Re: Why are fiat/banks destined to fail and bitcoin to succeed? Explain.
I want to point out that the OP's question was whether Bitcoin could or should replace FIAT.
The answer is a resounding no. Bitcoin is a substitute or alternative currency. It is a global currency and an online currency, very much unlike any of the current forms of FIAT. This is where it's primary strengths lie. As the economies of the globe become significantly intertwined it makes sense to share a simple and easy way to make transactions and spend between countries. No other currency allows for this in a simplistic manner.
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That being said, Bitcoin isn't even large enough to support replacing a FIAT. If it has a $1billion market cap, then 10 million people could each hold $100. That is not enough to support a population in standard trade. The market cap would have to exceed $500b to $1 trillion to service a large portion of the global population.
The "market cap" of Bitcoin is not currently greater than $1 trillion. Therefore it will never be greater than $1 trillion. Therefore Bitcoin will always be an alternative currency. Q.E.D.The answer is a resounding no. Bitcoin is a substitute or alternative currency. It is a global currency and an online currency, very much unlike any of the current forms of FIAT. This is where it's primary strengths lie. As the economies of the globe become significantly intertwined it makes sense to share a simple and easy way to make transactions and spend between countries. No other currency allows for this in a simplistic manner.
...
That being said, Bitcoin isn't even large enough to support replacing a FIAT. If it has a $1billion market cap, then 10 million people could each hold $100. That is not enough to support a population in standard trade. The market cap would have to exceed $500b to $1 trillion to service a large portion of the global population.
