The discovery of bitcoin has changed the way we see Bank note.

[Youngrebel]

Before Bitcoin was created we have been using bank note and see physical money but since i started learning more about Bitcoin, I have noticed that I do not look at bank notes the same way I use to see its value before and I believe am not the only one that feels that way, and it got me asking myself questions like: What is the cause of it?
 
But then I have noting that Bitcoin didn’t just introduce another way to send or store money but for so many of us it changed the way we think about what money actually is though am not saying bank notes will suddenly disappear, because we still need fiat for everyday transactions. But I think Bitcoin has made many of us look at physical cash with a very different mindset.

And I would love to ask has Bitcoin changed the way you see your own country currency, or other fiat currencies?

[SeriouslyGiveaway]

though am not saying bank notes will suddenly disappear, because we still need fiat for everyday transactions. But I think Bitcoin has made many of us look at physical cash with a very different mindset.

And I would love to ask has Bitcoin changed the way you see your own country currency, or other fiat currencies?

It's about fiat currencies and cash is a physical form of fiat currency, while you can use fiat currency in a digital form through bank transfers. Forms are different but fundamentals are the same, and unchanged because they are all from fiat currencies with same inflationary rate from a specific central bank in one nation for example.

Inflation is a big problem that damages purchasing power of fiat currency but your bank accounts and money in digital forms can be frozen by governments and banks anytime.

With Bitcoin, no governments, no banks can remotely freeze and steal your bitcoin.

[Youngrebel]

OP, it's wrong to post the same topic in two different boards at the same day. It's against the forum rules irrespective of the board you posted them. You have already posted this [topic first in Nigeria LB which I believe that's enough to give your the response you want. If are not satisfied with the responses over there, you can bring it up in general board another day not today. Lock this topic.

Can you read rule number 27 in the forum rules https://bitcointalk.org/index.php?topic=703657.0. I made in the local board with the local language and  I decided to bring it with standard English for general contribution. please can you also tell me the rule you are quoting from the general rules. in the rule number 12 which stated it clear that,

12. No duplicate posting in multiple boards (except for re-posting topics in the local language boards if they're translated and re-posting marketplace topics in the altcoin boards if altcoins are accepted).

Bitcoin is not used by only one country and that made me bring the thread here for general contribution and their experiences. Next time make research and have evident befor saying such. if it against the rule above, Moderator shall delete the thread.

[Antotena]

Before Bitcoin was created we have been using bank note and see physical money but since i started learning more about Bitcoin, I have noticed that I do not look at bank notes the same way I use to see its value before and I believe am not the only one that feels that way, and it got me asking myself questions like: What is the cause of it?
 

I will say perhaps because you are new and you just unlock the best thing after the centralized system of the government, the free you have holding Bitcoin and the the fact that the value can appreciate. Bitcoin has made many people to understand how independent they can be with their investment, you don't need any initiative to buy or hold Bitcoin, if you understand it and you way it, just buy it and that's all, you can't do this anywhere except with Bitcoin.

But then I have noting that Bitcoin didn’t just introduce another way to send or store money but for so many of us it changed the way we think about what money actually is though am not saying bank notes will suddenly disappear, because we still need fiat for everyday transactions. But I think Bitcoin has made many of us look at physical cash with a very different mindset.

And I would love to ask has Bitcoin changed the way you see your own country currency, or other fiat currencies?

I don't know if there is ever going to be another digital asset as well package by Satoshi, this is why many people still believe Satoshi isn't a one person thing. It's too innovative and creative, even the government never thought of this in all of their years in the banking system. The only language they understand is print and print to dilute the existing supply, unlike Bitcoin that is capped, we have limited supply which many believe some part are loss, nothing comes lose to Bitcoin.

[cryptoaddictchie]

But I think Bitcoin has made many of us look at physical cash with a very different mindset.

And I would love to ask has Bitcoin changed the way you see your own country currency, or other fiat currencies?

Perhaps not everybody has the same ideals when it comes to bitcoin. Honestly I love bitcoin but the restriction om some places about its adoption and potential usage make it hard to bloom faster than it should be. Im talking about the ability to be used same of typical currency. I said that cause, in our place its still the currency has been used of on everyday expenditure amd viewed bitcoin as form of investment to hold than to used it. (On the realistic note: This is true, since most hold than using it)

Question is why? Its obvious cause its volatile and its value are not always the same.

[salad daging]

Different point of view, if bitcoin applies as a payment asset in the country, of course we will consider bitcoin better and fiat as unimportant, especially paper money in physical form.
Because my country does not enforce this, fiat is used daily for transactions, so bitcoin is considered a commodity asset no more than that or stores value better than gold.

