Bitcoin Forum

I have seen so many posts about emerging cryptocurrency, and they think that someday it will take over our current system, or it will replace our fiat currency, which is really impossible, yes cryptocurrency is such an excellent currency especially the bitcoin, cryptocurrency keeps on being more prominent and more significant. Still, I think it is not enough to replace the fiat currency. It will be hard for the government to do that.

It will be hard for us if we use our cryptocurrency as our standard currency, the volatile currency will not be useful in real life; only that money is only suitable in real life. Not all individuals are really used in technology, so how could they handle their money if they are not familiar with the technology.

There are still some rural places in this world, so it will be hard for them to adopt the new system if this will be implemented in the future, which I hope won't happen, and even those person in provinces will also get mad if those things happen.

You actually did not give strong reasons why cryptocurrency can't replace fiat currency. Cryptocurrency can actually/theoretically do most things fiat currencies can do, but I doubt typical fiat currencies can safely do most things cryptocurrency can do with losing their centralization. Besides, government can run their fiats on Blockchain or other real decentralized system.

Crypto could actually work better in rural areas than fiat, even without relying too much on internet. But I believe safe/crypto-friendly worldwide rural internet coverage is a possibility in the future

Who said anything about asking the government's permission? The whole point of bitcoin is to move away from giving other people control over your money.

The volatility is a product of bitcoin still being young and emerging technology. Fast forward 50 to years to a scenario where (I hope) bitcoin is being used daily by millions around the world, and the price will be far more stable. Fiat isn't exactly some safe haven, either. The US dollar has lost 96% of its purchasing power in the last 100 years, and will only continue to do so as the Federal Reserve and banks print more and more as they see fit. All fiat currencies will only devalue over time.

This is a valid point. I still think there is a hurdle to overcome with bringing bitcoin to the tech illiterate. As the percentage of the population who have grown up immersed in technology increases, however, this problem becomes ever smaller.

yeah exactly. "it will be hard to adopt" is not the real reason why cryptocurrencies won't replace fiat its an excuse not to work hard for the result imo.
I see only one reason why crypto can possibly not become next fiat - people's skepticism about crypto and blockchain overall.
But honestly I think its a matter of time when most of population will understand and accept digital currencies.

Bitcoin and cryptocurrency is not meant to replace fiat, it is invented to be an alternative source of payment that's scarce and decentralize, when the old monetary system gets to regulated and manipulative.
But if people gets to fed up with it, we might see massive migration of users from fiat to cryptocurrency, especially when countries are trying to establish their own cryptocurrency we might see a massive adoption in the future.

I think this can only be possible when all countries uniformly has developed to such level that electricity and internet is available all the time and is very very cheap. Smartphones will be in hands on every person and every person be educated enough to know and use the technology.

I live in the province but I think people could be used to those changes. The only problem we have right now is that obviously, the government can't afford that technology, that development. In the future though, for sure, we would be able to see a crypto currency as the main currency but for sure that would not be a decentralized currency.

Many countries have now started developing their national digital currencies, which will have to replace their national Fiat currencies. In order for cryptocurrency payments to become available in hard-to-reach places, we only need access to the Internet.

I think that stablecoins are quite suitable for a currency that can be used in daily life. We won’t be able to immediately switch to bitcoin, because we still continue to use the dollar.

I do agree that cryptos cannot really replace fiat. Fiat currency is a traditional currency and most or we can say all people know these things can be used for everyday transaction which is way too far from bitcoin or any other crypto currencies out there.  Also the government will not allow it to happen, although some governments and countries do agree in cryptos, still it is not enough reason why cryptos can replace fiat.

Cryptos can be an alternative currency but to be able to replace fiat currencies, nah, i don't think so.

I guess the reason you have given is just a cover up for what the main purpose of cryptocurrencies because if it is really made just for alternative method then we should have already adopted it since then. I think this is what the government sees even though we are saying that it is just a simple payment method when it is really not. The fact that it is decentralized is already enough reason to invalidate it by the regulators.

"Nothing is permanent in this world other than changes" so who knows today it looks impossible but after 10 years it might become a normal thing.

Only the valid point will be price volatility on crypto values but its better to use cryptos than degrading fiat which loses its value every year.

Just so you know that there is this thing now which is in progress of development which they call CDBC (Central Bank Digital Currency). I'm not optimistic about it but they call it cryptocurrency.

You just gave the term crypto so that might count which is in favor of the government. And that's the possible crypto that they would love to adopt because they will have total control over it but that doesn't stand and prove the real purpose of cryptocurrency. It has been categorized as crypto still there are but's and if's.

We are likely to see the near future into the digital world and everything will be in the digital including the money so crypto is a good candidate but with some revisions on the side of the government.

Aside from that of volatile reason you have mentioned. There are a lot flaws why cryptocurrency can not replace "current" fiat money.

Not all can afford high fees with slow transaction process. Although there are still other "altcoins" that offer fast transactions with low fees, but noy everyone will welcome "new" payment systems. Cashless transactions are convenient, yes. And even if cryptocurrency can not replace existing fiat currency, it can still be considered as alternative monetary system.

We cannot really rule out this possibility because, the future is still so far away so as the possibilities it could concur. A lot of unexpected events now are happening and we can see that a lot of countries now are turning their attention on cryptocurrency such as China and other countries that are trying to make or build their own cryptocurrency that might be used in their society. There is no impossible with technology, time, and effort. Regardless of how accessible the internet is in the rural countries, time changes anything.

I agree with you CBDC will be a game changer in the crypto currency world, because people will be educated by governments about the technology and will begin to trust it unlike nowadays.
Unfortunately we don't know what will be the impact on the "real" crypto currencies : on one hand it can trigger more adoption, on the other hand people can leave a less lawful and recent technology...

That was true because most of the people today still using the fiat currency but we need to make to introduce the cryptocurrency and now this is one of the most popular transactions on it so why they are going to use it because it has a faster transaction and also it has a less transaction fee even this is one of the greatest transaction still why they use the fiat currency because this is the most important today with the use of physical money because this is one of the money we use for our transaction and this is the money that is authorized and legalizes by the country.

What high fees? The vast majority of my transactions are made with fees of 1 sat/vbyte, which works out as a couple of cents. Even if you sre paying something like 40 sats/vbyte to guarantee placement in the next block with every transaction, you are still talking less than a dollar in fees for most transactions. For microtransactions then you can make Lightning transactions with fees so small they are irrelevant. Credit card fees are up to 3% per transaction.

Transactions also aren't slow. Credit cards transactions can be reversed for several months after they have been made. Bitcoin transactions are final within an hour. For instant transactions, again you can use Lightning.

The reason altcoins can be faster per confirmation is because they are less secure than bitcoin. Most altcoins will take several thousand confirmations and and several days or weeks to reach the security Bitcoin achieves in an hour.

Until now fiat is still usable and 99.80% of people using it all over the world. even us still use fiat for any transactions we have. cryptocurrency is in improving its way on using, so the chances are too far to say that crypto will replace fiat soon. other people think crypto is illegal so fiat will never be abandoned because of crypto.

I agree that it cannot replace the fiat currency but it can be a good alternative for it and it will not be affected by inflation, Also a fact that the internet is not yet implemented throughout a certain country and we all know that in order to do a transaction in cryptocurrency we need to have an internet connection and a hardware either a smart phone or a computer.

Also we need to educate people what's this, how to use, how does it work unlike the fiat where in it's just a matter of numbers and physical trading/exchange.

If we consider a digital national currency, it cannot be decentralized. From the government's point of view, such a currency will only need to be centralized so that it remains possible to control its citizens. It is in this direction that China is now moving in developing its digital yuan.

This two has different purpose in payment system. Some people make transfer of bitcoin without an internet but it's hard to do it by ordinary people. Fiat will always be the best currency we have today, we don't know in the future if it will be totally gone. It's also regulated by the government unlike digital currency. Some people don't want to adopt the technology even it will make them easily to use. They are contented on what they got used to (fiat currency).

