Bitcoin Forum

“Why might citizens hold virtual currencies rather than physical dollars, euros, or sterling? Because it may one day be easier and safer than obtaining paper bills, especially in remote regions... The best response by central bankers is to continue running effective monetary policy, while being open to fresh ideas and new demands, as economies evolve.” - Christine Lagarde, the Managing Director of the International Monetary Fund (IMF)

Dollars, euro, rupiah, rupee, and other fiats are what we know as money. As technology gets mature, we find more efficient to use our money, which is e-money. In our daily life, we are starting to use e-money. When we go to office, we use Uber or Grab, and pay with Uberpay or Grabpay. When we commute, we use our cards. Slowly but sure, we are touching less and less paper money.

Now, here comes blockchain. A very newly-born technology that has acquired most attention about how to democratize our financial system. Well, most likely because Bitcoin keeps rising annually.  Blockchain is seen as a way to get capital from Initial Coin Offering (ICO). In a nutshell, ICO is today's IPO. It's way more simple and fast, and surprisingly it works beyond our expectation.

Like trade.io, one of successful ICO in 2017, which acquired more than 31 million dollars. Aiming to bridge the traditional financial system into modern technology, blockchain. Also, it provides ICO services to any company who intends to get capital. Trade.io just launched their unique exchange, which is customizable. This exchange will later trade commodities, forex and more. What more interesting is, all the profits generated from the exchange and their services, will be given back 50% to community owing Tradetoken (TIO). Further details: https://s.id/2cL8B

What virtual currency offers is something that can not be done by fiat: Democratize the Asset. We can be part of blockchain as the core of blockchain is their tokens, which we can own. With more and more companies come into blockchain, we are waiting for the best future of cryptocurrency.



https://i.imgur.com/KjQA0uZ.jpg

thats why BITCOIN and BLOCKCHAIN was made by satoshi to be decentralized and have transparent peeer to peer transaction to everyone. if all factories, establishments, stores ETC. will allow to use crypto fiat will just simply fade away. and no one will used it anymore. but still it's a long way to go, hopefully im still living in this planet and witness what Satoshi invention can do in the future.

I don't understand. Bitcoin and all other altcoins here are already considered virtual currencies. What is the use of converting US dollars in a token form? And besides, how will it help remote areas? Ofcourse we all know that digital currencies have its own limitations. Not at all times will it be useful for people especially in remote areas with very weak signals. Digital money needs internet ofcourse. The internet is like the human nerves - the passageway of information. If fiat money will be tokenized, people in the remotes areas won't be able to afford it unless internet connections are installed in their area.

I think fiat will stay exist, but the number of people using it will gradually decrease. Anyway, wishing us a long life and prosperity  :D

Well, it MAY, as economies evolve, said Christine Lagarde. Personally, I think fiat will stay exist. But, people will slowly using other alternatives like crypto. And, fiat might be tokenized. But, isn't it already tokenized, in our bank? I mean you give your fiat to bank, you get e-fiat so you can transfer it to your friends, and when they cash out, they get fiat. Hmm..

What's new is the tokenization of asset. I mean now company's asset is tokenized, so the can get capital easily. To make ICO, is way possible and easier that to make IPO, like what trade.io is doing. If, say, I have a company and I want to get IPO-ed, while I'm still a small company, no connection to IPO guys, I think I prefer ICO. But again, regulation should be followed. And now, crypto exchange is following regulation, even they will start to trade forex and other traditional commodities, like what trade.io is doing. Anyway, why am I feeling like I am promoting trade.io  ;D ::) hahaha

it's not hard to see that virtual currency based on cryptographic mechanism + programmable capability is the next form of money. However the shift will be gradually done over the next few years.

Our current fiat system is susceptible to counterfeiting and accounting fraud, which could both lead to its collapse. This just meant alternative financial paradigms are on the horizon, and this is were virtual currencies come in. These blockchain-aided cryptocurrencies are technically safer and highly secured than fiat currencies. And considering the incredible resilience of these cryptocurrencies, there is a chance that a virtual currency can indeed replace fiat. Then the citizens of this world can unite and transact globally with ease.

