The old fiat days are behind us!

[Gamerholic]

I think we are at a turning point in this process. The usual usual money will not go anywhere in the coming years, the cryptocurrency market is still small and the number of people who understand the blockchain, although it is growing from year to year - but not as fast as it might seem. In some places, they have not heard about this at all, and in most countries, the majority of the population will not be able to answer the question of what Bitcoin and decentralized finance are. Education and popularization will do their job over time - but how long will it take?

[pixie85]

In my view, fiat is not going to be an obsolete currency. And crypto won't replace fiat. I agree with @ 20kevin20's opinion

fiat will evolve to go digital. namely digital money issued by the central bank. digital fiat will still be controlled by the government. and bitcoin will only be an asset like gold.

On one hand you could be right, but saying that Bitcoin will ONLY be an asset is petty much putting it on a pedestal.

If bitcoin really becomes recognized all around the world as digital gold we are all going to be rich beyond our wildest dreams. Want to know why? Because if faced with physical gold and something that has the same value and holds price the same way but is much easier to transport and hide and you can stop people from stealing it for cheap, they will always choose bitcoin. 

[TimeTeller]

Until you can pay your Federal taxes in Bitcoin, fiat can not be behind us.

Bitcoin is impressive technology and I love seeing people use it, but we are very very very far away from it being able to function as a currency in a global capacity, let alone a complete replacement for fiat.

Not seeing in our lifetime for bitcoin to replace fiat.
Fiat may go digital but still large percentage of population will still depend on fiat.
Bitcoin will just co-exist with fiat but fiat will remain the main means of financial transactions.
Yes, let us just appreciate the fact that crypto is getting noticed by the public and acknowledge its benefits.
But I don't think fiat will be replaced by bitcoin or crypto anytime soon.

[verita1]

OP, I would have to tell you that for my Fiat it represents at least 20% of my equity, which is summarized in expenses for goods and services and that 80% is supposed to be equity in cryptocurrencies.
Bitcoin and cryptocurrencies is my present and future just like most of the members, IMO.
Without a doubt, bitcoin allowed the disruption of money and is now unstoppable.

[just_Alice]

To put the fiat days behind us we basically need to rewrite the current economy, because it can't function without fiat. And crypto can't be a substitute for fiat either, it's not controlled, no one pays taxes, right? So either there should be a totally new system, where no one controls the money flow and everyone is free to do with their assets whatever they want (sounds like anarchy at this point), or crypto should co-exist with fiat.
I think, for now, crypto is best for public use, for private companies, but when it comes to some serious global financing problems - for now until anyone figures out how to make this work with crypto (to keep everything stable, avoid any untaxed and shady transactions), fiat remains a better solution.

[Darker45]

When someone says, "but the performance of gold as an asset lasts 5,000 years"

Give credit to where it is due. Being still around after thousands of years is really something. Since time immemorial, and through the rise and fall of civilizations all over the world, gold remains significant, precious, coveted, utilized, and so on.

Highly advanced technologies have sprouted everywhere but they all didn't render gold worthless. It remains very much relevant until today.

All kinds of asset and financial instruments were created through all these years and still gold remains a sound option among seasoned investors.

Bitcoin is an amazing technology but it is not as time-tested as gold. We can't be sure if Bitcoin would still be here after a hundred years. As to gold, no doubt it will stay.

[btc-room101]

crypto is here and it is here to stay. I have imagined what the dark ages were when they used those forms of money with little  or not stress just like crypto has made the world becomes in terms of finance. I am most surprised that those forms of fianancial transactions even existed as i am forced to compare them with the crypto era and the difference is much we say a big thank you to the fiat days while they helped us in the past and now we make room to usher in crypto as the new big deal.

When someone says, "but the performance of gold as an asset lasts 5,000 years"

You might be able to point out: "And then the arrival of the railroad, together with the horseless carriage, rendered the animals as transport obsolete."

Basically, computers, the web, mobile phones, and the internet are all expanded, improved versions of existing technologies. upgrading technology and techniques, actively doing something completely different for thousands of years. So, the future of currency (which is crypto) is here!

