Bitcoin will never totally replace Fiat
I have been reading some things, and everyone is on the punch bowl about Bitcoin this and Bitcoin that. They really think that it will replace Fiat, and one analogy is horses to cars, but you got to remember horses are still around. One thing that is apparent is bitcoin transfers, are relatively easy to track, and are out in the open. Whether or not you know who owns them is the other thing. Obviously criminals like to keep there movements unknown, but what about businesses. There is definitely advantages of secrecy in taking over other companies, and a competitive advantage of keeping your costs of goods secret. For example if I get a better price on wood, and someone figured out my account they could squeeze the suppler for a better price. Also it would be to easy for a central system to track and control your spending. I doubt people would give that freedom up easily, but then again most people are sheep. Also carrying around a wallet with all your money on would be really risky of it being lost, being robbed, or it getting accidentally
broken. So those are my hot takes on why it won't happen for a while.
Change is ultimately very very difficult but I think one day Bitcoin will thrive through another form of crypto that is more acceptable by governments. Maybe Bitcoin will just be like gold where you can buy it, keep it, but not spend it.
Ya, could be, it will be interesting.
Horses have intrinsic value. Fiat money does not.
United States behind it. 170 trillion in natural resources on federal land. Oil, gas, gold, silver, lumber, and ants.
The same argument was made for Rome, might before it's citizens revolted and it collapsed.
Dear @jondoe
Doesn't value depend greately on our belief that something has a value?
Both will coexist around, don't stress about fiat that competes with this new asset class.
I am not stressed, I am in a state of zen
That cool!
FIAT and cryptocurrencies will coexist for another 30 years, then we'll see
@tipu curate
Upvoted 👌 (Mana: 16/20) Passive income with @tipU :)
I wrote an article on this few days ago, cryptocurrencies will be there in the future, fiat as well, not sure if both will be used for the same thing. it will take only time before we realize that cryptocurrencies will always remain utility tokens instead of the 'new money'
A good argument, I also did not create that transnational corporations like that their transactions can be easily visualized, it could be one of the edges that allow both currencies to coexist. !
This is actually one of the reasons I prefer running on cashless policy and I also don't like it when I have much liquid cash or fiat currency with me due to this same reason. I think this is also one of the problems cryptocurrency (Bitcoin) was also created to solve.
Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead
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I don't think the one will supplant the other either, in fact I think they will most likely live next to each other just as cash and e-money do. Not to mention that more forms of payment will be created in the future
I sincerely share a similar thought, as much as we might love digital currency I doubt it will completely be able to replace Fiat, there will always be those who trust the use of Fiat and not blockchain.