"Fiat is hopeless"

[God Of Thunder]

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.

People are afraid due to the volatile nature of the cryptocurrency market. It is highly volatile, and anyone can gain or lose more than 10% in a single day. The percentage depends on the market situation, and it could be as high as 30% if you are trading in altcoins. I do not support investing in crypto backed by Gold. You cannot really verify their claims. You don't know if they will sell the gold they are holding.

I was planning to invest in Xaut, which is also known as Tether Gold. But then I decided not to do it. I currently trust Bitcoin. But yes, I do have some investment in altcoins too which I planning to withdraw as soon as the market recovers.

[Koadharber]

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.

People are afraid due to the volatile nature of the cryptocurrency market. It is highly volatile, and anyone can gain or lose more than 10% in a single day. The percentage depends on the market situation, and it could be as high as 30% if you are trading in altcoins. I do not support investing in crypto backed by Gold. You cannot really verify their claims. You don't know if they will sell the gold they are holding.

I was planning to invest in Xaut, which is also known as Tether Gold. But then I decided not to do it. I currently trust Bitcoin. But yes, I do have some investment in altcoins too which I planning to withdraw as soon as the market recovers.

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.

[harapan]

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.

They have been consistent and have reigned for so long. As much as you don't like it, they will not be displaced easily. Yes the big banks are also panic selling at times too getting gold in place of their fiat but there must be a tussle between fiat and bitcoin and also those who want full control and regulations for those who utilise it. There can be a chance of that happening,  fiat has reigned and bitcoin will also dominate. Abolishing Central banks can only happen when you make up a person decision yourself but we cannot do that fully because we need them. Maybe not fully and not right now.

[Smack That Ace]

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.

[barisbilgili]

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.

They have been consistent and have reigned for so long. As much as you don't like it, they will not be displaced easily. Yes the big banks are also panic selling at times too getting gold in place of their fiat but there must be a tussle between fiat and bitcoin and also those who want full control and regulations for those who utilise it. There can be a chance of that happening,  fiat has reigned and bitcoin will also dominate. Abolishing Central banks can only happen when you make up a person decision yourself but we cannot do that fully because we need them. Maybe not fully and not right now.

In terms of percentage, I believe the likelihood of this happening is very small, We shouldn't just look at the positive side, but there are several indicators that make it impossible for Bitcoin to replace fiat, including the world's top officials who control everything. They don't want everything to be fine, Those in power certainly want the control they can exert.
A small thing we can do is protect our own assets by not holding too much fiat, Currently, we only need fiat for shopping, the rest is in many places where we can store it such as crypto or gold.

[SuperBitMan]

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.

People are afraid due to the volatile nature of the cryptocurrency market. It is highly volatile, and anyone can gain or lose more than 10% in a single day. The percentage depends on the market situation, and it could be as high as 30% if you are trading in altcoins. I do not support investing in crypto backed by Gold. You cannot really verify their claims. You don't know if they will sell the gold they are holding.

I was planning to invest in Xaut, which is also known as Tether Gold. But then I decided not to do it. I currently trust Bitcoin. But yes, I do have some investment in altcoins too which I planning to withdraw as soon as the market recovers.

This is the major reason why people are so scared to invest in cryptocurrency they really don't trust cryptocurrency because of it's volatile nature, and yes I don't blame them because cryptocurrencies is highly volatile in nature and no matter the amount you have in cryptocurrency it is not something you should be happy about because within a day that money we reduce so much that it can affect you emotionally because of how small what will be lift will be, I have heard news about people that died through the shock that they got when they discovered the money they used to accumulate an AItcoin has dropped so much and they are lift with almost nothing, so the volatile nature of cryptocurrency is what is really causing the fear in people in terms of investing in cryptocurrency.

[Johnlomape]

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.

They have been consistent and have reigned for so long. As much as you don't like it, they will not be displaced easily. Yes the big banks are also panic selling at times too getting gold in place of their fiat but there must be a tussle between fiat and bitcoin and also those who want full control and regulations for those who utilise it. There can be a chance of that happening,  fiat has reigned and bitcoin will also dominate. Abolishing Central banks can only happen when you make up a person decision yourself but we cannot do that fully because we need them. Maybe not fully and not right now.

Fiat will always be available whether their are more adopters of Bitcoin or not. The government is responsive for creating laws that will guide and protect their own fiat currency but due to inflation and other factors that can make fiat to be worthless or less valuable, we have no option than to use it for day to day spending as instructed by the law.

