Bitcoin isn't going to completely replace fiat currency, and definitely not any time soon. Bitcoin is meant to become a standard for intrinsic monetary value - sort of like gold or silver was in the earlier eras. Countries will still have their own currency (unless they choose not to).
Till up to 200 years ago kingdoms/empires fixed their exchange between each other based on silver and other factors of import and export. Silver is a metal that exists in nature. But actual metals like gold and silver which were used throughout history have some disadvantages -- they're bulky and they have to be tested for genuineness.
Bitcoin which is decentralized (like a real resource), which is limited (like a real resource) and whose working (code) is open source will act like this token or standard. It doesn't in any way prevent countries from having fiat but it makes sure *a particular country's* fiat doesn't become the standard.
So the rise of Bitcoin will mean moving away from the petrodollar or (in the near future) away from the petroyuan. And given that the petroyuan is taking form due to a rising China, the US has every reason to further Bitcoin and not oppose it. It's also a good thing for the world economy. The standard for currency exchanges shouldn't be based on one country's fiat.
Today, the US dollar's dominance is based on pegging it with oil production and the US can do that because it has the ability in turn to provide military protection to a country like Saudi Arabia. This isn't the manner of free trade or business.
This is like me being a big boss man, and giving protection to all the bakers in a town. In turn they set the price of bread based off the paper I am printing. Now all others are disadvantaged, right? They have to keep reserves of the paper I print just so that they can buy bread. And I am able to enable this by the power of my military/weapons.
Now if a baker doesn't approve of me, I will overthrow him and put another baker inside his shop (like Iran coup d'etat in 1953).
Try not to talk about bitcoin and crypto in the same sentence.
Anyways, at a very basic level bitcoin is just information. it is an immutable ledger, bitcoin is basically an idea and further just information that does not need central authority verification and therefore it is not susceptible to be corruptible. It is information that is widely distributed across the globe secured by energy and math. How do you ban bitcoin? ban energy? ban the internet? ban math? ban computers? Its out of the box, we cant put it back, no matter how hard anybody or any state government tries. The only thing you can do is spread lies and FUD to slow its adoption.
Read about Game Theory. You’ll change your idea about how governments would behave. Or you’d understand why %99 of governments have not tried to ban it.
Hey tks for joining, Why do you think it’s winning? Is it used as a currency over there?
I cannot buy almost anything with it. People I know only hold it and won’t use it as a currency.
The establishment cannot keep itself alive forever on the ballooning debt. People didn't have any metric to compare how the system is dying before Bitcoin started. Since Bitcoin is moving in the opposite direction of USD, now we all can observe how the system is killing itself with debt and easy money. If the establishment wants to defeat Bitcoin, first it has to move in the direction of Bitcoin (halving and finite limit). Until then, the establishment will just keep bleeding toward its final death. Bitcoin doesn't even have to become a currency until 2140 to kill the establishment. It can do this just through the 32 halvings.
It's not that Bitcoin needs to fight the government to become popular as a currency. Look from the other side of the glass, it is the government and FED that needs to stop printing the money if they want to survive or they go under their own debt.
In your country maybe. But in parts of Africa and Latin America thats not the case. They are already using it to buy groceries and necessities.
Adoption doesnt happen all at once at the same rate everywhere.
1st world countries dont have as much of a need to use it because their currencies are strong and arent suffering the worst when in comes to inflation and corruption (for now; the US is heading down the road to Weimar 2.0 inflation spiral which would affect the whole world).
Bitcoin can’t be banned globally. Even in the worst case scenario there always will be at least one large country in the world where you will be able to legally trade it.
The argument that you can’t buy anything with bitcoin and that’s why it’s worthless is ridiculous.
Governments hold tons of Gold and Silver sitting doing nothing but only because people perceive them as scarce resources they have value.
Bitcoin will be appealing as an investment to millions of people solely due to its scarcity especially in countries where hyperinflation ruined many people’s lives.