What do you mean when you say "now this is one of the most popular transactions on it"? What do you call "on it" exactly? You are talking about the blockchain and the stable coins on it?
Well I don't think stable coins are the same as CBDC, most of people don't trust stable coins and much more don't know them. It will be different with CBDCs that's why I'm calling them a game changer...

You should know that the world economy is based on fiat (Like, Dollars, Yen, Euro...ect ) so it is not that easy that cryptocurrency will replace Fiat especially in the near future despite this new era has a lot a characteristics or advantages. In addition to that, the governments are rejecting the recogniztion of Bitcoin despite they are investing in cryptocurrencies but indirectly , there are too many hiding information and facts, and unfortunately we only see the fake media news. Possibly, after some years everything is going to change in a good way but not now maybe after many years.

Cryptocurrency can replace currency but it will not be able to replace the dominance of the fiat money system because, even if the state is required to follow technological advances, the choice will be to use a centralized stable coin and can be controlled by the government of a country. Second, when we want to have a cryptocurrency, we have to exchange our fiat money with cryptocurrency, so that the gap between the rich and poor remains, only the change is the shape of the rich. The rich can have more cryptocurrencies while the poor have less cryptocurrency.

The problem of inequality in the spread of technology, I think along with technological advances that correlate with the population demographics of a country, the gap will decrease because projections of millennial generation increase while conventional generations decrease.

But keep in mind that the dependence on technological advances is also vulnerable to system malfunctions that we cannot predict due to natural disasters, so we need manual operating instructions and a backup plan if we suddenly return to the ancients because of the loss of technology.

They have different advantages and uses so it is not worth it to compare. Digital currency like bitcoin is more on about investment and faster transactions. This currency can be stocked and it will surely preserve the value of money. But when it comes to practicality, fiat currency is really the best option to use if you're buying goods and anything in the market. Also people tends to use fiat currency more than bitcoin when it comes to paying bills, buying a car, house and their necessities. Bitcoin can also be a material for payment or transaction but as people are using fiat currency for so long, it will never be vanished or become replaced because most of the people prefer to use fiat.

Even though I didn't include some strong reasons why cryptocurrency cant replaces fiat currency, it is really accurate, because as we all know, there are still some existing rural places in our world, who are deprived of knowledge about technology and money. So how will be the life to them if cryptocurrency will replace fiat?

The volatility of the cryptocurrency also makes it be not standard money to all of us because it will be so hard for us if there will be a transaction that uses money, which is a cryptocurrency that always changes its value day by day, can you imagine that? It will be hard for so many aspects of our life if we will have cryptocurrency in real life. Even if this cryptocurrency becomes more popular in the future, I don't think that it would replace our traditional system.

But I think it really is or should I say it is one of them, We are so used in fiat currency, so our whole system will be obliged to adopt all changes if these things happen, and that would be so hard for them. Even though all of us will understand the whole concept of digital currency, I don't think that it would be enough reason to be implemented in the land.

Indeed. Imagine, if my grandmother learned how to play on smartphone deapite of her old age and the traditional gap then what more for the people on rural areas which is for sure not as primitive as the other thinking ;D. This hindrance for attaining mass adoption is not as big as it seems, it only requires eagerness from crypto lovers like us to educate those who are not familiar with. We can already spread the word even in our own little ways; when we are on the streets or just hanging out with our love ones :).

There are  still strong reasons why cryptocurrencies may replace fiat currency in the very near future. When we go through the archives of history books, we would realise that fiat currency also took some time before it replaced the ancient system of trading or making payment of service such as the barter trade system.

It is true that cryptocurrency cannot replace fiat. They are technically different (crypto is decentralized, fiat is centralized). There are design tradeoffs. It's like saying apple will replace orange. With fiat, we can control price. With crypto, that is not possible. You can design a system that fudge the line between fiat and crypto. For example, Ethereum has a minimum viable issuance schedule. It's difficult to interpret this monetary policy. But they can probably manipulate its supply to control price.

I think cryptocurrency will force fiat to become better. That will be a win for people. I came up with a diagram to illustrate different kinds of cryptocurrency.

https://bitflate.org/assets/images/CryptoCentralizationDecentralization.png

Original Post: https://bitflate.org/post/2019/11/10/emerging-markets-of-cryptocurrencies.html

When we move between centralization and decentralization, we get different kinds of currencies. Cryptocurrencies don't compete directly. They'll compete in their categories. For example, cryptocurrencies with limited supply are competing for the Store of Value use-case. I think future currencies will strike good tradeoffs. They will offer people convenience and transparency.

Yes of course, Crypto takes a long time to be able to replace fiat money as a legal currency used by all people. Until now, there are still many people who do not understand about the world of Crypto, so it is difficult to make Crypto as a recognized currency, but I personally believe that in the future Cryptocurrency will be able to replace fiat money.

Until everyone on our planet has free access to the Internet and devices in their hand from which they could have access to it, cryptocurrencies will not be able to replace fiat. I doubt very much that your bitcoins will help you in the Mekong jungle or in the Sahel.

I do not agree that cryptocurrency cannot replace fiat currency, because overall cryptocurrency is still better when compared with fiat
currency. If the reason is only because the price of cryptocurrency is volatile, it is because that uses crypto the amount is still very
small. Because if cryptocurrency is used by most of the world's population, I'm sure the price will be more stable. And the government
inevitably has to accept cryptocurrency if there are already many users. But there are indeed obstacles some people don't follow the
development of technology and it will be very difficult for them to use cryptocurrency in their daily lives.

Cryptocurrency could replace Fiat but it would take so much time.
And about the volatility of the price there is already some stable crypto that could be used like USDT so it only depends on the adaptation.
BTC price volatilitiy is still a problem for most of the people to use it.
And using crypto is much more easier than it looks people just need to take some time to know it.

But we've all seen how credit card payments drive Fiat out of everyday life. The same can happen with non-cash payments, when they will be replaced by the national digital currency. Most likely, most people will not even notice this, as they will continue to pay with the card.

Some people here are really confused. The op is probably right. Yes cryptocurrency cannot replace fiat because it is decentralized and cannot be controlled by the government. If it cannot be controlled by the government then don’t see the need for it, because they believe that the way cryptocurrencies like bitcoin functions they can lead to a lot of bad stuffs and can be used for illegal purposes and other things that are not good without the government being aware of it.

The fiat system is centralized and is being controlled by the government and you should read the importance of centralization. Government can still create their own cryptocurrency, but it’s going to be centralized and citizens will be able to convert their fiat, e.g USD, for the cryptocurrency as an asset. And they are going to have their own blockchain.

That's not really a fair comparison. People majorly spend fiat for these things because every company accepts fiat. There are very few companies which will accept bitcoin for a car, a house, bills, etc. I spend bitcoin everywhere I can, and often buy gift cards with bitcoin for places I can't spend it directly.

We can't control anything. The Federal Reserve or other central bank can control it for the benefit of them and the government, not for the benefit of the average person. The only price controlling that the average person sees is the purchasing power of their fiat constantly decline over time.

Unlikely it would be a blockchain. Any government run "crypto" will be entirely centralized as you say. Little point in running a blockchain when you want to keep complete authority and control over the coin.

Impossible that the cryptocurrency can not replace fiat currency because as of now the continues upgrading of the globalization people nowadays prefer noncash transaction or using digital currency only just like for example in shopping online you we are just paying it through credit card or online banking and which it is almost the same as making a transaction using digital currency or cryptocurrency because of this people will be able to hassle free on having a transaction with other people or paying their bills over the counter.

It will continue to use credit card unless their own government advertise the cryptocurrency which they also created. I think if crypto will totally adopt by each countries they will create of their own and it will centralized. It's takes a long time to accept Bitcoin first. The debate will be Fiat between cashless payment card first before crypto and in the future it will be cryptocurrency but centralized.

Payment cards are far from cryptocurrency. Cards have been successful for making the society a cashless place. Although, it is digital in nature but at least it can be feeled by the presence of the card but not like bitcoin. Anyway, it is going to take a longer time.

