Why Do People Believe Bitcoin Will Replace Fiat?

[Rassah]

Bitcoin won't replace fiat as it's volatility makes it unsuitable for businesses as they work on tight margins.

Dollar backed currencies will be stable only as long as dollars stay stable, which isn't a guarantee. Things become more stable as they grow in total volume, and bitcoin is no exception. As for businesses working on  tight margins, that  won't matter if they do all their business in bitcoin and use bitcoin as their base unit of account. Who cares if bitcoin went down in value, if their cost is 10BTC and their revenue is 11BTC, they still made a 1BTC profit. The  dollar isn't stable either, having a volatility of up to 5% a week at times, but companies don't care either as long as the amount of dollars they bring in exceeds the amount they spend.

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[12345mm]

my veeeery favorite of all the BS i *constantly* hear spouted is wait till a satoshi = $1 ... lets do a little math here for the slow folks ... 21 million supply x 0.00000001 for a dollar creates a "real" money supply of ... yes 2.1 QUADRILLION dollars ... as in a trillion dollars X 1000 and then more than double it ... gdp of all of the developed countries of earth combined since the industrial revolution began doesn't come close (yes as far back as horses and buggies and accounting for inflation spending power) + all of the current value of all real estate on earth combined and the oil rights and the mineral rights ... if anyone ever tells you a satoshi will equal a dollar they are stupid and/or lying ...

[thompete]

I have a hard time following the logic when people make a statement that Bitcoin will replace all fiat currency.  In my world view, they coexist and will continue to coexist.  I can see where some fiat currencies die and Bitcoin fills in the gap, but not on a global level.  Your thoughts?

I personally never feel that fiat will be replaced by bitcoin at all levels, but will certainly be preferred for online usage and sending bitcoin to friends.

[Elwar]

OP has not responded since his initial question. Something tells me the first 2 or 3 pages may have contained the answer to his question.

[calfries]

Bitcoin is not a political tool agreed. However, some governments can turn my grandmother into a political tool!

[Kprawn]

my veeeery favorite of all the BS i *constantly* hear spouted is wait till a satoshi = $1 ... lets do a little math here for the slow folks ... 21 million supply x 0.00000001 for a dollar creates a "real" money supply of ... yes 2.1 QUADRILLION dollars ... as in a trillion dollars X 1000 and then more than double it ... gdp of all of the developed countries of earth combined since the industrial revolution began doesn't come close (yes as far back as horses and buggies and accounting for inflation spending power) + all of the current value of all real estate on earth combined and the oil rights and the mineral rights ... if anyone ever tells you a satoshi will equal a dollar they are stupid and/or lying ...

Heh true, but it shows you, what can be done with the currency, if the need for that occur. 

The value for me, in using Bitcoin is the ability to change and adapt the currency to do more things than simply being a currency.

We live in a world, where we want things to change with the times and the technology surrounding it. We use to write letters, then we used email, and now we moved onto social media, where you get instant response.... We are getting used to improving the technology we use, and fiat are not a media with those features.   

[biscotaste]

I don't think we have to philosophize using Bitcoin. Its not a way of thinking or an ideology. Its just a alternative currency, nothing more!

[calfries]

Bitcoin will not be allowed to replace fiat. Governments need to control their tax revenue.
It is for this reason that I think Bitcoin contributes to the avoidance of a cashless society.

[cbeast]

I don't think we have to philosophize using Bitcoin. Its not a way of thinking or an ideology. Its just a alternative currency, nothing more!

Yeah, Uranium is just dirt from the ground. No reason you can't let your kids play with it.

[cbeast]

Bitcoin will not be allowed to replace fiat. Governments need to control their tax revenue.
It is for this reason that I think Bitcoin contributes to the avoidance of a cashless society.

Bitcoin doesn't have to replace anything. If it's better, then people should be able to choose.

[Bagatell]

Governments need to control their tax revenue.

They forked that when they gave the power  to create money to the central banks.

[QuestionAuthority]

OP has not responded since his initial question. Something tells me the first 2 or 3 pages may have contained the answer to his question.

