"Fiat is hopeless"

[Fivestar4everMVP]

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.

In as much as I would love to see bitcoin become a dominant currency in every countries of the world whether or not Fiat has to go, I would be honest with myself and with you too, bitcoin definitely won't replace Fiat, not in our generation or century (which ever come first).

Bitcoin and fiat will rather co-exist, and when bitcoin is made a legal tender in any country, the citizens of that country can have the option of choosing whether to transact in bitcoin or fiat based on which they have at hand at the moment of the transaction, I am not looking forward to seeing a world where fiat will be completely abolished, Central banks disenfranchised simply for bitcoin to reign and become the only currency people can transact with..
If such can happen, it would have already started in El Salvador which is the first country in the world to make bitcoin a legal tender.

[WatChe]

Exactly, fiat currency is actually very important in our lives just as Bitcoin. It's not going to be that easy to eliminate fiat currency from our lives. Some people consider it to be a tradition that cannot be forgotten, and till date some citizens find it actually very difficult to place their trust in Bitcoin because they are only familiarise with fiat curency. I doubt if the government is going to accept these new innovations and accept the idea making cryptocurrency legal tender. One of the reasons why they will object it or oppose the idea is because of its decentralised nature, and its peer to peer operation, the little interest that the government is receiving from the government banks may not be possible in the world of cryptocurrencies.

Fiat is financial system that is fully under the control of government of a country. Allowing decentralised Bitcoin to operate in country is just like giving up your power to control the financial system of the country which no government will ever allow. There are many things which government can't do with decentralised financial system. Despite this opposition from government, Bitcoin is still growing and will continue to grow in future too. Both Bitcoin and Fiat financial system will continue to exist side by side.     

[Stable090]

Exactly, fiat currency is actually very important in our lives just as Bitcoin. It's not going to be that easy to eliminate fiat currency from our lives.

I don’t really think any currency can eliminate fiat currency right now, and we should know that bitcoin wasn’t created to eliminate fiat currency, bitcoin was created to serve as alternative currency, and not to fight fiat currency.

I don’t even think government will allow something like this to happen, government will never allow it. We fighting for bitcoin to serve as alternative currency, but the government is still against it, so just imagine bitcoin trying to kill fiat currency, you should know that can never happen. Government is in control of fiat currency, so they will never allow anything happen to it.

[Royal Cap]

I don’t really think any currency can eliminate fiat currency right now, and we should know that bitcoin wasn’t created to eliminate fiat currency, bitcoin was created to serve as alternative currency, and not to fight fiat currency.

I don’t even think government will allow something like this to happen, government will never allow it. We fighting for bitcoin to serve as alternative currency, but the government is still against it, so just imagine bitcoin trying to kill fiat currency, you should know that can never happen. Government is in control of fiat currency, so they will never allow anything happen to it.

I would simply say that there is no need to see Bitcoin and Fiat as competitors. In reality the uses of the two are different. Fiat is still more convenient in daily markets or small transactions and many people use Bitcoin for long term storage of value.  So the two may coexist in the future. For example, now many people are depositing Bitcoin in addition to keeping money in the bank. In this one is not completely taking over the place of the other, but rather both are being used for different purposes.

[Abiky]

In as much as I would love to see bitcoin become a dominant currency in every countries of the world whether or not Fiat has to go, I would be honest with myself and with you too, bitcoin definitely won't replace Fiat, not in our generation or century (which ever come first).

Bitcoin and fiat will rather co-exist, and when bitcoin is made a legal tender in any country, the citizens of that country can have the option of choosing whether to transact in bitcoin or fiat based on which they have at hand at the moment of the transaction, I am not looking forward to seeing a world where fiat will be completely abolished, Central banks disenfranchised simply for bitcoin to reign and become the only currency people can transact with..
If such can happen, it would have already started in El Salvador which is the first country in the world to make bitcoin a legal tender.

That dream is getting even more distant, since centralization is the dominant force of the market. "Wall Street" is deep in the game, making matters worse. Good for making money (due to higher market prices), but terribly bad for Bitcoin's core value proposition of "banking for the unbanked". I mean, the core Blockchain is still decentralized. But what use would that be if everything else is centralized?

Since banks are still relevant, Fiat will continue to live for "infinity and beyond". It may be "hopeless", but we're stuck with it because of the government. At least, we have a choice. It could've been worse if Bitcoin weren't in the picture, right?