Bitcoin is an alternative to our local fiat currency that is being provided by the government for regional transactions to make it valuable for spending. Anyone can invest and save their money in Bitcoin to reduce the inflation that can suddenly belittle the value of fiat making people work more to get pay tangible amount of money that can take care of their bills.

[Abiky]

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.

USDT has never been backed by Gold. Where did you get such information? It's been always pegged to the value of the US Dollar. Among all of the USD-backed stablecoins, Tether is the most shady with its constant "money printing" and lack of transparency regarding audits. Yet, it's the largest stablecoin by market cap.

The thing with Fiat is that its supply can be easily manipulated at will. All for the convenience of a select few (mainly banks, governments, and the rich). It's why "Fiat is hopeless". Bitcoin, however, has the chance of becoming more valuable over time. Part of this has to do with the way it was designed. It's often considered an alternative to Fiat. But who knows? At the pace adoption is rising, BTC might as well replace Fiat in the future. I know governments don't want this, but doesn't people have the final say? We'll see what happens in the long run.

[nikola22]

People are afraid due to the volatile nature of the cryptocurrency market. It is highly volatile, and anyone can gain or lose more than 10% in a single day. The percentage depends on the market situation, and it could be as high as 30% if you are trading in altcoins. I do not support investing in crypto backed by Gold. You cannot really verify their claims. You don't know if they will sell the gold they are holding.

I was planning to invest in Xaut, which is also known as Tether Gold. But then I decided not to do it. I currently trust Bitcoin. But yes, I do have some investment in altcoins too which I planning to withdraw as soon as the market recovers.

yes, the last couple of days have shown how BTC price can fluctuate. but on the other hand, until an investor sells their BTC, he hasn't formally suffered any losses. regarding altcoin holders it's really tough times for them because prices are plummeting. but long-term investors with strong nerves can ultimately win and I don't think we've seen the market peak.

I agree with you that there's not much trust in gold-backed tokens yet. but people trust Tether's USDT so why there is no trust for XAUT? perhaps in the future large banks will start issuing gold-backed tokens so people will trust them more. if you're still holding altcoins does that mean you still believe in market growth, like me?

[God Of Thunder]

if you're still holding altcoins does that mean you still believe in market growth, like me?

Not really. But I don't have any other options, right?
If I sell at this moment, I will have to sell at a considerable loss. I am not going to do that for sure. For now, I think I don't have anything to lose, as most of the altcoins have already lost 80% to 90% of their value. Therefore, I am somewhat compelled to hold onto these altcoins, and I plan to sell them once I have recouped my initial investment. I don't think all of them will recover, but I expect to recover the loss from some known tokens, such as Dot, Enjin, and a few more.

[nikola22]

Not really. But I don't have any other options, right?
If I sell at this moment, I will have to sell at a considerable loss. I am not going to do that for sure. For now, I think I don't have anything to lose, as most of the altcoins have already lost 80% to 90% of their value. Therefore, I am somewhat compelled to hold onto these altcoins, and I plan to sell them once I have recouped my initial investment. I don't think all of them will recover, but I expect to recover the loss from some known tokens, such as Dot, Enjin, and a few more.

if you bought altcoins at a much higher price than the current one then of course there is no other option. I think too many new tokens are appearing diluting investors' funds so many older crypto assets can't recover properly. but we can't rule out the possibility of pumps like in the case of Zcash. who knows maybe DOT or Enjin will also be pumped ) I also hold a little bit of DOT, AVAX and some other altcoins so we are in the same boat )

[Zackz5000]

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.

That hopelessness as ascribed to the fiats doesn't mean the fiats will be going on extinction where banks will be eradicated, it's the true fact of which the fiats are quite loosing values due to sporadical spending of the governments with lesser budgets that's to impact economy. So, they prints more money just to have enough to spend while the overall economy outputs depreciates the fiats purchase power.
The fiats are conventional currencies which as a tradition can't be replaced by any adopted monetary system. The best bitcoin can go is to gain massive adoption where it monetary system would serve better in the global economy as valuable currency not to replace the fiats but on the interest of alternative means of making transactions and holding of values against inflation which is where it does better than the fiats. So it'll still serve as alternative and not to replace the fiats.

There are countries that have hopeless currencies with no value but still uses them for exchange of goods and services, Bitcoin can't replace fiat because it's not every body that can use Bitcoin for transactions, Bitcoin will gain more adoption with great value and Bitcoin wasn't in existence to replace fiat both are functioning in their way those who can access the internet it will be strenious for them to transact with Bitcoin and also most of our old parents can't also buy with Bitcoin this is why fiat can't be replaced.