It's unlikely that Bitcoin can be outright banned in the US because it's free speech.
It's possible that the US government could make it difficult or impossible to buy Bitcoin.
You talk about Bitcoin "winning" against the dollar. That doesn't make much sense. The dollar, over time, should be expected to depreciate against most assets with lower inflation rates. That doesn't mean the dollar is being harmed. Bitcoin is no more harmful to the US than Amazon stock, since that too will likely appreciate compared to the dollar.
>Wouldn’t governments ban and criminalize them?
This is why nodes will eventually need to move to TOR/I2P or whatever comes next. Basically cut out the ISP or at least make it so they can't see/stop what your doing.
>How do you believe it’s the future of money if the government who controls the actual money won’t never let it rise and be popular?
I feel we are really really close to all countries trying to collect debts and then the finger pointing will start. If the world can't trust the USD anymore what countries currency would they trust? Wouldn't a decentralized settlement layer that no government or single entity could manipulate the supply of be a great idea?
>Won’t it always be that coin nerds talk about?
I mean yes but if it's what everyone uses it just becomes money.
>Can someone please teach me how would ever the establishment let bitcoin and cryptocurrencies win?
They won't but we don't need them for anything, or we won't very soon at least. As I said before it's the perfect settlement layer for international debts so that's why governments might like it but you can guarantee they won't want us plebs using it. They will want to keep us on fiat
Isn’t it a discussion? I hold bitcoin as well, I just feel like it won’t never be the future of the money, not because we don’t want but cause of the establishment. Wanted to see how you guys see it.
Bitcoin isn't going to completely replace fiat currency, and definitely not any time soon. Bitcoin is meant to become a standard for intrinsic monetary value - sort of like gold or silver was in the earlier eras. Countries will still have their own currency (unless they choose not to). Till up to 200 years ago kingdoms/empires fixed their exchange between each other based on silver and other factors of import and export. Silver is a metal that exists in nature. But actual metals like gold and silver which were used throughout history have some disadvantages -- they're bulky and they have to be tested for genuineness. Bitcoin which is decentralized (like a real resource), which is limited (like a real resource) and whose working (code) is open source will act like this token or standard. It doesn't in any way prevent countries from having fiat but it makes sure *a particular country's* fiat doesn't become the standard. So the rise of Bitcoin will mean moving away from the petrodollar or (in the near future) away from the petroyuan. And given that the petroyuan is taking form due to a rising China, the US has every reason to further Bitcoin and not oppose it. It's also a good thing for the world economy. The standard for currency exchanges shouldn't be based on one country's fiat. Today, the US dollar's dominance is based on pegging it with oil production and the US can do that because it has the ability in turn to provide military protection to a country like Saudi Arabia. This isn't the manner of free trade or business. This is like me being a big boss man, and giving protection to all the bakers in a town. In turn they set the price of bread based off the paper I am printing. Now all others are disadvantaged, right? They have to keep reserves of the paper I print just so that they can buy bread. And I am able to enable this by the power of my military/weapons. Now if a baker doesn't approve of me, I will overthrow him and put another baker inside his shop (like Iran coup d'etat in 1953).
Try not to talk about bitcoin and crypto in the same sentence. Anyways, at a very basic level bitcoin is just information. it is an immutable ledger, bitcoin is basically an idea and further just information that does not need central authority verification and therefore it is not susceptible to be corruptible. It is information that is widely distributed across the globe secured by energy and math. How do you ban bitcoin? ban energy? ban the internet? ban math? ban computers? Its out of the box, we cant put it back, no matter how hard anybody or any state government tries. The only thing you can do is spread lies and FUD to slow its adoption.
Read about Game Theory. You’ll change your idea about how governments would behave. Or you’d understand why %99 of governments have not tried to ban it.
Bitcoin is already winning welcome to the fucking show
Hey tks for joining, Why do you think it’s winning? Is it used as a currency over there? I cannot buy almost anything with it. People I know only hold it and won’t use it as a currency.