Can I use crypto offline? LOL. Crypto cannot replace fiat, like it or hate it but that's a fact. We can't use any crypto for micro-transactions because the fee alone will take the value of the product that you are going to buy. Not all people have access to internet and not all people have smartphones and computer, and just saying that two aspect, not all people can use cryptocurrency. We cannot replace fiat with cryptocurrency simply not all of people are afford to have the requirements to use it. And besides, when all of us use cryptocurrency the government and soon the country economy will collapse because there's no way to tax people if they are using crypto and not fiat.

I can see why you think that way. However it may take less time because people are not that afraid of cashless life at this point. And on top of that you could notice how fast world is changing nowadays so people are not that conservative about things - you can see a lot of grandmas with smartphones so we can see current 50-years ladies using crypto when they will be 70 or 80  ;)

This has been discussed many times and I don't think cryptocurrency can replace fiat. Many people still not adopting this kind of technology. Although using crypto as payment could really help to ease work and less hassle. Yes with btc price volatility is one of the major concern by many that's why most prefer using fiat instead of crypto.

I do accept majority of the factors you mentioned including BTCitcoin replacing fiat because it is impossible to do micro transaction in third world countries considering their currency valuation and not everyone is rich enough to afford an internet connection but when it comes to taxation you will be liable to pay your tax and once the exchanges will be regulated by the government and the only way to purchase the coin is through your bank account everything will be transparent, all you need to do is disclose you crypto profits and pay the tax accordingly to be on the good side of the law.

According to the latest data, in Africa only 35.4% of the population have access to the global network, which is very, very small. There can only help the world free Internet, the implementation of which at the moment is engaged in Elon Musk. Well, gadgets are still needed, but their prices are pretty low.

I always believed it won't replace fiat currency because decentralized character won't be changed. People already learned the value of crypto nowadays, and it won't be changed on their mindset. Although more people already thought that crypto would be the best options to eliminate fiat problems in terms of transactions, but it's not that easy to divert into something unusual for other non crypto users. That's why it need to mature more often before we implement this kind of system to each individuals.

FIAT is already failed in some countries and crypto used instead alongside any possible fungible value such as gold, notes or plain food and commodities.    It can replace FIAT which itself is only digital money mostly but there is a great deal of demand for FIAT created by the use of taxes where as crypto is unbacked just free usage.


Places use sea shells in the past when no unique item could be found, many things can be used if situation should force it obviously just plain barter happens.  Crypto could be used via plain display in various coins created.  It does involve a greater amount of trust to do it that way as the confirmation is not live but its still possible to use BTC almost anywhere.  If it was really required in the middle of nowhere then I guess a satellite phone is possible and a hub would be distributed from that source

It has often been discussed even a few years ago that in the view of economists, it was risky to turn a highly fluctuating currency into a currency that "replaced FIAT". Maybe with the existence of a stable coin is the reason economists give a voice about the good cryptocurrency to become one of the currencies that may be legalized by the government.

I fully understand your point, yes the current government is not yet ready to implement digital assets as a main currency right now because there are still plenty of hurdles that needs to address like those places where electricity is not present or those places that don't have the technology in order to transact the digital payment.

But our society is keep on improving as days passes by so there is a big chance that in the future these problem will be address and digital payment will replace the old fiat system. The possibilities is very wide so we cannot close the door for crypto or digital asset to replace the fiat system and I believe that it will happen in the future.

This is also my reason that is why Cryptocurrency is impossible to become our fiat currency. The combination of the two is still better rather than just a crypto by itself. The transaction using crypto needs internet and cannot stand alone by itself unlike transacting using fiat. No need internet and capable of transacting whenever they want.

This is true as of now since cryptocurrency is not yet fully adapted and is volatile in nature, it doesn't fit to be used as the main currency. Time will tell whether people will still be using fiat as a currency in the near future or whether if crypto will replace or if not will be an alternative to fiat. Technology is emerging fast we don't know what possible things might happen in the future.

right, a combination of the two can be used in all conditions. We know that geographical location, the age level where has limitations to access the internet. especially for countries that are left behind, it would be difficult if only crypto in circulation. besides that indeed high price fluctuations are still a problem in crypto as a currency

Well, you are looking at the issue on the practical side of it...
Theoretically crypto can replace fiat with several advantages, but is the world ready? is crypto ready?
The world is definitely not ready... the westerns think the world is only the west.... but just look at Africa, for example.... how many countries have a complete coverage of internet? hell, how many have complete coverage of electricity?  ;D we need to look around before we say the world is ready...
And crypto, is it ready? BTC lightning network is still not working properly (at least to my knowledge), so the network will get clogged with mass use.... and the prices? with this volatility, will we be able to use it as regular money?

Thats right. People will always trust more in govs money than in crypto

It doesn't have to necessarily replace it and change how the system works but it can be used as an alternative technology to the ones that's centralized and exploitable.
Bitcoin and Cryptocurrency are there to introduce a new modern way to tranfers money without the restrictions and delay from traditional money.

That's certainly true. People think that when we say that we will be using cryptocurrency we will totally eliminate fiat which is really impossible. We still need time until we totally adopt cryptocurrency as a national or international currency. It still has to go a long process but we all know that crypto is always surprising, things will surely get better in the future.

Yes. I am not against with fiat currency but i also believe that cryptocurrency has great potentials to be a legal currency in the future. People are now starting to take a glance on crypto just like some other countries are already developing their own digital currencies. This does not mean that fiat currency will be totally replaced but cryptocurrency can also a good alternative for payment system which is very convenient to use.

True, since bitcoin is not yet fully adopted we don't know what will be happen in the future. There are still people doesn't know crypto so fiat is still be use as the main currency. Though crypto has a lot of features that could easy to use but fiat currency cannot be replace that handily.

this is a big authority on the government. no matter how good the system is used, but if the government does not legalize it, I think it will hamper its development. and for now fiat is more dominant because this currency can be controlled by the government

It won't. We are still far from massive adoption. We are just starting. And it's not enough to replace fiat currency. And even if cryptocurrency receive mass adoption, fiat will still remain because of the government. It's what they can control so they wouldn't let fiat to ceased and be replaced by cryptocurrency. Instead of thinking that crypto will replace fiat, I'd rather go for both of them being used in the future. They can co-work together in the economy. But it's still up to the government if they will let crypto be accepted in their country.

I agree it wasn't created to take over or replace Fiat.
And this topic has been around for so long I think it has been around since crypto has been created.
And it has already been more than 11 years now could we accept the fact that it wouldn't replace Fiat and both Fiat and crypto could coexist with each other.
Crypto wouldn't replace it because of its sudden price movement and of course the government wouldn't let it happen.

This is true for all points. Cryptocurrency can never replace the traditional national money of states. Yes, she is not capable of this and is not intended for this. Now there is a general global trend of partial crowding out fiat by non-cash payment methods. Therefore, cryptocurrency will make its role in this process. However, in general, state cash will still exist for a very long time.

I guess so. Because people still prefer to use fiat, but they already introduced the non-cash payment method as another option to pay, and I think people now because anxious to try and use that way. Maybe the existence of cryptocurrency is not going to replace fiat currency, but crypto will help fiat to solve the economic problem, especially for the people financial. But we will see what will happen in the future and if somehow, crypto can work together with fiat, that will bring a new solution for every people to make money.

Well, most cryptocurrencies in the market do not have a stable value, so the chances of becoming a currency in daily transactions are very low, and a few cryptocurrencies still have a stable value but the weakness, more precisely, the point that it does not satisfy the government is that it has anonymity while the government wants to directly manage the movement of currencies in the market. Fiat or traditional currencies have many better points in this regard, especially, everyone in the society knows the usage and the nature, while the knowledge of crypto is still too little.

This cryptocurrency will help people find alternative which can be mote efficient than fiat money. Though it won't exactly replace money, cryptocurrency would make our live more better instead of indulging those taxation. The freedom that we had with crypto is a huge benefit which we can enjoy, because of its decentralize system which is different from physical money.

