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    Author Topic: Let`s say bitcoin replaces fiat. What happens?  (Read 1107 times)
    oktana
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    January 23, 2021, 11:11:05 PM
     #41

    I get the assumption, but I'm afraid it'll never be possible. Fiat cannot be erased completely. I use to be concerned about what could happen to a country's financial system when majority of it's citizens opt into cryptocurrency rather than fiat. But like I said earlier, Fiat cannot be erased.
    It can be possible but the problem is people are still putting value in goods and services, if we are able to look past that notion then I think that fiat being eradicated altogether with the banks that benefit from it, I think that it is possible.

    To OP, we can replace fiat and in regards to who will get bigger when the changes happen, it will not happen if we were to solve the problem of monopoly as soon as the current system is removed.

    Do you understand how impossible it is to overshadow fiat? Fiat is the root! It is what people have forever known and will forever trust. Imagine if you begin to use only Bitcoin (of course you can't get S hair cut with it), and others too. What will happen to the country's fiat? The country's financial system will crash because no one wants dollars anymore? Dude, no matter what, you'd still need fiat. At least for now
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