Re: Bitcoin can not replace fiat

There has not been a country that officially approved the use of bitcoin, the main factor because they are still using fiat money for all transactions. Bitcoin will never replace a fiat money because bitcoin is decentralized and could not be in control.

Well there are already countries that recognizes and is in approval of btc. I've read that the philippine central bank already does this. Though i agree with you on the part that btc won't ever replace fiat. Possible even that without fiat bitcoin wouldn't survive. That is at thia point but i don't think there would be a scenario where in it would have to be a choice between the two. We can work better with both anyways

i do not think that there is any single country where the government has consider bitcoin as legal currency. i think still some countries are thinking about it but still they do not consider bitcoin as legal currency.

No they don't. I know the Philippines and I have never seen a single store that accepts Bitcoin which proves the point that it cannot replace Fiat currency. The government plays a big factor to it on the decisions of businesses because they are the ones who can identify Bitcoin if it is illegal or not. It can really affects the companiws decision for making Bitcoin as a payment option.

Yes bitcoin will not replace fiat currency as it cannot be controlled by government but still bitcoin is still used in almost all the countries as an alternative to the fiat and i am sure no government will declare bitcoin as national currency but it will continue to be an alternative and growing every single day.