William from San Jose

Signed up at Inmerion Casino 23 minutes ago.

» Try Inmerion Casino too
Do not show again

Just as the notion of email rendered the post office a shadow of its former self, some Bitcoin proponents are claiming that cryptocurrencies might soon overtake fiat transactions as a whole.

Could there be any truth to such a bold statement? As always, Ron and the pros at Crypto Lists aim to tackle this subject in order to keep our readers informed. Let’s begin by taking a look at both sides of the argument.

What do BTC Proponents Have to Say?

We’ll first examine why Bitcoin loyalists have recently been “stirring the pot” in terms of its future (as well as future of the crypto ecosystem as a whole). There are two main perspectives which are often used to justify the prediction that BTC will one day supersede fiat-based transactions:

  • Ideological
  • Practical

The first point of view involves the leftist argument that fiat currencies have caused more harm than good over the years. It’s claimed that the centralized nature of these transactions has given governments too much control and enabled them to manipulate the population en masse. The theory is that people are now beginning to “wake up” and to appreciate that cryptocurrencies are able to negate the effects of big brother upon their lives. Some Bitcoin backers have even taken on a near-zealous tone in terms of how it’s only a matter of time before the fiat system comes crashing down like a house of cards.

The second (and perhaps more realistic) perspective cites the undeniably practical nature of Bitcoin as a digital currency. Core traits including rapid transfer times, its decentralized nature and anonymity are all logical advantages that can’t be overlooked. Other issues such as the impact of interest rate hikes, inflation and sheer efficiency represent additional characteristics which have allowed cryptocurrencies to become increasingly popular.

So, it’s clear that there are some valid arguments in favor of Bitcoin overtaking fiat. We should still point out that this is only one side of the coin (pun intended).

Rating: 9.5/10
Supply: 18,925,000 / 21,000,000
Release date: January 3, 2009

Description: Buy BTC and be part of the revolution of cryptocurrency.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

A Dose of Reality

While many of the points mentioned in the last section are valid to a certain extent, is it really plausible to assume that fiat currencies will soon go the way of the dodo bird? To address this question, we’ll need to adopt a more pragmatic stance.

Fiat currencies have existed since at least 1,000 CE. However, their real presence was made known in 1971 when United States president Richard Nixon enacted a law that prevented the dollar from being converted into gold. Even if average consumers are unaware of the mechanics behind this form of debt (which essentially applies to all currencies), entire nations have come to rely upon fiat transactions. It’s therefore highly unlikely that buyers will suddenly abandon a system that represents the financial bedrock of their very existence.

Another major problem with cryptocurrencies such as Bitcoin involves their intangible nature. Unlike cash or even credit cards, BTC exists within the ether of the digital community and rather nebulous regions such as the blockchain. Most individuals are unaware of how these systems function; causing them to become wary about their real-world applicability.

Let’s also remember what happens when people begin to feel that their financial security is being threatened. The 1929 Wall Street Crash is a prime example. Once investor confidence began to wane, a run the banks occurred. In a very real way, hiding money beneath the mattress became a viable option. Consider the same scenario in the event that the crypto markets took a massive hit. Should BTC holders suddenly decide to liquidate their accounts, a cascading blockchain collapse might soon follow. This is bad news for consumers and institutions alike.

On a final note, people simply don’t like change. We enjoy the feel of rubbing two coins together in our pocket and flipping through a bundle of cash before paying for an item. Even those who solely rely upon e-wallets and credit cards are well aware that their funds are backed up by fiat currencies. Let’s also not forget that safeguards have been put into place in the event that the traditional markets suffer some type of meltdown (the United States FDIC is a prime example). The same can’t be said in terms of BTC. In other words, there is no at-par guarantee of redeemability.

Where are We Headed?