Don't be so sure. I can remember when cabbage-patch dolls and pet-rocks were the rage, and made people rich. Now the subject is mute.

The cost of entry in CRYPTO is zero. Bitcoin open source means there will be more than 21M clones, some say we now have 9,000 clones, where will this end?

What is known is that at 7 transactions/second approval btc can never be used for business, how about store of value, nada also because gov's intend to black-list high-value addresses that don't have KYC association. Today's fee's of $30, to send $1, means that BTC will never be used for small transaction.

IMHO as a math-physics person, who has written math-crypto software since the 1970's, our present day crypto will be looked back in the future as bullshit insanity era. Sure we know why it took-off in 2010+ because the USD coming out of 2007 was shit. We know why the IMF-BIS created BTC&Satoshi, because they didn't want USD to flow to gold.

Now the reset is here. The GOV crypto will not be 'crypto' that can be mined by the public, it will be just like we have now digits on a computer.

The OP says 'fiat is behind' us, FIAT means wealth pulled out of your ass, and people are forced to use by the power of murder (gun/nuke); The new post-reset digital currency China/IMF will still be FIAT, pulled out off the IMF-BIS arse.

I think at best 'bitcoin' and clones go the worlds morons on the digital-asset train, and now the world-government can be the conductor and take you places.

Sure paper-cash is behind us, the new CBDC coming out of the reset is designed to become worthless if its not spent in a short time-frame. IMHO the OP doesn't know what FIAT means.

The originals BITCOIN community understood 'scarcity', they understood the Gold-Standard, but our world-gov, and politicians want & need FIAT-2-Infinity to run their toy democracy's. They have the gun's.

I don't see any of the worlds dictators stepping forward and offering MAFIA style 'protection' for bitcoin. Until then btc cannot be FIAT.

On the other hand in the future all trade on earth will be done with IMF-BIS digital-cash, and if you want to eat, you will play along.

WRT bitcoin, the future of BITCOIN is no future, because BTC has refused to embrace privacy, and it got in bed with COINBASE it means that future exit of wealth from BITCOIN to real privacy coins is impossible, or even gold for that matter, as with COINBASE(IRS) all is tracked.

In the future we will look back at USD cash in hand as "The good old days".

[Pandji02]

It's not behind us. We're getting there but there's still a lot things that need to be done.
But i can see the progress and that's great.

[mk4]

Don't be so sure. I can remember when cabbage-patch dolls and pet-rocks were the rage, and made people rich. Now the subject is mute.

Those stuff didn't solve problems; they're just hype.

The cost of entry in CRYPTO is zero. Bitcoin open source means there will be more than 21M clones, some say we now have 9,000 clones, where will this end?

It will not end, and it doesn't matter. You could also create thousands and thousands of versions of your local currency and it wouldn't matter because no-one would want them.

What is known is that at 7 transactions/second approval btc can never be used for business, how about store of value, nada also because gov's intend to black-list high-value addresses that don't have KYC association. Today's fee's of $30, to send $1, means that BTC will never be used for small transaction.

Lightning and other layer-2 solutions.

IMHO as a math-physics person, who has written math-crypto software since the 1970's, our present day crypto will be looked back in the future as bullshit insanity era. Sure we know why it took-off in 2010+ because the USD coming out of 2007 was shit. We know why the IMF-BIS created BTC&Satoshi, because they didn't want USD to flow to gold.

If you're so smart, I'd like to see a better product from you.

Now the reset is here. The GOV crypto will not be 'crypto' that can be mined by the public, it will be just like we have now digits on a computer.

The "gov crypto" thing is nothing but fiat just with a different back-end.

The originals BITCOIN community understood 'scarcity', they understood the Gold-Standard, but our world-gov, and politicians want & need FIAT-2-Infinity to run their toy democracy's. They have the gun's.

They can release as much versions of their fiat money as much as they want. Bitcoiners wouldn't care.

I don't see any of the worlds dictators stepping forward and offering MAFIA style 'protection' for bitcoin. Until then btc cannot be FIAT.

