Bitcoin Forum

In five years time, fiat currencies are no longer going to have any use as cryptocurrencies replace them. That’s according to venture capital investor Tim Draper.

At the WebSummit conference in Lisbon, Portugal, Draper was speaking with Forbes. Expressing his views on where he sees the digital currency market, he said:
In five years, if you try to use fiat currency they will laugh at you. Bitcoin and other cryptocurriences will be so relevant … there will be no reason to have the fiat currencies.

What do you think? Just wishthinking?

This is going to be huge man, a lot of people are hyping bitcoin and this is going to make the price go up like crazy, i think that this is the perfect moment to be in bitcoin because a lot of people are investing their funds into it very quickly.
I dont think that it is going to happen in five years from now, but of course that it is really going to happen, but in a few years from now, maybe more than five.
Cryptos are being adopted very quickly during those days, i dont know why there are so good rumours.

I think crypto currencies will talk over fiat money as well, but I am not sure if Bitcoin does it. The current state of the coin is not ready to go mainstream. It can just not handle every transaction people do in there daily life. That's why I think the opinion is pretty bold. But maybe he knows more than me :)

There is a high possibility that it will happen. In 2017 we have seen that, bitcoin is becoming more important for governments.  We might entering a new era. 5 years from now is a long time and every thing is possible.

5 years.. nah. itll take longer then that.

i know all the countris and banks are all working on thir chain integrations with hyper ledger. but it will take longer than 5 years to get normal people to covert their life savings, to change laws and to become fully using a crypto

at best id say 5 years for the countries to use crypto as the International Monetary Funds SDR platform, and much longer before things drip feed into a citizens hands

It has a low possibility. I think there will be some country that are closing to that decision in 5 years but not all of the countries. Third world countries are one of them since people will not be accepting or adapting that currency quickly. Bitcoin will not be the root of these possibility because bitcoin will not be the crypto curency that every country will use to replace fiats, I am sure that they will make their own.

As crazy as it might have sounded by the beginning of the year, this actually may turn out to be true. Having segwit 2x canceled was huge and will be a very big boost for bitcoin and the whole of cryptocurrency. The reason for this is that people will realize that bitcoin has overthrown yet another very big obstacle yet bitcoin came out on top. Adding up to the fact that it hasn't been hacked for 9 gives it another layer of trust (something that's essential when it comes to crypto). Fiat is becoming less and less common due to credit cards and smartphone apps, the world we live in is changing rapidly.

Although that is the case, the problem on slow and costly transactions must be solved first in order for bitcoin to accommodate more people. It should be able to handle a minimum of 1500+ transaction per second for it to accommodate almost all the people in the world that will use it by that time. It is true that having segwit2X cancelled is a big boost in it but for now I think it won't replace fiat within the span of 5 years.

It could happen but not so fast, some countries are still hesitant to accept bitcoin. Especially countries in the continent of Asia and Africa. There are even countries that prohibit transactions with bitcoins and users are threatened with criminal penalties. maybe 10 years ahead can happen.

To approach this from an analogy point of view. Is it more efficient (and fun) to put a dollar bill in the thong of a stripper. Or would it make more sense to tip strippers electronically with bitcoin, paypal or another method?

It might be fair to say paper money is a more efficient system and better suited for some things. Economies rely on paper money for tips, sale of used goods and many other areas. Whatever percentage of an economy is based on paper fiat will be demolished when paper fiat is taken out of circulation. This could have a net effect of destroying jobs and businesses which rely on paper fiat to prosper.

There's no reason to completely replace fiat. The main issues with fiat have been mismanagement by state leaders and economic/financial policies which have unfairly benefitted 1% percenters at the expense of everyone else. Eliminating fiat does not eliminate those drawbacks or wealth redistribution precedents. It only makes it things harder for small businesses and independent contrators to function, find work and do their jobs.

Maybe he simply have a long position  ;D Bitcoin every day in content of big publishers. Thats great!

5 years is definitely wishful thinking. It would take generations for a shift like this to occur. Governments won't sit back and let cryptocurrencies take over. They will fight tooth and nail, but eventually realize that it is a futile exercise. All this will take time.

Yes we are so lucky that we are not too late get started.
If atleast 10% of the whole world will embrace bitcoin,  we will have a bright future and profitable investments.

a very silly prediction. fiat currencies are the preserve of governments. you only get rid of them if you get rid of governments. i can't see that happening within five years.

crypto will of course be way bigger and maybe there will be millions of people who primarily deal with it and not fiat, there'll still be a big old world out there that doesn't.

It seems highly impossible as bitcoin as well as other crypto currencies are still totally unknown by majority of the world population.Also,fiat currencies are issued and supported by governments and so there is no way for them to disappear from the market.

But one thing seems clear that in order to counter attack the arguments of criticizers of bitcoin like jamie dimon and other CEOs,these statements might be a little bit useful.Whether its possible or not,if such statements coming nowadays create a positive image about the bitcoin just like other CEOs tweets creating a negative impact on bitcoin price,then such statements are almost welcome atleast for that reason 8) 8) 8)

Will thats Tim Draper opinion that fiat will replaced by cryptocurrency in 5years,maybe he say's only a  sarcastic word to honor bitcoin in forbes magazine.but in my own opinion as long that bitcoin cannot be legalize  by the government or have no section bill in the senate,bitcoins remains the shadow of  fiat currency in the reality.but if soon bitcoin will legalize by the world government,the words of tim draper will become true,that people will laugh if they heard about fiat currency,because it will completely diminish in the mind of the people.