What if a change in people's views?

[AmoreJaz]

what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?

If they are selling the fiat, it means someone is buying. If everyone sold all their fiat like you have imagined, it will lead to scarcity and lowered circulation of fiat that will make it more valuable. People are bound to experience some form of difficulties because no matter how we see it, bitcoins cannot be used in the purchase of everything. There are some things that are really cheap and it will be senseless paying with cryptocurrency, so it will really disrupt the way things are, and also because you have described this move in your imagination to be very sudden. Sudden changes always have effects.

and to look at this situation, this won't be realistic in the first place. as you said, if someone is selling, there is someone buying as well. scarcity means the currency can possibly be valuable. not thinking about this theoretical situation because it won't happen. a large percentage of population will still use the traditional fiat system no matter what. even crypto users have their accounts in traditional banking system. i don't think we will see this in our lifetime as even most governments will stick to their currency for so many reasons.

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[Oasisman]

there will always have some sort of inflation
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?

To whom they want to sold their fiat for crypto? coz this sounds like eradicating the use of fiat in the society, which will not going to happen. I mean who want's to have that fiat when everyone wants to have crypto based on your scenario? Well, we can only have a clear answer to questions which is at least realistic in our current timeline. We can't even have a decent discussions about the things that could happen in the next 100 years, because all we can say it's just another speculations as nobody really knows what would happen in that far ahead years.

[traderethereum]

I never imagined that would happen because until now, many people still don't believe in bitcoin and still hold their fiat in banks or hold it as cash.
But if that happens, it will disrupt the traditional financial system because there will be a scarcity of circulating fiat on the market, even though they can use digital money from each country.
This can happen if people in many countries can no longer trust their government because they can not solve many cases properly so they decide to use crypto.
But whether that will happen or not, people still use fiat for all sorts of things.

[bitgolden]

Inflation is part of the fiat system that is not going to disappear, people are losing money or money is getting destroyed by accident. That's why there is a natural form inflation that is always going to occur. Also most savers only set money aside because they are getting interest and hope they get more for their money in the future. Without any inflation the interest rates would be much lower and there would be less incentive to save money. I don't think a country could survive if all people would switch to crypto currencies at the same time. The government would like intervene and stop the capital outflow.

I think that's not the point though, if you lose money, or even if you just burn money in flames, then you can produce as much and you can keep it steady. The point of inflation in a healthy manner is growing, after all if amazon keeps on making profit every year, does that mean they will have all the money in the world with none of us ever having even 1 dollars? Of course not, which means we need to print some more to make everyone grow, and that steady growth is good.

However that's good up until like 2% and at most 3%, which is what your wage increase could be, if not? Then you are going to actually hurt if the inflation is anything close to 10% or more.

[AnonBitCoiner]

It's not possible that bitcoin will replace fiat currency because there are individuals who prefer fait currency and according to them bitcoin is a volatile money and we cannot assured about its accuracy of return.

People cannot sell overall fiat currency and if they do it they I think it will not be a wise decision because we know that putting overall money money to bitcoin means that we are putting ourselves in danger.

Bitcoin is not a legal service in most of countries so therefore people cannot do this. Cryptocurrency is beneficial but its benefit is not 100 percent sure.

[MIner1448]

If the majority of the population were to suddenly sell all their fiat money and invest it in cryptocurrencies, it could cause significant changes in the financial system.
First, such a drastic shift from fiat money to cryptocurrency could lead to a significant reduction in the money supply in the economy. This could lead to deflation and other economic problems associated with a lack of money in circulation.
Secondly, a sharp transition from fiat money to cryptocurrency could cause significant changes in the banking system and financial institutions. Many banks and financial institutions could lose a significant portion of their deposits and other fiat-related assets. This could lead to the bankruptcy of some banks and other financial institutions.
In general, a sharp shift from fiat money to cryptocurrencies could cause significant changes in the financial system, but such a scenario is highly unlikely as fiat money remains the main medium of exchange in the economy and has the support of governments and central banks.

