

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.

good point. bitcoin is limited, this can not be changed by anyone yet, the government either. So fiat is needed still

(I fixed it for you)

Bitcoin at the current protocol is limited yes, but it is wrong to say that it cannot be changed by anyone since Bitcoin had been modified for improvement several times.  Remember it is only a code that is programmed by humans and the program can be altered same goes with Bitcoin but of course, it needs consensus to apply any changes.


If Bitcoin replaces fiat, I can say it is a disaster since the world economy will fall under the hand of very few people (whales).  Early adopters will rise in power, more powerful and influential than a president because they holds a huge percentage of the world's wealth.

[A62662]

"If Bitcoin replaces fiat, I can say it is a disaster since the world economy will fall under the hand of very few people (whales).  Early adopters will rise in power, more powerful and influential than a president because they holds a huge percentage of the world's wealth."

It would be the equivalent of SKYNET, not in tech terms of course, but the end result would be the same, nuclear war and the end of modern society.

[youdacapt]

Bitcoin will not replace fiat currency because it has not yet become popular.

I want to correct your impression about popularity as regards crypto currency. Bitcoin and crypto currency are very popular in the world; and the blockchain space; that it is not legally accepted by some countries does not make it not popular. In response to OP, i say that bitcoin cannot replace fiat at all because it would disrupt the banking system; instead bitcoin would co exist as a payment alternative, just as  we are seeing in few websites, domains asking for payment in bitcoin for services rendered.

[kotajikikox]

"If Bitcoin replaces fiat, I can say it is a disaster since the world economy will fall under the hand of very few people (whales).  Early adopters will rise in power, more powerful and influential than a president because they holds a huge percentage of the world's wealth."

Good point in here mate , I would support the Replacement of Bitcoin to Fiat once the proof of the bitcoin amount will be spreads into individual and not just from those whales and yeah Miners as well.

It would be the equivalent of SKYNET, not in tech terms of course, but the end result would be the same, nuclear war and the end of modern society.

That's too far and Please stop talking about war, you are getting too far from the topic , we are talking living here and not human ending.

[A62662]

"If Bitcoin replaces fiat, I can say it is a disaster since the world economy will fall under the hand of very few people (whales).  Early adopters will rise in power, more powerful and influential than a president because they holds a huge percentage of the world's wealth."

Good point in here mate , I would support the Replacement of Bitcoin to Fiat once the proof of the bitcoin amount will be spreads into individual and not just from those whales and yeah Miners as well.

It would be the equivalent of SKYNET, not in tech terms of course, but the end result would be the same, nuclear war and the end of modern society.

That's too far and Please stop talking about war, you are getting too far from the topic , we are talking living here and not human ending.

Thats kind of hard, because the topic we are discussing could very easily destabilize the financial world to the point that we could face the end of human existence.

If you look at the history of world war II, that was brought on by financial chaos in the 1930's and the following regimes that came out of that mess, led to the 2'nd world war. Can you imagine what that would have looked like if they had nukes from the start.

Don't mess with the financial system, we might not even survive that as a species.


I know its not a very pleasant topic to discuss. But what would be more unpleasant, talking about it, or war actually happening at some point in the future. If we talk about it, at least we can try to stop it from ever happening.

[samputin]

It will not happen, bitcoin cannot use in other transaction. Even the government legalize it, people are not comfortable to use crypto-currency because of familiarity of using fiat. Also, the unfamiliar in crypto-currency like the poor people who have no idea, they don't know how to use it.

I think it is impossible for Bitcoin to replace fiat currency. Bitcoin has not been recognized and familiarized by anyone.

Just like what I am said, the familiarity of bitcoin is the one reason why fiat cannot replace by bitcoin. Some other reason is bitcoin can be use in illegal payment without tracing the identity of user in long distance transaction. So the government will not allow to replace the fiat.

[bennypagulayan]

That won't happen. Bitcoin and many other cryptocurrencies are digital versions of money, but their birth and development were not aimed at creating a cashless society(fiat).
But with the assumption that it is possible, it can be seen that everyone is at home safe, and only needs the internet, purchases and payments in bitcoin. LoL

[milewilda]

That won't happen. Bitcoin and many other cryptocurrencies are digital versions of money, but their birth and development were not aimed at creating a cashless society(fiat).
But with the assumption that it is possible, it can be seen that everyone is at home safe, and only needs the internet, purchases and payments in bitcoin. LoL

Even lets say that this do talks on that "what if" situation then i cant really put up into my own brain or even on my dreams that this thing will eventually happen.
There's no way that this could happen.It would really be just remaining as an alternative and to say that digital money had been existing for long now.
Crypto might exist but this would be on different manner or characteristic but wont really be ending up on being a mainstream or would be primarily used.
Government do exist and as long theyre here then it wont really change a thing when it comes to monetary sector.