And crypto have no barriers of borders or exchange rates. They are universal everywhere. This promotes free trade of goods and services. This also brings are globe together for collective interest.

Why can it not be possible. Already some of the companies such as Samsung and BMW are accepting BTC as a means of payment. Soon, fiat will be replaced by the crypto in the near future and the companies are bucking up for it, and so should we.

with innovations and cashless policy creeping everywhere into the financial world,virtual currencies has become inevitable and fintech is taking over

Nothing is virtually impossible in this world. I forsee that in the future, we would really depend more on virtual currency rather than fiat currency.

In current situation it is not possible however in the future itnwill. Maybe 10 or 20 years from now we can use virtual money in daily basis. Why we cant implement it today because not all people in the current situation is computer or crypto literate there are still alot of people who dont know how to use smart phones, comouters and crypto to be exact.

Paper money usage will continue to decrease, so we in fact already use digital money, why not it wil be a cryptocurrency? I think that can be in the future.

Virtual currencies are not only bright for the future for an advancement to living and ease for people, it is also a revolutionary upgrade to sustainable living. The ease of carrying money, without risk of theft,the continuous investment and returns, no conversion losses and a betterment of saving paper for printing cash. Virtual currency is an upgrade to lifestyle, and who doesn't want a better future? Fiat doesn't keep the option open for democratizing your assets, whereas crypto currency will.

I think you are witnessing (in slow motion) crypto overtaking fiat currencies.  Adoption may be a bit slow but over time there will be no more fiat.  Fiat is on its deathbed as we speak.  Something else was needed to take its place.  Bitcoin.

Indeed, with today's digital state where more and more of Bitcoin's advantages in every aspect, Bitcoin is profitable but the government has not accepted the whole as a world currency as it should, it may take more time to make it all happen. I hope to be controlled, Fiat is still an advantage, all have their respective advantages, the government still wants security for every user, just a matter of time to make it happen.

Low level shill for a likely shitcoin but I'll respond to the topic anywho:

Virtual currencies have already all but replaced paper money in Switzerland. It's likely that we'll see a paperless society quite soon. Cryptocurrencies will likely play a role in this, although I'd wager we'd be more  likely to see state-sanctioned crypto than abolition of state currencies in favor of decentralized cryptocurrencies.

For the remote region it will rise some concern, does the remote area got the internet coverage and does the popularity of the virtual currencies has reached their ears or not, one day we will reach the paperless currency but countries will not allowed decentralised currency to become their main currency, but I think without replacing fiat, virtual currency still have a good future

It's possible the in the future we will have a cashless society. The cryptocurrency trend is booming now and many are adopting on it now. There's a big chance in far future I think. :)

The virtual currencies or the cryptocurrencies are the digital coin that runs on blockchain system. Through cryptocurrency, transaction procedure has become  faster and safer. I believe that cryptocurrency is the future to the digital transaction system. One day every person in the world will realize this fact.

Well I think maybe people of using fiat money will be decrease gradually but it will exist always.

bitcoin and altcoin these are virtual coin which value is only limited over the online world, but it value will be same for everyone but on fiat coin the value is completely depends on the buyer and supplyer so it can't be same for all so I don't think users will choose it instead of cryptocurrency coins

Yes it's really possible in the future, right now less people want to hold fiat money.
They buy everything with their gadget with the ease of use.
If crypto is more safe and good transaction speed, i think people will move to crypto

I also strongly agree with the opinion of Christine Lagarde, the Managing Director of the International Monetary Fund (IMF) what she said does make sense, why most people prefer to hold the virtual currency than holding FIAT currency, for people who already understand will be the development of virtual currency in the future

I believe that cryptocurrency is a promising business that can achieve new innovations, and improve the old world. I make money on it, I love the crypt.

I think the scope of the digital currency will be wider, but it will not completely replace Fiat money. For some global purchases it will be convenient, but, for example, in conventional stores it will be better to pay in Fiat money.

Virtual currency will take place of fiat gradually I think. Because of provide decentralized, free transaction, avoiding third party  people of modern era awakened about virtual currency.