Cryptocurrency have been most popular payment and digital currency right now, not only with easy by using cryptocurrency as payment way but could increase higher price and give much profit for every one claim bitcoin is the best payment method.

It's more like saying "decentralized economy cannot replace a centralized economy", which I fully agree.

Let's admit it, Cryptocurrency is good but it will always remain only as a great alternative, nothing more we can expect.

You are right. Governments won't ever allow it to happen. The only asset which is able to replace fiat money in 5/10/15 years, the nearest future, is digitalized fiat.

If we consider the digital national currency , which most countries are currently working on, it should replace Fiat. This is the main task of the government in order to leave control over its financial system. And if we talk about bitcoin, it still needs a lot of time to be in circulation on a par with Fiat.

I strongly agree with you that cryptocurrency cannot replace fiat currency not only because of the current rate of adoption globally but the disadvantages surrounding the blockchain sector. A good example of this is the power supply outrage, some part of the world lacks adequate power supply and there's no way one can make crypto payment without having power on their devices alongside this is network coverage which works with power supply. I believe if improvements can be done in this part it would be a good one for cryptocurrency to overcome fiat although the transaction speed is something to be noted as well, because a store owner won't want to wait for about 2~5 mins before payment is verified whereas fiat payment won't take upto this.

It is idiotic to think that technology can't ever replace the banknotes and the ones who say "how are we going to do this without internet connection" are seriously either haven't used credit cards in the past 20 years or they are simply ignorant.

Credit cards require a connection as well, without that machine getting some connection you are not going to be able to use your card neither, however when you look at things I am sure majority of payments are made with cards instead of cash nowadays. This is why I think bitcoin has a huge chance, you don't need too much for bitcoin to be "standard" but even just 5% of all payments are made in bitcoin that would result with bitcoin becoming 100k+ very very easily.

Indeed. There are still countries who can't adopt cryptocurrency because they need a technology and devices for them to make a transaction to pay their taxes, bills and things that they need. But in my own opinion,  it is not about cryptocurrency replacing fiat there arw still chances that cryptocurrency will be accepted by the government and make it as an alternative cryptocurrency that they can still used their crypto for making transactions.

I do think Cryptocurrency never meant to replace fiat

Fiat is necessary.
Till the time we are not able to get rid of the poverty , provide people with a full stomach , a mobile in their hand and education . We cannot expect them to start using cryptocurrencies.

Replacing Fiat would be bad for the majority of the society , only half of the population or even less is fortunate enough to know about cryptocurrencies and use them.

Cryptocurrencies and Fiat are best at what they do , but I don't think they plan on replacing each other .

People are trying to hardly compare these two type of currency when in fact, the other, cryptocurrency wasn't purposely made to replace anything but to be an alternative use of fiat in modern and online world. FIAT IS NECESSARY, we cannot use fiat everytime just like buying and trading in the internet and so the cryptocurrency is, you cannot just buy a candy in the lowest satoshi value just because you want to. Both currency are best at what their field of use is but most of time we use fiat because we need to do so.

Yeah, it was never meant to replace the fiat, people are just too braggy about the cryptocurrency to the exaggerated extent.

not totally obviously but will depend on an individual  . i knew a good number of people are now only relly on digital payment and they are shopping online  using thier digital money  . instead of travelling and going outside while using fiats

 as soon as these people recognize and started to like cryptos , im sure they will enjoy it and will not comeback on thier old digital payment provider  .  to the people that wants simplicity but still love to try new things , they are prolly using both fiat and crypto at the same time   .

This is true but as time goes by the volatility of a particular cryptocurrency goes down as it accumulates a lot of volume as long as they can keep up with the demands of the users. Though even though it happens, I believe that it would not replace fiat because each of them, fiat and cryptocurrency, have its own uses and advantages. Also it is a good thing having a lot of choices in transacting and not be limited to fiat alone.

I hope it is really the popular payment, but it is not.

This is the reason why Bitcoin and cryptocurrencies will never replace fiat, its acceptance as a payment. Despite the popularity of Bitcoin, it is not that accepted as a payment for various reasons, one of them is the volatility and its anonymity. Example of it is when Steam accepted Bitcoin.

It was definitely created to have like an alternative to world powers if you ask me. Not that it should be replacing fiat but at least have some sort of alternative when the world powers try to grab more and more of the wealth. When you have bitcoin there is no centralized organization that can make you poor. Normally on dollars let's say you manage to get more dollars, they make sure that they print more money for themselves to outpace your gains so you become poorer even when you have more fiat.

In bitcoin it is not like that and that is the power of bitcoin and that is why it is an alternative to regular fiat. It may or may not replace fiat but that is not the whole of it, even if doesn't replace it, as long as it gives us the financial power to ignore the wealthy, that is more than enough.

I am sure about that because as an early people in crypto, we have the opportunity to make money than the other people out there. We have many options for working in many fields in the crypto will allow us to make a lot of money besides in our real life. I think the government will not block the existence of the crypto from the people, but maybe they will regulate the crypto so fiat can keep stay among the people. Of course, we have freedom by using crypto, and we can have a better life if we use crypto because we can manage our money without using another service.

Bitcoin is popular because its proven than it is worth our money, that bitcoin will gives us profit if we invest in it but in the fields of payments and usage i agree that it is not a popiular payment, it is popular because of its other capabilities but in payment, i think no. It fluactuates in short amount of time so establishments that no background about crypto will most likely to reject bitcoin as their customer's payment. Fiat has been here for along time and crypto will be only an alternative and fiat will just evolved and go paperless.

Uuhm you’re right, it’s not everyone that can make use of cryptocurrency, just like other online payment systems like PayPal and Payoneer, there are people who are not interested in such things, some of them don’t even make use of internet banking that are provided by the banks.

But cryptocurrency will be adopted by the government, and it will play a major role in future. It’s not going to be a replacement for fiat, there is still going to be paper money and banks, we will have fiat but cryptocurrency will be another currency that will be created by the government. You should take JP coin as an example, it’s owned by a bank in the US and when it’s released it’s going to be a stable coin that’s pegged to the US dollars and customers of that bank will be able to convert their USD for the JP Coin which should probably be considered an asset. That’s how it’s going to be.

For now, it is really impossible for cryptocurrency or any digital currency to replace fiat currency because not everyone in this world could adopt and have their own devices, so they could use cryptocurrency for daily transactions. And government still supports fiat rather than crypto maybe in the future crypto has a chance to beat ans replace fiat.

I’m really getting tired of all these comparisons >:(. Man, nobody knows the future, we don’t know what’s going to happen and the way I see it, no cryptocurrency is replacing the fiat. The government is not going to allow people to be making use of a currency that’s decentralized because when a currency is decentralized that means they are not going to be able to control that currency so what’s the need for it? They will never agree with the idea of adopting cryptocurrency as the main currency.

I would say that things are just going to be as they are and people will be able to make use of whatever they want to use, whether it’s cryptocurrency or fiat. Cryptocurrency will be considered an asset.

Even if everyone has a smartphone in their hands and free Wi-Fi on it, cash will still have advantages. After all, you cannot say with confidence that your smartphone cannot fail, and the failure of the smartphone, provided that all the money on it, is a very, very bad situation, which cannot happen to cash.

The adoption is happening, online money is the future but that does not mean that fiat will be eliminated, maybe let's just say that people are using the technology very well as its more convenient and safe to use at the same time. Imagine you are not bringing cash going out, so you can make yourself safe from robbery and even free from viral infection like the corona virus.

I accept as true with you the govt won't allow it to get replaced but if the govt itself controls it Fiat can replace the currency. But crypto isn't under the control of any government The cryptocurrency fiat cannot replace fiat currency if it maintains its market position.