[so98nn]

The very first vision was to do the same however with the time bitcoin was suppressed by traditional banking system with the help of government itself. The bitcoin was visioned by Satoshi so that we can have freedom to be our own bank. Now that’s what got changed over the time by authorities. Imagine if every single person started using bitcoin then we will form powerful decentralised alliance. That can literally disrupt the government since they will have no taxes and there won’t be funds to run. Think of it as some old age era when there were limited peeps, doing their trade for whatever they had (not fiat) and still they did it properly. Could happen today as well but not if government interferes the whole process.

[worle1bm]

There is no sudden change in whole population mindset untill there's no news flashing at the bigger levels so it won't happen with bitcoin.The slow impact is much better I would say in btc case as we have already seen over the past years like calling it scam we have now seen big companies accepting payments in it so this is how it will work in future also.

[maydna]

There is no sudden change in whole population mindset untill there's no news flashing at the bigger levels so it won't happen with bitcoin.The slow impact is much better I would say in btc case as we have already seen over the past years like calling it scam we have now seen big companies accepting payments in it so this is how it will work in future also.

Unless there is massive inflation going on around the world, people will probably change their mindset, save their assets, and even move their money to a safe place other than keeping it in the bank. Perhaps, the bank will not be their choice because the bank may also experience disruption. And if that happens, probably they'll move to bitcoin as their holding asset.

And in recent developments, people have started investing in bitcoin, but others still use fiat without touching bitcoin at all. But let's hope there won't be inflation worldwide lest it causes more problems.

[wxa7115]

There is no sudden change in whole population mindset untill there's no news flashing at the bigger levels so it won't happen with bitcoin.The slow impact is much better I would say in btc case as we have already seen over the past years like calling it scam we have now seen big companies accepting payments in it so this is how it will work in future also.

Unless there is massive inflation going on around the world, people will probably change their mindset, save their assets, and even move their money to a safe place other than keeping it in the bank. Perhaps, the bank will not be their choice because the bank may also experience disruption. And if that happens, probably they'll move to bitcoin as their holding asset.

And in recent developments, people have started investing in bitcoin, but others still use fiat without touching bitcoin at all. But let's hope there won't be inflation worldwide lest it causes more problems.

If our previous experiences are any indication people do not begin to move away from fiat until the value of their money is on free fall, and at the time they are looking for any asset which can be used to protect whatever wealth they have left.

And at that point we could expect for the price of bitcoin and gold to skyrocket, and while that would be good for us this is a scenario I would not like to happen, as the amount of suffering people all over the world will have to go through is immense.

[QueenVera]

what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?

The government would not allow this to happen and that is why they're constantly spreading misinformation so the public won't be informed on how beneficiary holding Bitcoin has been and will be. With people selling their fiats to cryptocurency or Bitcoin specifically, the government losses control and they won't have the power over the people any more.
The reason why the people listen to the government is because they're in control of our money which everyone needs. This is the reason behind the government creating their own cryptocurrency but it isn't decentralized like Bitcoin instead centralized like the fiats which are CBDC. With this CBDC replacing fiats, they can still control and monitor us.
But lets assume this was to be possible that everyone uses Bitcoin instead of the fiats, the traditional system would had been abolished and not just disrupted by so doing.

[crunck]

There is no sudden change in whole population mindset untill there's no news flashing at the bigger levels so it won't happen with bitcoin.The slow impact is much better I would say in btc case as we have already seen over the past years like calling it scam we have now seen big companies accepting payments in it so this is how it will work in future also.

Unless there is massive inflation going on around the world, people will probably change their mindset, save their assets, and even move their money to a safe place other than keeping it in the bank. Perhaps, the bank will not be their choice because the bank may also experience disruption. And if that happens, probably they'll move to bitcoin as their holding asset.

And in recent developments, people have started investing in bitcoin, but others still use fiat without touching bitcoin at all. But let's hope there won't be inflation worldwide lest it causes more problems.

