Given an option between Bitcoin and Fiat which do you prefer?

[Ndabagi01]

As a bitcoin enthusiast having the knowledge of bitcoin and it's potentials compared to the fiat as a local currency and means of exchange or payment for services rendered what is your take and preference on it? And how long do you think it will take for bitcoin to be accepted as a digital legal tender world wide?

You opinions and thoughts are welcomed, let us discuss.

Bitcoin adoption, in my opinion, could take as much time as we can imagine. As long as the blockchain industry is unwilling to compromise with the government and maintain a state of centralization, we can only hope for its adoption. It will happen eventually, but it will take time. Blockchain and cryptocurrency are a new era in this technological age, and their ability to temper with government means of centralization will only lengthen the time it takes for them to fully accept it all over the world.

[CryptSafe]

As a bitcoin enthusiast having the knowledge of bitcoin and it's potentials compared to the fiat as a local currency and means of exchange or payment for services rendered what is your take and preference on it? And how long do you think it will take for bitcoin to be accepted as a digital legal tender world wide?

You opinions and thoughts are welcomed, let us discuss.

Bitcoin adoption, in my opinion, could take as much time as we can imagine. As long as the blockchain industry is unwilling to compromise with the government and maintain a state of centralization, we can only hope for its adoption. It will happen eventually, but it will take time. Blockchain and cryptocurrency are a new era in this technological age, and their ability to temper with government means of centralization will only lengthen the time it takes for them to fully accept it all over the world.

It is obvious and the possibility is certain that blockchain would likely be compromised in the nearest future already some blockchain already request for kyc before holders could transfer their coin to their wallets which is not the real reason Satoshi Nakamoto invented the blockchain and bitcoin the Genesis.

Talking about centralization and decentralization, that would be near impossible to overlook because in one way or the other, both serves blockchain and the users. Centralised exchange which I see as the government arm of blockchain organization are very set to fulfil the government policies because they are licensed to operate by the government so therefore, they are against the anonymous or pseudo transactions which the government sees as a threat to them. On the other hand decentralized exchange does not require your identity only just a wallet connection to Carry out your transaction which the government is against so they could keep monitoring owners of funds and assets. This was the real plans of Satoshi.

[Zlantann]

As we all know, bitcoin has been trending for a long time now and has been recognized by nation's and individuals globally. Irrespective of the fact that bitcoin is a digital currency, it is highly volatile and risky and if you must invest in it, you must use your spare cash or funds which you can be able or afford to loose. Many people use bitcoin as store of value ie they use it to store their assets and wealth after converting from Fiat to bitcoin. It is otherwise a savings account to many as they see it so. With bitcoin your privacy is guaranteed compared to the Fiat which you must pass through processes before having access to it.

You mentioned that fiat is less risky and volatile but this is not true with all the currencies of the world. The Dollar and other top currencies might be stable but some currencies have lost almost 100% of their value. There are currencies that are more riskier than Bitcoin. You hardly find any trustworthy people these days. Even your banker can mastermind your kidnapping or robbery. This is why privacy is paramount to me and I choose Bitcoin because of that feature.

Fiat is stable enough to sustain it's monetary value but can not guarantee a stable economy as it was designed for. Fiat exchange value varies between nation's as it is measurable in the economical value each nation has and is contributing to the global market GDP but as a national tender it is, it is still of value because that is the only means by which one can exchange for goods and services compared to bitcoin depending on the country in which you are if they truly recognizes bitcoin as a legal render.

Fiat as an important medium of exchange in most nations which is its most important function. Due to government policies and restrictions on Bitcoin transaction, fiat has become the mainstay of most economies. Hence the reason why Bitcoin is valuable to me is because most businesses don't accept Bitcoin in my location.  

As bitcoin is, it has the tendencies to appreciate high in price compared to fiat which is stable, bitcoin has no third party custody unless you have it stored in exchange if not you are solely incharge of it which means you have your private keys and phrase under your custody compared to the fiat which is been held by banks and other financial institutions.
As a bitcoin enthusiast having the knowledge of bitcoin and it's potentials compared to the fiat as a local currency and means of exchange or payment for services rendered what is your take and preference on it? And how long do you think it will take for bitcoin to be accepted as a digital legal tender world wide?

You opinions and thoughts are welcomed, let us discuss.

It's a thing of joy to own a currency that the price go up and not the one that constantly depreciates and never appreciate. My country's currency have never recovered its lost value for the past twenty years. Even the so-called reliable and big banks are going down, so what's the hope of banks in developing nations. It is better to own and control your assets and currency than to put it in the hands of unknown individuals.

The acceptance of Bitcoin as a legal tender globally will not be immediate. Now just two countries have recognized Bitcoin as a legal tender. Gradually more countries will join the train and more nations will keep joining when they see the positive impact in other countries. Therefore, there is no specific time line for this to happen.

