Bitcoin Forum

FIAT money is our daily currency which has been existing here for hundreds of years, when crypto currencies like Bitcoin is squeezing their way up to become a world currency and sort. Can they co-exist? If so then what benefits we can get from them, altogether? Not separately.

Well, if only to trade on the exchange cryptocurrency, and change to Fiat. Since the volatility of the cryptocurrency is now insane, and you can make good money. But as used in everyday life, I don't know. People will get used to electronic money for a long time, and especially to the cue ball. Fiat habitual, easier, it is easier to calculate

They can exist, but separately. As today.

Now there are many ICO projects that implement the relationship of fiat money and cryptocurrency.

Paper money must exist in conjunction with cryptocurrencies.

Don't they co-exist now? Who says that bitcoin will become global currency? (yeah people open same and same threads but sometimes OPs start with different sides). Can you tell me how will bitcoin handle so much transactions when billions of people will start to use it? What will happen once mining ends? How will it become global currency when some businessmen mine bitcoins? Don't get lost, if you are really interested in this task, answer to my questions.

I think in the future it will be so. fully fiat force out cryptocurrency can not. at least in this generation. After all, most people of the age do not want to understand what a cryptocurrency is and they already live well with fiat money

Fiat is the globally accepted currency, and bitcoin can not replace it, neither was it created to.

Both are coexisting at this point in time. Bitcoin is for the more adventurous people who can venture out of the assumed safety of fiat to try out this new technology.

Bitcoin is still at its early stages and has lots of capacity to grow. But we are not ready to let go of fiat, not anytime soon.

They will definitely co exist like they are co existing now. There is no issues between these two types of currencies. The conflicts are created by the powerful banking lobby because they can foresee a threat to their business.

Since centuries, banking system is controlling the monetary system but with the introduction of crypto, the controlling power is being shifted to the hands of common people. That's the only major difference in crypto as compared to the current monetary system.

The way crypto is progressing, banks will eventually have to jump in to tap that market. Probably we are not seeing that change now, but in next few years, banks will have to start offering such services just to survive in their business.

It will only benefit the consumers like us due to the competition crypto will create in the economical sphere. Remittances and cross border trades will be simplified and less time consuming with the adoption of cryptos into mainstream economy. However, there are lot more benefits it can offer which is not possible to cover within the scope of this thread.

They are both two different entities and I think they can co-exist. When they both exist one of the advantages is that, We can use the Fiat currency to buy the bitcoin. 

Now bitcoin and Fiat coexist.And no one has any problems.If we consider fiat money and bitcoin as a use in everyday life, then a significant advantage in this situation will be the convenience of withdrawing big money through bitcoin to the territory of another country.

I completely agree, it’s better to use Bitcoin to move money, you don’t need to spend time with banks and pay commissions.

isn't currently between bitcoin and fiat already co-existed?
we can buy something with bitcoin and convert bitcoin to fiat if you want to cashout
and vice versa if you want to buy something that can not use fiat then just buy bitcoin

Of course it will happen, bitcoin will live beside the FIAT currency, but i think bitcoin never be change the FIAT currency because FIAT is the main currency and will never change with other currency

Well, unless Bitcoin is really popular and dominates the market. Traditional currency and traditional trading methods have long been available. Obviously, flat money is easier to use and more transactional than Bitcoin.
Bitcoin is too unstable to be able to dominate the market, it must exist parallel to the flat.

Yes they can. Advantages is that people have more options on which to use. Restaurants can give choices to their customers on how they would like to pay; via Bitcoin or via cash. Aside feom that, money transfer and remittances will be more convenient.

It is possible, though only to a certain extent. Fiat would still be widely used on day-to-day transactions whereas bitcoin can be used for purchases across borders. It is also possible to hold bitcoin reserves for a small nation, and the implementation still depends on the country's needs, of course. While I expect a lot of things for bitcoin, I don't expect that it will replace fiat in any way.

We are living in the modern world and you spend cash to your things and I do spend it as well. I'm into crypto and so you are so what do you think about that? they are co-existing right now so that answers your question if there's a possibility if they can exist together, of course they can.

We have another medium of exchange.

In today's world, fiat and bitcoin are walking side by side. Now  we can buy bitcoin using fiat money. But bitcoin is a challenge to fiat money. So there is less chance to work together because if people use bitcoin, then there is no need to exist bank in this world.

do paper file system and databases co-exist? Sure.
Though one becomes more common than other with time.
I guess same will be the case with fiats and cryptos.

actually Fiat is local not global. for example you can't go to a supermarket in US and pay with Indian INR although everywhere in the world they recognize INR you will have to convert it to local fiat of that country to be able to use it.
but bitcoin IS global which means if you go to US or India you can use the same thing and pay similarly.