If there is greater inflation, I'm not sure they will look to bitcoin, but they will think of gold first. Bitcoin is still a volatile asset and still affected by inflation, people will never use it to replace fiat, and that certainly won't happen. As for inflation, I think we need it, and it happens on purpose, not everyone wants it, and there are still a lot of group interests when inflation occurs.

[jokers10]

...
like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?

It will not happen suddenly. Of course deflationary bitcoin is a part of another type of economy and opposes the old system so entire economy will be forced to change. But it will go slowly. And some ideas of a future economy can be seen even today: discussing an idea of the universal basic income is held for years and there were some experiments with that; automation, robotization and AI makes human work less needed and we can focus on a creative types of work which will make us better. So if a brighter variant of future will come true its economy will be totally not like of nowadays. But changes will not drop from the clouds, we'll have time to prepare.

[maydna]

There is no sudden change in whole population mindset untill there's no news flashing at the bigger levels so it won't happen with bitcoin.The slow impact is much better I would say in btc case as we have already seen over the past years like calling it scam we have now seen big companies accepting payments in it so this is how it will work in future also.

Unless there is massive inflation going on around the world, people will probably change their mindset, save their assets, and even move their money to a safe place other than keeping it in the bank. Perhaps, the bank will not be their choice because the bank may also experience disruption. And if that happens, probably they'll move to bitcoin as their holding asset.

And in recent developments, people have started investing in bitcoin, but others still use fiat without touching bitcoin at all. But let's hope there won't be inflation worldwide lest it causes more problems.

If our previous experiences are any indication people do not begin to move away from fiat until the value of their money is on free fall, and at the time they are looking for any asset which can be used to protect whatever wealth they have left.

And at that point we could expect for the price of bitcoin and gold to skyrocket, and while that would be good for us this is a scenario I would not like to happen, as the amount of suffering people all over the world will have to go through is immense.

The government also definitely won't let that happen in their country and will try to maintain economic stability so inflation won't destroy it. It is hoped that people have started to open their eyes to try to invest in many things so that they can have assets when there is inflation so that assets can help their economy so that they are not too affected by inflation.

But indeed, when inflation occurs in many countries, many people will suffer and most of them will not be able to survive. The economy can falter because people will prioritize basic needs over other things.

There is no sudden change in whole population mindset untill there's no news flashing at the bigger levels so it won't happen with bitcoin.The slow impact is much better I would say in btc case as we have already seen over the past years like calling it scam we have now seen big companies accepting payments in it so this is how it will work in future also.

Unless there is massive inflation going on around the world, people will probably change their mindset, save their assets, and even move their money to a safe place other than keeping it in the bank. Perhaps, the bank will not be their choice because the bank may also experience disruption. And if that happens, probably they'll move to bitcoin as their holding asset.

And in recent developments, people have started investing in bitcoin, but others still use fiat without touching bitcoin at all. But let's hope there won't be inflation worldwide lest it causes more problems.

If there is greater inflation, I'm not sure they will look to bitcoin, but they will think of gold first. Bitcoin is still a volatile asset and still affected by inflation, people will never use it to replace fiat, and that certainly won't happen. As for inflation, I think we need it, and it happens on purpose, not everyone wants it, and there are still a lot of group interests when inflation occurs.

People are turning to gold because they know gold better than bitcoin and gold is already being used as a hedge of their assets so if there is inflation, they can sell the gold. And at the very least, the value of their wealth wouldn't decrease by much.

But if they also know bitcoin, they will invest in gold and bitcoin. They might also try to collect more bitcoins, especially if the bitcoin price hasn't increased much. And there will be interest from a group that will benefit from inflation because they are the ones who can survive the most when it happens.

[bettercrypto]

What do you mean they will trade all their fiat for Bitcoin? Because at this time Fiat is still important in goods and not all merchants are using bitcoin as payment options online.

     Although it is good and in our favor if the majority of people around the world will invest in bitcoin because when this happens there is also a great chance that the value of bitcoin will rise, but it is not to the point that there is no fiat left to buy our needs on a daily basis of course.