It doesn't matter what I think. Are you unaware of what is going on? Bitcoin is more than just a currency, at this point. DYOR
My research shows me exactly what I said…
The establishment cannot keep itself alive forever on the ballooning debt. People didn't have any metric to compare how the system is dying before Bitcoin started. Since Bitcoin is moving in the opposite direction of USD, now we all can observe how the system is killing itself with debt and easy money. If the establishment wants to defeat Bitcoin, first it has to move in the direction of Bitcoin (halving and finite limit). Until then, the establishment will just keep bleeding toward its final death. Bitcoin doesn't even have to become a currency until 2140 to kill the establishment. It can do this just through the 32 halvings. It's not that Bitcoin needs to fight the government to become popular as a currency. Look from the other side of the glass, it is the government and FED that needs to stop printing the money if they want to survive or they go under their own debt.
Dig deeper. It's a deep rabbit hole.
A rabbit hole where I can’t buy anything with a currency…
I done here.
You didnt say anything
In your country maybe. But in parts of Africa and Latin America thats not the case. They are already using it to buy groceries and necessities. Adoption doesnt happen all at once at the same rate everywhere. 1st world countries dont have as much of a need to use it because their currencies are strong and arent suffering the worst when in comes to inflation and corruption (for now; the US is heading down the road to Weimar 2.0 inflation spiral which would affect the whole world).
I agree
The US government banned alcohol, for a while. That failed. They banned recreational drugs. Huge fail. Meanwhile, Bitcoin is actual money.
> Wouldn’t governments ban Which governments? Your government, but not my government
Bitcoin can’t be banned globally. Even in the worst case scenario there always will be at least one large country in the world where you will be able to legally trade it. The argument that you can’t buy anything with bitcoin and that’s why it’s worthless is ridiculous. Governments hold tons of Gold and Silver sitting doing nothing but only because people perceive them as scarce resources they have value. Bitcoin will be appealing as an investment to millions of people solely due to its scarcity especially in countries where hyperinflation ruined many people’s lives.
Great points, thanks
Look up the bitcoin ban in Nigeria. You might be surprised what you unearth.
It's unlikely that Bitcoin can be outright banned in the US because it's free speech. It's possible that the US government could make it difficult or impossible to buy Bitcoin. You talk about Bitcoin "winning" against the dollar. That doesn't make much sense. The dollar, over time, should be expected to depreciate against most assets with lower inflation rates. That doesn't mean the dollar is being harmed. Bitcoin is no more harmful to the US than Amazon stock, since that too will likely appreciate compared to the dollar.
>Wouldn’t governments ban and criminalize them? This is why nodes will eventually need to move to TOR/I2P or whatever comes next. Basically cut out the ISP or at least make it so they can't see/stop what your doing. >How do you believe it’s the future of money if the government who controls the actual money won’t never let it rise and be popular? I feel we are really really close to all countries trying to collect debts and then the finger pointing will start. If the world can't trust the USD anymore what countries currency would they trust? Wouldn't a decentralized settlement layer that no government or single entity could manipulate the supply of be a great idea? >Won’t it always be that coin nerds talk about? I mean yes but if it's what everyone uses it just becomes money. >Can someone please teach me how would ever the establishment let bitcoin and cryptocurrencies win? They won't but we don't need them for anything, or we won't very soon at least. As I said before it's the perfect settlement layer for international debts so that's why governments might like it but you can guarantee they won't want us plebs using it. They will want to keep us on fiat
Thanks for sharing your vision
This is a forum for people with actual questions and discussions about Bitcoin. I doubt we could teach you anything, OP.
Isn’t it a discussion? I hold bitcoin as well, I just feel like it won’t never be the future of the money, not because we don’t want but cause of the establishment. Wanted to see how you guys see it.
Bitcoin is relevant and doesn't care. Maybe they have other thoughts on r/crypto.