Definitely, cryptocurrency is indeed good in many ways like it is better when we are doing transactions since we can send or receive money in just a blink of an eye without getting hassle and we can earn also when you get involved with cryptocurrency, there are lots of ways you can earn crypto such as investing, trading, bounty hunting, mining and etc. But still, there are disadvantages and factors that makes fiat better to use as of now, we can say that in the future we can use crypto as our currency, to think that there are still countries that are banning crypto to use on their vicinity, that is one of the problems, also the adaptation of every country is not that being focused, yes there are countries that legalized the usage of crypto but the technology to support the transaction is not being innovated or implemented, although there are countries that are really into the usage of crypto they are making ATM machines to easily buy crypto, bitcoin to be exact. Adoption of cryptocurrency is not that easy, you are changing the traditional way of making transactions when they really push the crypto to be our one currency. It is possible, but this is not the time for that.

You have not given convincing reasons why crypto is better than fiat. I suppose you know billions of people are still unbanked not to talk about thousands of billions of people that do not even know what crypto is not to talk of using it for making the purchase. Even a mad knows fiat when he sees it on the road. Rural areas dwellers that do not have access to the internet so how will they make use bitcoin ?. Do you know there are still millions of people in Africa that do not have access to the internet ?

I always try to carry not only plastic cards, but also a certain amount of cash, because. I came across various situations when there was a power outage or Internet disconnection, and it was impossible to pay with a card. Someone may say that I am old-fashioned, but in which case, I can always buy food for myself, or refuel the car.

Yes, this problem still exists for electronic payments. And I saw how people couldn 't pay for their purchases because they didn't have a Fiat. Therefore, until the problem with the Internet and electricity is 100 percent solved, we will need a Fiat.

The fact is that governments and the banking system have always encouraged cashless payments, through the reduction of interest or the appearance of bonuses, as well as accumulative interest for users, which made it possible to fully control the expenses of each person.  But if you take into account cryptocurrency, then the banking system and the government will no longer have such an opportunity, If cryptocurrency becomes legal tender.  Nevertheless, paper money will still be in great demand among people, since most of the elderly and children use paper money as a means of payment.  A lot of time has to pass until cashless payments become the only payment options, and subsequently cryptocurrency takes the place of fiat money.

they push the digital payment almost on the mainstream but they dont solve the issue on the electricity  ? i dont think so  .

for what is the purpose of generators  ? they should put one because almost all service rely now on electicity not just in paying means   . still fiat is needed for smaller type transaction  . like example on small shops and these shops dont accept digital payments  .  this is one of the reason why crypto cant fuly replace fiat  .

Right now, yeah.

But there are a lot of ways that people can breach through our protections. Scams and hacks are something you can't really control since people will always find ways to do that. Another thing is that quantum computers will go our and the security of Bitcoin might be vulnerable to it after that. THough it is true if we compare that to fiats .

I used to say that Bitcoin will be replacing fiat one day but someone said something that made kind of changed my mind, and this time around I just believe that Bitcoin won’t replace fiat rather it will remain just an asset that can be used by anyone that wishes to make use of it, but not a replacement for fiat, we will still be making use of fiat. The reason Bitcoin cannot replace fiat is because Bitcoin is decentralized and being decentralized means that there is no way it can be controlled by the government.

The government is not ready to adopt a currency that they don’t have control over it, regulation is important in lots of ways.

Bitcoin won't replace the fiat currency and will never be. Bitcoin is created to take over the digital world, and digital world only, this means that everything outside the set boundaries may be a little off for bitcoin to be in but there are some instances that there is, so let's get back to point. Bitcoin is purposely made for online interaction such as trading, it is very clear that the creator included this on his paper before expanding. The number one reason why bitcoin won't be able to replace the fiat is because bitcoin is decentralized, that is all you need think of, bitcoin is decentralized.
The government does not need to adopt such volatile currency that is why they are creating where they can regulate the circulation and control the price. In the end it is what we use in our own way of thinking.

The governments won't let it happen. What are the benefits of having uncontrolled currencies for them? 

The generator will help in this situation, but there are not only large supermarkets, but also rather small shops, and not all of them can have their own generators, largely because of the rather small area that does not provide for the creation of their own autonomous energy supply.

Since there is no way to control a decentralized cryptocurrency, so it will not be able to be used in social payments. It is for this reason that governments have taken up the development of their national digital currency. But at the same time, a decentralized cryptocurrency will have a parallel circulation with the official currency.

It all depends on what you mean by fiat. If you mean the banknotes, cards and bitcoin will replace that eventually and we will one day not have any banknotes, even today there are less and less of it spent everywhere. However if you mean digitally used fiat like bank accounts and debit cards etc, that will not go anywhere anytime soon.

Unfortunately world is somehow arranged itself to make sure there are enough resources for everyone, the whole world could literally afford to eat whatever they want, build any home they want and drive any car they want, go do basically all the luxury stuff because there are literally that much resources available but somehow world managed to position itself that there are poor who can't and whales who can do too much, so I doubt fiat will go away anytime soon, if it did, we would have a world where money is literally not needed and we can simply live a futuristic self-sufficient world, just requires equality for that.

first of all, cryptocurrencies will never eliminate fiat currencies, cryptocurrencies will only replace the dominating role of fiat currencies,  At present the majority of the world's population is filled with people aged over 40-60 years (most of whom are not familiar with the technology) in a few decades, people over the age will die and will be replaced by young people (who master technology).  as time goes by the human need for efficiency is increasing and the cryptocurrency will become ''Cash in the future".

Cryptocurrency will be more appropriate if used as a digital payment option and very appropriate if applied to online payment systems and other digital transactions. Even though the crisis hit the world economy but that does not guarantee cryptocurrency can replace fiat because when talking about digitalisation, at least banks continue to update their technology so that the use of fiat in digital form also becomes possible in this era.

At some point yes, the fiat currency is cannot replace totally, because many people now are using fiat currency instead of crypto. Many people nowadays didn’t now totally about crypto currency, they did not know how to use it and what is the objective of making crypto currency. In my own aspect, replacing fiat currency into crypto currency is very difficult and it needs a lot of time before implemented on it. But we are in the modern world so that many years from now the cryptocurrency is our primary currency for many transactions.

I think we are misunderstanding something here.

A country would never, I mean never create a cryptocurrency that is decentralized. It is obvious and it is true that they would create a digital currency of the fiat of their fiats in the future, there is a difference there. Debit or Credit Card, Mobile Payments and other payment methods are being used and most of them don't really need for us to bring our fiats, the future is already leading there.

- Your speculations have a lot of unwarranted points when you say that crypto will become our main currency because even as the world becomes more modern, transactional activities are still under the control of the government, older systems can only be upgraded to fit over time, an unknown system such as crypto is difficult to compete. You should maintain the first aspect of your point of view, crypto will only be in the scope of use at the personal level, the national level and fiat position replacement has closed with it since it didn't receive government control.

Cryptocurrency will not replace fiat if there will be no continous innovation to integrate cryptocurrency in the transactions in different businesses.

Many people are still not aware of cryptocurrency existence especially those who live far from the city and dont have any kind of gadgets to use for internet access. Due to this it will be hard to believe that cryptocurrency can replace fiat because we know fiat are recognize worldwide and the main currency to transact for goods and other services. We cant spend crypto to buy in small stores because only few merchants are accepting it. There's more room for development in crypto and I wont be surprise if the time will come crypto can work the same as fiat in all aspects.

Regardless, it is the government that will approve and whether we like it or not, we will be living under the centralized government, hence, they will not allow crypto to replace the money that anytime they can print, bitcoin is just likely an alternative, that's the best it can achieve and a good investment as well.

Cryptocurrency can be used as payment right now. To do this, the store will need a terminal that will convert cryptocurrency into the national currency. Thus, the cryptocurrency will not necessarily have to replace Fiat, it can work in parallel.

Replacing fiat money with cryptocurrency is a utopia. This certainly will not happen, because fiat money is used on the black market (they work in conjunction with the government), it is difficult to track the catch when you use cash. In any case, the government will not want to switch to an economic system that is decentralized. After all, we all understand that we have a centralized economy at a given time.

"can't" and "shouldn't" are totally different things, we are talking about why it shouldn't replace fiat and not can't here mostly. It can't replace because it is technically impossible to divide 21 million bitcoins to everyone around the world, even if 1 satoshi worths something that is not possible, we would need something bigger.

