Bitcoin has the potential to dominate fiats, what do you think?

[Pi-network314159]

Now, I think that Bitcoin has the capacity, based on it's continuing awareness and adoption to dominate the faits in near future, though this, in my opinion may causing fears on the Fiats economy, hence the rising regulatory concerns in many countries. Do you think Bitcoin will dominate fiats in near future?

i have said this countless times that bitcoin was not created or invented to compete or dominate fiat but to serve as an alternative to fiat or to be used in alongside with fiat. i always find it offensive when i see statement like this. fiat must function as fiat while cryptocurrency will also function as one, and not the two competing. if bitcoin dominate fiat then how will the uneducated ones survive when we know that they depend on fiat for their daily expenses.

[GreatArkansas]

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Now, I think that Bitcoin has the capacity, based on it's continuing awareness and adoption to dominate the faits in near future, though this, in my opinion may causing fears on the Fiats economy, hence the rising regulatory concerns in many countries. Do you think Bitcoin will dominate fiats in near future?

Near future? Very no. Small chance, even Bitcoin price will x2 from now or more.

While Bitcoin continues to gain awareness and adoption, several key factors limit its ability to replace fiat currencies on a broad scale.
For example is regulatory, which some governments around the world are increasingly implementing regulations to control the user of cryptocurrencies, often aim to prevent illegal activities and the volatility too.

[X-ray]

Bitcoin definitely has the capability to do so, but the government aren't gonna let their fiat be the 2nd option.

That's why each governments around the world are making regulation carefully to ensure that, but here's the thing, even it's like that, bitcoin will still be the most popular currency used worldwide, it's just matter of time and adoption.

Even right now adoption is increasing, more and more e-commerce accept crypto, it's inevitable.

[Iranus]

Dominating in market cap? high likely in the future.

Fiat does not have a market capitalization, it is calculated by the total amount of money in circulation (money supply). Fiat is the world's primary unit of measurement, it is not a speculative asset so there is no market price to calculate capitalization.

Dominating in daily usage? there's no way Bitcoin can beat fiats.

Yes, this will never happen. We should be realistic that bitcoin is just an asset, an investment and not everyone in the world needs it as a fiat currency.

Dominating in holding for long term? fiats already lose since few years ago.

Because one is an asset to hold while the other is just a currency to measure value and has no fixed supply. So bitcoin appreciates while fiat depreciates over time, that's obvious.

If we want to compare: stocks, gold...it would be more reasonable to compare bitcoin with fiat.

[OcTradism]

Fiat does not have a market capitalization, it is calculated by the total amount of money in circulation (money supply). Fiat is the world's primary unit of measurement, it is not a speculative asset so there is no market price to calculate capitalization.

Fiat currencies are from governments and they have no caps of total supplies as well as there is no term like fiat currency market cap.

Yes, this will never happen. We should be realistic that bitcoin is just an asset, an investment and not everyone in the world needs it as a fiat currency.

Governments will not let it happen and people are more familiar with fiat currencies and in future there will be existences of CBDCs as well. Governments will try to force citizens using fiat currencies and CBDCs as most frequently as possible. With many barriers from governments, Bitcoin has massive challenge to beat fiat currencies and CBDCs and I believe people will never dominantly consider Bitcoin blockchain as their only or main favorite choice for transactions.

If we want to compare: stocks, gold...it would be more reasonable to compare bitcoin with fiat.

There are available comparisons like you said in the following book.
The Bullish Case for Bitcoin.

[Danica22]

i have said this countless times that bitcoin was not created or invented to compete or dominate fiat but to serve as an alternative to fiat or to be used in alongside with fiat. i always find it offensive when i see statement like this. fiat must function as fiat while cryptocurrency will also function as one, and not the two competing. if bitcoin dominate fiat then how will the uneducated ones survive when we know that they depend on fiat for their daily expenses.

I think these statements may be one of the reasons why governments have hated and banned bitcoin in the past. Too many people are crazy about bitcoin and spreading misinformation thinking it will make bitcoin look better. But they don't know that they are making the government hate BTC more because the government doesn't like anyone threatening their power. Obviously, Satoshi created Bitcoin only as an alternative, he never claimed that it would completely replace or threaten the position of fiat.

