Fiat currency VS Bitcoin

[Gozie51]

Always remember the political science where you learn about sovereignty. Every country or government likes to be independent with its own identify like currency/money, security/boundary and control. If bitcoin replaces fiat then who becomes the identify behind it? That is the big question.

All countries have their monies inscribed with a symbol of identity like those people they immortalized in recognition for whatever service rendered to their nation. Apart from that inscription, government likes control which is symbolic of fiat usage, they can increase circulation or decrease it to serve the purpose they want but such can not happen with bitcoin. Or how will government control bitcoin volatility to plan their budget (to start with). Bitcoin is already well seated as reserve, that is an alternative kind of money. This is what bitcoin has graciously achieved.

[passwordnow]

Fiat currency is difficult to replace with Bitcoin and should not be contested. Governments will always try to maintain fiat currency, even though the traditional financial system has repeatedly proven its shortcomings. Let the two coexist, rather than contesting each other.

The two will coexist. Before, the thoughts of many about Bitcoin beating the fiat system and completely replacing it.

Not all societies are ready or willing to accept Bitcoin, and we must respect that.

A reality. I think that even years will pass, there will still people that never heard of it and have no idea. And those that have heard it and has got an idea but not willing to adopt and use it for either payment or investment. Bitcoin cannot please everyone but, we understand how long is the journey for it and there is no stopping to it.

[goldkingcoiner]

We experience and will still experiencing the waves of changes and uncertainty. Will Bitcoin eventually replace Fiat currency? Why or why do you not think so?

Once Bitcoin solves the whole issue with scaling and fees, sure. I do not see why not.

But fiat is far too anonymous, corruptible and exploitable. No government in the world would want to replace a system like that. Especially since they are the main ones who can exploit the whole inflationary aspect of it to "steal" from their own people by simply printing more money and watering down the entire value to a point which is most favorable to them.

The entire business scheme of banks relies on the broken fiat system. So they too would be reluctant to actually replace it with a currency which takes their profits away from them and makes their entire business scheme redundant.

[HustleZ]

People are going to use Bitcoin for investment more than they will as currency.

i think that it is a good investment right now because there are many bitcoins left to mine. But i believe when all of it is Mined it will become more stable and more common to be used as a currency as most of the world will have it. Peole use it as an investment and will for more than 100 years but when it is all mined around 2140s then it will be stable. But maybe we wont be able to see it.

[SilentEcho]

The biggest problem with Bitcoin is that it has no physical form — it is entirely digital. Without electricity and internet access, it cannot be used at all. For small retail purchases or in emergencies, where cash can be instantly exchanged, Bitcoin is impractical. Additionally, elderly or physically challenged individuals, and those unfamiliar with technology, would face significant difficulties using it. On top of that, Bitcoin’s extreme price volatility makes it unsuitable for stable day-to-day transactions. For these reasons, fully replacing fiat currency with Bitcoin is highly impractical in reality.

[bitzizzix]

We experience and will still experiencing the waves of changes and uncertainty. Will Bitcoin eventually replace Fiat currency? Why or why do you not think so?

A frequently asked question, but the answer is always the same. Because we're not there yet, and the two will go hand in hand, and we'll continue to see a combination of the two. Bitcoin can be an attractive alternative, but conventional money or fiat currencies will remain and cannot be replaced. Both will be alternatives when they're in different positions, because reaching equilibrium takes a long time and isn't as easy as we might think. So, it makes more sense for the two to go hand in hand, and Bitcoin was created to be an alternative, not to eliminate fiat currencies.

[WatChe]

Bitcoin has it's own advantages but fiat currency has it's own place and it won't be possible for Bitcoin to replace fiat currency. It's not possible for any government to give up the idea of fiat currency because fiat gives government complete control over financial system running within the country. While Bitcoin is true decentralised financial system and it won't give anyone authority to have complete control over it. That's why governments have strong stance on decentralised Bitcoin.

[kotajikikox]

We experience and will still experiencing the waves of changes and uncertainty. Will Bitcoin eventually replace Fiat currency? Why or why do you not think so?

How many times will we have this conversation? The answer is not likely. I do not think that bitcoin's end goal is to replace fiat anyway so I do not know why there are still people obsessed with the concept of bitcoin replacing fiat. Bitcoin is volatile. It is limited. Its supply can't be adjusted by the government. The best it can be is to coexist with fiat. Not totally replace it.