I think Satoshi's view on this was for Bitcoin to be a alternative P2P payment option. He knew that governments will never abandon their precious Fiat currencies, so he developed something that would provide an alternative option for Fiat currencies. He just made sure that his payment option were not controlled by any government or financial institution, like Banks.  ::)

When we look at Bitcoin now, we see that people are not using Bitcoin as it was meant to be used. <Centralized services are dominating the payment scene> Examples : Payment processors / Exchanges / centralized wallet providers.  >:(

Already bitcoin and fiat currency are co-existing, they are not operating in isolation. We cash out most of our bitcoin as fiat through our fiat bank account. Any country that the fiat and bitcoin are not co-existing are in big problem. Though later when bitcoin is widely used and accepted we can exist without fiat.

Well as of this moment they are both existing. Fiat as a tool that measures the bitcoin and bitcoin being a coin for exchanging or having fiat. They are both benificial in a way that those two helps everyone in doing transactions. But then with bitcoin transactions made easy.

Bitcoin can only exist in conjunction with fiat. In another way, he will not walk in the world. These currencies also cannot replace each other. If they walk at the same time, they will complement each other and everyone will benefit from it: people and states.

The price of Bitcoin is highly volatile and that is why it is difficult to use it in everybody life. While it is a good source of profit, Diat-currency is easier for daily use. So, in a way, it can be said that both of the coins are already co-existing to some extent.

Both co-exist at this point in time. As there is a lot to consider such as, if and when billions start using bitcoin can it handle the load of that many transactions together? Bitcoin is still in its early stages and it is too soon to tell if people will be willing to let go/stop using Fiat. Only time can tell.

Fiat money for domestic needs and cryptos for overseas transfers. With all methods of existence, cryptos are cheapest way to transfer overseas (whether it be small or big amount).

I think it will be possible, because right now let's see that bitcoin is seen a few years back and it is still up and down and we can only understand that it is still running. , look forward to more clarification on it.

They can, but one can't replace the other, Bitcoin has its advantages but there is no replacing the tangibility and the ease of Fiat.

I fully agree,I don't understand others where they have a dead set opinion that one should replace one another. When they can co-exist perfectly.

yes, they will co-exist for a few decades more, I guess. As already almost every country has digital transaction systems, they will also issue their own crypto and fiat will go absolute in age.

Hello,

Of course they could and will exist together. They have different purpose and different use. For me they are complementary. Even the best crypto will never totally replace the fiat that countries will want to keep. Crypto give good alternative when you want to have more liberty. But as soon as you live in "real" world you need standard fiat for day to day life.

Both of this exist today and we can observe this thing to happen. We can conclude that they both have potential but time will come that these two will be a competition in which the wil fight into being a currency. They co exist today but in the future someone will be gone.

if Fiat is made as secure as cryptocurrencies, but owned by the state, then I think so

I think bitcoin and Fiat will have to coexist together for many more years. The world will not be able to switch to cryptocurrency right away, no matter how much we want it, it will happen in many decades. And so we will be able to use the Fiat for a long time.

Crypto currency may or may never become a global currency, but fiat already is. Crypto has to develop more before it could ever replace fiat currency. Till then both of the currency can co-exist.

Yes. Why couldn't they co-exist? They do currently and in fact likely always will. Bitcoin has become more of a speculative asset like a digital gold and that's why most of the money is going into it right now, so this is like asking can fiat and gold coexist. As for bitcoin being a currency one of my personal visions for it it to become some sort of "world currency" and hopefully it will, but right now most of the interest is coming from investors, but hopefully that will change over time and it starts to be used more as a viable currency.

We will need Fiat for many more years. The whole world is technologically developed in different ways, and a sharp transition to cryptocurrencies can not happen. Therefore, it is too early to talk about full replacement of Fiat with bitcoin.

no they can't alone the usage of the word "fiat" shows how hostile the environment is, we are talking about communal currencies here.

Fiat and Crypto have coexisted now, what do you mean by side by side? Is it because crypto is still not recognized as a global currency like Fiat? but even so crypto and fiat are side by side and you have felt the benefits now

They are now quite successfully exist in parallel. And I do not think that everyone will want to switch to the use of cryptocurrency and Fiat will remain relevant for them.