How can BTC be fiat in the first place? Both are 2 very different things. Not that anyone wants it in the first place.

On the other hand in the future all trade on earth will be done with IMF-BIS digital-cash, and if you want to eat, you will play along.

If people want to use CBDCs, then let them. What's your point?

WRT bitcoin, the future of BITCOIN is no future, because BTC has refused to embrace privacy, and it got in bed with COINBASE it means that future exit of wealth from BITCOIN to real privacy coins is impossible, or even gold for that matter, as with COINBASE(IRS) all is tracked.

Refused to embrace privacy? There are literally projects right now trying to improve privacy on Bitcoin.

[davis196]

When someone says, "but the performance of gold as an asset lasts 5,000 years"

You might be able to point out: "And then the arrival of the railroad, together with the horseless carriage, rendered the animals as transport obsolete."

Basically, computers, the web, mobile phones, and the internet are all expanded, improved versions of existing technologies. upgrading technology and techniques, actively doing something completely different for thousands of years. So, the future of currency (which is crypto) is here!

You say that crypto is the future of currency,but what do you mean by "crypto"?
Do you mean Bitcoin,or some altcoin,or maybe CBDCs(which aren't cryptocurrencies,but some people put them in the list)?Perhaps most governments and banks will adopt blockchain technology without adopting cryptocurrencies.
I wonder how Bitcoin can replace gold,since a bunch of coal mine accidents in China can cause a hash rate drop,that causes a BTC price crash and panic across the markets?Great store of value,isn't it?
New technology is great,but do you realize how fast a new technology can become obsolete?

[arabspaceship123]

I'm not sure where Bitcoin fits in a future when cryptocurrencies in the ecosystem get dominated by national fiat replacements. I don't think it's going to be like gold because whales and institutes wield too much influence over decisions which could affect Bitcoin value.

In my view, fiat is not going to be an obsolete currency. And crypto won't replace fiat. I agree with @ 20kevin20's opinion

fiat will evolve to go digital. namely digital money issued by the central bank. digital fiat will still be controlled by the government. and bitcoin will only be an asset like gold.

[kizlod]

I think you are almost right. But we aren't there yet. It's a hard process that will take time. maybe couple of decades but we're getting there.

[mindrust]

When someone says, "but the performance of gold as an asset lasts 5,000 years"

You might be able to point out: "And then the arrival of the railroad, together with the horseless carriage, rendered the animals as transport obsolete."

Basically, computers, the web, mobile phones, and the internet are all expanded, improved versions of existing technologies. upgrading technology and techniques, actively doing something completely different for thousands of years. So, the future of currency (which is crypto) is here!

FIAT was never a store of value. It has been what it is since the beginning. An asset that loses its value over time. If FIAT dare behind us, then it means there is something better. Is that something better bitcoin? I don't think so. I mean it is not better at losing its value like FIAT. If you want bitcoin to replace FIAT then bitcoin should be going down, not up.

And when you compare it to gold... Well I don't know. I guess I'll leave it here.

[Kong Hey Pakboy]

I think you are almost right. But we aren't there yet. It's a hard process that will take time. maybe couple of decades but we're getting there.

Hard to say that we are there yet especially with countries that don't have the latest technologies, I think that we will be on fiat for another 200 years if we are lucky not to fuck this planet or start a nuclear holocaust. I for one, live in a country that is behind in technology so I have to disagree that fiat is behind us not to mention that fiat has been here for thousands of years so it will be hard to remove that idea.

[killerman2]

At current time its not possible yet because there are many countries which are under devolpment level and its needed new and modern technologies . in well devolpment countries it may be possible.

[Tomtomwole]

in this scenario its not comparable. bitcoin at this stage is still very limited and majority of the things we do is still in fiat so fiat is not behind us. fiat will always be needed any day anytime, bitcoin is simply at the exposure stage and still gaining momentum. currently bitcoin is good in terms of asset but still has some flaws in terms of spending ability.