[Samlucky O]

We experience and will still experiencing the waves of changes and uncertainty. Will Bitcoin eventually replace Fiat currency? Why or why do you not think so?

We have discussed this over and over again that Bitcoin will not replace fiat, fiat will always be fiat and Bitcoin will be Bitcoin. Both of them will be used together. Bitcoin only function as an alternative to fiat and not replacing it. Fiat will be used for local and physical transaction while Bitcoin can only be used for online transaction. The point is that Bitcoin can never replace Fiat no matter the advantage it has over fiat. Each country must surely have their currency while Bitcoin serves as a universal currency that helps to reduce fiat inflation and works as a dentralized financial system and instead of centralized.

[Solosanz]

Bitcoin will not able to replace fiat because we're living in centralized world with someone who control the whole country, it's just in imagination Bitcoin will replace fiat. Here are so many thread you can read about Bitcoin to replace fiat since 2014.

1. Why Do People Believe Bitcoin Will Replace Fiat?
2. Bitcoin will never replace fiat cash.
3. Is cryptocurrency ever going to replace Fiat?
4. Will Bitcoin replace Fiat by 2030?
5. Do you believe that digital currencies will replace Fiat?
6. Crypto replacing fiat?
7. Can Bitcoin eliminate local banks?

[Tmoonz]

We experience and will still experiencing the waves of changes and uncertainty. Will Bitcoin eventually replace Fiat currency? Why or why do you not think so?

We have discussed this over and over again that Bitcoin will not replace fiat, fiat will always be fiat and Bitcoin will be Bitcoin. Both of them will be used together. Bitcoin only function as an alternative to fiat and not replacing it. Fiat will be used for local and physical transaction while Bitcoin can only be used for online transaction. The point is that Bitcoin can never replace Fiat no matter the advantage it has over fiat. Each country must surely have their currency while Bitcoin serves as a universal currency that helps to reduce fiat inflation and works as a dentralized financial system and instead of centralized.

The truth is that even while we are having all this discussion about Bitcoin and it's existence not everyone knows about it, and I don't think everyone around the world will consider will ever consider using Bitcoin for any reason based on their own believe and it is there choice which we have to respect them too, another thing is that not everyone can access the Internet not even to talk about knowing how to read and write, it is true Bitcoin is never in a fight with the Fiat currency that is to say the Fiat currency will continue to exist no matter the high level of visibility Bitcoin will achieve.

[Scarlett_23]

We experience and will still experiencing the waves of changes and uncertainty. Will Bitcoin eventually replace Fiat currency? Why or why do you not think so?

In ancient times, the means of human transaction was one thing instead of another. Gradually, with the development of civilization, people learned to use currency. Since then, every country in the world has its own fiat currency. This currency can be used by everyone from children to the elderly, from fools to wise people, even from people who know about technology to those who do not know about it.

On the other hand, Bitcoin is one of the most promising and promising creations of modern technology. But this currency is very unstable in nature. Since it is a decentralized system, no government or bank in the world can control it. Moreover, many countries in the world have not recognized it, and there are also legal restrictions in some places, due to which the possibility of Bitcoin becoming an alternative currency is low or even if it is time-consuming.

Many people know Bitcoin as a digital currency and feel more comfortable investing here.

[Mate2237]

We experience and will still experiencing the waves of changes and uncertainty. Will Bitcoin eventually replace Fiat currency? Why or why do you not think so?

Bitcoin is unlikely to fully replace fiat currency because most governments rely on sovereign currencies to implement monetary policy and stabilize economies. While Bitcoin may grow as a store of value or alternative asset, its volatility issues make it impractical for widespread daily use as money.

That's true the probability of Bitcoin replacing all Fiat currencies in the world is low because Fiat currency is a symbol of independence which is a sign of a sovereign state so any attempt to replace that with any currency will be seen as a threat to the sovereignty of that state



Again what people should know is that Bitcoin was not made to replace any Fiat currency in the that's what most people are failing to understand Bitcoin was designed to be a currency that will serve as a store of value online not as a physical currency

[Odogwu-Blockchain]

We experience and will still experiencing the waves of changes and uncertainty. Will Bitcoin eventually replace Fiat currency? Why or why do you not think so?

