"Fiat is hopeless"

[BitBakerr1]

In this dispensation, we should not depend on fiat, because of inflation and centralization, the policy in using the financial system under the control of our governments is not the best and this is not also suitable for us to achieve to an extent what we may wanted to get from the financial economy,which is part of the reasons a lot had to adopt bitcoin after discovering its the answer to the financial challenges we are facing long time ago.

You are correct 348Judah, as long as the government are the one controlling the currency we should never put hope in that currency it will always be better we put our hopes in cryptocurrency especially those once that is decentralized in it's nature meaning no one can control it not even the government, one thing that fears me most when it concerns saving my money in Fiat is the inflation that can carry it away, your huge amount of money in the bank may reduce to nothing if your government choose to be careless in managing the economy it simply means that your financial freedom is in the hands of your government and anyone that is elected can choose to do anything with it which is very bad you need to have a financial freedom that even the government or anyone can't temper with which is cryptocurrency.

[reagansimms]

Back when Elon Musk started expressing his disappointment with Donald Trump's "One Big Beautiful Bill", he posted a message on X that "Fiat is hopeless". With inflation spiraling out of control, and excessive government spending, the tech mogul might be right. So if all Fiat currencies are "hopeless", does this mean Bitcoin will take over the world in the future? I know the odds are slim (governments want control/power), but abolishing central banks could be the first step towards making this a reality.

What's your opinion? Your input would be greatly appreciated.

Governments around the world will continue to try to maintain control of the financial system, they will never simply relinquish the power they have held since fiat money was introduced to the world. Admittedly, Bitcoin does have some advantages, such as its decentralized nature and limited supply making it attractive to large segments of the global population who wish to avoid government control.

Bitcoin has also solidified its foundation as one of the most popular digital assets and has attracted the attention of many investors and governments. But will Bitcoin take over the world? The most realistic answer, in my opinion, remains a topic of intense discussion and debate. As for whether eliminating central banks could be the first step toward achieving Bitcoin dominance, it may be too early to say. Bitcoin has paved the way for new innovations in financial systems and blockchain technology and is already part of the future of the global financial system.

I think Bitcoin and fiat currencies will go hand in hand because governments will still maintain control over fiat money, while Bitcoin still has some technical limitations that need to be overcome before it can be widely used.

[Obulis]

Another name for the government is "control", so definitely the world government will try to control Bitcoin (decentralized system) by fully integrating Bitcoin with fiat as much as integratable. This will not be to abolish central bank but to incorporate Bitcoin as much as possible so as to gain control over it.
The attention that Bitcoin has have made it unavoidably popular attracting large organizations attention as well as various governments.

[Obulis]

Bitcoin is just easier overall you don’t need a broker or a vault or any kind of verification of the asset’s backing it’s open to anyone and you can get it with just your phone or laptop that’s what makes it more attractive than gold or silver for a lot of people especially small investors you can buy sell move or store it anytime without waiting on anyone or trusting a middleman. Most people are just scared because they don’t really understand it or they see how fast the price moves and think it’s too risky but the truth is volatility is what makes bitcoin interesting it goes up and down but over time it’s still growing and that’s what matters if you can handle those moves you’ll be fine.

Gold and silver are cool but they’re slow and hard to manage you gotta find a seller store it somewhere safe and even then it’s not that easy to move around but bitcoin is global and digital that’s why a lot of people are choosing it instead and for those gold backed tokens like xaut it’s kinda risky cause you’re trusting someone to really have that gold somewhere which brings back the same trust issue that bitcoin was created to solve. So yeah, if you already believe in bitcoin then just stick with it and keep learning cause understanding it more helps you stay calm even when the price moves crazy and that’s the real key to doing well in crypto.

Bitcoin is just easier for young people or people with basic knowledge of technology, but it will not be easy for people of our parents' or grandparents' generation. Gold is easier for them.

That's not why people like you and me choose bitcoin either, the reason we choose bitcoin is because of its great profit potential, not because it's easier to own.

But I agree with you bitcoin is more convenient because it is easy to store and move, while gold is bulky and difficult to store. However, selling gold is extremely easy, not as difficult as you describe because jewelry stores and gold shops are present everywhere in the world. The area I live in is rural, but there are lots of gold shops and it doesn't take 5 minutes to get there. Gold is highly liquid.

The easy nature of Bitcoin with the young people makes it the fundamental future investment. The old will pass away and the young will become old, by the time that we the young now that knows and embrace Bitcoin will become old, our knowing will remain intact and remarkable.