Or maybe he's more of a listener than a talker. lol

[Hippie Tech]

Bitcoin will not be allowed to replace fiat. Governments need to control their tax revenue.
It is for this reason that I think Bitcoin contributes to the avoidance of a cashless society.

Bitcoin doesn't have to replace anything. If it's better, then people should be able to choose.

BTC/ cryptos are nothing more than a false flag/hope with the end goal of ushering in the new world cashless order.

If they succeed, your only choice will be to OBEY lest they void your stash of crypto-fiat, and/or cut your power and /or internet connection.

[cbeast]

Bitcoin will not be allowed to replace fiat. Governments need to control their tax revenue.
It is for this reason that I think Bitcoin contributes to the avoidance of a cashless society.

Bitcoin doesn't have to replace anything. If it's better, then people should be able to choose.

BTC/ cryptos are nothing more than a false flag/hope with the end goal of ushering in the new world cashless order.

If they succeed, your only choice will be to OBEY lest they void your stash of crypto-fiat, and/or cut your power and /or internet connection.

Et tu Brute? Viva la Revolucion. Jimmy crack corn. Alahu Akbar.

[picolo]

I have a hard time following the logic when people make a statement that Bitcoin will replace all fiat currency.  In my world view, they coexist and will continue to coexist.  I can see where some fiat currencies die and Bitcoin fills in the gap, but not on a global level.  Your thoughts?

It is possible that it replaces most fiat currencies but even if it doesn't the potential is in trillions of Dollars.

[Elwar]

my veeeery favorite of all the BS i *constantly* hear spouted is wait till a satoshi = $1 ... lets do a little math here for the slow folks ... 21 million supply x 0.00000001 for a dollar creates a "real" money supply of ... yes 2.1 QUADRILLION dollars ... as in a trillion dollars X 1000 and then more than double it ... gdp of all of the developed countries of earth combined since the industrial revolution began doesn't come close (yes as far back as horses and buggies and accounting for inflation spending power) + all of the current value of all real estate on earth combined and the oil rights and the mineral rights ... if anyone ever tells you a satoshi will equal a dollar they are stupid and/or lying ...

1 Satoshi will equal 1 Zimbabwe dollar.

[ObscureBean]

Bitcoin will never replace fiat, at least not in its current form and if it ever did, it would most certainly be a shift initiated by the government. I guess people just find comfort in their belief that Bitcoin will eventually triumph. Other than gambling, cryptocurrency is the only thing that can offer regular folk who dream of untold riches a glimmer of hope.

[botany]

Governments need to control their tax revenue.

They forked that when they gave the power  to create money to the central banks.

Central banks are "supposedly" independent, but they do lend the government a helping hand now and then.

[Hippie Tech]

Bitcoin will not be allowed to replace fiat. Governments need to control their tax revenue.
It is for this reason that I think Bitcoin contributes to the avoidance of a cashless society.

Bitcoin doesn't have to replace anything. If it's better, then people should be able to choose.

BTC/ cryptos are nothing more than a false flag/hope with the end goal of ushering in the new world cashless order.

If they succeed, your only choice will be to OBEY lest they void your stash of crypto-fiat, and/or cut your power and /or internet connection.

Et tu Brute? Viva la Revolucion. Jimmy crack corn. Alahu Akbar.

http://youtu.be/wGpJbD9h-J0

http://vimeo.com/112641992

[Spjuth]

Bitcoin will not be allowed to replace fiat. Governments need to control their tax revenue.
It is for this reason that I think Bitcoin contributes to the avoidance of a cashless society.

Bitcoin doesn't have to replace anything. If it's better, then people should be able to choose.

BTC/ cryptos are nothing more than a false flag/hope with the end goal of ushering in the new world cashless order.

If they succeed, your only choice will be to OBEY lest they void your stash of crypto-fiat, and/or cut your power and /or internet connection.

Et tu Brute? Viva la Revolucion. Jimmy crack corn. Alahu Akbar.

http://youtu.be/wGpJbD9h-J0

http://vimeo.com/112641992

Song about fiat currencies https://www.youtube.com/watch?v=VPPSaW30an0