Bitcoin could win the currency war

[LeastComicStanding]

Bitcoin is an exceptionally poor currency. It's expensive, it's slow, it doesn't scale... Nothing in the OP post supports the subject of the thread that bitcoin could win the currency war. Bitcoin will have to solve all three of it's major problems to win any type of currency war. Cash is superior in every aspect right now, and centralized payment systems are far superior to a decentralized blockchain system thus far.  

All this points of yours really needs debate, saying that centralized currency is far preferable than decentralized currency, i think these really need more explanation or insights, it's accepted that centralized currency come into existence before digital currency, which digital can be decentralized currency, because looking at the current situation of nature it's obvious that people uses the digital system of payment which might be cryptocurrency and especially Bitcoin, so it's left to individual to decide for a means of payment, so am disputing the fact that fiat currency is superior than crypto, automatically it depends on the environment we found ourselves for transportation, many people currently accepts crypto because they use it for investment within short period.

Well, point of clarification- I said centralized payment systems are better than bitcoin, and then second point is that because of bitcoin's inherent flaws, cash is a better type of currency.  An example of a centralized payment system is Visa or Square.  The payments are instantaneous, cheap and trustworthy.  Compare this to bitcoin where payments are slow, expensive and trustworthy.  Visa and Square are hands down better payment systems than bitcoin, it's not even a fair competition because bitcoin is so slow and so expensive.

As for my second point, because of how slow and expensive bitcoin is as a currency, cash is far superior to it.  Cash holds a steady value and is far easier to use.  Digital payment systems make up the one shortcoming cash has compared to bitcoin in not being able to be used online.

So those are my two points-  1) centralized payment systems are faster and cheaper than bitcoin, and 2) centralized payment systems make cash a far better medium for exchange.

Don't forget that centralized payment systems have someone to go to if something goes wrong. Also, if you mess up the sending or receiving address in a defi transaction, or put in the wrong gas amount even, the entire payment could be subject to being lost.

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[jaysabi]

All this points of yours really needs debate, saying that centralized currency is far preferable than decentralized currency, i think these really need more explanation or insights, it's accepted that centralized currency come into existence before digital currency, which digital can be decentralized currency, because looking at the current situation of nature it's obvious that people uses the digital system of payment which might be cryptocurrency and especially Bitcoin, so it's left to individual to decide for a means of payment, so am disputing the fact that fiat currency is superior than crypto, automatically it depends on the environment we found ourselves for transportation, many people currently accepts crypto because they use it for investment within short period.

So those are my two points-  1) centralized payment systems are faster and cheaper than bitcoin, and 2) centralized payment systems make cash a far better medium for exchange.

Let us face reality and make a positive point towards this, because, if i may as ask, in what function centralized currency is faster or superior than decentralized currency? Secondly you said that fiat is preferable for exchange than decentralized currency.

So i stand to refute the point of exchange, when we say decentralized, automatically we are emphasising on cryptocurrency and directly to Bitcoin, so globally no exchange of any form that can no been done with Bitcoin, except that the environment is adamant or ignorant of digital facility, currently Bitcoin is used for so many exchange's in different countries.

It takes 60 minutes for a bitcoin transaction to be confirmed.  A centralized payment system like Visa, PayPal, Square, etc. is final in a few seconds.  It is literally several thousand times faster than bitcoin.  The speed is so vastly superior in centralized systems I wonder how you even need an explanation about that.  Also, small transactions are prohibitively expensive in bitcoin.  It's also so obvious it doesn't need further explanation.  Centralized systems are so vastly superior to bitcoin in speed and cost that it's not even debatable.

[jostorres]

Don't forget that centralized payment systems have someone to go to if something goes wrong. Also, if you mess up the sending or receiving address in a defi transaction, or put in the wrong gas amount even, the entire payment could be subject to being lost.

I believe that's both a good thing and a bad thing at the same time. While having a company to go to when there is something wrong is a great thing, having a company to screw you over is also a horrible thing as well. Would I rather have the risk of being decentralized or would I take the comfort of centralization?