[Uruhara]

It may still take a long time to get more countries to accept bitcoin as legal tender. But I'm optimistic that one day it will happen.

but if I have to choose the one that I like more between fiat and Bitcoin then honestly I prefer bitcoin because this is not a centralized system. where I have complete control over it.
but if I have to choose which one is more practical at this time to do as a means of payment then fiat is of course still an option. because bitcoin is currently more suitable for me to store my assets for long term investment.

and when it comes to fiat for long-term storage then I hope we avoid it. because the value of fiat continues to decline from year to year. Please remember the price of things you could buy as a child for $ 1. but then now you hold $ 1 so it is not certain that you can buy the same things that were bought when we were little. even fiat in my country is declining in value. I remember when I was a kid $0.1USD would be enough to buy 15 pieces of snacks. but currently $0.1USD is just enough for one snack. please conclude.

[RockBell]

Bitcoin and fiat are different but sometimes serve the same purposes as legal tender. To be more specific, bitcoin serves as more of an investment than fiat, which is primarily used for purchases. Nevertheless, both have advantages and no matter the circumstance, one cannot function without fiat. For example, consider what is currently happening in Nigeria, where the new monetary policy is attempting to reduce the circulation of cash but is actually having an effect on almost everyone, meaning that the police have a significant negative impact on almost everyone.

[Bananington]

And how long do you think it will take for bitcoin to be accepted as a digital legal tender world wide?

Acceptance and adoption mean two separate things. People will soon get to agree that there is something called bitcoin, it will have recognition, but it will take some more time for these people to also decide to start to use it. Bitcoin will be accepted sooner than it will be adopted. To facilitate this process, you can engage in or start little activities that promote bitcoin and why people should use it. Before people will adopt bitcoin for use, it means they have accepted it, but if people accept bitcoins, it does not mean that they will immediately adopt it for use.

[RealMalatesta]

With bitcoin your privacy is guaranteed compared to the Fiat which you must pass through processes before having access to it.

If bitcoin offered privacy by default, you probably would never promote the service at your current profile attribute.

I think the saddest thing is that bitcoin does provide some sort of privacy compared to fiat, like at least it's not your name that is out there forever, but it is not providing it 100% at all, it provides more than fiat but it is not fully hidden, it's just a thing that is better but not the best.

This is why we have these extra additional companies where you could use their services and could make money the way you want and you could hide your wealth and you can move it around without worry. Those type of things do exists in fiat world as well but usually illegal, which means that you could end up with a lot better result using bitcoin and mixing instead.

[kryptqnick]

We live in a world of variety where one rarely needs to choose one thing over another. I'd gladly choose both fiat and Bitcoin. Fiat is relatively stable, and I'd also want to use my country's fiat because I want to support my country this way during a very difficult time it's having. But Bitcoin is more private and largely quite convenient. If I could use it directly for payments for my basic goods and services, I can't say I'd always do it, but I would certainly do it from time to time. Bitcoin is better for savings because it grows in value over time, unlike fiat, but fiat is way more known and accepted, which is also something that matters when making a choice.

[BenCodie]

The times are changing from fiat being preferred "because it is stable". Inflation is here, prices are rising...your dollar might seemingly always be worth one dollar, though its buying power is shrinking and the amount that you need for your necessities is ever increasing...no matter where you live. If Bitcoin was much more adopted by businesses around the world, this topic would be laughable. That's the only missing link right now before Bitcoin properly takes the stage.

[kelechi]

 Bitcoin has been gaining more acceptance and recognition as a legitimate means of payment and store of value. Its decentralized nature and ability to provide greater privacy and security to users are some of the key features that make it appealing to some investors and consumers.

[OgNasty]

It would depend on a great deal of factors to be honest, but if the question is which transaction would I trust more, one where dollars were put in my bank account or one where BTC was put in my wallet, I would very obviously choose the BTC. Anyone familiar with accepting money on the internet is familiar with chargebacks…

[Frankolala]

~snip~

The two currencies goes together and they can't do without each other. We must change our fiat to purchase bitcoin and when we want to spend our coins,we must change it to fiat currency before we can use it worldwide. Bitcoin is gaining more recognition and adoption because of its unique features.

I will love to have my savings in bitcoin and maybe my pension so that when inflation hits fiat currency and depreciate it my investment will not be affected, since Bitcoin can survive inflation and the value will remain the same,meaning your financial life is secured. Fiat is necessary for my daily spending because it is not every commodity that you can buy with btc,even though your country has adopted it as an alternative means of payment.

For bitcoin to be adopted by the whole country as a legal tender will be impossible by government because of its volatile nature. Imagine if you are paid $500 in bitcoin for a job and the next money,bitcoin dumps 2x lower. Nobody will be happy with such,Bitcoin is good in a long term run due to the cycle movement of it.

[maydna]

The use of fiat has been around for a long time and has been recognized by the whole world, while the use of bitcoin has indeed begun to be recognized. But for the use of bitcoin, I think it depends on the policies of each country. I prefer fiat as a medium of exchange or payment in a country rather than bitcoin because I choose bitcoin as a future investment.