Maybe all nations could have their own version of stable currency one day, that is not impossible and could actually be used, stable currencies plus apps in every nation to actually help get paid and pay stuff would work, but that would be not really a crypto currency but more like a stable currency built on a blockchain, takes the development of bitcoin but leaves all the decentralization and freedom that it provides.

well there are alot of post about that,but thats a long term thing to happen.it will take alot of time and years for structures and also country's government too.bit coin is a crazy good coin and also mother of coins . but for replacing fiat bit coin is not good.there will be more and faster coins to replace bitcoin.the bold things here is blockchain and cryptos not bitcoin.remember what mail system did to post stations! it will take time!

as long as fiat currency still exists, then cryptocurrency will be an alternative, it is indeed very difficult to form this world revolution, but the opportunity for cryptocurrency is still there, if the crypto currency is supported by many countries I am sure FIAT will lose

Fiat serves as the main currency from all countries around the world, there's no question about that though the potential for this alternative money to coexist with the regular currency but replacing it from the entire system might be too difficult to happen and it will really take a lots of time and progress before crypto will be scene for future usages.

Cryptocurrencies will not be able to completely replace paper money in the foreseeable future. If I have cash in my wallet, then I can use it whenever I want and where I want, well, where they are ready to accept, of course. And if I have cryptocurrencies, but the phone is dead or does not have an Internet connection at all, these are serious problems, and it is very difficult to solve them.

If we think this is possible, then we are thinking unrealistically.

Bitcoin is just an online currency but the government could make better than that, more faster and less transaction fee or even free if they'll fully convert into digital currency. Cryptocurrency is a good investment too while fiat is not a good investment as it will just inflate its value since people have no control if the government will print money to bail out some economic problems.

For now it's impossible replace fiat because of its short term speculations in the price but once the recession goes completely severe. Trust people will panic buy Bitcoin just like in Italy where cash where useless due to the coronavirus.
If you have truly use Bitcoin, then you should know that its way more innovative and convenient than traditional money.

Yes, cryptocurrency is not going to replace our current monetary system, but the government might combine it in the future. Lots of countries might create their own cryptocurrency and it will be as an asset that you will buy from your bank just like you can buy foreign currencies from your banks; a new law in Germany will even be allowing banks to buy and sell cryptocurrency to their customers.

So, it’s not going to be any replacement. And moreover when that time comes, it’s not going to be Bitcoin and the cryptocurrencies that we are seeing now that are going to be the replacement, government will create their own cryptocurrencies that will be stable.

Yes, in cryptocurrencies there is a transfer fee, and the lower the payment amount, the more commission will be charged in percent. Cash is not only faster and more reliable, but you do not need to overpay commissions when using them and this is a big plus.

Crypto is more applicable for remittance and those platform that does not accept fiat or does charge a big fee when transferring money using a 3rd party payment method, like in gambling, you use credit card to gamble and they require fees and also in fiat gambling sites they have a high limit but in crypto gambling, you can gamble even with a penny, that's how convenient it is, for this kind of transaction we are beating fiat but in general fiat is still more useful and safe as well.

It will take a long time to replace the cryptocurrency fiat currency You just said that now is not a good time to replace the fiat currency in crypto While the current blockchain will facilitate transactions not everyone will support it. When crypto decentralized nobody would want to work in a centralized way.

I think crypto has a potential of replacing fiat, but only in some specific scenarios.
Like imagine if there will be a devaluation of the main currencies due to economy failing. ::)

In the real scenario, we are certainly far from that and it looks like the crypto adoption isn't that strong to persist.
Anyway, I don't think that would happen because in the first place is not the reason why crypto is created. It is only another option to consider and it is not a need for everyone to adopt the system. 

Exactly, that's the reality I think all crypto enthusiasts should come to in conclusion with. We can not completely get rid of Fiat currency to using cryptocurrencies but I think both currencies can coexist so that people choose which to use depending on what they are doing at the moment.

Yes i agree on that people will continue to use fiat because fiat is really the first form of payment before crypto. Many people used fiat than crypto because fiat is already there before crypto exist so i think many more people are familiar in fiat than crypto. But i also observe that crypto user are now increasing day by day maybe both fiat and crypto will become a great way for payment and both crypto and fiat will exist in the next generations.

Cryptocurrency cannot replace Fiat currency but nobody can exclude Fiat currency because it exists within the market you're right that crypto was already fiat and employed by people Fiat lost its place after the crypto arrives but now many are fiat currencies. That's why we both need work If crypto may be a fiat currency then we'll be privately owned in two ways.

It depends on their needs at a particular period of time. Convenience and ease of transaction is usually why crypto is preferred in some online purchases or payment. If the user has no credit card and only crypto, obviously, he will use his crypto. But the usual bottleneck is not a lot of online merchants are accepting crypto at the moment. But definitely fiat is still the dominant one. Crypto users comprise only small percentage of population up until now even if bitcoin is now more than 10yrs old.

I recently thought of an analogy that explains the difference between fiat and Bitcoin: Fiat functions as the lubricant to allow the exchange of values. It's not hard money like gold or Bitcoin.

Crypto also exists within the market, if I am understanding your statement correctly. It is just that crypto has a cult followership and not a bigger market share than fiat.

That is a wrong usage of words. Fiat is used to denote the currencies that these world countries have been using as mostly paper bills and includes the digital payments too that are in those currencies. Bitcoin came in 2009 and then it was an alternative method of transaction.

Wrong statement. Fiat never lost its place but lost a very small part of its market that was taken by crypto. But that small part is almost negligible as per statistics.

A decentralized currency cannot be privately owned but a centralized currency is controlled by certain institution(s). That is why the community likes to go for the decentralized coins like BTC over the centralized ones like Ripple.

I think it is not that the government can't afford the technology, for me, it is the government who don't want to accept cryptocurrency because they aren't that knowledgeable about it. Based on my observation, I think that their mindset about cryptocurrency is, it is full of fraud and scammers. That's why we should first let the government know that the benefit of cryptocurrency is somehow focused on the economy and the market. We can start just by promoting it in some business or platforms that many people can see, once they got curious about that then that's the first step. Also, crypto is not the enough yet, because it still lacks some ability to replace fiat currency that is used for so many years, it is not that easy to replace it with cryptocurrency, may be soon.

cryptocurrency has its own function. long ago, I thought that cryptocurrency could not replace fiat, but could be used as an alternative, and that was proven until now. it's just that, I think, the potential for cryptocurrency popularity is still greater than fiat. because of that, I am still trying to produce crypto until now, because I think the potential of crypto can be better than fiat. it's just that I'm also still looking for fiat for my needs.

Well said, cryptocurrency is only alternative currency for fiat currency, it would never replace the fiat currency because I don't think that the world will be organixed if such price is being volatile, how are you going to imagine to buy foods or just a crackers with 1 php using bitcoin, that is really impossible and besides the changes of price of the bitcoin will be one of the deciding factor for me so I don't see crypto as a standard currency for all over the world.
Cryptocurrencu can only be used for some transactions online, but to be honest investing in cryptocurrency is better than fiat currency because you can really know if you are going to make money if you invest and it is more profitable.

Well, with the pseudo-anonymity of bitcoin, it is the obvious reaction to it. Though, I don't think that the government will be thinking that it is a good thing for the economy even with us letting them know it because the only thing they would look at it is the decentralization of it. I think it would go side by side with fiat but not really compete with it.

Cryptocurrency cannot really replace fiat currency because crypto is not supported by the government, and some governments are not in favor of buying bitcoin because they think that it is full of scam and only being used in illegal activities in the dark web. But bitcoin and other cryptocurrencies can still be trusted because it could be useful as an alternative for making fast and convenient transaction for every purchasers and a great opportunity to earn good money from it's long term investment.

It could be only alternative and it cannot fully replace the fiat currencies. Like today when there is still crisis, the world health organization said that the virus can be spread through cash and that is why bitcoin is now became an alternative solutions to stop spreading of the virus. The reason why the bitcoin cannot replace the fiat currency because of the volatility and there are people who are not used to it.