Also, frankly speaking, bitcoin is not strong enough to replace or dominate fiat because the world is inherently centralized and controlled by governments. They will not sit idly by and let that happen because it directly affects their power.

[pooya87]

We also know that Bitcoin dominance over altcions has gone very high, there are no indications for a decrease at the current index rate which stood at around 62%,

That is not dominance just because some random website calls it that. It is market cap ratio and is the ratio of the single bitcoin's market cap divided by the sum of thousands of shitcoin market capitalizations! That ratio doesn't even make sense to compute let alone be the representative of dominance!!!

Now, I think that Bitcoin has the capacity, based on it's continuing awareness and adoption to dominate the faits in near future, though this, in my opinion may causing fears on the Fiats economy, hence the rising regulatory concerns in many countries. Do you think Bitcoin will dominate fiats in near future?

You are comparing apples and oranges in both cases.
Altcoins are mostly useless playthings created to make a quick buck while bitcoin is a serious payment system created to actually some a real world problem and is actually used. So altcoins and bitcoin are not exactly in the same category.

It's the same with fiat. Fiat is a currency created in a completely centralized way and is a part and parcel of the broken global economical structure. It needs to exist as long as the system works like this without an alternative. And that alternative to economy is not bitcoin, bitcoin is just an alternative payment system for the individuals.

[davis196]

The growing demand for Bitcoin is unprecedented, it has been forecasted that the demand for btc will continue to grow even as awareness and adoption increases now and in near future.
We also know that Bitcoin dominance over altcions has gone very high, there are no indications for a decrease at the current index rate which stood at around 62%, very is high for altcions bullish momentum, or the much anticipated altcions season.
Now, I think that Bitcoin has the capacity, based on it's continuing awareness and adoption to dominate the faits in near future, though this, in my opinion may causing fears on the Fiats economy, hence the rising regulatory concerns in many countries. Do you think Bitcoin will dominate fiats in near future?

What do you mean by "Bitcoin dominating fiats"? Do you really believe that the people would suddenly start using BTC instead of fiat currencies for their daily purchases? I don't believe that such thing would ever happen. Bitcoin isn't competing with fiat currencies. Bitcoin is competing with gold and stocks at this point. I'm not concerned about potential negative regulatory changes in regards to Bitcoin in the USA, as long as the Trump administration remains in power. Maybe the European Union could impose some anti-crypto regulations in the future, but we all know that the most important country for crypto is the United States of America.

[fikrett]

Bitcoin definitely has the capability to do so, but the government aren't gonna let their fiat be the 2nd option.

That's why each governments around the world are making regulation carefully to ensure that, but here's the thing, even it's like that, bitcoin will still be the most popular currency used worldwide, it's just matter of time and adoption.

Even right now adoption is increasing, more and more e-commerce accept crypto, it's inevitable.

Bitcoin doesn't need to dominate to be a good alternative.

If anything, the less grief they would have over BTC, the faster its adoption would go.

[Questat]

Now, I think that Bitcoin has the capacity, based on it's continuing awareness and adoption to dominate the faits in near future, though this, in my opinion may causing fears on the Fiats economy, hence the rising regulatory concerns in many countries. Do you think Bitcoin will dominate fiats in near future?

i have said this countless times that bitcoin was not created or invented to compete or dominate fiat but to serve as an alternative to fiat or to be used in alongside with fiat. i always find it offensive when i see statement like this. fiat must function as fiat while cryptocurrency will also function as one, and not the two competing. if bitcoin dominate fiat then how will the uneducated ones survive when we know that they depend on fiat for their daily expenses.

As long as fiat continuously serves its purpose, it will never be dominated or replaced by bitcoin. Although it’s undeniable that bitcoin has higher value compared to fiat, but in general, fiat has still gained maximum usage than bitcoin, most especially in acquiring basic necessities for survival.

However, those uneducated can be educated later on, but bitcoin adoption may still take a lot of processes first before we can finally utilize bitcoin on a daily basis.