If you ask how long bitcoin will be accepted as a digital payment instrument, it depends on the governments of each country. All regulations regarding the use of money will be under their control. The government can decide whether the use of bitcoin is legal or illegal and we citizens can only comply with it. Maybe we as bitcoin users, see the great potential in bitcoin but if our government has not approved it, we cannot protest against them.

[uneng]

Of course bitcoin. There are some years already that I totally exchanged my savings into bitcoin and no longer hold fiat, besides the amount I need for daily expenses. I did this after concluding I was just losing purchasing power by holding fiat on my bank account to earn interest inferior to the inflation of the country. So far I have no regrets for doing this.

I just have to control my emotions and finances in a way I'm aware I might not be able to spend money as I wish on the moment I wish, due to the bearish market which pushes bitcoin downside. The cons is that it freezes life a little bit, but on the other hand I have the certain I'm building something more valuable and worthful on long term.

[Agbe]

From what is happening in my country, whatever way you put it bitcoin option is the best now. My country introduced cashless policy and as it now the country economy is getting worst every day. If countries introduced online transaction and bitcoin is already an online currency then bitcoin is the best whether there is risk or not. If people want to use their personal money to invest in bitcoin, mate I advise them to use it whether the amount is big or small. If they are not taking loans from someone to invest there is no problem. Fiat is frustrating people every day and night.
The risky of bitcoin is in trading and not on the hodling. If you are hodling for about 5 to 10 years then you don't have anything to worry, you just relax and top up the wallet at anytime of your choice. Bitcoin is the preferable online currency.

[imamusma]

what is your take and preference on it?

Bitcoin is the currency for most of the crypto community regardless of use in real use cases offline or online. But so far I haven't been able to use bitcoins as legal tender in the jurisdiction of my country. Bitcoin is an investment asset, I tend to think that way as long as the government hasn't legalized it as a currency.

And how long do you think it will take for bitcoin to be accepted as a digital legal tender world wide?

I don't know the future, but it's very likely. Increased adoption and softening of some rules in various jurisdictions have made bitcoin increasingly popular as a means of payment.

I can hope that in the next 10 years many countries will consider bitcoin as a means of payment, but of course the government will regulate it in such a way that bitcoin users are always in the centralized zone of their finances.

[panganib999]

I'll play the devil's advocate and for now would choose fiat. Other than the fact that it is controlled by the upper echelons (pretty much like bitcoin in a way), Fiat is well, what you use for everything basically. Purchases, loans, availing services, the world is run by fiat. Bitcoin as it stands today would prove superior to fiat only in valuation, given the fact that it is one of the most valuable assets in today's age, oh well let's count portability too since you can transfer bitcoins easier than fiat (for me) but everything else, fiat remains at the top.

What could change my mind, well make everything purchaseable with bitcoin, then we'll talk. But until that day comes, I'm not gonna be a visionary and pick bitcoin over the more accessible and more rampant fiat.

[Flexystar]

Why I can’t choose both of them ?

I love bitcoin in its own way and fiat is my choice because I have no choice from the government itself and if I need to buy daily food then that’s the option for me (practically). There is no choosing between bitcoin and fiat. I never consider them competition. Rather both of them should be used it intermittently. While one is traditional currency that has powerful reserve around the globe, other is technological advancement which can give you ownership of your data and have its integrity on public ledger.

Idk, but I see both of them having their own roles in perspective of how they are getting used. Yes I would go for choosing if situation arises. Let’s say I need to roll a payment to someone overseas to whom I know then definitely I’m going to choose bitcoin. Because certainly I have that option now. However if it’s normal transaction locally I would chose fiat only. It is that simple for me and really let’s stop competing both of them.

[MarjorieZimmermanGinger]

I've been thinking for a long time about the Excess that the most basic and reasonable bitcoin has to date. So I've come to the conclusion that it is an identity in retaining value that no other investment model has.

And how long do you think it will take for bitcoin to be accepted as a digital legal tender world wide?

As long as possible before the collapse of centralized and government-regulated fiat currencies, without which it will not be easy and impossible to achieve global mass adoption of bitcoin as a legal means of transaction.

There are many countries that do not accept bitcoin, either as a commodity asset or as a legal means of transaction, so to study and find out how long bitcoin will be accepted as legal tender will be very difficult. It is not so important to me how long bitcoin will be accepted as legal tender, because if more and more countries start accepting this adoption then I believe the volatility of bitcoin will not be as expensive as price it is today.

[deathcode]

what is your take and preference on it? And how long do you think it will take for bitcoin to be accepted as a digital legal tender world wide?
You opinions and thoughts are welcomed, let us discuss.

Even though the value is very volatile and still has a high risk, Bitcoin is definitely preferred by most people who already understand and understand how it works. But we must not be hypocritical that at this time, of course, we like and still really need fiat to fulfill all aspects of life and our daily needs. Even now for us to be able to get and have Bitcoin with a decent nominal we will issue fiat to buy it.
I think it's possible that one day Bitcoin can be used globally to be truly fully accepted as a legal digital payment instrument in every country in the world, but of course we don't know when that will be achieved and it may still take a long time. Because we know there are still many pros and cons to current judgments about Bitcoin.