Will bitcoin ever replace fiat currency? question is like will the internet ever replace the fax machine or not?. Most of the cryptocurrency enthusiasts have the belief that bitcoin will take the place of fiat currency like bitcoin the worlds number one cryptocurrency. Other people say that Bitcoin does not meet the criteria for fiat currency and this is where it lacks the capacity to replace the fiat currency.
Read MoreThe question we should ask ourselves is:
- Why would it be necessary to replace fiat?
- How many people in the world would be able to use bitcoin without Fiat?
Constantly people are making comparisons between bitcoin and gold; between bitcoin and fiat. Is it not possible for bitcoin and gold to be used in the same way and together? Is it not possible that bitcoin and fiat to be used in the same way and together? I do not see the need to be making comparisons. we can use both
Seriously there is no need to compare any of the two monetary systems. There are a lot of peoples who might even don't know about bitcoins but mostly each of them are involved in the fiat transactions so expecting bitcoins to over rule the fiat transactions is really a foolish thinking. Bitcoins run differently and are decentralized which makes them completely opposite from the centralized fiat currencies.
There are pretty few chances of them to collaborate but I can bet that they would run simultaneously without any interruption. For a number of peoples, they have no use of bitcoins nor they know how to cash out them so for those peoples bitcoins have no importance and for sure they would choose fiat over the bitcoins.
I really dont know why people just keep bringing out this issue when the creator of the cryptocurrency has simply define its responsibility and what cryptocurrency stands for, instead of us to make people including government to fully understand that crypto has not come to replace fiat but rather simplify the system of FIAT, we are here creating topics that may end up discouraging the bodies that we need to regulate and adopt cryptocurrency.
Just like you said, people who doesnt operate on technology or even know how to use will practically have no use for cryptocurrency except a physical Fiat they can use to make their transactions happen.