"Fiat is hopeless"

[348Judah]

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.

[Mummy OS]

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 you have rightly said, the government will always want to be in power and control hence the reason it will be difficult to put Fiat currencies away from being the most used currencies. But I think with time it will definitely loose it's face completely because honestly right now there is no confidence in Fiat currencies anymore. Let's hope that some day Bitcoin will rule the world transaction

[Judith87403]

Is very obvious that Fiat is hopeless but since the adoption of Fiat didn't happen in our era so I feel that letting go off it is almost impossible because even if we choose to channel everything into bitcoin investment some day we will definitely want to sell some portion of our holdings and still convert it to that same Fiat we abandoned. Unless we would keep making our purchase online but this isn't going to work for some people as we may not be able to get everything online, there are some certain things that will require selling our holdings to convert it to Fiat before getting them. But first thing first is to channel our savings to bitcoin maybe we can take from there whenever we need them instead of to channel it in the bank where inflation will keep eating it slowly.

[Out of mind]

Basically, Elon Musk's comment shows that fiat currencies are the most dependent on the country's government. If the government of a country wants to, it can cause inflation, if the government keeps printing money unlimitedly, then its value will definitely decrease, resulting in inflation. And if this happens, then Bitcoin will definitely become strong and its demand will increase because the supply of Bitcoin is limited, so it is not possible to increase it if you want. If the currency fails and the value of the dollar decreases, inflation occurs, then the price of Bitcoin will increase further and it will gain more popularity in the world quickly. However, it is not possible to take over the world with Bitcoin because different countries will use their local currencies, Bitcoin is not used by most people in the world.

[Hyphen(-)]

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.

No matter how weak fiat is, we cant just do without them because the government will never allow us to use Bitcoin fully as a means of exchange because some people are yet to get to know everything about Bitcoin and crypto, they understand fiat more than everything so government can’t bear the responsibility if everyone lost his wealth due to crypto or sending out crypto instead of fiat.

The best way to have everything right is to make sure you invest in Bitcoin, they use fiat when the need arise. Holding fiat is not safe anymore due to inflation. So hold stable coin urgent p2p to fiat incase you need some cash, then hold your Bitcoin.

[Abiky]

When it's said that fiat is hopeless, doesn't mean it's gonna vanish into thin air, it's just hopeless in the aspect that inflation will rise and it will become less worth.
Someone like elon knows it that's why he keep his stocks and not converting it to liquidity like fiat.

He knows his stock grow while fiat doesn't but ultimately he still uses fiat for his business, etc. It's just a metaphor dude.

Well, stocks can easily lose their value for any reason. They are considered risky investments. Just like crypto. Putting your money on Gold is a much safer bet. It's understandable that Fiat will lose its value over time due to inflation. This is inevitable, especially when governments need central banks to print more money to artificially "pump" the economy. All to manipulate it to their own benefit.

Smart people will stay ahead of inflation by investing in scarce assets or profitable business ventures that are meant to rise up in price over time. The greater your purchasing power, the better. Hopefully, stubborn inflation in the US and abroad ends so life can get back to normal. Just my two sats.

[Dunamisx]

If we are to start by counting on the reasons to why fiat is hopeless, then we may never finish them because they are many, for us to be using the same pattern of financial system over the years and have nothing changed is a red flag on its own, everyone has been long time ago preaching about freedom but it has not been extended towards the financial aspect untill when Satoshi came and make the whole difference by creating an alternative called bitcoin.

[fruktik]

Fiat will always hold a chance indeed, because it’s strongly backed up by the government, and any currency that will try to beat fiat will surely be attacked by the government itself. Although I would agree to Elon Musk saying fiat is hopeless, because that’s what we are actually seeing right now. But the government is there is to put a mask on fiat, and pretend that there’s no other currency that would better perform but only fiat or dollar currency.

Fiat is hopeless, but it won’t be enough to replace it and bring bitcoin to take over its position. And just like you’ve said, fiat will fall a lot of times, but it will never experience a total collapse. That only reminds us how powerful fiat is.

What's the point of fiat if the government can't contain inflation? Prices in stores rise every day, while wages are indexed once a year. This means citizens are getting poorer faster than their earnings and incomes are growing. And what's more, even oligarchs in my country have begun to complain about this. After all, they hold significant capital in the national currency, and inflation risks eat up virtually all their profits. What a paradox.

[bubilas]

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.

I used to dislike fiat currencies, but lately I've seen the stablecoin situation spiral completely out of control, because the USDT owner keeps printing it endlessly, and it feels like USDT hasn't been backed by gold for a long time.

There's some vague evidence that checks have been conducted to determine whether it's backed by gold, and so it feels like, like the dollar, stablecoins could inflate, buying up cryptocurrencies, especially Bitcoin. I don't like this situation at all, because it could go on forever.