[Abiky]

Governments around the world will continue to try to maintain control of the financial system, they will never simply relinquish the power they have held since fiat money was introduced to the world. Admittedly, Bitcoin does have some advantages, such as its decentralized nature and limited supply making it attractive to large segments of the global population who wish to avoid government control.

Bitcoin has also solidified its foundation as one of the most popular digital assets and has attracted the attention of many investors and governments. But will Bitcoin take over the world? The most realistic answer, in my opinion, remains a topic of intense discussion and debate. As for whether eliminating central banks could be the first step toward achieving Bitcoin dominance, it may be too early to say. Bitcoin has paved the way for new innovations in financial systems and blockchain technology and is already part of the future of the global financial system.

I think Bitcoin and fiat currencies will go hand in hand because governments will still maintain control over fiat money, while Bitcoin still has some technical limitations that need to be overcome before it can be widely used.

If governments continue to get ahold of the circulating supply and CEXs maintain their dominance on the market, BTC will never be able to take over the world. Governments can simply "crash the party" by taking down the whole market with them. Without capital inflows from institutional investors and VCs, I fail to see how BTC will survive. Don't get me wrong. The core Blockchain network, however, will remain intact. But without big investors and corporations, BTC will be nothing but worthless. After all, they're the ones who "make the world go round". It's their money that keeps the market flowing. No centralized exchanges supporting BTC, means lower market prices and reduced liquidity + mainstream exposure.

I'm afraid Fiat will continue to be relevant for as long as governments exist. There's nothing we can do about it, since it's banks and governments' game. It has always been from the start. We should just learn how to beat inflation, and forget about the rest.

[free-bit.co.in]

If governments continue to get ahold of the circulating supply and CEXs maintain their dominance on the market, BTC will never be able to take over the world. Governments can simply "crash the party" by taking down the whole market with them. Without capital inflows from institutional investors and VCs, I fail to see how BTC will survive. Don't get me wrong. The core Blockchain network, however, will remain intact. But without big investors and corporations, BTC will be nothing but worthless. After all, they're the ones who "make the world go round". It's their money that keeps the market flowing. No centralized exchanges supporting BTC, means lower market prices and reduced liquidity + mainstream exposure.

It's good to see there are a few bitcoin investors who understand the government is the one calling the shots, not us.
Many people still boast that bitcoin is immune to governments, and they will never be able to eliminate or stop it. That is true but only half true, as the government simply pulls the plug by banning institutions and corporations from investing in bitcoin. Money will flee the market, and BTC will be nothing but worthless. How many people still need bitcoin if it has no value and does not increase in price?

I'm afraid Fiat will continue to be relevant for as long as governments exist. There's nothing we can do about it, since it's banks and governments' game. It has always been from the start. We should just learn how to beat inflation, and forget about the rest.

Let's not forget, Satoshi created bitcoin to be an alternative, not to replace fiat money.

[laijsica]

Governments around the world will continue to try to maintain control of the financial system, they will never simply relinquish the power they have held since fiat money was introduced to the world. Admittedly, Bitcoin does have some advantages, such as its decentralized nature and limited supply making it attractive to large segments of the global population who wish to avoid government control.

Bitcoin has also solidified its foundation as one of the most popular digital assets and has attracted the attention of many investors and governments. But will Bitcoin take over the world? The most realistic answer, in my opinion, remains a topic of intense discussion and debate. As for whether eliminating central banks could be the first step toward achieving Bitcoin dominance, it may be too early to say. Bitcoin has paved the way for new innovations in financial systems and blockchain technology and is already part of the future of the global financial system.

I think Bitcoin and fiat currencies will go hand in hand because governments will still maintain control over fiat money, while Bitcoin still has some technical limitations that need to be overcome before it can be widely used.

If governments continue to get ahold of the circulating supply and CEXs maintain their dominance on the market, BTC will never be able to take over the world. Governments can simply "crash the party" by taking down the whole market with them. Without capital inflows from institutional investors and VCs, I fail to see how BTC will survive. Don't get me wrong. The core Blockchain network, however, will remain intact. But without big investors and corporations, BTC will be nothing but worthless. After all, they're the ones who "make the world go round". It's their money that keeps the market flowing. No centralized exchanges supporting BTC, means lower market prices and reduced liquidity + mainstream exposure.

I'm afraid Fiat will continue to be relevant for as long as governments exist. There's nothing we can do about it, since it's banks and governments' game. It has always been from the start. We should just learn how to beat inflation, and forget about the rest.

