Post
Topic
Board Economics
Re: Bitcoin can not replace fiat
by
rainezerr
on 26/03/2018, 23:01:37 UTC
Yes, got you intrigued, didn't it?

Bitcoin is a very good thing to have as an asset. Just like gold. Even better if I may say. It's secure, and unlike fiat money it actually exists and work is put into it to produce it. This makes it great to store value.
However, it cannot and will not replace current fiat money that the entire world it using. It just cannot.
Take paying a cup of coffee for example. To pay your coffee with bitcoins, one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough). It ends up being a quite complicated process, don't you think?
Until we reach the point where paying for a cup of coffee is as easy with Bitcoin as it is with cash, we will never get mass adoption. And as far as I see it, there is no way of simplifying the acquiring of bitcoins.

As of today, there is no chance for bitcoins to replace fiat since there are a lot of government who are complaining about it but cryptocurrency do really have the potential to replace fiat in the future because of the growth today in the market that is running very fast.