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cryptoboss2020 (OP)

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lets imagine world without fiat currency

November 06, 2020, 10:15:47 PM

Merited by Crptomagma (1)

now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc? fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!

right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol Cheesy

so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

and please dont comment something nonsense

lets try to gather here only smart comments as this topic is important topic to know.

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Re: lets imagine world without fiat currency

November 06, 2020, 10:42:56 PM

For essential supplies, Bitcoin can still be used to pay for the products and services. The good thing about Bitcoin is that you don't really need to buy or own 1 or more bitcoins in order to take advantage of the benefits it offers. People easily get carried away from they hear the price of bitcoin forgetting you can get started already with smaller quantities. Once that mindset is removed, we can start pegging the price of these commodities to denominations in BTC. No matter how high Bitcoin's price get, it would still be possible to get small denominations.

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odolvlobo

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Re: lets imagine world without fiat currency

November 06, 2020, 11:02:51 PM
Last edit: November 07, 2020, 12:35:52 AM by odolvlobo

Quote from: cryptoboss2020 on November 06, 2020, 10:15:47 PM

so milk price how many btc? fuel price? rent ? and how the prices will calculated?

Milk, fuel, rent, etc. will be priced in BTC the same way it is currently priced in your currency. How would you price milk in euros or yen or Canadian dollars? There is no difference except the currency.

Quote from: cryptoboss2020 on November 06, 2020, 10:15:47 PM

and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?

If Bitcoin is the only currency then everyone will have it. Nobody can use it to rule over others because it is censorship-resistant and it is not controlled by anyone.

Quote from: cryptoboss2020 on November 06, 2020, 10:15:47 PM

bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?

The halving does not reduce the number of bitcoins. Bitcoins are not consumed. The number of bitcoins increases until it reaches 21 million. It doesn't go down.

Quote from: cryptoboss2020 on November 06, 2020, 10:15:47 PM

okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?

Ethereum is not centralized.

Quote from: cryptoboss2020 on November 06, 2020, 10:15:47 PM

stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.

If there are no fiat currencies, then there will be no coins pegged to fiat currencies.

Quote from: cryptoboss2020 on November 06, 2020, 10:15:47 PM

so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!

What needs cannot be served by Bitcoin that can be served by fiat currencies?

Quote from: cryptoboss2020 on November 06, 2020, 10:15:47 PM

How we are going to control the money supply how big quantity of currency is in circelation?

The money supply is controlled by the protocol --> The money supply increases at a predetermined rate until it reaches 21 million BTC.

Quote from: cryptoboss2020 on November 06, 2020, 10:15:47 PM

if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol Cheesy

If people want money, they earn it (or shoot people). Bitcoin doesn't change that.

Quote from: cryptoboss2020 on November 06, 2020, 10:15:47 PM

so i want to know if fiat currency will disapere then how the new currency will be issued?

Bitcoins are issued in every block until there are 21 million.

Quote from: cryptoboss2020 on November 06, 2020, 10:15:47 PM

and how it will be backed?

Fiat currencies are also backed by nothing. Bitcoin has the advantage of being more dependable and is not subjected to the whims of people and governments.

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Mr.sprin

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Re: lets imagine world without fiat currency

November 07, 2020, 02:24:06 AM

Fiat money is not the only one for transactions, previously using gold and silver as a medium of exchange whether you have forgotten or you don't know it yet.
imagining without fiat money is not just imagining but has been done in its day.
bitcoin is only a few years old but gold and silver have been used as a medium of exchange for a long time.

Sirait

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Re: lets imagine world without fiat currency

November 07, 2020, 03:49:13 AM

^ we are heading towards a direction where life would be without fiat currency. There have been many countries where their citizens are predominantly conducting transactions via digital, for example, New Zealand, Sweden, China, and the US.

Currently, the use of cryptocurrency for everyday life is still not safe because it needs extra education for residents. Bitcoin in the future will certainly be used as payment but there are still many other crypto alternatives such as BCH, XLM, and Stable coins which will definitely be used more as payments in the future.