[Mame89]

If we are to start by counting on the reasons to why fiat is hopeless, then we may never finish them because they are many, for us to be using the same pattern of financial system over the years and have nothing changed is a red flag on its own, everyone has been long time ago preaching about freedom but it has not been extended towards the financial aspect untill when Satoshi came and make the whole difference by creating an alternative called bitcoin.

Yes, that's right. Many people have long realized that fiat is hopeless, and this is also why Satoshi created Bitcoin as an alternative. Bitcoin was born during a crisis of confidence in fiat, and Bitcoin emerged as a solution. From this alone we can already guess that fiat is a system that cannot bring us freedom.

Essentially I want to say that fiat currency is like terminal cancer. Once injected into the banking system, its supply will spread and explode at an extremely rapid rate, and the cure for the fiat system's constant inflation is Bitcoin.

[fruktik]

Yes, that's right. Many people have long realized that fiat is hopeless, and this is also why Satoshi created Bitcoin as an alternative. Bitcoin was born during a crisis of confidence in fiat, and Bitcoin emerged as a solution. From this alone we can already guess that fiat is a system that cannot bring us freedom.

Essentially I want to say that fiat currency is like terminal cancer. Once injected into the banking system, its supply will spread and explode at an extremely rapid rate, and the cure for the fiat system's constant inflation is Bitcoin.

All this sounds good in theory, but in practice, things are different. No state will unleash monetary flows, and Bitcoin will not be widely adopted as an alternative currency. We don't live in a time of total human freedom. No, that's not true. We are burdened by boundaries and laws, as well as various norms of behavior and morality.

And when it comes to money, states have carte blanche. As soon as a threat from cryptocurrencies emerges, a reaction follows. This is why we don't see widespread adoption. The monopoly remains with the authorities, who will not allow the emergence of a new financial system capable of replacing the old one.

[jems]

Yes, that's right. Many people have long realized that fiat is hopeless, and this is also why Satoshi created Bitcoin as an alternative. Bitcoin was born during a crisis of confidence in fiat, and Bitcoin emerged as a solution. From this alone we can already guess that fiat is a system that cannot bring us freedom.

Essentially I want to say that fiat currency is like terminal cancer. Once injected into the banking system, its supply will spread and explode at an extremely rapid rate, and the cure for the fiat system's constant inflation is Bitcoin.

All this sounds good in theory, but in practice, things are different. No state will unleash monetary flows, and Bitcoin will not be widely adopted as an alternative currency. We don't live in a time of total human freedom. No, that's not true. We are burdened by boundaries and laws, as well as various norms of behavior and morality.

And when it comes to money, states have carte blanche. As soon as a threat from cryptocurrencies emerges, a reaction follows. This is why we don't see widespread adoption. The monopoly remains with the authorities, who will not allow the emergence of a new financial system capable of replacing the old one.

We recognize this, so what we can do now is protect ourselves by not holding fiat currency for long periods of time and in large amounts. Bitcoin's presence protects assets from inflation, so now we only need to exchange our fiat currency for Bitcoin for storage.
The rules that apply to currencies will not change, in my opinion; it is unlikely that any country will fully adopt Bitcoin.

[ruykeri]

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 absolutely right. In fact, the way the value of fiat currency is decreasing day by day, people's financial security is now facing a threat. It is very important for us to make the right decision on this problem. Since the situation of the entire world system is the same. Everything, including various activities in our daily lives, is now dependent on fiat currency. From now on, it is not possible to solve this kinda problem by only those who are bitcoiners like us. We can now follow two ways. That is, we will use fiat currency for all our daily expenses. And for financial security in the future, we will have to invest in bitcoin for a long time. If we continue to balance like this, security in future life is possible. If we depend only on fiat, we will not have financial security and independence. There is no alternative to bitcoin for long-term savings.

[Y3shot]

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.

I think the only time we may need fiat is for purchasing because, in so many areas, we depend on it for buying and selling. But when it comes to savings or keeping money in the bank for a long time, it is not best to depend on fiat because it will result in nothing at the end. Fiat is designed to always lose value.

The appreciation of fiat is very poor, and the appreciation of fiat doesn't make any significant change. To make money valuable, it is best to invest it in assets like Bitcoin because Bitcoin is one of the good stores of value that can still keep fiat valuable.

[Muba20]

I think fiat will never disappear because since the government will continue to support it, in the near future, the government's corruption and the distrust of the general public will make fiat much weaker. Since the supply of Bitcoin is limited, the demand for Bitcoin will increase over time and people will be more attracted to it. On the other hand, by printing additional fiat currency due to government corruption, fiat will only lose value in the long run. The biggest problem with fiat is that it is completely under the control of the government, while Bitcoin is decentralized. Therefore, people's trust will not increase in fiat but in Bitcoin.

