Although Bitcoin exists for almost 10 years, its role in our life is still unclear. One of the theories states that Bitcoin was created to solve the problems which fiat money cannot overcome. We can see how so many Governments have huge debts and how some countries cannot support their own currency (Venezuela might be the best example now), so Bitcoin looks like a possible option nowadays. Getting rich was never the goal for Bitcoin. It was meant to become the currency of the digital world and provide an alternative to the dying economy.
So the question is, how do you think, should Bitcoin replace Fiat money, or there are other options of how it could be useful to the society?
Edit: To give you more food for thought, there is a
nice article about the history of the creation of both Fiat and Bitcoin and their detailed comparison.
I don't think bitcoin has to replace fiat for it to be a success, but it's an alternative option for people to use outside of the mainstream mechanisms for banking and payments. I still see bitcoin as an experiment and it is currently like in something of a beta test mode to see if it would be a viable currency. Do I think it is right now? No. Could it be in the future? Possibly. Blockchain technology clearly works as a system and payment protocol, but is it perfect as a monetary system right now? Absolutely not. That doesn't mean I think it will always be that way but the obvious fluctuations in value would be a real issue for it as a day-to-day currency. Fiat isn't perfect either and looses value other time merely due to inflation and things like quantitative easing, but bitcoin lost 50% of its value within months which wouldn't be ideal if you had all your savings in it. I think a real interesting test for it would be if it was mass adopted by a state with a failing currency, like you mentioned Venezuela. It could either go one of two ways. One would be great where the value keeps rising due to demand and everyone benefits because you get more bang for your buck, but then if another bubble happens that pops then that could be even more devastating than their fiat collapsing. Only time will tell whether bitcoin can become a viable currency or even threaten state-issued fiat, but it's going to be an interesting experiment whatever happens.