[CODE200]

That won't happen. Bitcoin and many other cryptocurrencies are digital versions of money, but their birth and development were not aimed at creating a cashless society(fiat).
But with the assumption that it is possible, it can be seen that everyone is at home safe, and only needs the internet, purchases and payments in bitcoin. LoL

Even lets say that this do talks on that "what if" situation then i cant really put up into my own brain or even on my dreams that this thing will eventually happen.
There's no way that this could happen.It would really be just remaining as an alternative and to say that digital money had been existing for long now.
Crypto might exist but this would be on different manner or characteristic but wont really be ending up on being a mainstream or would be primarily used.
Government do exist and as long theyre here then it wont really change a thing when it comes to monetary sector.

Going along with that 'what if', and if changes will not be seen with regards to the concept of cryptos compared to fiat, I guess there will be a problem. Fiat or regular physical currencies are regulated by the authority of many governments. Decentralization, volatility, freedom of use are the things which are different in this technology. I am more concerned with regulation. If cryptos won't still be regulated, even if it will be perhaps the main currency to be used all over the world, what will happen? The problem I'm referring to is risk from transferring the savings of an individual to a volatile currency which may yield to partial loss. Transaction taxes won't also be occurring which is a bit of a problem for an economy, since there is is a chance that system of the economy will be affected.

[bounceback]

Become easy for bitcoin replace fiat as digital currency transaction but how respond from government does allow for using bitcoin as legal currency transaction payment or not, looking with almost country respond with bitcoin still not have any country wanna adopt bitcoin as legal for payment transaction, maybe right now still have chance and way for bitcoin could replace fiat transaction.

[sapnu]

Even though it is far from happening, if we would take a look at it, there a lot of adjustments that's needed to be done before the government allows it. There's a possibility that they would take over the control of bitcoin to maintain order and peace and we all know that ain't gonna happen ever. Another thing is, not everyone are knowledgeable at the existence of bitcoin so everyone needs to be informed first beforehand. There will also a be a possibility that many will get confused as its value changes over time and is different from every country. I don't think such scenario would be feasible right now and even in the future.

[abel1337]

Even though it is far from happening, if we would take a look at it, there a lot of adjustments that's needed to be done before the government allows it. There's a possibility that they would take over the control of bitcoin to maintain order and peace and we all know that ain't gonna happen ever. Another thing is, not everyone are knowledgeable at the existence of bitcoin so everyone needs to be informed first beforehand. There will also a be a possibility that many will get confused as its value changes over time and is different from every country. I don't think such scenario would be feasible right now and even in the future.

Well, people wouldn't be instantly or forced to use a currency that they don't know to use, "If ever" that bitcoin replaces fiat and every country in the world agrees to do it, People in that time is surely known and capable of using bitcoin. I agree that it bitcoin can't replace fiat. Blockchain network will have too much traffic and transactions will be extremely slow so I think it is one of the reason why it can't replace fiat in terms of daily transactions.

[seoincorporation]

If it happens would be a fun scenario because the transaction will get stuck in long periods to get a confirmation, currently, we have blocks every 10 minutes, and each block contains 2500 transactions approx, so imagine all the people sending 1,000,000 transactions each minute, that would stuck the network.

[Samthehero]

Are you all idiots? This wont ever happen, it is not possible. Would be like asking if Sweden could be the most powerful nation in the world. The answer is no.

[angrynerd88]

Exactly, But in case we think on reality premise Bitcoin will able to replace fiat but Bitcoin isn't for crisis stores till 7billion individuals access it effectively and utilize it as medium of exchanged we truly think that government would fair permit for those things to happen? Decentralized things cant able to set on what’s had been utilized for thousand of a long time which is money, perhaps in numerous shapes but government can manage it well or not it’s another story.

[faulkner27]

For the time being, no cryptocurrency has effectively overtaken fiat in any part of the world. In the end, it may be payment apps like SPEDN which most dramatically open up cryptocurrency payments to real-world applications.

[bounceback]

Exactly, But in case we think on reality premise Bitcoin will able to replace fiat but Bitcoin isn't for crisis stores till 7billion individuals access it effectively and utilize it as medium of exchanged we truly think that government would fair permit for those things to happen? Decentralized things cant able to set on what’s had been utilized for thousand of a long time which is money, perhaps in numerous shapes but government can manage it well or not it’s another story.

Bigger risk when bitcoin could replace with fiat because every time have cases with bitcoin stolen and reality is not good how to adopt as legal digital currency payment, I think looking with how much fees transaction needed when sending bitcoin with small amount maybe many people will think again could effective using bitcoin as payment transaction or not. Better using fiat is transaction small and when you use bigger transaction amount the best way with bitcoin or altcoin.

[Kubbry]

Bitcoin should not replace legal tender, it is not yet suitable for all countries, and it is not yet familiar with its use.