[X-ray]

I think fiat will never disappear because since the government will continue to support it, in the near future, the government's corruption and the distrust of the general public will make fiat much weaker. Since the supply of Bitcoin is limited, the demand for Bitcoin will increase over time and people will be more attracted to it. On the other hand, by printing additional fiat currency due to government corruption, fiat will only lose value in the long run. The biggest problem with fiat is that it is completely under the control of the government, while Bitcoin is decentralized. Therefore, people's trust will not increase in fiat but in Bitcoin.

Fiat is a tool for government to control their economy. Will never disappear for sure as long as government exist or there's something better to control economy than fiat. The problem only arise when government become incompetent and printing too much money in too short of a time causing hyper inflation.

In the future I imagined a world where there's endless amount of currency and bitcoin will keep living alongside fiat. Never a one world one currency scenario because its never good to not have alternative.

As much as hopeless fiat is, i'm sure elon musk is stashing some in his bank.

[free-bit.co.in]

I think fiat will never disappear because since the government will continue to support it, in the near future, the government's corruption and the distrust of the general public will make fiat much weaker. Since the supply of Bitcoin is limited, the demand for Bitcoin will increase over time and people will be more attracted to it. On the other hand, by printing additional fiat currency due to government corruption, fiat will only lose value in the long run. The biggest problem with fiat is that it is completely under the control of the government, while Bitcoin is decentralized. Therefore, people's trust will not increase in fiat but in Bitcoin.

Fiat plays an important role in the economy, governments and banks are using it to regulate and control the economy. So it will never go away.

It is inevitable that fiat will continue to be printed but don't think they are printing money just because of corruption. For example,  economic crisis due to war, natural disasters or during the covid 19 pandemic...if money is not printed. Do you have any solutions to improve and save the economy?

To be fair, printing money is not always bad and is sometimes necessary as it is a way to balance the economy. It only gets really bad when the government fails to control and manage, and prints money indiscriminately.

No matter how much people's faith in bitcoin increases, they will always need fiat and it will always play an important role in their lives, the global economy.

[nikola22]

Exactly. These companies will eventually recover their losses, but it will be tough for ordinary people to recover their losses if they keep saving money in banks, hoping they will double their money in a few years. In my country, several banks offer a money-doubling scheme in 10 to 12 years. People are falling for these schemes too easily. But they don't understand that what they purchase today for a dollar will cost them three dollars to buy the same product after a few years.

So, they are not doubling their money, but they are losing the value of their money, and it is the bank that is making money from your own money. People should start investing in Bitcoin, Gold, or Silver.

it would be good if these people even got their money back from the banks. some kind of crisis would happen and we'd see another bank run. it's relatively good if people have savings in USD even though it's depreciating. but many keep their savings in national currencies which can depreciate significantly. I know this from my own country's currency which regularly depreciates by half.

investing in gold or silver is more difficult but buying Bitcoin is quite easy and I don't understand why many are still afraid to do so. although there are plenty of options for tokenized gold now so investing in it is also quite easy.

[juttsab@]

If we are to start by counting on the reasons to why fiat is hopeless, then we may never finish them because they are many, for us to be using the same pattern of financial system over the years and have nothing changed is a red flag on its own, everyone has been long time ago preaching about freedom but it has not been extended towards the financial aspect untill when Satoshi came and make the whole difference by creating an alternative called bitcoin.

There is no alternative of Bitcoin because Bitcoin is unique and legend person worked on that before many years when technology was not advance but millions of people got profit from that and we saw excellent cryptocurrencies on that time and we are watching no other cryptocurrency like Bitcoin. People want to but that kind of crypto because they know how much profit it can give . I met to my friend and he asked me to which coin should I invested because he is from rich family and he want to double his money and I suggested to invest in Bitcoin because that is ultra safe and you will not be in profit it you have long term plan and you have other resources to pay other Bills of daily life .

[Richbased]

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.

No matter how weak fiat is, we cant just do without them because the government will never allow us to use Bitcoin fully as a means of exchange because some people are yet to get to know everything about Bitcoin and crypto, they understand fiat more than everything so government can’t bear the responsibility if everyone lost his wealth due to crypto or sending out crypto instead of fiat.

The best way to have everything right is to make sure you invest in Bitcoin, they use fiat when the need arise. Holding fiat is not safe anymore due to inflation. So hold stable coin urgent p2p to fiat incase you need some cash, then hold your Bitcoin.

Of what difference will it make when you hold stable coins with the idea of converting it to fiats when the need arises. There is no way that we won't make use of FIATs even if bitcoin becomes adopted globally. The solution should just be that you should hold more of your money in bitcoins and keep a little fiat to be accessible to you whenever you want to make use of it. However, we can still do without the government because the only place they have control over bitcoin is during the time of exchanging it with fiats but consider a scenario where you are using a decentralized medium, it won't be easy for them to intrude in your transactions.