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Re: lets imagine world without fiat currency

November 07, 2020, 03:50:18 AM

Quote from: nelson4lov on November 06, 2020, 10:42:56 PM

It won't work on an individual scale because there isn't that much bitcoin to go around so that every household have one. It will be possible if there is a continuous circulation of cryptocurrency and what I mean by that is non-stop circulation to the point that it won't stay at an individual's hands for a minute or two. Not to mention that one power outage of a national scale could cripple everyone's finances. Plus it would not be practical to completely obsolete fiat.

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noorman0

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Re: lets imagine world without fiat currency

November 07, 2020, 04:32:36 AM

I don't think that's a problem and even better, each generation will find their own economic solution. If you look further back since bitcoin was launched, some of the leading companies and services started creating new cryptocurrencies.

Apart from gold or other precious metals which will act as a means of physical payment for non-internet users, companies that serve the needs of the public will begin to introduce new payment methods using their own tokens. I can imagine that in the end everyone who will buy a certain product or enjoy a certain service must have a coin or token from that company to pay.

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Re: lets imagine world without fiat currency

November 07, 2020, 05:14:38 AM

Even there wouldn't fiat currencies, but there will be some national digital currencies that will lead the national economy. So everything will be calculated via national currencies. Milk price, fuel price, or rent supposed to calculate via national digital currency. It couldn't be fixed at the BTC price since it's much volatile. We can't stop volatility due to huge demand if in case there is no fiat (real) money. There should be something to measure the Bitcoin price, which is stable. Then all product prices would be fixed into that and pay bitcoin accordingly.

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Re: lets imagine world without fiat currency

November 07, 2020, 05:23:55 AM

It will only happen if the people in different societies will take the new change and adapt personally, I can't still imagine that all of the people will switch to digital currencies and abandon the fiat money because it is still impossible in this current situation. Fiat money have important role in different economies so for sure that the government will create a way wherein people will patronize the fiat money that digital currencies. I think only few percent of people in my country that are aware on digital currencies. Education should be the first key for other people to become aware on cryptocurrencies, they will not adapt it if they are now aware about what it is and what is it for. If there will be a cashless society, for sure that the payment system will improve where there is less hassle and more convenience for the people who are using it.

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Re: lets imagine world without fiat currency

November 07, 2020, 07:40:08 AM

#10

Bitcoin and altcoins have their own advantage, but if we are candid, we should know that fiats too have advantages, if only bitcoin is used as a form of payment without fiat, that means some countries will still suffer, bitcoin will be in one part of the world (developed countries) while bitcoin will soon later be scares in some part of the world (underdeveloped and developing countries). Like in Africa, where all counties are either developing or underdeveloped, they still face this problem but always trying to devalue their fiats to reduce the way foreign reserves leaves the country. But, in case of bitcoin, such can not be done, therefore the countries that are not developed will become more poor. Having fiats and having bitcoin and altcoins as alternatives is the best.

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Re: lets imagine world without fiat currency

November 07, 2020, 08:09:22 AM

#11

This is a great topic that we should need to consider sometimes because the world now is heading to much highly digitalization. And as part of being digitalized, I think that fiat or physical money will be out of the way. Maybe if this will happen, bitcoin supply will be unlimited in order to cater the demands of the people across the globe. Have you ever imagined as well that the "Suggested Retail Price" of our essential needs will be a bit higher or unstable each day? Well, I just feel it would probably goes like that since we all know that bitcoin is volatile by nature so the prices of goods will be unstable for sure depending on the market movement and the supply itself. Its really hard to make an imaginary scenario in purchasing life's necessities without fiat. However, if it will ever happen in the future, things will be slowly implemented in a gradual way.

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Re: lets imagine world without fiat currency

November 07, 2020, 08:14:56 AM

#12

Quote from: cryptoboss2020 on November 06, 2020, 10:15:47 PM

and please dont comment something nonsense

lets try to gather here only smart comments as this topic is important topic to know.

Ok if you consider this discussion important, if you ask me and I will answer fiat currency is more important than currency in gital today.

My reasons are simple.
Fiat currency is much first used by people in the world without using the internet when making transactions, if fiat currency does not exist in the world and you use Bitcoin, if in your country the electricity goes out once 24 times or the internet is stuck, what can you do with Bitcoin, surely you will cry not being able to do much when shopping and transactions.