Becoming a world currency Bitcoin BTC can only be a crisis announced by the IMF.

If we recall the fall of the Turkish lira, after the US sanctions,  it caused a stir on the local stock exchanges.

Trading volumes on Turkish crypto exchanges increased significantly when the Turkish national currency reached record low price marks.

of course this will have a good impact if crypto market price jumps sharply, so that fiat currency in Turkey can be saved, by buying or exchanging it into the lira currency

Well, if they are used for different usage, then why not? But if crypto is allowed like normal fiat coins, then crypto is easier to carry and exchange. In other way, the savings account gives you a monthly benefit, you might not get it from crypto.

Yes off course bitcoin and the fiat money are already coexisting with each other presently cause there is no way you can use bitcoin freely without exchanging it to fiat at some point and at that there both will be depending on each other for a smooth financial transactions because their both run the financial system of the world today.

I agree with what you say, that bitcoin coexists with fiat.
because both will coexist in our daily lives

Coexistence is the most probable outcome. Some people think that cryptocurrencies will take over and kill fiat but you can't kill something that is forced upon people by their governments. You can weaken it but removing it completely is almost impossible and I don't think that governments will adopt cryptocurrencies and stop printing fiat.

Crypto and fiat coexist finely already. As I see one do not disturb each other. The only thing disturbs is the government, laws and taxes for exchange and transactions.

Nope. Well, there indeed were some examples since 11th century, but the era of domination of fiat money came in 1971 when Nixon decided that backing up dollars with gold should go away forever. The whole name comes from  Latin 'fiat' which is like 'let it be/ it should be', so the nature of this infinite money having value because the government says so is revealed. Can cryptos coexist with fiat? Sure, but they'll probably inevitably replace the latter because of many problems the potentially infinite amount of money of a certain currency leads to. Cryptos have a new mechanism that allows to make sure the supply is limited, but at the same time not linked to a specific resource, since too much money is needed already and no resourse could back it all up.

For a long time, I think fiat money will still be there. And during that time, fiat money will co-exist with crypto. The advantage of using bitcoin in my opinion, we can buy anything from home. Without any geographical limitations or other limitations

There are countries that are not physically able to use cryptocurrency and it will be impossible for them to refuse from fiat money. However, fiat and cryptocurrencies can coexist with each other, as it happens now.

There are projects that offer the use of their coins on their platform. Many are still under development, but when they work, everyone will be able to freely use their cryptocurrency. This will not interfere with Fiat money in any way and I believe that they will be able to coexist.

I think when the coexist it is a good idea because even now we use the fiat currencies to buy the cryptocurrencies through escrow markets. So there should be the existence of both for a smooth transaction.

For now, Fiat and Bitcoin have long lived together in the exchange market, Fiat currencies are used to exchange bitcoin into real banknotes. So this is very mutually reinforcing each other. Bitcoin without Fiat money will not have a price that will not have value, so bitcoin will remain with Fiat in a very long time.

Maybe next in future if both fiat and bitcoin can be used for daily life, it will not disrupt each other. Because they will have their own user and it all depends on merchant which accept it. But for price, it will make bitcoin price increased.

bitcoin and fiat can absolutely co-exist, and they do. unless governments are wiped off the planet completely, they will always use their authority to control the economy through fiat money.

why would they ever give up that power, with or without bitcoin?


you're talking about physically backed money. that's not what fiat money entails. fiat is simply currency that is established as money by government authority.

Fiat money and bitcoin can be side by side as payment. Fiat money usefull to picture the economic condition and used in a country. Bitcoin as currency can used globally and i am believe people will use it when trying to travel

I think fiat and crypto are co exist now, and actually both of them are a good collaboration, I can see that there are so many people got the advantage from the economic side and the quality of their lives become better, the more choices in transaction make the transaction become easier, but for now the government still do the research to balance the power between fiat and crypto, I believe in the future we can see the cooperation between fiat and crypto to create a better life

well currency is something that people are daily using, i think if people wanting bitcoin to being an currency first we need to make bitcoin as a daily transaction before make it together with FIAT

Are they not co-existing now? At least in some countries it does. To be honest, fiat currency and bitcoin can exist together because people need both (or one or the other). Not many people know about the existence of bitcoin or altcoins, and they use fiat currency for that matter. Even those who use bitcoins, we are still using fiat so that's one advantage: having an option.

