Why Do People Believe Bitcoin Will Replace Fiat?

[qwerty555]

because they think it will save us from the great recession, dunno if this will come true but, bitcoin is doing well for now, it's a good safe-haven asset

Nothing will stop that disaster..they are only delaying the inevitable by printing because the prefer ...Not on My Watch.. so the problem gets bigger and is passed to the next set of people...until a total breakdown occurs as it nearly did in 2008 . It is likely that from the ashes of such an event cryptocurrency on a National scale will be introduced and supported..before that there is a 50/50 chance that there will be a gold backed CNY which will severely erode /destroy the $'s reserve currency status and that comes a step closer next month when the Shanghai gold exchange goes international and price fixing.

http://www.zerohedge.com/news/2014-08-20/china-becoming-global-gold-hub-and-gold-price-discovery-centre

http://www.zerohedge.com/search/apachesolr_search/gold%20china%20reserve%20status

If the USA knows this and fears it (of course they do!) a sudden monetary reform switching to a cryptopound /peso/mullah/dosh/thingy (not dollar as it is stigmatized) with accompanying super hype may save their @rse

[oceans]

I think people believe this because they believe it will get us out of the mess our Country is in regarding the recession and problems with debt we have. It will be a long time and it may never happen that bitcoin will replace fiat and even if it did what is to say it definitely would get us out of our problems? It may help but to completely eliminate problems is something I can not see happening, at least not yet.

[routecrypto]

Bitcoin could recplace completely FIAT only if the devs will fix some issues like the slow transaction times.

[Bit_Happy]

Even if Bitcoin and altcoins match the volume of creditcards, we should be happy.

The volume will increase dramatically in the near future:
Bitcoin doesn't need to replace fiat, since paper money is going to collapse "smart people" will need a way to protect their wealth.
As long as digital currency has a modest % of global trade, then the volume of transactions will be huge.

[TippingPoint]

The process of replacement is proceeding at different rates for different denominations of currency.  But the trend is of more news stories, greater public awareness, more merchant acceptance, higher value, and less price volatility.  These trends will continue.  The toothpaste cannot be put back in the tube.

[BitCoinDream]

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?

Not the logical people believe what u r assuming as people's belief. Bitcoin will take over the online version of FIAT in near future, but uprooting it from its physical existence is a long game.

[gentlemand]

As long as governments pay out and ask for payment in their own currencies then they won't be going anywhere.

Perhaps the situation will reverse and people will be grumbling about how hard it is to convert back to fiat when it's tax time.

[igorr]

Bitcoin won't replace Fiat but will be used for most of the transactions, we will have to wait several years before it will happen.

You think 1000-2000 years.

[Elwar]

There will still be some people who use fiat currencies.

Would you like me to mail you a letter with more thoughts on this?

Or you could read my editorial in the newspaper the next time you sit down and flip through the pages.

[RaheemRaj]

There will still be some people who use fiat currencies.

Would you like me to mail you a letter with more thoughts on this?

Or you could read my editorial in the newspaper the next time you sit down and flip through the pages.

If Bitcoin ever did become mainstream do you really think fiat would still be used?

[Elwar]

There will still be some people who use fiat currencies.

Would you like me to mail you a letter with more thoughts on this?

Or you could read my editorial in the newspaper the next time you sit down and flip through the pages.

If Bitcoin ever did become mainstream do you really think fiat would still be used?

Just like my 75 year old mother likes to send letters once or twice a year...some people will enjoy using their dollars (though it will probably be hundreds of dollars) to buy things. They will eventually go the way of those that still paid for things in gold pieces until fiat replaced them.

[Meuh6879]

I have a hard time following the logic when people make a statement that Bitcoin will replace all fiat currency. 

because not all people are dumb to understand that bank create money with credit = DEBT
well, it's not a problem if INFLATION could be freeze account in bank and house ...

[Meuh6879]

I think the people who go around saying Bitcoin will replace all money, that it will end wars, collapse banks and governments, etc. are slowing the adoption of Bitcoin. 

good point : https://www.youtube.com/watch?v=joITmEr4SjY&feature=youtu.be

[jonald_fyookball]

Replacing Fiat is not a peace of cake. Bitcoin may become more preferred currency over fiat after few years but reaplacing fiat is not possible in even 100 years.

I don't know about that. 100 years is a very long time.  just think how long ago and primitive was 1914.

[exocytosis]

I think the people who go around saying Bitcoin will replace all money, that it will end wars, collapse banks and governments, etc. are slowing the adoption of Bitcoin.  When people hear this stuff they often disregard Bitcoin as anything serious and it confuses people as to what Bitcoin actually is.  The worst are the people who have some political cause, claim Bitcoin is part of that cause, and try to imply that anyone who uses Bitcoin agrees with them and supports their cause.

This! 

[shawshankinmate37927]

As long as governments pay out and ask for payment in their own currencies then they won't be going anywhere.

History proves otherwise.  Think Zimbabwe, Weimar, Argentina, etc...

[shawshankinmate37927]

I think the people who go around saying Bitcoin will replace all money, that it will end wars, collapse banks and governments, etc. are slowing the adoption of Bitcoin. 

good point : https://www.youtube.com/watch?v=joITmEr4SjY&feature=youtu.be

Hey! Stop that! You're going to scare the sheeple! 

[itsAj]

There will still be some people who use fiat currencies.

Would you like me to mail you a letter with more thoughts on this?

Or you could read my editorial in the newspaper the next time you sit down and flip through the pages.

If Bitcoin ever did become mainstream do you really think fiat would still be used?

It almost certainly will. Governments will always force it's citizens to pay taxes to help pay for things like roads, national infrastructure and national security. The government will be able to exert it's influence to both pay for these things in fiat and to collect tax revenues in fiat.

It would be possible for bitcoin to replace fiat in very small countries when the government does not have a lot of power (due to the economy is very small), but bitcoin will not be able to replace any major fiat currency.

[romerun]

no one knows for sure how bitcoin could replace fiat until we set up bitcoin island or city to see if the idea can turn into reality

[keithers]

I think it is next to impossible for BTC to completely replace fiat, especially with how much resistance is put forth by the governments in control.

At best I think BTC will be the default alternative alongside fiat as a payment option