[john_egbert]

As long as fiat continuously serves its purpose, it will never be dominated or replaced by bitcoin. Although it’s undeniable that bitcoin has higher value compared to fiat, but in general, fiat has still gained maximum usage than bitcoin, most especially in acquiring basic necessities for survival.

However, those uneducated can be educated later on, but bitcoin adoption may still take a lot of processes first before we can finally utilize bitcoin on a daily basis.

Would you say that BTC is suited for daily usage at all? I wouldn't think so..

[DanWalker]

Bitcoin definitely has the capability to do so, but the government aren't gonna let their fiat be the 2nd option.

On the contrary, I see no chance for bitcoin to surpass fiat and dominate.

That's why each governments around the world are making regulation carefully to ensure that, but here's the thing, even it's like that, bitcoin will still be the most popular currency used worldwide, it's just matter of time and adoption.

Governments control everything in the world and bitcoin is no exception, they want to regulate it not because they fear it, but because they don't want to ignore the huge tax revenue.
If the government is not legitimate, it cannot even become popular. I wonder, how it can become a globally used currency if they don't allow and let it happen?

Even right now adoption is increasing, more and more e-commerce accept crypto, it's inevitable.

Adoption is growing as more and more businesses, e-commerce platforms accept bitcoin but remember they need government permission to do so. If the ban is enacted, no store will dare to accept bitcoin anymore.

[Alpha Marine]

When you mean dominate, in what sense do you mean? Do you mean it will be more popular and more widely used than Fiat? If that is what you mean, then it will not be happening anytime soon. Fiat will always be the number one currency in different countries. There is simply no way governments of the world will elevate something else over their own. Bitcoin is not centralised and can't be controlled; most importantly, it's not a national currency, it's global.

But if you mean dominate in price, Bitcoin has been dominating every single currency for years now. If Bitcoin crashes to $100 today, it will still be more valuable than any other currency in the world. 

[avikz]

Bitcoin definitely has the capability to do so, but the government aren't gonna let their fiat be the 2nd option.

That's why each governments around the world are making regulation carefully to ensure that, but here's the thing, even it's like that, bitcoin will still be the most popular currency used worldwide, it's just matter of time and adoption.

Even right now adoption is increasing, more and more e-commerce accept crypto, it's inevitable.

Yes that's the thing! Bitcoin surely has the potential. But that's exactly what governments want to prevent. Money is a tool to keep people under control. If that supply of money become independent from the government, chaos begins at government's side. Because that allows people to break free from the control. Bitcoin will never be able to dominate fiat because the governments will not allow it.

However, Bitcoin thrived as a parallel economy. I think that's how it will remain in the future. Definitely people will get more options to use Bitcoin, but that wouldn't allow Bitcoin to dominate over fiat.

[Ucy]

Bitcoin doesn't really depend on fiats. If all countries completely ban their citizens from buying bitcoin it will still continue to flourish and grow at the right pace. Bitcoin growth is mostly dependent on its good ideals and developments that benefit it. They are mostly what make it valuable and the price to increase.
In a zero fiat situation, minted bitcoins will continue to circulation within the Bitcoin economy, to pay or reward people for working, for contributing to Bitcoin or for their products. The more good works or contributions that benefit Bitcoin, even without earning bitcoins, the stronger the demand or the more valuable Bitcoin becomes, this pushes the price higher... And the fiat people also benefit from this.
But if lots of people are dumping fiats for Bitcoin, all the governments could do is to regulate things at their own end. Bitcoin is beyond their area of jurisdictions.
By the way, It would be easy to stop citizens that depend on their governments economically, financially etc, from buying Bitcoin, but difficult to stop the independent ones.

[xzone]

We don't pay with bitcoin when we shop at the grocery store, will there come a day when we will do that? It wouldn't make much sense to shop with something whose value changes by 10% every day. Of course, it may change 10 or 20 years from now, we may enter a very different financial system, but for now it seems unlikely that such a thing will happen.