For years now this has been discussed and explained but i will still believe that there is no replacing that will happen.
Fiat will remain currency of each country but Crypto will be another option worldwide specially for those who wants fast online transactions.
Gold will always be reserve fiat will be for real time transactions and Bitcoin will be for online.

they will all have own function for the people .

This applies only if you pay with your own cash in your own country. If you need to transfer your cash to another country in the world, you will face a large Bank Commission and a long time to transfer. And the use of a national digital currency could solve this problem.

The fact that cryptocurrency already exists and has a certain value is already a victory. For fiat currencies, it’s like a bone in the throat, an alternative that extends our freedoms and reduces the control of the fiat system. To abandon fiat currencies completely means not only changing the currency used but also reformatting the world device system. It will take decades.

One of the signs of statehood is the presence of a national currency. In order for the economy of any state to work effectively, effective management of its currency is needed. Cryptocurrency cannot replace the national currency, since it does not have a direct relationship with the economy of any state.
A decentralized cryptocurrency can exist and develop only along with the national currency in any form: cash or non-cash, even in the form of stable national coins. In the future, combinations of various forms of state currency and decentralized cryptocurrency will be used.

Bitcoin wouldn't be as volatile if it was used as a standard currency (e.g. if some country pegged its national currency to it). It's a chicken and egg problem.

Does anyone more knowledgeable know if gold was less volatile in the gold standard days?

Agree. Not all nations have the technology to implement the cryptocurrency system in their economy. So I think that the currency of any nation will remain in its finances. If there will be the handling of cryptocurrencies in cities that have better technology infrastructure.

I have seen it in my country. When the banking system implemented mobile payment and not all citizens have access to a smartphone.

This problem may also be encountered by those who have a Bank card at a time when there is no electricity and there is no possibility to use the terminal. Therefore, in addition to a credit card, everyone should have a Fiat. And you correctly said that in order to make a payment in cryptocurrency, it is necessary that everyone has a smartphone to make the payment.

Recently, the Chinese government made it mandatory for the merchants to accept payments in physical cash, after promoting digital payments for more than a decade. A lot of the citizens (especially the elderly), still find it very challenging to use the online payment methods. And not all of them own smartphones. But for cryptocurrency users, we can get around this problem by making physical Bitcoins. Anyone remember the Casascius physical bitcoins?

I still agree with the author, that crypto cannot replace fiat money. and I have my own reason by what I'm actually experiencing in this market. In the past, I was just a bounty hunter and didn't want to learn about the crypto trading market. But as the campaigns started to dwindle and shoddy, I tried trading and realized it was a very tough field.
The news that crypto can replace fiat, a lot of good news about crypto but have you seen it widely applied in technology countries yet? Totally a zero!
There is no growth in payment services and there's no reason people change their habits to use a coin that has a very high volatility in minutes!
The opinion that you are agreeing and believe that the future of the world will use crypto, you should reconsider. After being more experienced in this market and being passed on by many predecessors, my conclusion for the crypto market is MANIPULATION! My advice is to stay away from the good news on Twitter, sharks will swallow you anytime you fall into its trap.

Not only about smartphones because even for the use of transactions in digital form requires internet access and in fact, there are still many constraints about these things. At least there are still advantages and disadvantages of digital and cash payment methods and as such, at least fiat is indeed not irreplaceable but on the one hand, cryptocurrency and or other digital currencies also have their own options for those who prefer digital or virtual methods in an era that modern.

Cryptocurrency will be used where it is convenient to do.
The better and more convenient the infrastructure for using cryptocurrency in the country, the higher the likelihood that each individual citizen will use it.
In developed countries, everything looks much better than in less developed countries.

Do you have a source for this? In fact, I read exactly the opposite: that cash transactions were banned during the covid-19 epidemic (but I believe it was only a temporary ban).

You are not a believer at all. We believe cryptocurrency will replace the bank as the email did to the post office. I believe that cryptocurrency is the future of changing the old world of the triangle. Do you believe in 3,6,9 theorem? where the 3 is triangle and 6 is hexagon a puzzle that I finally solved. I think we are heading into the world of an advanced civilization that is the hexagon. Yes, cryptocurrency will replace the old obsolete fiat system of centralization.
That is all I want to say for now.

the current goal approaching that is to make people in the world use bitcoin or cryptocurrency as another way to make payments. Many limitations of cryptocurrency have to replace fiat, even more so in a crisis like this. although many people use cryptocurrency, most people only see it as a business area.

Cryptocurrency will never be able to completely replace fiat money. In the best case for it, cryptocurrencies will only coexist with fiat currencies, and it is possible that even dominating them, but you should not wait for a full replacement, for the foreseeable future for sure.

Well, maybe we can turn bitcoin into global payment system and not local one and that could basically have a HUGE market of its own. So, just to give an example an american could buy something from another american using dollars, yet an american could use bitcoin to buy from a french person, same like a German use euro to buy from another German, but use bitcoin to buy from a Canadian.

So, if we can manage to make the global payments bitcoin related, AND on top of that add online payment stuff that are digital, like the biggest example is steam games, buying games is digital and if you spend bitcoin on that and anything like that which is online and digital and no need for shipping etc, could use bitcoin. If we do just those two bitcoin could be over 100k easily.

Fact!

Majority of people here on crypto doesnt really mind too much about its total adoption or its usage but rather they do always look at on the money making opportunity.

This is why everytime i do saw that someone do talks or have a topic about crypto replacing fiat then i do just simply ignore that one.Being optimistic isnt bad but we
should at least be realistic.

Yea, i think you are right here and on the other hand we can easily make transaction fiat money by using apps that many men compare between cryptocurrency and fiat money. Say for example i have a bank account but last 5 year i did not went to bank but am making banking transaction. Not only that, i can pay my electricity bill, gas bill, water bill through apps in fiat money. So why i go to cryptocurrency? Yes crypto currency for rich people who want to made big transaction without any documents.

So finally i think crypto can not beat fiat money anymore.

and really help relieve people with conditions like this. right digital currency like this is used a convenient payment method. Cryptocurrency will be known to people. Who do not know about payment of this digital currency well with a convenient infrastructure that is not very troublesome...

you said crypto cant beat fiat but you said crypto is useful for big transactions without the need of documents , not only this but also have a small fee  . this is so good  . that is few of the advantage of crypto but this isnt enough to replace fiat   .fiat have advantage too  . this advantage is pretty applicable to many people especially regular individuals that does not know how to use cryptos  . by the way , you said your using an app that is fiat based  ? what was that name of the app   . ive been using simillar app too but only its a hybrid crypto and fiat based  .

This doesnt have to be true, it just needs to be a regularly accepted and circulated standard.   Many emerging nations have borrowed their currency from other larger trading partners, usually its in reference to gold or some precious commodity which is traded globally and that currency doesnt even have to be sourced from that new nation just that they require a positive or good trading bias.   ie. Have something to sell, have demand for your national produce and in crypto that would be utility of the blockchain.

This is not the only advantage of fiat but it also evolves on how the people accept bitcoin in their country or in their place. There are countries that accept or legalized bitcoin but don't really accept bitcoin that much.

Basically, bitcoin cannot replace fiat because crypto is only intended for online purchases and also only a few countries receive it in part does not mean that there is still no trust in crypto in some countries.
I am not sure whether all countries will use crypto because national money is the most important thing in their lives meaning all purchases or payments in their own country are still available with local fiat money.

But I hope that the blockchain technology will be used throughout the world so that it will be easier for transactions and purchases in different countries.

It cannot replace fiat, but it can be an alternative. Being volatile is already a part of bitcoin since the market demand drives the price of crypto. To add, bitcoin is not accessible to other people, there are only a few that knows bitcoin and only few accepts bitcoin.

If you think cryptocurrency can't replace the fiat, with this your line of reasoning, you actually have not read about the evolution of money and how we got here. This world is a sate of constant dynamic change and wake up to daily new realities. Today the whole world is on holiday, who had thought of that?