There is no need for Virtual currencies or Digital Tokens otherwise as Crypto-currency is still here. Moreover, there is a VISA, Mastercard, Debit card, Payza, Paypal and a bunch of other methods to use Fiats in any way.  And in another way, the decentralized theory is implemented through BTC and altcoins,ICOs etc which is actually virtual in manner. I would like to know to have any other reasons to launch Virtual Currencies.

I thought this is pure discussion thread but actually you are promoting trade.io while creating a discussion thread. I do agree with your opinion that fiat will still exist, there are still many people dont understand much about technology, fiat is still comfortable for them. If we want to fully replace fiat with crypto currency, we need to socialize about crypto more than just we can imagine.

Fiat will exist I think, moreover it is not very important to avoid fiat but using crypto as digital currency. I guess people will start using crptocurrency as alternative currency very soon.

If we consider the reality then i think virtual currency is not possible. virtual currency have some criteria and also some limitation. The mass can not deal with it all the time. As the world upgrading day by day i think in near future it will be possible.

Sure, there is a whole new field to explore and in fact I am surprised that they are not much more widely accepted since the technology is there already.

It is almost impossible to totally demolish fiat currency which has become a necessity of people but digital currencies like BTC and ALTcoins have already proved to be easier to use because of it's added security, simple transaction method and lesser fees which has contributed to its increased popularity. In future we might see digital currency payment option alongside fiat money in all the stores and shops.  :P

Well said my friend.. applause..

Virtual currency or digital currency more safe than paper money. Beside that i think its more flexible and we dont have to carry much paper money on our wallet. But i think paper money will exist because in many country with poor internet connection, paper money is good option

Virtual money is really cool and it seems to me that we will soon get rid of cash. Most likely we will get rid of paper money only in about 10 years, not before

It's quite possible in a couple of years. Moreover, we now use plastic cards, e-wallets, why they can not be considered virtual money? I think it's the best money

Do you seriously believe that FIAT will simply fade away out of existence just like that? This is impossible in my opinion due to our attachment with FIAT which is centuries old. FIAT will never disappear. Cryptocurrencies and other virtual currencies will serve as alternate payment methods and will not completely replace FIAT in my opinion. Time is an important factor here. More and more people will embrace virtual currencies like cryptocurrencies once this market becomes less volatile and more stable with time which I am confident will happen as time passes.

not sure what will happen, but let's hope for the best for crypto

Perhaps it's because keeping a cryptocurrency in our wallet will not cost use any monthly fee just like on the regular banking system does.
So our cryptocurrency will not get cut for monthly fee or something like it.

Virtual currencies including crypto currencies do offer some convenience in transactions and so on, but I am not sure if virtual currencies or digital currencies can replace the FIAT currency or are called better than FIAT currencies. because in fact there are still many people who are still very dependent on the FIAT currency in conducting financial transactions.

In the future I think more and more people will use card to pay than fiat money, you see in china they use alipay, in korea they use kakaopay and the rest of the world will follow once more and more people are open to the technology and have access to the technology that could make paying with app or card real. Although most of country still struggle to implement this, developed country is already on its way

anyway there will be people, who prefer only fiat, despite all cryptocurrencies` advantages

well, fiat function is still in demand by many people, of course many people would prefer to use fiat instead of virtual money. however crypto cannot replace fiat money because crypto is still constrained in terms of instant transactions. fiat is impossible to replace.

first of all i dont like calling virtual currency. it is crypto currency not virtual currency. it is not virtual, it is based on blockchain technology and there are so many huge exchanges that you can exchange them to fiat.

Digital currency and fiat will co-exist and cryptocurrency will never replace fiat-currency. Instead cryptocurrency will be an alternative use for payment. Crypto market are so volatile unlike fiat it is more stable and you will not worried about the price crashing in just 24 hours.

As of now it's definitely not possible, imagine having to teach your grandma to start using cryptocurrency. It would be a nightmare in it's current state, it needs to be easier and more noob friendly.

Indeed, Cryptocurrency is my choice and it requires super perseverance.
I also need time to understand everything because cryptocurrency cannot be predicted for price.