So, what conclusions can Crypto Lists draw? Although it’s true that Bitcoin and other tokens are gaining popularity at a breakneck pace, the notion that the entire fiat system will be overthrown in the blink of an eye is incredulous at best. However, there’s a very real possibility that they will overtake traditional transactions in terms of popularity from a long-term perspective. In other words, hardcore BTC backers might have to be a bit more patient if they truly want to see the existing fiat environment brought to its knees.

by Our Certified Author
Bitcoin Newsflash
    When Bitcoin HODLing doesn't pay, is it time to play?When Bitcoin HODLing doesn't pay, is it time to play?
    Monday, 15 Jan 2024 2:24 pm
    Although the Bitcoin ETF has been priced in for quite some time, it looks like the epic bull run predicted for January might not come to fruition. In fact, some analysts have said that we might actually see a downturn between now and the halving (due sometime in April) to correct for the boost in price in the run up to the SEC's approval. In circumstances like this, many people find online Bitcoin casinos a great way to spend their crypto when HODLing isn't bringing in the big bucks. If you want to sign up to a casino that you can sign up to in seconds without any KYC then we recommend signing up to LTC Casino which is one of our firm favorites...
    Read the full newsflash

    Spin to win 1 BTC on Crypto Games IO todaySpin to win 1 BTC on Crypto Games IO today
    Wednesday, 8 Nov 2023 12:50 pm
    Want to experience a truly thrilling experience where anything could happen and there's 1 beautiful Bitcoin up for grabs? Does it sound too good to be true? Well your dreams can materialize with Crypto Games IO (review) and their magic crypto spin wheel. Played it before? No problem as you can do it once per day! And don't forget about their Tether welcome bonus of up to 20,000 USDT - and remember you can also use other crypto coins too if you'd prefer. What's not to love about this awesome new kid on the block? Sound like a casino you wanna give a spin? Play on Crypto Games IO now and experience a really cool Web3...
    Read the full newsflash

    Bitcoin jackpot opportunity at Crypto Games IOBitcoin jackpot opportunity at Crypto Games IO
    Thursday, 26 Oct 2023 12:33 pm
    Are you having too little Bitcoin (BTC)? Probably most of us think so, except Michael J. Saylor perhaps. But Crypto Lists have good news for you. The newly launched BTC Casino called Crypto Games IO (see review) have a surprise for secret players. You can spin the Bitcoin Jackpot wheel, where you can win up to 1 BTC, straight in your pocket. Sign-up now and give it a try - it's too good opportunity to...
    Read the full newsflash

    BTC bounces above $30k for first time since JulyBTC bounces above $30k for first time since July
    Monday, 23 Oct 2023 7:36 am
    In good news for Bitcoin maximalists and HODLers around the world, Bitcoin (BTC) has surged over the past 24 hours riding a profit wave all the way up to $30k+ for the first time in three months. Some big-name Twitter (X) analysts such as Bob Loukas think December could see rather large lows. Not going down as much as December 2022, but below $20k. Others think it should end the year strong at around the $30k price. Only time will tell. If you're keen to get your hands on some BTC then sign up to Coinbase now as it's a very easy to use platform that's good for both beginners and experienced...
    Read the full newsflash

    Bitcoin breaks $28,000 barrier as bullish trends brewBitcoin breaks $28,000 barrier as bullish trends brew
    Monday, 2 Oct 2023 6:11 am
    Bitcoin and the altcoins that follow in its wake has been on a surge this weekend, breaking the $28,000 barrier for the first time in well over a month. There are rumblings that an ETF may be approved in the coming months, which would see the price likely explode, however this jump is certainly not yet on that kind of scale. Where the price moves next is anyone'e guess, and the price has stabilized at the time of writing at 08:08 CET. Want to jump in and get involved with the world's biggest crypto coin? Sign up to Coinbase now and trade easily...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
  • Gorilla logo
  • Dynasty Wars logo
     Dynasty Wars
  • Kaspa logo
  • IOTA logo
Keep up to date with

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
* indicates required
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top