[AgriTrack]

To be completely honest, there is no doubt that Bitcoin and cryptocurrencies have brought a lot of change in the world of finance, but it would be a lie if I say that I see fiat currencies differently because at the end of the day, it's all money and we need it no matter in which form it is. I'm not talking about it as a store of value, I'm talking about it as something that you can use to get something else, and we still use fiat for pretty much everything because you can't use Bitcoin and cryptocurrencies for that. Even if you have bitcoins or other crypto, you need to convert them to fiat if you want to spend them.

I also understand and know that the traditional financial systems are different, and I can agree that before Bitcoin, most of us never thought about centralization vs decentralization, and we never thought that there could be a possibility for us to make transactions one day without involving a third-party in between the two parties involved in that transaction, and Bitcoin made this possible, but what I said above is about Bitcoin and fiat as money or currency only, not as a system.

[PrivacyG]

It has changed a lot of minds, including mine.  Considering there was no real alternative to Fiat that would work in a pretty similar way, it was obviously a surprise that changed things.

But all of that and most of us would still fall for a stupid 'sticking a fake Dollar bill to the ground' prank.  Realistically, we all still see a lot of value in Fiat as we all HAVE to live in this caged system.

[SatsPH]

And I would love to ask has Bitcoin changed the way you see your own country currency, or other fiat currencies?

I would say not just our local currency, but all other fiat as well around the world, specially dollar or UE or yen in Japan. And it open our yes on investments too. Before I don't know what is investment to be honest. I know that it's just you put money and then it will grow.

But it's not that easy even in Bitcoin, you will need to have a better plan and strategy. And then I learn about DCA and that's it. The best and only approach and it's not complicated as everyone can used that approach. So we broaden our mind with money and how to be self-made, build generational wealth.


ctto

[Queen uloma]

You are very correct, bitcoin has really changed the way I see fiat money.  I remember when i don’t know or heard about bitcoin i saw our  physical cash as money, but ever since I heard about bitcoin, I have come to realized that money can actually  exist digitally without bank or government controlling it. It makes  me think more about inflation and how our local currency loses its value.  But fiat is still very essential in our daily transactions.

[Renampun]

And I would love to ask has Bitcoin changed the way you see your own country currency, or other fiat currencies?

Yes, back before I knew about Bitcoin, I thought that fiat currency was pretty good to hold in the long term.. at that time, I was younger and didn't really understand much about finances.. however, since learning about Bitcoin and studying inflation, central banking policies, and how the government treats fiat, I realized that fiat is just a system that is so fragile and so dirty.

Comparing it to Bitcoin, it's so different.. Bitcoin seems like the opposite, being decentralized with no single entity in full control.. it gives full control to its users and is capable of preserving your wealth in the long term.. if I hadn't known about Bitcoin, I might still be putting full trust in the fiat system until now.

[shinratensei_]

In my opinion, even without discovering bitcoin you will eventually realise the flaw of bank notes sooner or later if you put enough energy to learn the history of fiat and investing. Fiat exposure has always been garbage to preserve wealth value and the inflation eats up your wealth. Wealthy people don't really keep their wealth in fiat neither, they always prefer to preserve their wealth with better asset such as gold, as it happens bitcoin comes at the right time right after the great depression and become another hedge against inflation, even though people still argues about it.

It's pretty common knowledge even before bitcoin, however since gen z and millennials are learning how to truly invest with the knowledges surrounding it after they stumbled upon bitcoin, it's still a good thing hence more or less bitcoin has changed the way people see bank notes as well.

[citywise2]

The monetary systems has a number of flaws and that was a major reason Satoshi was prompted to come up with cryptocurrency. The main idea was not  really to phase out fiat but to offer something more reliable and efficient.  People saw that and believed and that is a very strong tree reason Bitcoin is still kicking and rearing to go irrespective of the stumbling blocks thrown at it.

[Darker45]

However, will it surprise you when you realize that the great majority of those who admire or support Bitcoin are looking at it with dollar signs in their eyes?

Do you also suspect that the same people who cheer at Bitcoin, aggressively promote it, passionately defend it against critics, would also sell their Bitcoin whenever they're afraid the market would face a severe downturn?

When Bitcoin falls against fiat, what do you do, sell or fight with it by hodling or even buying a little more?

