Generalizing them as digital currency gives us different options that sounds appropriate, but no doubt, bitcoin is going to be a leading figure among all. Interestingly, we are beginning to see cryptocurrency and bitcoin in movies as normal type of currency, though I understand that it is pure acting, but at least they've consider it as an option. Let's assume that we've all watched M.I.

In my opinion, bitcoin is not a successor to fiat currency because basically bitcoin is the antithesis of a centralized fiat system. Bitcoin is a big vision and a form of resistance to the centralized fiat system and criticism of fiat money which is always printed continuously.

Bitcoin was not just born, but before the birth of bitcoin there were already groups that criticized the fiat system and wanted a new system that was decentralized and where ownership was in the hands of the community themselves and no one could intervene. This community is called cyberpunk. Bitcoin has high value because bitcoin is a symbol of freedom

Bitcoin is developed as an alternate to the fiat system used all around the world. Satoshi as a group/individual found this to be something necessary to cut the middle man. He created it for some purpose and it had got used in multiple ways. Before the innovation of bitcoin there were people who are looking for such a decentralised asset and even few others existed and none stood long in the market. As the other innovation doesn't get recognition earlier, bitcoin too didn't got good acceptance. Slowly the progress have taken place and now it have given new dimension to the term money.

I hope one day bitcoins will be accepted all over the world and that would be a big leaf for mankind because we can get rid of paper money which we know is being used by banks and other governments to put pressure on individuals. If only people could create detectors to determine those people who are using bitcoins for their illegal activities such as drugs and other illegal kinds of stuff, we might have already seen it happen in the past because there would be no more problems after that.

In my opinion, Bitcoin can be termed as an alternative or 'successor' to the fiat currency in some sense. For instance, Bitcoin has a completely different currency value which place the currency ahead of every other fiat currencies by a large difference gap. When the fiat emanated, it also came with it's own value as different dro that of the former.

 I can say Bitcoin looks even more spectacular since it value is strong a enough to hold the taste of time (like the gold which is still one of the most valued gemstones - currencies - in the world for centuries). Second of it is that, despite the advent of the fiat currencies (paper money), it didn't take out the former currency away, it instead worked side by side until the world understood the full potentials and bigger advantages of it before they don't the former for the latter. Same thing is being applied here.

We will continue to use the fiat currencies until people are able to gain a full understanding of how the system works before they will begin to finally dump the fiat for the digital currency.


Bitcoin was just born, recently, which is true. But the purpose why it came into existence can be similar to the emanation of the fiat currencies. When people begin to lose interest in the status quo and begin to see an alternative in the new currency, the world will begin to accept the new changes. The truth is, they will continue to work side-by-side until the fiat currency fades away gradually. And yes. Because Bitcoin is a decentralized market has further given a milestone development in the financial sector. Only that the government will try to fight it's existence as they may see it as a generational freedom since everybody is a stakeholder in the value creation of the currency.

Bitcoin is already getting the mass spread all over the world but the adoption is still limited since not up to five countries have accepted the use for legal transactions. Those that accepts the use have also placed some regulations and restrictions on it which makes it difficult for users to access or enjoy the use of it. After Bitcoin, which was proposed as an alternative to fiat currency, the introduction of CBDC is also paramount to the government to serve as a competition to the decentralized digital currency in which CBDC is centralized. CBDC could be the next successor of fiat but bitcoin still remains the best option for digital currency to be adopted.


If those detectors are created, won’t it sabotage the essence of decentralization and anonymity?
Before bitcoin, they’ve been case of theft in the monetary sector. Those using bitcoin for illegal activity is just to tarnish the name of it. But do you know that funds can still be traced through bitcoin transactions and freeze if legal documents are provided to prove the accused guilty of that. I don’t know how the recovery process will be, which I think is impossible unless there is an identity of personal information linked to the accused that they can easily trace him and make him return the money.

This should be called as the history of the medium of exchange and investment as opposed to money. In the first place, barter is not using money but usually from one goods to another, then we also have precious metals like gold and silver - it is only later that the concept of modern money came in most especially with the printing of the fiat money. I also agree that while Bitcoin can function as money it also represents many things as antithesis to the traditional financial system that is controlled by the governments.

I agree, before we had money there were many steps that lead to its invention, with one of the most important being commodity currencies, however commodity currencies had their own share of problems, like not being fungible, not being portable, a unit of account or being durable, gold and silver solved most of those problems but since their purity and weight were still different we could not call them money yet, it was not until coinage was created and gold and silver were made into coins of equal weight and purity when we finally got money.

The invention of the internet plays an important role in the creation and implementation of digital currency and cryptocurrency.  @OP forget that before cryptocurrency comes the electronic money.  They are both a subset of Digital currency, electronic money is one that is centralized, and cryptocurrencies like Bitcoin are decentralized.

As technology develops, the ease of money transfer is getting better, I also think that in the future there will be another creation that will outperform the blockchain technology.

Money evolves as civilization advances and innovates. Moving from barter to real currency had its challenges, didnt it? Physical cash was flawed by theft, deterioration, and bulk shipping weight. Even with paper money, inflation and centralized control are obvious. Thats the issue

As you noted, Bitcoin changes the paradigm. We no longer depend on banking or centralized authority. We control, right? Blockchain, the technology behind Bitcoin, is mysterious to most people. Although Bitcoin is innovative, most people dont comprehend it. In addition to adapting to Bitcoin, you must understand its underlying ideas and worth beyond financial rewards. If we think its the future, we need substantial education and promotion.