It can't replace Fiat because of it's decentralized nature, if the government wants it then it's going to be under their control which is against the purpose of Bitcoin creation. And in addition, the use of Fiat and Bitcoin works interwoven for each to be successful, and if Bitcoin to replace Fiat then it's going to be only used by the rich dudes.

It going to be a discriminary entity that'll separate the rich from the poor and give every spender some gaps between non spenders.

[Bitcoin_people]

Bitcoin will never be converted into fiat, although people may think so, but it may never be possible. Because Bitcoin is a limited supply, it cannot be increased at will, which is why inflation is low. Moreover, Bitcoin is not controlled by any single entity and it cannot be controlled by any country's government, moreover, Bitcoin transactions are completed very easily in a short time, without any hassle, there is no such complexity as banks in Bitcoin transactions. Bitcoin will never be replaced by fiat because its value is volatile, which makes it risky. However, Bitcoin will remain as an asset, it is the best for investment, it will remain as a reserve in various companies and countries, from which people can benefit a lot.

[salad daging]

Bitcoin will not replace fiat currency, even if you think about the future. The reality is that governments will maintain centralized finance with fiat currency, even though fiat currency continues to lose value, because governments want to maintain control over it.

Bitcoin is only an alternative and can be used as a long-term investment, so never think that bitcoin will replace fiat currency. The two will coexist, as many people say.

[Z_MBFM]

We experience and will still experiencing the waves of changes and uncertainty. Will Bitcoin eventually replace Fiat currency? Why or why do you not think so?

Bitcoin will not replace fiat currency. Every country will always have its own monetary policy and fiat money. However, Bitcoin will change people's investment experience. And Bitcoin will teach people to understand that the virtual world has much more potential for earning money than the physical world. People still cannot use everything digitally and are afraid to invest in the virtual world, but Bitcoin will replace this situation. And it will help people gain confidence in doing everything digitally. But yes, just like we can pay anywhere through bank cards or other mobile financial services, an option to pay in Bitcoin will be launched in the future, then Bitcoin will also be used as a payment gateway everywhere.

[Ultegra134]

I don’t see Bitcoin completely replacing fiat anytime soon. Governments will always push to keep their own currencies in play, and most people still trust what they’ve been using all their lives.
But Bitcoin has its place, it’s borderless, inflation resistant, and can be a lifeline in unstable economies. I think the future will be both side by side: fiat for everyday spending, Bitcoin for savings and big transfers.

I don't see Bitcoin replacing fiat currencies no time soon, it'll never happen, even in countries where it's supposedly legal tender, such as El Salvador. Bitcoin's purpose was never to replace fiat currencies, but to co-exist. This topic has been widely discussed on the forum, Bitcoin in its current form, isn't convenient to be used for daily usage. I highly doubt this is going to change anytime soon, even if there are advances in how it operates and functions.

[coupable]

Always remember the political science where you learn about sovereignty. Every country or government likes to be independent with its own identify like currency/money, security/boundary and control. If bitcoin replaces fiat then who becomes the identify behind it? That is the big question.

In a new world order based on globalization, this definition of sovereignity has been modified upon technological advancement, and this is why a new concept like bitcoin based on decentralization and privacy has took place in a very short period. Political science shouldn't be sticked to classic concept because it would find itself outdated. Nowadays, see how many countries has started storing bitcoin as a national monetary reserve instead of storing global currencies such as USD including USA itself.

[beveryu778]

Always remember the political science where you learn about sovereignty. Every country or government likes to be independent with its own identify like currency/money, security/boundary and control. If bitcoin replaces fiat then who becomes the identify behind it? That is the big question.

In a new world order based on globalization, this definition of sovereignity has been modified upon technological advancement, and this is why a new concept like bitcoin based on decentralization and privacy has took place in a very short period. Political science shouldn't be sticked to classic concept because it would find itself outdated. Nowadays, see how many countries has started storing bitcoin as a national monetary reserve instead of storing global currencies such as USD including USA itself.

In the future, it may happen that even if Bitcoin cannot be completely fiat currency, it will be used as a reserve currency. Because USD is used worldwide for international transactions and it is kept as a reserve and its complete control is on America. America can print dollars whenever it wants which can cause dollar inflation. On the other hand, America is ruling the whole world because their own currency is the dollar and they can print it. So in the future, it may happen that the whole world may decide to use Bitcoin as an international transaction and reserve currency because since it is completely decentralized, its control will not be in anyone's hands, then the whole world will be able to justify itself in a fair economic structure.