[Argoo]

I think it's a bad analogy since fiat has never made gold and silver obsolete. Maybe less used as a currency, but definitely not obsolete. I believe fiat will not be obsolete either, it's just going to turn into a digital version of it instead. Digital fiat will be a thing and will be more used than crypto imo. That's how I see it.

Totally agree with you. The national money of states will exist as long as the states themselves exist. It’s not even about the form of money, or even about their functional qualities or usability. States will only allow the circulation of money that they fully control. A striking example of this is the recent ban on the use of cryptocurrency as a means of payment by the Turkish government. Similar decisions can be repeated. It is better for a cryptocurrency not to conflict with the currency of states.

[Ararbermas]

in this scenario its not comparable. bitcoin at this stage is still very limited and majority of the things we do is still in fiat so fiat is not behind us. fiat will always be needed any day anytime, bitcoin is simply at the exposure stage and still gaining momentum. currently bitcoin is good in terms of asset but still has some flaws in terms of spending ability.

for short fiat is more reliable than crypto currency in my opinion , Perhaps if crypto don't have such bad issues around the internet,  its now the most priority when it comes for our daily use indeed . It has big advantage actually if we will make a comparison and more ppl can tell what are the advantages. But sad to say there are some factors that are unacceptable for the government.

[btc-room101]

Don't be so sure. I can remember when cabbage-patch dolls and pet-rocks were the rage, and made people rich. Now the subject is mute.

Those stuff didn't solve problems; they're just hype.

The cost of entry in CRYPTO is zero. Bitcoin open source means there will be more than 21M clones, some say we now have 9,000 clones, where will this end?

It will not end, and it doesn't matter. You could also create thousands and thousands of versions of your local currency and it wouldn't matter because no-one would want them.

What is known is that at 7 transactions/second approval btc can never be used for business, how about store of value, nada also because gov's intend to black-list high-value addresses that don't have KYC association. Today's fee's of $30, to send $1, means that BTC will never be used for small transaction.

Lightning and other layer-2 solutions.

IMHO as a math-physics person, who has written math-crypto software since the 1970's, our present day crypto will be looked back in the future as bullshit insanity era. Sure we know why it took-off in 2010+ because the USD coming out of 2007 was shit. We know why the IMF-BIS created BTC&Satoshi, because they didn't want USD to flow to gold.

If you're so smart, I'd like to see a better product from you.

Now the reset is here. The GOV crypto will not be 'crypto' that can be mined by the public, it will be just like we have now digits on a computer.

The "gov crypto" thing is nothing but fiat just with a different back-end.

The originals BITCOIN community understood 'scarcity', they understood the Gold-Standard, but our world-gov, and politicians want & need FIAT-2-Infinity to run their toy democracy's. They have the gun's.

They can release as much versions of their fiat money as much as they want. Bitcoiners wouldn't care.

I don't see any of the worlds dictators stepping forward and offering MAFIA style 'protection' for bitcoin. Until then btc cannot be FIAT.

How can BTC be fiat in the first place? Both are 2 very different things. Not that anyone wants it in the first place.

On the other hand in the future all trade on earth will be done with IMF-BIS digital-cash, and if you want to eat, you will play along.

If people want to use CBDCs, then let them. What's your point?

WRT bitcoin, the future of BITCOIN is no future, because BTC has refused to embrace privacy, and it got in bed with COINBASE it means that future exit of wealth from BITCOIN to real privacy coins is impossible, or even gold for that matter, as with COINBASE(IRS) all is tracked.

Refused to embrace privacy? There are literally projects right now trying to improve privacy on Bitcoin.

Name one problem that BITCOIN has solved?

BITCOIN is 100% scammer, criminals, and con-artists

Sure 2010 there were some programmers with good hearts, but todays BTC is 100% ponzi

[mk4]

Name one problem that BITCOIN has solved?

BITCOIN is 100% scammer, criminals, and con-artists

Sure 2010 there were some programmers with good hearts, but todays BTC is 100% ponzi

Are you seriously asking what Bitcoin is solving, despite the information about what you're asking being available for years and years now, while stating non-factual information?

"100% scammer, criminals, and con-artists" lmao.