Governments keep fiat relevant for their own interests they do not prioritize the larger interests of the country. They are determined to maintain the CEX because they can change and modify it as they wish. Intentionally printing fiat putting citizens under inflationary pressure and increasing the scope of taxes. Even in the world system where fiat dominates, Bitcoin has become a store of value and the number of institutional investors is increasing along with individual investments.

In terms of capital flow in Bitcoin at the individual level, the individual level has more capital flow than the institutional level. According to one statistic, about 66% of Bitcoin ownership exists at the individual level and this amount is constantly increasing. According to these statistics we can assume that the capital flow of Bitcoin will not be controlled only from the institutional level its main power is the individual level holders.

I am not at all afraid of the future of Bitcoin because its price will gradually increase due to the limited supply. Governments create excess liquidity in fiat which increases inflation which in turn devalues ​​the country's assets.


Source: https://river.com/learn/who-owns-the-most-bitcoin/

[B-BossMan]

Back when Elon Musk started expressing his disappointment with Donald Trump's "One Big Beautiful Bill", he posted a message on X that "Fiat is hopeless". With inflation spiraling out of control, and excessive government spending, the tech mogul might be right. So if all Fiat currencies are "hopeless", does this mean Bitcoin will take over the world in the future? I know the odds are slim (governments want control/power), but abolishing central banks could be the first step towards making this a reality.

What's your opinion? Your input would be greatly appreciated.

You know, as we referred to the Fiat as our regular money being used in our various countries for goodsandservices, example, like euros, pounds, naira and dollars as well, which are issued by our government and our banks authorities, are not hopeless, they may be hopeless to you due to their value losses, but when you look at it in another context, it's never hopeless to people that invest their money or use Fiat for businesses on a daily basis. However, making a Fiat hopeless doesn't mean Bitcoin will take over at all, because Bitcoin is a coin that aims for privacy and decentralisation, in essence, there's no government that can control Bitcoin, and no central authority can take control over Bitcoin. So Fiat maybe seems hopeless to Elon Musk but may not seem hopeless to some people.

[Ever-young]

Another name for the government is "control", so definitely the world government will try to control Bitcoin (decentralized system) by fully integrating Bitcoin with fiat as much as integratable. This will not be to abolish central bank but to incorporate Bitcoin as much as possible so as to gain control over it.
The attention that Bitcoin has have made it unavoidably popular attracting large organizations attention as well as various governments.

Even if this was possible and they manage to succeed in integrating Bitcoin with fiat (which is most likely not possible) this will still not give them complete control over Bitcoin, rather it’ll only give them somewhat control or edge to temporarily manipulate the price of Bitcoin, and that’s exactly what we are already seeing today, a case where some investors or institutions have somewhat influence on the market.

[Unknown Op]

Another name for the government is "control", so definitely the world government will try to control Bitcoin (decentralized system) by fully integrating Bitcoin with fiat as much as integratable. This will not be to abolish central bank but to incorporate Bitcoin as much as possible so as to gain control over it.
The attention that Bitcoin has have made it unavoidably popular attracting large organizations attention as well as various governments.

Even if this was possible and they manage to succeed in integrating Bitcoin with fiat (which is most likely not possible) this will still not give them complete control over Bitcoin, rather it’ll only give them somewhat control or edge to temporarily manipulate the price of Bitcoin, and that’s exactly what we are already seeing today, a case where some investors or institutions have somewhat influence on the market.

We are watching that our money has not same power as we saw before 5 to 6 years because government want to take out money from the public and they are printing more money And people want to buy more things for the future because they want to invest in assets to be safe for the future but government has control to devalue the money and if we have more money then 30 percent value will go down and they are not able to buy the things of same price. People want to but Bitcoin but at that time Bitcoin is away from the hand of poor people but rich people are making more money because they are doing businesses and they have more money to invest in that . Many people try to hold gold because that is metal and most of the Easter women want to wear that and that is asset of them because it's price will not go down in long run but now it's price is also high .

[Rabata]

Another name for the government is "control", so definitely the world government will try to control Bitcoin (decentralized system) by fully integrating Bitcoin with fiat as much as integratable. This will not be to abolish central bank but to incorporate Bitcoin as much as possible so as to gain control over it.
The attention that Bitcoin has have made it unavoidably popular attracting large organizations attention as well as various governments.

The government of every country basically wants everything to be under their control. Since they cannot control Bitcoin directly, if they see that most of the productive people in their country are moving towards Bitcoin. Then they will either make Bitcoin illegal in their country according to the law or try to control it as much as possible depending on the economic base of the country. And we can see this recently through some decisions based on Bitcoin in different countries around the world. The heads of government's representatives of many countries make various positive statements about Bitcoin at different times but in reality do not take any action based on it. They basically see the reaction of the people with such statements. In this way, they are trying to control Bitcoin and Bitcoin-based economic activities in various ways.