I honestly don't know, in some situations I prefer the centralized version because I would be checking if I would be doing something good or not or maybe I would face a trouble I do not know. Whereas I prefer the decentralized because I do not want my money at the hands of someone else, like Paypal for example, I hate paypal, I would rather risk all of my money then use paypal. So that's why it is not 100% correct answer either way.

[awik p]

Don't forget that centralized payment systems have someone to go to if something goes wrong. Also, if you mess up the sending or receiving address in a defi transaction, or put in the wrong gas amount even, the entire payment could be subject to being lost.

I believe that's both a good thing and a bad thing at the same time. While having a company to go to when there is something wrong is a great thing, having a company to screw you over is also a horrible thing as well. Would I rather have the risk of being decentralized or would I take the comfort of centralization?

I honestly don't know, in some situations I prefer the centralized version because I would be checking if I would be doing something good or not or maybe I would face a trouble I do not know. Whereas I prefer the decentralized because I do not want my money at the hands of someone else, like Paypal for example, I hate paypal, I would rather risk all of my money then use paypal. So that's why it is not 100% correct answer either way.

between decentralization and centralization of course must support each other, as you mentioned where at certain times we prefer to use centralization, therefore, hopefully the government will soon make regulations that can balance the use of centralization and decentralization

[ampu]

Currency war is the use of political power to manipulate currency rates and it goes against the very nature of money.
Money is just an inanimate object, it represents labor and goods.
People buy Bitcoin because they believe in the world's need for Bitcoin, its scarcity, decentralization, and security.
Bitcoin created to circulate and remove the control of banks.  Bitcoin is the people's currencies, it is nothing to do with politics.

[LUCKMCFLY]

Currency war is the use of political power to manipulate currency rates and it goes against the very nature of money.
Money is just an inanimate object, it represents labor and goods.
People buy Bitcoin because they believe in the world's need for Bitcoin, its scarcity, decentralization, and security.
Bitcoin created to circulate and remove the control of banks.  Bitcoin is the people's currencies, it is nothing to do with politics.

If BITCOIN is treated as a currency in all countries, obviously no currency would have a chance, because Bitcoin gains value over time and that value is reflected in USD, Eur or any strong and stable currency.

If people start to see BTC as savings, banks would simply start their problems, because people would withdraw the savings and put it in BTC, it does not matter if BTC falls in price, what matters is that it will recover and begin to multiply that savings .

What would be achieved is that people achieve their Financial freedom, many work hard to do it and cannot achieve it, I think that if BTC is accepted as a global currency it would not compete with any currency, it would have to be equated with BTC / GOLD, it which turns out to be something more real.

[dimox]

Isnt the value of Bitcoin already surpassed all the currency in the world?
The only thing to make it become true is to use Bitcoin as a really currency, as a payment processor in the world.
The adoption is on progress and i believe the time will come soon.

this like back when we use gold and silver as payment. bring this stone if you want to make transaction in market. the different, cryptocurrent base on internet. we can access by phone, and just bring phone.
the adoption already exist, like digital money. and im sure if people already make payment with bitcoin, just peer to peer

[AicecreaME]

Bitcoin has been showing promising potential over the years. No doubt, it is one of the best coins in the cryptocurrency world. However, bitcoin isn't acknowledged as a currency yet by the majority of the countries in the world. Bitcoin being safe from hyperinflation is one of the greatest reasons why many people have invested and are starting to invest in it. Compared to fiat money that is prone to hyperinflation, bitcoin is a safe haven because the central banks can always print more money base on what the economy needs, meanwhile, bitcoin is limited.

Mass adoption will happen, but it won't be a ticket of assurance that bitcoin will conquer the currency war. The government won't allow such entities (crypto) to overtake the control that they possessed for such a long time. Government is devious. They will not let it happen. Central banks have reigned long before until today. The government will do their ways so that bitcoin will not easily dethrone fiat.