[Wakate]

Exactly, fiat currency is actually very important in our lives just as Bitcoin. It's not going to be that easy to eliminate fiat currency from our lives. Some people consider it to be a tradition that cannot be forgotten, and till date some citizens find it actually very difficult to place their trust in Bitcoin because they are only familiarise with fiat curency. I doubt if the government is going to accept these new innovations and accept the idea making cryptocurrency legal tender. One of the reasons why they will object it or oppose the idea is because of its decentralised nature, and its peer to peer operation, the little interest that the government is receiving from the government banks may not be possible in the world of cryptocurrencies.

Fiat is financial system that is fully under the control of government of a country. Allowing decentralised Bitcoin to operate in country is just like giving up your power to control the financial system of the country which no government will ever allow. There are many things which government can't do with decentralised financial system. Despite this opposition from government, Bitcoin is still growing and will continue to grow in future too. Both Bitcoin and Fiat financial system will continue to exist side by side.     

For now, the government is allowing people to have access to digital currency to have access to it and tax us since there has been people bypassing taxation through digitalized currency. Anything the government can not literally control relating to money, they can allow people to owned it and use it for businesses when getting taxation from it.
The government will charge us for everything we do that involves finance and that is a sign of power and control over us.

[Fortify]

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.

Just like Trump, Elon spews an endless stream of lives that he comes up with from his billionaires island where he has no touch with the realities the average person faces on the ground. Sure, maybe fiat is "hopeless", but it's going to be a hundred years from now before all the mechanisms are fully in place for that transition to become day to day reality. Cash notes and coins are wasteful, but there is not a fully rounded digital solution that everyone can access (I'm talking about those who might not have easy access to electronic devices, even a basic internet enable phone). He jumps from one wacky story to the next because he really doesn't have anything better to do than stick his nose into other peoples affairs.

[Unknown Op]

The fiat currency is losing value, and it seems to be something that will be hopeless one day. But for now, I can't say that fiat is hopeless or that it will be soon, because the government will hardly allow that to happen. If that should happen, it is very possible that the government would no longer have control over people.

The point is that, up until now, many peoples eyes have not been opened to see how governments are controlling people with fiat currency. But as the new generation continues to grow, and the level of education increases, fiat may not be what most people care about, as there are alternative ways of transaction. But, I don’t believe people will stop using fiat one day entirely.

I have different view as compared to yours I think that fiat currencies do lose purchasing power because of the increasing inflation what they are not destined to be hopeless. Fiat currency is backed up by the government and modern economy is relied on them they are also back up by the legal systems and Central banks that help them maintain their stability, there are alternative like cryptocurrency that have grown its popularity over the last certain years but they are facing challenges because of their higher volatility and limited acceptance and certain other regulatory uncertainties.

[Doll2233]

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

There are two factors to analyze this. And the first factor is that government will not allow bitcoin to over fiat currency because they print it and print excess so they can manipulate the system and steal more but in bitcoin they can't and they are not in control of database so things will not go to the way they want. And the second factor is the limited number of bitcoin which will affect them greatly. Some countries might want to spend $10,000,000,000 in a fiscal year and that will be a country expenditure of the year and another country too has their own expenditure do around the world. But if it will happen, more will be added to the existing ones.

Cryptocurrency is helpful for many people to do transactions easily. People are doing their transactions and they are making the things easy . Fiat is not good for people because they have no control of that and government will run that . The people who are running the businesses they prefer to hold Bitcoin as como to fiat because Bitcoin is accepted globally and local currency will be accepted in the only one country and if you are business person then you should hold your money in the form of Bitcoin which is best step for you and you will be in profit in the future if there is any news in the favour of Bitcoin. Fiat can make you poor because your currency will not go up because of actions of politicians.

[HelliumZ]

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.

If a country has an excessive luxury budget, then money will be printed at an excessive rate to meet that budget, and if money is printed at an excessive rate, inflation will occur. Inflation means that the value of money will continue to decrease, and if it decreases, at some point the money will become worthless. In the same way, if inflation gradually reaches an extreme level in different countries of the world to meet the luxury budget, then an economic disaster may occur. If this happens in the future, there will definitely be no alternative to Bitcoin for that country, then people will be forced to use digital currency and convert all their assets into digital currency.

[MRY]

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.

If a country has an excessive luxury budget, then money will be printed at an excessive rate to meet that budget, and if money is printed at an excessive rate, inflation will occur. Inflation means that the value of money will continue to decrease, and if it decreases, at some point the money will become worthless. In the same way, if inflation gradually reaches an extreme level in different countries of the world to meet the luxury budget, then an economic disaster may occur. If this happens in the future, there will definitely be no alternative to Bitcoin for that country, then people will be forced to use digital currency and convert all their assets into digital currency.