[Iranus]

USDT has never been backed by Gold. Where did you get such information? It's been always pegged to the value of the US Dollar. Among all of the USD-backed stablecoins, Tether is the most shady with its constant "money printing" and lack of transparency regarding audits. Yet, it's the largest stablecoin by market cap.

The thing with Fiat is that its supply can be easily manipulated at will. All for the convenience of a select few (mainly banks, governments, and the rich). It's why "Fiat is hopeless". Bitcoin, however, has the chance of becoming more valuable over time. Part of this has to do with the way it was designed. It's often considered an alternative to Fiat. But who knows? At the pace adoption is rising, BTC might as well replace Fiat in the future. I know governments don't want this, but doesn't people have the final say? We'll see what happens in the long run.

Tether has a product called XAUt which is backed by physical gold stored in Switzerland but has nothing to do with USDT. I think he is confusing it with USDT.

Trust me, only bitcoin investors want it to become a currency and replace fiat. The rest of the world would never want that to happen, especially the poor. Because the rich and early adopters will become rich if bitcoin replaces fiat and becomes the main currency. While the poor and those who don't own much bitcoin will become even poorer. Using scarce currencies only adds to global inequality, so the majority of the world will not accept bitcoin as a currency.

[Abiky]

Not really. But I don't have any other options, right?
If I sell at this moment, I will have to sell at a considerable loss. I am not going to do that for sure. For now, I think I don't have anything to lose, as most of the altcoins have already lost 80% to 90% of their value. Therefore, I am somewhat compelled to hold onto these altcoins, and I plan to sell them once I have recouped my initial investment. I don't think all of them will recover, but I expect to recover the loss from some known tokens, such as Dot, Enjin, and a few more.

Even if you sell at a loss, you'd do a lot better than just holding Fiat alone. Most (if not all) Fiat currencies have high inflation rates, making them "worthless" in the long run. At least in altcoins, you can regain your purchasing power by staking or waiting until market prices rise back up again. You'll have more flexibility/control than simply holding Fiat alone. And if you hold Bitcoin, you'll do even better.

All in all, Elon Musk lost hope in Fiat because of how heavily-manipulated it was. I'm sure people will do the same once they notice zero improvements in the cost of living. Just wait until the general public loses trust in central banks. Governments will have no choice but to correct the problem (I think). We'll see what happens in the long run.

[Text]

Even if you sell at a loss, you'd do a lot better than just holding Fiat alone. Most (if not all) Fiat currencies have high inflation rates, making them "worthless" in the long run. At least in altcoins, you can regain your purchasing power by staking or waiting until market prices rise back up again. You'll have more flexibility/control than simply holding Fiat alone. And if you hold Bitcoin, you'll do even better.

All in all, Elon Musk lost hope in Fiat because of how heavily-manipulated it was. I'm sure people will do the same once they notice zero improvements in the cost of living. Just wait until the general public loses trust in central banks. Governments will have no choice but to correct the problem (I think). We'll see what happens in the long run.

yeah a lot of us are in the same boat right now holding bags that lost most of their value but still hoping for that next bull run to make up for it. Selling at a loss just doesn’t make sense if the market’s already at rock bottom and true fiat’s not doing any better either. Inflation keeps eating away at savings so even if you’re playing it safe you’re still technically losing value over time at least with crypto there’s still a chance to recover or even gain if you’re patient enough.

[laijsica]

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.

That hopelessness as ascribed to the fiats doesn't mean the fiats will be going on extinction where banks will be eradicated, it's the true fact of which the fiats are quite loosing values due to sporadical spending of the governments with lesser budgets that's to impact economy. So, they prints more money just to have enough to spend while the overall economy outputs depreciates the fiats purchase power.
The fiats are conventional currencies which as a tradition can't be replaced by any adopted monetary system. The best bitcoin can go is to gain massive adoption where it monetary system would serve better in the global economy as valuable currency not to replace the fiats but on the interest of alternative means of making transactions and holding of values against inflation which is where it does better than the fiats. So it'll still serve as alternative and not to replace the fiats.

There are countries that have hopeless currencies with no value but still uses them for exchange of goods and services, Bitcoin can't replace fiat because it's not every body that can use Bitcoin for transactions, Bitcoin will gain more adoption with great value and Bitcoin wasn't in existence to replace fiat both are functioning in their way those who can access the internet it will be strenious for them to transact with Bitcoin and also most of our old parents can't also buy with Bitcoin this is why fiat can't be replaced.