There is still a long time to go before cryptocurrencies will be used for everyday life. Right now bitcoin is an investment style for most people

[Zlantann]

The growing demand for Bitcoin is unprecedented, it has been forecasted that the demand for btc will continue to grow even as awareness and adoption increases now and in near future.
We also know that Bitcoin dominance over altcions has gone very high, there are no indications for a decrease at the current index rate which stood at around 62%, very is high for altcions bullish momentum, or the much anticipated altcions season.

Most altcoins are worthless and I observed that people are getting to understand this fact. Even the so called $TRUMP memecoins made more people poor than rich. Bitcoin will keep dominating the crypto market because of its reputation and wide range acceptance.
 

Now, I think that Bitcoin has the capacity, based on it's continuing awareness and adoption to dominate the faits in near future, though this, in my opinion may causing fears on the Fiats economy, hence the rising regulatory concerns in many countries. Do you think Bitcoin will dominate fiats in near future?

How will you compare a currency that can be printed unlimitedly with Bitcoin? Fiat will continue to serve its purpose as a centralized medium of exchange. While Bitcoin will continue to serve as a decentralized currency for people who value privacy and freedom.

The increase in strict regulatory laws is a plot to force people to use Bitcoin through centralized channels. It a well-arranged plan to keep controlling the people.

[Franctoshi]

The growing demand for Bitcoin is unprecedented, it has been forecasted that the demand for btc will continue to grow even as awareness and adoption increases now and in near future.
We also know that Bitcoin dominance over altcions has gone very high, there are no indications for a decrease at the current index rate which stood at around 62%, very is high for altcions bullish momentum, or the much anticipated altcions season.
Now, I think that Bitcoin has the capacity, based on it's continuing awareness and adoption to dominate the faits in near future, though this, in my opinion may causing fears on the Fiats economy, hence the rising regulatory concerns in many countries. Do you think Bitcoin will dominate fiats in near future?

Why is Bitcoin dominance high?
Some Investors have learned their lessons from their investment on altcions and started priorizing or paying more attention on cryptos with utility case, So this is why this bull market is a utility bull run and only cryptos with utility cases will thrive, Which Bitcoin stands out amongst all. Secondly people are becoming more knowledgeable or aware as how Bitcoin works unlike before and are now prioritizing Bitcoin over chasing the shitcoin quick profit (Pump and dump schemes) with no real world value.

[Ultegra134]

Bitcoin definitely has the capability to do so, but the government aren't gonna let their fiat be the 2nd option.

That's why each governments around the world are making regulation carefully to ensure that, but here's the thing, even it's like that, bitcoin will still be the most popular currency used worldwide, it's just matter of time and adoption.

Even right now adoption is increasing, more and more e-commerce accept crypto, it's inevitable.

This is true; this isn't the only reason. Like other users already mentioned, Bitcoin's initial purpose wasn't to replace fiat currencies but to coexist. I never believed that Bitcoin was able to dominate fiat currencies; Bitcoin itself has many limitations that do not enable it to do so. The transaction fees are high; if the network is congested, then there are significant increases in fees and delays, while the majority of people are unaware of what it is, and an even smaller percentage know how it works.

Even we in the forum don't use it for transactions, mostly because we consider it an asset, but also because it's inconvenient.

[BITCOIN4X]

~Snip

This is true; this isn't the only reason. Like other users already mentioned, Bitcoin's initial purpose wasn't to replace fiat currencies but to coexist. I never believed that Bitcoin was able to dominate fiat currencies; Bitcoin itself has many limitations that do not enable it to do so. The transaction fees are high; if the network is congested, then there are significant increases in fees and delays, while the majority of people are unaware of what it is, and an even smaller percentage know how it works.

Even we in the forum don't use it for transactions, mostly because we consider it an asset, but also because it's inconvenient.

Of course, bitcoin will not dominate fiat and if that happens, then we can be sure that all world governments will have adopted it as a currency or means of payment. I don't think that will happen, so bitcoin will coexist as an alternative means of payment without dominating fiat. However there are some people who hope bitcoin dominates fiat, they practice it in everyday life, but I don't think it will happen globally.

Not many countries in the world have adopted bitcoin as legal tender, most of the world's countries may legalize it within certain limits. Bitcoin can be traded and invested, but they don't legalize it as a legal currency and that still hasn't changed including in my country.