[Silikiem]

Although I wouldn’t say that the discovery of bitcoin didn’t change people’s perception about how they see fiat currency in the sense that previously people never knew they could actually be in control of their own money, make use of it whenever they wish to without any government or financial institutions approval or regulation. With the discovery of bitcoins people now know that they mustn’t rely on government regulations/approval before they spend their money, they don’t need any intermediaries before getting access to their funds, they now discover that their money can be adding value with time. Albeit, the discovery of bitcoin didn’t take away anything from fiat currencies, it still serves its function and operates as it should and people still have need for it.

[Dareo]

-snip-
And I would love to ask has Bitcoin changed the way you see your own country currency, or other fiat currencies?

Honestly no matter how much we accept Bitcoin, we still have to rely on fiat in our daily lives. Starting from salaries, bills and a large part of the entire economy of the country, local currency is used.

However, in my case I mainly see Bitcoin as a long term savings or store of value. Earlier I used to keep extra money in the bank, but over time, due to inflation the purchasing power of that money would decrease. So now I try to keep that money in BTC. Of course, Bitcoin itself is also quite volatile, so it is not a matter of completely removing the money from the bank, That is, your emergency fund needs to be kept in the bank.

[ZeroVinsonN]

Now I want to ask, how exactly did bitcoin change how you viewed banknotes because you didn't really give any context on that and as far as I'm concerned those two are fundamentally different, sure bitcoin has alot of the characteristics of the everyday cash but it's lacking in a of the major one; being physical.
The Note was created as a physical representation of valuable assets, without something to back it then it becomes useless and  while people can try to deny it bitcoin has become one of those valuable assets that a physical cash represents and that's why the value of bitcoin is still tied to the regular currency.

[Bigjoe33]

Different point of view, if bitcoin applies as a payment asset in the country, of course we will consider bitcoin better and fiat as unimportant, especially paper money in physical form.
Because my country does not enforce this, fiat is used daily for transactions, so bitcoin is considered a commodity asset no more than that or stores value better than gold.

That's the major cracker.... Is it accepted locally for trading and any kind of transactions? Am sure many countries is not yet into that level, even though some are already accepting it as a means of payment, some are still sceptical Abou it. Some people don't even stull believe in it, while some still see it as something not tangible enough to be trusted. Mane people's hope still hangs on the paper money they see and touch, especially those underdeveloped countries and it's citizens.

Of course, how your country sees Bitcoin and gives it due recognition affects how you see it and how next you will view fiat currency. So I think it's an individual thing and how you really feel about it. For me, it just makes things easier and provides more privacy, plus the fact that it can add value for me over time unlike the fiat who sits iddle in my local acount.

[m2017]

Before Bitcoin was created we have been using bank note and see physical money but since i started learning more about Bitcoin, I have noticed that I do not look at bank notes the same way I use to see its value before and I believe am not the only one that feels that way, and it got me asking myself questions like: What is the cause of it?

Had you never heard of cashless payments before bitcoin came along? I’m talking about things like bank transfers and cards. And then there was WebMoney, for instance, which was created a full decade before bitcoin. You could already use non-cash forms of payment back then.

I’d actually argue the opposite: cash gives you a stronger sense of value. Studies show that people spend more when using non-cash payment methods (online banking, bank cards, etc.). In other words, it’s harder to "part" with cash.

But then I have noting that Bitcoin didn’t just introduce another way to send or store money but for so many of us it changed the way we think about what money actually is though

Undoubtedly, bitcoin has enabled many to "open up new horizons".

am not saying bank notes will suddenly disappear, because we still need fiat for everyday transactions.

That is precisely what is likely to happen in the foreseeable future: cash will disappear and be replaced by CBDC, which will be used for everyday transactions. Everything is moving in that direction.

But I think Bitcoin has made many of us look at physical cash with a very different mindset.

Well, of course, because cash can't be used to build wealth (due to inflation), whereas bitcoin allows to grow capital.

And I would love to ask has Bitcoin changed the way you see your own country currency, or other fiat currencies?

Of course, it changed things. But that doesn't mean I’ve "renounced" cash. They are simply different tools for achieving different goals.

[Tungbulu]

Bitcoin in my opinion can indeed alter the way people perceive fiat the very moment they begin understand how money is created, managed and even affected by inflation. I would use myself as an example, before I got to learn about bitcoin, I used to view our local currency as money with a fixed value. And then from that, my perspective changed as I saw it more as a medium of exchange whose purchasing power is capable of declining overtime. But does that completely make fiat useless? Definitely not, because it’s still very much useful for bills, salaries, taxes and everyday transactions. What Bitcoin has really done isn’t to condemn or give the idea of replacing fiat, but to give people another perspective on what money really can be and how it can be really preserved.