[xzy887]

What do you mean they will trade all their fiat for Bitcoin? Because at this time Fiat is still important in goods and not all merchants are using bitcoin as payment options online.

     Although it is good and in our favor if the majority of people around the world will invest in bitcoin because when this happens there is also a great chance that the value of bitcoin will rise, but it is not to the point that there is no fiat left to buy our needs on a daily basis of course.

You are certainly right, our Fiat is still very important.
We cannot buy all products and all things using Bitcoin everywhere. If I say that I have to buy some useful goods. Then if I ask the shopkeeper to do transactions through Bitcoin, he will definitely disagree and there are also shopkeepers who don't believe in Bitcoin, then what to do?

Of course then you will need your own country's fiat. We cannot use Bitcoin for many such tasks. There the importance of own country's fiat is immense.

[serjent05]

What do you mean they will trade all their fiat for Bitcoin? Because at this time Fiat is still important in goods and not all merchants are using bitcoin as payment options online.

@OP is just citing a situation when all people sold their fiat for Bitcoin and asking us what would be the effect of such action.  He is not saying that fiat is worthless whatsoever.

     Although it is good and in our favor if the majority of people around the world will invest in bitcoin because when this happens there is also a great chance that the value of bitcoin will rise, but it is not to the point that there is no fiat left to buy our needs on a daily basis of course.

It is only beneficial to a person who has already Bitcoin on their stash but to those who do not have, they have little to no benefits from the Bitcoin price surge because of the buying craze.  Fiat will always stay because it is being maintend by the authority, it (fiat money)  will only become obsolete if the authorithy or government give up on it

[mv1986]

What do you mean they will trade all their fiat for Bitcoin? Because at this time Fiat is still important in goods and not all merchants are using bitcoin as payment options online.

@OP is just citing a situation when all people sold their fiat for Bitcoin and asking us what would be the effect of such action.  He is not saying that fiat is worthless whatsoever.

     Although it is good and in our favor if the majority of people around the world will invest in bitcoin because when this happens there is also a great chance that the value of bitcoin will rise, but it is not to the point that there is no fiat left to buy our needs on a daily basis of course.

It is only beneficial to a person who has already Bitcoin on their stash but to those who do not have, they have little to no benefits from the Bitcoin price surge because of the buying craze.  Fiat will always stay because it is being maintend by the authority, it (fiat money)  will only become obsolete if the authorithy or government give up on it

Good point, actually many people changing their point of view in regards to fiat money would be good news!

Now you can always think about the worst case scenario and consider what would be happening if they don't trust in cryptocurrencies, but what about the other way around? Why trust fiat money?

I believe that as much as the trouble is going to rise in the short term, and we are seeing that can happen when even mediocre banks crash, more and more people will think about the advantages of an independent bank like Bitcoin. It is the ultimate control you can have over your own assets.

[Sarah Azhari]

What do you mean they will trade all their fiat for Bitcoin? Because at this time Fiat is still important in goods and not all merchants are using bitcoin as payment options online.

     Although it is good and in our favor if the majority of people around the world will invest in bitcoin because when this happens there is also a great chance that the value of bitcoin will rise, but it is not to the point that there is no fiat left to buy our needs on a daily basis of course.

Bitcoin is impossible to change the fiat system right now becaue all economic aspect is still use fiat. But if you invest bitcoin from now, I am really sure if the system  suddenly change, you have already and and not surprised anymore. Crypto also have benefit, you can trade it and and rotate it for capittal.

[bounceback]

-snip-
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?

If that happens then that will certainly make the value of bitcoin soar because the supply of bitcoin is limited so when everyone has put funds into bitcoin it makes the demand for bitcoin in the market higher while the supply is lower, but I think events like you imagine this will never happen happened, the fact is that so far fiat currency is still needed by the community, moreover, basically not everyone understands technology and while some people who live in rural areas do not have internet access to transact with crypto, so they will always use fiat currency when they want to shop and for other purposes.