Quote from: Juggy777 on August 23, 2018, 12:12:09 PM

Quote from: Bonpay on August 23, 2018, 07:01:14 AM

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'm often baffled as to why do people think bitcoins should replace fiat? whenever we trade bitcoins we trade it for fiat, so if bitcoins replaced fiat what would we trade it for? I do hope all remember bitcoins is limited fiat isn't. Bitcoins was formed to create a decentralised currency, so people would be free of government regulation, also so people could create it as a store value, never was it intented to replace fiat.

I believe the best option is all governments should allow the usage of bitcoins they can tax it, all sellers should accept it this would save loads of fees on cross border transaction. Even post taxes Bitcoins users shall earn more than their fiat peers.

Bitcoins should be given in tandem with fiat for salaried people, so they can choose it, and when it's prices increase they can benefit from it. (I can't reveal the name but one firm actually did it, and 9 out of 10 employees opted for bitcoins, this was when bitcoins prices were at 1k, all the employees made serious profits).

Yes indeed I thnks they must be co-exist bitcoin cannot replace the fiat period.

mob01

Posts

Merits