When we can convert from cryptocurrency to fiat, then I think it can use together because fiat accepts the existences of cryptocurrency although, in some country, the government doesn't make it a legal. But soon, after they realize about cryptocurrency and they decide to use cryptocurrency as a second currency for their country, then we can see bitcoin and fiat will be work together. The benefits of bitcoin and fiat are we can make money which many people want it, and I think people will try to search a new opportunity from cryptocurrency because cryptocurrency offers a new way to make money.

Of course bitcoin and fiat can co-exist and both will have separate means in real world economy.
Lets say bitcoin can be used in businesses to transact globally without limitations and with fiat we will count and give value to bitcoin in market. Without fiat we couldn't give value to any coin/asset in our daily life

It is possible for bitcoin and FIAT side by side because nowadays everything has been digitalized so that FIAT in the future will probably be digital and people don't need to carry a wallet to store FIAT currency.

Eventually since bitcoin exist as first digital currency and adopt country's  and people in their lives need to buy use fiat usd  to buy bitcoin, that's good sign tie up with bitcoin or cryptocurrency as currency to use daily lives of all people are strongly perfect combination for faster transaction.

We need to understand well they can't ignore fiat to exist as currency.

When you use bitcoin in large transactions it will be convenient. With small transactions it will be inconvenient for you and I follow my fiat transactions more conveniently for their country, most of the time. People still do not believe in bitcoin completely

whether or not it is a matter of time - now and a lot of time will be like this, there is a Fiat - and there will be a long time about the complete replacement in crypto - this is a question not even decades, and possibly centuries.

all governments - as in other matters and individual banks - will not just give up their positions. but if one imagines such a thing - that fiat has gorged in the past, people are less hostile, only crypto remains - the world will probably be much more comfortable.

I think that this is not even a dream, but soon future. each country has its own crypto - just like a common crypto.

The future is definitely co-existence of Bitcoin and Fiat. Already it is happening and the growth is astonishing. People will have different payment system which will make life easier.

Co-existence of fiat currency and bitcoin can have many advantages and many are thinking this is the future for cryptocurrency rather than taking over fiat. Online or digital transactions can be covered by bitcoin and physical exchanges can be done by fiat.

A future without fiat currency is simply unlikely to happen as governments will strongly oppose this. This leaves the only option: coexistence. And the way I see it, it is very much happening in near future. Bitcoin will be matured once the mining ia done, and will reach a very high stable price. Bitcoin is a complement of crypto currency, it has come up with everything fiat couldn't do.

The future is definitely co-existence of Bitcoin and Fiat. Already it is happening and the growth is astonishing. People will have different payment system which will make life easier.

I agree that fiat currency will exist. But I don't think paying for things using something physical is an advantage. Cash is used less day by day.

I think its happening now, we enjoy fiat money and cryptocurrency at the same time and if you see the result right now, we have so much options to transact around the world. Fiat money will stay, it will not die so both of this currency will co-exist and it will help us to live in a better way.

Cryptocurrency attracts many investors because of its technology, and if people continue to support this one soon we will witness a great financial system than can beat banking system, well this is purpose of a decentralized market at all.

Definitely, fiat and cryptocurrency should co-exist as cryptocurrency is not yet a universal currency that can be used globally. In the current situation, we need fiat currency as this is what we are using to spend for the basic commodities and other payment transactions. The advantages of having bitcoin is the investment you had made where it could give sufficient return of investment once it undergo a bullish market and have it exchange into fiat money to be use in purchasing goods that require fiat currency only.

For me,there's nothing wrong having both of them as legal currencies.People will have more freedom to choose what options they will take,either with fiat or with cryptocurrency bitcoin.I think this will create a more stable economical level as this two are already working hand in hand than competing with each other.

Yes.Cryptocurrency is really making its own trademark in the financial system nowdays but we cannot also ignore that fiat currency is still here and cannot be replace as easy as that.I believe that these two will create good advantages if they will co-exist together just like what is starting to happen now.

I think both will be exist and work same as both have their own fundamentals of work. Banking system needed to run some tasks which bitcoin cannot do.

I think that side by side can be done, exchanging fiat money to crypto or from crypto to fiat will be connected to each other, because basically it will continue like that

Bitcoin and FIAT are already co-existing! If you say "legally" I sure think the both can co-exist. But it would depend on what government thinks about cryptocurrencies. Only a few services accept $Bitcoin in its form as payment, for you to pay elsewhere you first have to convert your $Bitcoin to FIAT to make your payments possible! Alot of people who got  wealthy from $Bitcoin wouldn't have been counted as millionaires if their wealth was only in $Bitcoin, so they needed to convert to FIAT for their wealth to be counted.