[YUriy1991]

In global economic politics, I believe fiat currencies are deeply unfair and provide no certainty for any country. Large countries can secretly print their own currency, with only their governments knowing about it, and this is deeply unfair to smaller countries with poor economies. If Elon Musk were to say this, he would have conducted an analysis with his team to justify his statement academically. Elon isn't just saying it; he fully understands that fiat currencies have created a wave of uncertainty today. However, in the future, decentralized technology will record all assets, and cryptocurrencies will be handled transparently by every country, and no country will be able to secretly print its own money.

[ultrloa]

Another name for the government is "control", so definitely the world government will try to control Bitcoin (decentralized system) by fully integrating Bitcoin with fiat as much as integratable. This will not be to abolish central bank but to incorporate Bitcoin as much as possible so as to gain control over it.
The attention that Bitcoin has have made it unavoidably popular attracting large organizations attention as well as various governments.

The government of every country basically wants everything to be under their control. Since they cannot control Bitcoin directly, if they see that most of the productive people in their country are moving towards Bitcoin. Then they will either make Bitcoin illegal in their country according to the law or try to control it as much as possible depending on the economic base of the country. And we can see this recently through some decisions based on Bitcoin in different countries around the world. The heads of government's representatives of many countries make various positive statements about Bitcoin at different times but in reality do not take any action based on it. They basically see the reaction of the people with such statements. In this way, they are trying to control Bitcoin and Bitcoin-based economic activities in various ways.

Yeah provably they want that to happen since it will be beneficial to them if they can take advantage on everything what people do.

That's why they are trying to adopt now on Bitcoin since they provably see that its hard to stop this to due its decentralized nature. That's why what they do is to adapt and control those platforms accepting this coin since with this at least they can do something and able to manipulate people towards those regulation they made.

So nothing to expect with government since they are always interfering on everything especially those things that these officials think can give them more money.

[Bushdark]

Another name for the government is "control", so definitely the world government will try to control Bitcoin (decentralized system) by fully integrating Bitcoin with fiat as much as integratable. This will not be to abolish central bank but to incorporate Bitcoin as much as possible so as to gain control over it.
The attention that Bitcoin has have made it unavoidably popular attracting large organizations attention as well as various governments.

Can anyone of you compete with the government? The government makes law and strict rules in the name of protecting their citizens and their is nothing you can do about that if the efforcement that is laid is against your believe or privacy. Bitcoin has been surviving for several years to where it is now and we trust the process and how the government has been buying ans adopting Bitcoin even when some countries are not ready to take that into consideration. Bitcoin is evolving and their are so many things to benefit from young and early investors while the government tries to benefit too.

[Abiky]

In global economic politics, I believe fiat currencies are deeply unfair and provide no certainty for any country. Large countries can secretly print their own currency, with only their governments knowing about it, and this is deeply unfair to smaller countries with poor economies. If Elon Musk were to say this, he would have conducted an analysis with his team to justify his statement academically. Elon isn't just saying it; he fully understands that fiat currencies have created a wave of uncertainty today. However, in the future, decentralized technology will record all assets, and cryptocurrencies will be handled transparently by every country, and no country will be able to secretly print its own money.

This has been the norm ever since Fiat became backed by debt (instead of Gold). Now the government can manipulate the system to its hearts' content. You say that no country will be able to secretly print its own money as they handle cryptocurrencies transparently. But that only applies if they abandon Fiat, in favor of decentralized cryptocurrencies (mainly Bitcoin) they cannot control. And that my friend, is very unlikely to happen.

Many countries are considering launching CBDCs (Central Bank Digital Currencies) of their own. All in a bid to make the Fiat system even worse. A fully-digital Fiat money system would allow governments and central banks to change monetary policy "on the fly". They can "print" more money by simply changing the supply parameters in the CBDCs' underlying code. Much easier and cost-effective than simply adding more coins and banknotes into circulation. Not only that, but they will also have a full scope of your financial activities up to the point where they can freeze your account at will. A great way to enable full-fledged totalitarian states. Let's hope Bitcoin remains decentralized, so that we can continue to enjoy the benefits of freedom and self-sovereignty. It's our only hope to escape from the clutches of "evil" governments, banks, and the Elite (wealthy people). Just my two stats.