Fiat will always be acceptable, but if you are a smart person, you will not keep it unnecessarily. You will focus on creating other assets that do not depreciate due to the effects of inflation. Although the use of Bitcoin in goods and services is limited, we may see a generation in the future who will increase the use of Bitcoin. Although it cannot be replaced, Bitcoin is an alternative financial force that can benefit you more than expected. Only a long term Bitcoin investment strategy can keep you in a much more stable financial position than fiat savings.

[God Of Thunder]

Even if you sell at a loss, you'd do a lot better than just holding Fiat alone. Most (if not all) Fiat currencies have high inflation rates, making them "worthless" in the long run. At least in altcoins, you can regain your purchasing power by staking or waiting until market prices rise back up again. You'll have more flexibility/control than simply holding Fiat alone. And if you hold Bitcoin, you'll do even better.

Correct. There is no reason for me to sell the alts and hold fiat. I won't be able to do anything special with these few hundred dollars. I currently have a stable income, and I am content with it. I am still holding those altcoins because I believe some of them will recover at some point, and I will be able to recoup a good portion of my investment. Yes, I currently hold some Bitcoin. I am not happy with my current holdings since I had more, and I had to sell because I needed money to build my dream house.

No, I never plan to stake any of my assets anywhere. I want to have complete control of my coins/tokens so I can sell them whenever I want.

[ashmodeus]

Fiat will always be acceptable, but if you are a smart person, you will not keep it unnecessarily. You will focus on creating other assets that do not depreciate due to the effects of inflation. Although the use of Bitcoin in goods and services is limited, we may see a generation in the future who will increase the use of Bitcoin. Although it cannot be replaced, Bitcoin is an alternative financial force that can benefit you more than expected. Only a long term Bitcoin investment strategy can keep you in a much more stable financial position than fiat savings.

A valid point. Fiat will always be used because it's the primary medium of exchange recognized by the state, but we know inflation is a serious problem, so keeping all assets in cash or regular savings isn't a smart move, especially since the goal is to preserve value. Bitcoin, on the other hand, is still limited to everyday transactions, but it has proven to be a valuable asset for hedging.
I hope that in the future, people will become more familiar with digital assets, as this will drive Bitcoin adoption to a higher level. Especially if crypto payment infrastructure becomes more streamlined and its legality becomes clearer, BTC future will be even brighter.

[slapper]

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.

People are afraid due to the volatile nature of the cryptocurrency market. It is highly volatile, and anyone can gain or lose more than 10% in a single day. The percentage depends on the market situation, and it could be as high as 30% if you are trading in altcoins. I do not support investing in crypto backed by Gold. You cannot really verify their claims. You don't know if they will sell the gold they are holding.

I was planning to invest in Xaut, which is also known as Tether Gold. But then I decided not to do it. I currently trust Bitcoin. But yes, I do have some investment in altcoins too which I planning to withdraw as soon as the market recovers.

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.

The convenience argument fails to give the reason why this is important. Bitcoin is the first historical addition of money that is not controlled by the state and is not mediated by corporations. That is another species of property. By saying no middleman, you mean the disappearance of monetary gatekeeping that has been there since the Grain store in Mesopotamian temples

Bitcoin makes you your own bank, and this can be free until you find that most people are terribly banks. No enforced password recovery, no fraud insurance, no company taking your errors. And it shows us something unpleasant about the extent of our dependence on those middlemen whom we say we despise. Learning curve you are talking about is purely psychological. Would human beings be able to manage such a heavy financial burden without the buffers that we have created over the centuries?

[Rampagoe004]

A valid point. Fiat will always be used because it's the primary medium of exchange recognized by the state, but we know inflation is a serious problem, so keeping all assets in cash or regular savings isn't a smart move, especially since the goal is to preserve value. Bitcoin, on the other hand, is still limited to everyday transactions, but it has proven to be a valuable asset for hedging.
I hope that in the future, people will become more familiar with digital assets, as this will drive Bitcoin adoption to a higher level. Especially if crypto payment infrastructure becomes more streamlined and its legality becomes clearer, BTC future will be even brighter.

Yes, intelligent people will make the right decision to save some assets in fiat form. Why is that? Because the official transaction tool in a country still depends on fiat. Many people don't want their money to decrease due to inflation. Our goal is to maintain value in the long term. I also believe that with the development of technology in the future, what is needed is no longer fiat.
Intelligent people will switch to digital assets, especially bitcoin, which can have a big impact on the future even though fiat continues to function in everyday life.