They co-existed already from the day Bitcoin was created. Fiat currency helps bitcoin and other altcoin to reach their all time high. Bitcoin is virtual money while fiat currency is an actual money and they have different purposes. Not all businesses accepting virtual currency like bitcoin right? To earn using Bitcoin, we convert our fiat to crypto currency. Wait for the value of bitcoin to multiply then vice versa, we convert bitcoin to fiat currency to support our daily needs.

I think they should co-exist

They are existing now together, and it looks like they are doing fine. Currently, Fiat money is for everyday payments, unfortunately, cryptocurrencies are not ready for that. But to transfer a lot of money, through borders, cryptocurrencies are way more effective.

Of course, they will coexist peacefully. Fiat and cryptocurrencies will be soon used together. I suppose, traditional money will not die as well as the cryptos. People trust Bitcoin and altcoins but they use dollars and Euros all the time.

Bitcoin in fact can co exists with FIAT but, because if you use Bitcoin, you can use FIAT less and in this way you promote new technology.  ;D 

Both should co-exist. Bitcoin will be the universal currency while fiat will be a certain country's, but fiat should also be in cryptocurrency form in every country.

Of course it can. It's already co-existing today, in a way. What will be the advantage? Options. People and businesses will have options as to what to use or accept. For example, when you're purchasing a real estate property or a vehicle, bitcoin transaction could be the perfect payment option for this because it's less hassle. For smaller transactions, fiat will be better. It's a win-win situation, right?

Both will co-exist until all aspects of society become decentralized and digitized thanks to blockchain, crypto, and virtual-work, news, governing, laws, entertainment. This will take quite some time but the shift is inevitable and means a much more peaceful and sustainable existence for future generations.

I think some other e-currencies have been in existence before bitcoin and they have coexsit with the traditional currencies. However all this ecurrency give birth to an end product which turn out to be fiat. the same is happening today. many people end up converting crypto to fiat in order to be able to spend it on thing they cannot buy directly with bitcoin which mean there are surplus of things bitcoin can not buy and i do not think bitcoin will dominate fiat. There are millions of people around the world who do not have access to internet neither of knowing cryptocurrencies. fiat and bitcoin have a wide gap

Fiat has existed for hundreds of years, it is extremely important and irreplaceable. Bitcoin is electronic money, it's growing and getting better and better. Bitcoin has some benefits that Fiat does not have. I think bitcoin and fiat will exist together, support each other.

Of course they can and right now they do. Fiat can stand with out bitcoin but bitcoin with out fiat what would be the value? To which currency will they base bitcoin price with gold? And gold value will be based on what? I cannot imagine bitcoin’s fate if there will be no fiat.

I think that you can answer your question on your own, if the government sees that it can co-exist with their local fiat currency then I also believe it can co-exist. It simple a lot of countries instead of avoiding cryptocurrency is building up a legal framework or a regulatory framework in order for Fiat currency and cryptocurrency to co-exist in the word. The government's view towards cryptocurrency drastically change and is now trying to exploit both cryptocurrencies and the blockchain technology for their own economical growth.

it can happen very well, and this has great benefits for the community, such as someone who doesn't know about technology can use Fiat, and vice versa, other than that this will help the bank's movement faster.

Of course they can co-exist because are of different functions in the modern world. Bitcoin blockchain will revolutionize significant financial processes and mostly online transactions. While fiat is for non-online transactions.

I agree with you that they can be designed to co-exist with some transactions they have the same purpose and for some they do not overlap to their purpose. Example they can be used as options in payments online. But bitcoin can't be used offline so that is where fiat come in. Bitcoin can be used in significant processes.

Isn't it happening already? I mean both are existing aren't they? Though there are controversies (as expected) with cryptocurrencies, this is a normal thing with something quite new. Many were skeptical when cryptocurrency was introduced. But of course, aren't we all when it comes to change? Skepticism only remains until proof of functionality and usage has been made along with education and research. But this process takes time. And crypto is going through that process. As you've mentioned, fiat's been around for hundreds of years. Crypto's been around for barely a decade. So I believe crypto should be given a fair amount of chance to prove itself.

frankly, these two currencies provide tremendous benefits in their fields. Bitcoin can be exchanged with FIAT and vice versa so that giving us convenience can all be used for transactions. Bitcoin and FIAT will still be liked by the public.