[wahyu wida]

Isnt the value of Bitcoin already surpassed all the currency in the world?
The only thing to make it become true is to use Bitcoin as a really currency, as a payment processor in the world.
The adoption is on progress and i believe the time will come soon.

this like back when we use gold and silver as payment. bring this stone if you want to make transaction in market. the different, cryptocurrent base on internet. we can access by phone, and just bring phone.
the adoption already exist, like digital money. and im sure if people already make payment with bitcoin, just peer to peer

for now bitcoin seems to be struggling to get a large community, so that later the government can consider it for the future. but indeed, even though until now bitcoin has not been able to reach as a legal tender, but with its high volatility, bitcoin is used as a commodity, and many people now know him and have even invested

[CapGelatik]

Isnt the value of Bitcoin already surpassed all the currency in the world?
The only thing to make it become true is to use Bitcoin as a really currency, as a payment processor in the world.
The adoption is on progress and i believe the time will come soon.

this like back when we use gold and silver as payment. bring this stone if you want to make transaction in market. the different, cryptocurrent base on internet. we can access by phone, and just bring phone.
the adoption already exist, like digital money. and im sure if people already make payment with bitcoin, just peer to peer

for now bitcoin seems to be struggling to get a large community, so that later the government can consider it for the future. but indeed, even though until now bitcoin has not been able to reach as a legal tender, but with its high volatility, bitcoin is used as a commodity, and many people now know him and have even invested

So far, I think many people are familiar with bitcoin for investment and trading,
although until now bitcoin has not been legalized as a means of payment but in investing and trading bitcoin is very profitable,
let's see if later bitcoin will be legalized as a means of payment because it's very interesting

[jaysabi]

Bitcoin has been showing promising potential over the years. No doubt, it is one of the best coins in the cryptocurrency world. However, bitcoin isn't acknowledged as a currency yet by the majority of the countries in the world. Bitcoin being safe from hyperinflation is one of the greatest reasons why many people have invested and are starting to invest in it. Compared to fiat money that is prone to hyperinflation, bitcoin is a safe haven because the central banks can always print more money base on what the economy needs, meanwhile, bitcoin is limited.

Mass adoption will happen, but it won't be a ticket of assurance that bitcoin will conquer the currency war. The government won't allow such entities (crypto) to overtake the control that they possessed for such a long time. Government is devious. They will not let it happen. Central banks have reigned long before until today. The government will do their ways so that bitcoin will not easily dethrone fiat.

It's not about being devious, it's about being able to control what you need to in the economy to respond to economic disasters.  The reason we got off the gold standard was that it wasn't versatile enough to allow the government to create fiscal policies that spur economic growth, and an economy based on bitcoin would suffer the same consequences.  We are undeniably better off as a national economy since we abandoned the gold standard, and it's only amateur economists and crack pots who talk about returning to the gold standard.

[syedakhlaque]

The comparison and fight of  Fiat money and cryptocurrency will continue in the future for the time. Nothing can say this time but The future time will prove that which one dominates and win over. But explaining the effect that
cryptocurrency will win the game Because the network of cryptocurrency users is spreading. Its prevalence is increasing rapidly. So there will continue to be healthy competition between Fiat money and cryptocurrency in the future.

[macson]

The comparison and fight of  Fiat money and cryptocurrency will continue in the future for the time. Nothing can say this time but The future time will prove that which one dominates and win over. But explaining the effect that
cryptocurrency will win the game Because the network of cryptocurrency users is spreading. Its prevalence is increasing rapidly. So there will continue to be healthy competition between Fiat money and cryptocurrency in the future.

Bitcoin is a real threat today for all fiat in the world, Bitcoin will fix everything....the government will not be able to do much when the majority of people in the world switch to cryptocurrencies that are safer, faster and more efficient. 

[TheGreatPython]

I honestly don't know, in some situations I prefer the centralized version because I would be checking if I would be doing something good or not or maybe I would face a trouble I do not know. Whereas I prefer the decentralized because I do not want my money at the hands of someone else, like Paypal for example, I hate paypal, I would rather risk all of my money then use paypal. So that's why it is not 100% correct answer either way.

Anyone who believes that bitcoin will be the standard payment method and fiat will not be needs to open their eyes and see the real world. We are doing fine with crypto and all but the reality is that we are also looking at something that is only an "alternative" to whatever we have right now. It is not going to be a forever deal for us, but it is going to be very important for all of us to keep on fighting to become alternative as well.

Let alone being the standard, we can't even consider ourselves as alternative right now, sure prices of crypto go up all the time and that's fine and dandy but we do not see way too many places accepting bitcoin yet, that's what we need to achieve.