What would most certainly be a horrible way to destroy the buying capacity of people at large would be a policy of printing money in unlimited amounts in order to feed an insatiable government spending. This kind of a global financial catastrophe has preconditioned the emergence of crypto economy such as Bitcoin taking over the payment system worldwide, where the traditional money is absolutely ruthlessly deprived of its intrinsic value.

[Abiky]

Just like Trump, Elon spews an endless stream of lives that he comes up with from his billionaires island where he has no touch with the realities the average person faces on the ground. Sure, maybe fiat is "hopeless", but it's going to be a hundred years from now before all the mechanisms are fully in place for that transition to become day to day reality. Cash notes and coins are wasteful, but there is not a fully rounded digital solution that everyone can access (I'm talking about those who might not have easy access to electronic devices, even a basic internet enable phone). He jumps from one wacky story to the next because he really doesn't have anything better to do than stick his nose into other peoples affairs.

We all know Elon is an attention seeker. He did it with Dogecoin, he did it with Mars, and now he's doing it with Fiat. Nothing out of the ordinary. Some things he says are realistic, while others are simply surreal. Guy has a lot in his mind, especially with his space obsession. Elon even made a prediction about a "Universal Basic Income" (changed later to "Universal High Income"). Like you will live a life without working, but getting paid in return. AI will do everything, while the government pays you at home. If that becomes a reality, then Fiat would be totally worthless. Maybe Elon is right, or maybe he's wrong. We may never know.

At least, one thing is certain: And that is Fiat will suffer from inflation (lesser purchasing power) over time. Better be prepared by buying and holding scarce assets such as Bitcoin and Gold. Otherwise, "have fun staying poor".

[YUriy1991]

Fiat is financial system that is fully under the control of government of a country. Allowing decentralised Bitcoin to operate in country is just like giving up your power to control the financial system of the country which no government will ever allow. There are many things which government can't do with decentralised financial system. Despite this opposition from government, Bitcoin is still growing and will continue to grow in future too. Both Bitcoin and Fiat financial system will continue to exist side by side.     

I absolutely agree that FIAT is a manifestation of a country's sovereignty. A sovereign country has legal tender as a marker of economic sovereignty within its territory for use by the public in transactions. The same goes for the face of their government logo printed on the side of the banknote. Bitcoin exists as a tool that provides a solution for fast cross border payments, and that's another issue. Bitcoin technology can be implemented because in today era, cross border trade and communication require equivalent currency, but ultimately, the disbursement of funds will be carried out in accordance with the money and laws of each country that has authority.

[Taricoins]

No matter what we say about fiat, the reality is that we need fiat for our daily living like paying our utility bills, grocery and more. This is true that fiat loses its value over period of time that is why we must refrain ourselves from investing in fiat like saving fiat in bank saving accounts. If we talk about Bitcoin then it is a digital asset that increases its value over period of time and its an excellent choice for someone who wants to increase value of its fiat over period of time. Bitcoin and fiat are two separate financial systems that have their own importance in our lives. 

Exactly, fiat currency is actually very important in our lives just as Bitcoin. It's not going to be that easy to eliminate fiat currency from our lives. Some people consider it to be a tradition that cannot be forgotten, and till date some citizens find it actually very difficult to place their trust in Bitcoin because they are only familiarise with fiat curency. I doubt if the government is going to accept these new innovations and accept the idea making cryptocurrency legal tender. One of the reasons why they will object it or oppose the idea is because of its decentralised nature, and its peer to peer operation, the little interest that the government is receiving from the government banks may not be possible in the world of cryptocurrencies.

One thing we need to understand is that as much as Bitcoin and other altcoins are here to stay, we still can't eliminate the fiat system it can only be use in correlation with the bitcoin and other assets. The fiat system is really the face and Identity of a country when it comes to exchanges within a country so I don't see how it can be eliminated, we just hope for the value to appreciate

[Etranger]

I absolutely agree that FIAT is a manifestation of a country's sovereignty. A sovereign country has legal tender as a marker of economic sovereignty within its territory for use by the public in transactions. The same goes for the face of their government logo printed on the side of the banknote. Bitcoin exists as a tool that provides a solution for fast cross border payments, and that's another issue. Bitcoin technology can be implemented because in today era, cross border trade and communication require equivalent currency, but ultimately, the disbursement of funds will be carried out in accordance with the money and laws of each country that has authority.

Yes, and for now it is impossible to move away from fiat currencies, because we are far from the stage of development where the existence of states can be "canceled." Different territories have their own rules, and that is normal. The fact that people need cross-border transactions and communication does not mean that they do not need local laws. In any case, each of us is a citizen of some state, and we need to be aware of the rules of this state. And to use different means, because they serve different purposes.