I will not live on this earth anymore if fiat money doesn't exist anymore, maybe I am looking for a place in outer space to live without fiat money.
What you need to know is: Bitcoin is traded with fiat money and fiat money is traded with Bitcoin, they are both related to each other for the needs of the people of the world, not among them that should be lost.

If you want to see more answers to your questions, you may want to read hundreds of comments here: Topic: Crypto replacing fiat?, to respond to all of your answers.

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Re: lets imagine world without fiat currency

November 07, 2020, 08:17:08 AM

#13

It is really hard to think of society without a fiat currency because we are living in generation where we are used to pay with both fiat and digital currency. But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value. If it is the only thing that can be used for payment and there's no other option then bitcoin will not be the same as Gold that can be preserved its price. Bitcoin will be the fiat in that world and people will just look at it like a normal money.

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Re: lets imagine world without fiat currency

November 07, 2020, 08:34:06 AM

#14

I don't want to imagine it because I can't imagine our life without fiat currency.
There are still some people especially in remote areas who don't have any access to technology that we are using right now so how will they buy things if the only currency right now is Bitcoin?

How about those people who aren't techy enough to learn Bitcoin? Fiat currency is the most accessible currency that we have right now and all of the people have it that is why world without fiat currency is like a utopia. Its impossible to happen

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Re: lets imagine world without fiat currency

November 07, 2020, 08:35:23 AM

#15

Quote from: Latviand on November 07, 2020, 08:17:08 AM

(....)
But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value.
(....)

Speaking of value when we comparing Bitcoin and fiat now, I don't think so that the value of Bitcoin will be the same as fiat. Because I believe, fiat is centralized, the government can decide anytime if they want to print for money. But in Bitcoin? They are totally different, that's why as time goes by, Bitcoin is becoming more asset than using it for payment just like our fiat now.

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Gotumoot

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Re: lets imagine world without fiat currency

November 07, 2020, 08:39:03 AM

#16

It would be great but the risk would also be huge hackers would be eager to get into any device to get information or your money.
This is the reason why I also leave some cash on my house if I would go out,
Just imagine if we would live without Fiat and we would go out and lose our mobile phone or any device that we would use to pay.

DoublerHunter

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Re: lets imagine world without fiat currency

November 07, 2020, 08:43:11 AM

#17

^ During our ancient day barter system was evolved to fiat because they don't have a fair exchange. Fiat was created and put value until now people use fiat and for how many years we use fiat through physical or digital fiat. I can't imagine without fiat currency, each country has a different currency value and I don't think the stock market were there if we are all the same value of fiat. Bitcoin will never replace fiat or any crypto out there. Nevertheless, this is the fact they can be used as an alternative to fiat.

daarul50

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Re: lets imagine world without fiat currency

November 07, 2020, 09:18:30 AM

#18

Quote from: GreatArkansas on November 07, 2020, 08:35:23 AM

Quote from: Latviand on November 07, 2020, 08:17:08 AM

(....)
But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value.
(....)

Did you remember in the early days where bitcoin invented and not much people talking about bitcoin yet?
They are all wondering that bitcoin will become our main payment system in the future , but why nowadays those people looks like turn his opinion to like "bitcoin is an asset bla bla bla"
So the purpose has changed now? Is that because of the tx fee that not friendly enough now?

Janation

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Re: lets imagine world without fiat currency

November 07, 2020, 09:23:58 AM

#19

If bitcoin is the currency we are using, I guess it would be centralized.

There is no way that we will be seeing bitcoin as a currency still decentralized. That might also mean that bitcoin will not be a universal currency but the same as the USD where it is the main currency used in investing and trading.

maxreish

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Re: lets imagine world without fiat currency

November 07, 2020, 09:33:22 AM

#20

Of course fiat currency will still stand out. But let us just think fiat currency doesn't exists and only btc is use worldwide. What would be the problem buying needs with btc is of course the transaction speed. The price of each items will of course base on btc price because fiat currency don't exist, right.

But, there are tons of issues and problems if we disregard fiat currency. Those who are in remote areas where in they don't have any btc or let's say internet connection for them to be able to use btc. That makes sense. From that point of view, fiat currency is still very much needed.

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