[Nothingtodo]

The idea that fiat is hopeless is not baseless, but the government will never allow it to become a reality, especially if fiat becomes hopeless, the banking system will disappear. If the banking system is swallowed up, then there must be a currency that is not affected by inflation and is in opposition to fiat. In that sense, Bitcoin is definitely going to take the place of fiat. But no government will actually allow that to happen and the government will never allow something that it cannot control.

[Owena]

Fiat won't die easily just like that, and Bitcoin would have been everywhere than it is today if it was some centralised innovation, banks and the government loves controlling everything and Bitcoin just seem a bit harder for them to control, and now we have Trump, all what's going right now was a long time planned before he came into power again, that's why those ETFs approval was on hold until Trump took over the presidential election.

Fiat will always be here but Bitcoin will eventually be the rescuer of Fiat and once a country do it successfully others will follow, like now that Trump want to use Bitcoin to settle the debt of America, it is very possible that this will become a historical move and until the end of time Bitcoin will be look upon differently.

Fully agree: Fiat currencies (USD, EUR, etc.) are deeply embedded in the global system backed by tax systems, central banks, and laws so they won’t disappear overnight. They are designed for control: inflation, interest rates, and regulations allow governments to steer the economy. Bitcoin, being a decentralized network with no central authority, is the opposite it’s much harder to "turn off" or fully manipulate (except through taxes or exchange bans). That’s why BTC is now worth over $100,000 and widely used in hyperinflation-hit countries (e.g., Argentina, Nigeria). Governments aren’t passive China banned mining in 2021, the EU and U.S. impose strict KYC/AML rules. Bitcoin isn’t "uncontrollable"; it’s just harder to dominate completely. If it were centralized (like a CBDC), it would be exactly what the author criticizes: an even stronger tool of control.

[cxtreenal]

The idea that fiat is hopeless is not baseless, but the government will never allow it to become a reality, especially if fiat becomes hopeless, the banking system will disappear. If the banking system is swallowed up, then there must be a currency that is not affected by inflation and is in opposition to fiat. In that sense, Bitcoin is definitely going to take the place of fiat. But no government will actually allow that to happen and the government will never allow something that it cannot control.

Bitcoin was not created as a replacement for fiat. But if a government wants to do that, they can do it for goods and services. Russia is already using Bitcoin for some commercial transactions. Several US states have passed laws making Bitcoin a strategic reserve. El Salvador has accepted Bitcoin as legal tender. A reasonable way to connect our current financial system to the Bitcoin system in the future and to bridge the gap through more intellectual exercise will be found.

Fiat is never hopeless but it is devalued because governments do not use it properly. When there is a shortage of supply and a shortage of reserves in the central bank governments print paper money to cover their own inefficiencies which is a deliberate problem.

[DanWalker]

The idea that fiat is hopeless is not baseless, but the government will never allow it to become a reality, especially if fiat becomes hopeless, the banking system will disappear. If the banking system is swallowed up, then there must be a currency that is not affected by inflation and is in opposition to fiat. In that sense, Bitcoin is definitely going to take the place of fiat. But no government will actually allow that to happen and the government will never allow something that it cannot control.

I don't even expect them to let that happen because our economy can run smoothly thanks to the management and regulation of banks through fiat money. Just think, what would happen if our economy lost control and became a self-governing economy?

In my opinion, an economy without any governing body and everyone is equal, without any rules is a chaotic economy where prices fluctuate wildly. It is a stagnant economy, and sooner or later it will collapse, and the consequences will be 100 times worse than the current economy.

Decentralization gives us freedom and privacy, but if decentralization gets out of control and takes over, it will cause chaos and collapse of the world.
This is the price to pay for being too free and losing control. When someone abuses their freedom because there are no constraints, they unintentionally cause harm and negativity to others.

[MarjorieZimmermanGinger]

The idea that fiat is hopeless is not baseless, but the government will never allow it to become a reality, especially if fiat becomes hopeless, the banking system will disappear. If the banking system is swallowed up, then there must be a currency that is not affected by inflation and is in opposition to fiat. In that sense, Bitcoin is definitely going to take the place of fiat. But no government will actually allow that to happen and the government will never allow something that it cannot control.

In terms of storing value, we can all agree that fiat currencies offer absolutely no certainty, and that's in line with what's happened so far. Governments have a responsibility to address the issue of the idea of fiat currencies, which must continue to thrive and grow among the public, as they cannot allow this to happen especially concerning chaos. I also don't see Bitcoin being created to replace fiat currencies; the two can coexist when governments are truly open. However, sometimes legitimate concerns create problems that make them seem like competitors trying to undermine each other.