In fact, nobody can determine when the planet moves but it's completely different within the case of cryptocurrency However it's true that cryptocurrency cannot replace fiat currency Both cryptocurrency and fiat are at their slowest pace. Unless the crypto is controlled by anyone the crypto can never get replaced counting on the market he will always come down.

It is not easy to adopt cryptocurrency, because there are still significant obstacles that need to be overcome. starting from getting a legitimate reputation, especially by the regulator. this is the most important condition.
next is the global reach in the payment sector, for this I think has been fulfilled. So Cryptocurrency can replace fiat money

Fiat currency, hard cash, and some other stuff will become a thing of the past! I think we can start counting years before they totally disappear. The only place where you will be able to see cash will be a museum! 30 years ago we didn't have E-games word championships, crypto-currencies, the internet was not developed as it's now. We are moving forward and I think one of the next steps is having global internet money (that will be crypto)
and everything will be global and crypto!

 Yes, those are the basics of a fiat currency worth using and bitcoin doesn't meet that. Now there are still a lot of people who still fomo about bitcoin and always think it will be the most valuable asset in the world after a few years!
This is terrible, they are being led by the shark into the trap and it will be the next victim. We should share this idea widely so that forum members understand the rules of the market full of manipulation.

Of course, cryptocurrency can't replace fiat currency because fiat currency is a way that Bitcoin have a value. Besides from that, Bitcoin needs to regulate first by the government because people are always oblique to pay tax and should always have liquidation. Therefore, cryptocurrency will never replace fiat, our traditional money is always good when you are spending of non-internet area.

I don't think that such a thing is going to happen. The way I view cryptocurrency is not as a replacement. I only see cryptocurrency as another payment method, just like we have PayPal, it is not going to be a replacement for anything. We are still going to continue using the fiat we are using and there is still going to be paper money for those that are not ready for anything that has to do with technology.

Sometimes technology gives scammers and hackers a way to scam the innocent people and that's one of the reasons why a lot of people avoid anything that has to do with technology in their business and prefer the normal system of cash or card payment.

You totally make an awesome point there mate because the banks was said to quarantine fiat currency to prevent the spread of the virus and alot of questions are asked these days about cash been unsafe to use during the pandemic which i believe will give crypto currency more exposure but despite that some people will still choose to use fiat currency.

There is a possibility that cryptocurrency can over take fiat money but not replace it. Maybe after few decades cryptocurrency will grow and become more valuable than Fiat money because of technological advancements of economy. Cryptos will become more advantageous than other way of transportation, transactions, and also transferring wealth.

In my opinion cryptocurrency is the future, we can leave the bank in the end. Humans will want protection, speed, and low costs for transactions and the right choice for that is probably virtual money. However, for now it will be very far away so that it is realized, now not all international locations arrange it

I think if cryptocurrency can replace Fiat's money  then crypto will go under the control of the govt like fiat currency the planet will change tons but nobody are going to be ready to do what they need. Although cryptocurrency replaces paper money it'll take an extended time Everything within the world is slowly changing.

Cryptocurrency can do most of the things that fist currencies can do.
However, cryptocurrencies rely on networks that are dependent from other factors such as the internet. I believe that there is not a good internet infrastructure in order to endure an economic system.

In order to replace fiat currency, it is not an easy job because cryptocurrency currently involved in digital payments and there are some countries, mostly depend on paper currency only, before making cryptocurrency as fiat money, they need to follow lots of measures because the Bitcoin supply is very limited.

Most countries especially the bigger once would not allow fiat will be replace by cryptocurrency, even if there's a massive adoption happening on bitcoin.
Why do you think is the reason? well, that's very simple, look at USA now, they printed money, and it's not possible with crypto.

You tried, you made a point : that are still many rural areas in the world that are yet to be developed, which may make the usage of cryptocurrency no feasible In those area. In this vein I want to believe it is the same with internet network. It may take long process and time but it is possible, network must be made available in all those area to achieve this.

It's not that simple comparing to the internet because there is no conflict, the government has no business with the internet so there is no conflict at all.

Bitcoin and fiat, here, there is a conflict as fiat is what government would produce and they want the people under their government to use fiat, rather than a decentralized currency called bitcoin, therefore its not possible that bitcoin will replace fiat but they can co-exist.

Thats correct but if you read the OP statement he have mentioned the rural area and he clearly stated that in the future when internet is not the problem of rural area and even internet is not the problem every in the world crypto will not replace fiat because we actually need both.

Both bitcoin and fiat should be available to everyone when choosing a payment form. Therefore, they must exist simultaneously with each other. And only the person should choose what to use for payment for a product or service. And if you can't pay with bitcoin, then you can use fiat.

I would not say that Bitcoin is available to everyone. In countries other than North America, Western Europe, and some developed Asian countries, cryptocurrencies do not have much distribution, because to use them you need access to the Internet and a device (phone, PC, etc.)

Wait and see will possible for cryptocurrency for replace of fiat currency, when bitcoin and altcoin look easy and faster for each transaction why not many people moving their transaction from fiat currency to digital cryptocurrency with many feature and benefit like never have inflation and could be guarantee much profit when bitcoin and altcoin on the top price.

I totally agree with your comments. Cryptocurrencies will be applied in the payment of non-cash goods. This will help reduce government printing costs. But these are cryptocurrencies that are fixed by governments such as USDT. Cryptocurrencies of high volatility, such as BTC or ETH, are difficult to include in actual payments. This will make it difficult for the government to control prices. And consumers are also difficult to use. And cash is still the perfect solution for trade exchanges in the coming years.

as long as it's still very flexible, it's very difficult to accept. I've seen several official companies accept bitcoin, and it doesn't last long because the price is very volatile. In fact, stable coins also have many disadvantages, such as backing up that is not very compatible with existing crypto assets. Well, I hope that there will be an opportunity for crypto to replace Fiat.

Actually, cryptocurrency holders also need fiat money. Even, in my opinion, 85% of cryptocurrency holders do not use it as a currency but rather a commodity or asset for a profit. They only take values, not functions. that means, if what is needed is value, then they will exchange it for fiat if it has a profit. so, fiat cannot be replaced by cryptocurrency because crypto holders also need fiat money.

I guess this is a correct statement, otherwise, there is no reason to hold if fiat will be replace by bitcoin as eventually its price will be stable and no trading will happen. Why we are getting some profit is because fiat is stable and bitcoin's value will increase due to demand, and that's where we can enjoy the profit when we cash out as with fiat, it's acceptable everywhere.

Well, that is the reason why we can't just compare Bitcoin and other crypto currencies with the fiats. We don't have that much information since people are not really using it, unlike fiat. The acceptability of it and the usage of it these days increased but still, there are a lot of people that didn't know such things exist despite the advantages of it over fiats.

I wouldn't be surprised if that number actually exceeded 85%.

However! If you look at the community and the userbase surrounding Ethereum/DeFi and, particularly, the DAI stablecoin then I can see some glimmer of hope when people ask if cryptocurrency can replace fiat.

The major problem is, at the moment, the difficulty curve that comes with crypto. It's not easy enough so that my mum/grandma/grandpa/dad could easily just jump in. You need that knowledge base.

For cryptocurrency to take over fiat, it will have to be in a world where the government doesn’t care about being in control anymore lol; maybe a world where there is nothing as government, because that’s what it seems like. But as long as we still have the government we have now, nah they are not going to allow that to ever happen.

The government always wants to be in control, and money is one of the things they want to be in control. If we are to be using the decentralized cryptocurrency, there will be no way for the government to be in control of things that are happening the finance world, they will lose sight. So I don’t really see this as possible. I only see a future where we will be making use of both, But fiat will still be at the top.

But here you need to remember that if the financial market is experiencing problems, then these same problems are also transferred to assets, and cryptocurrencies get a blow on their own, because of a market that collapses, which is not good.

Sorry, but it was not as I've looked into the market. The situation may reveal that people are now conserving more on fiat rather than adopting cryptocurrency. People have their options, we are supposed to think that during these hard times people will go for crypto but it happens that they are converting it into fiat. Then it was clear to think that crypto isn't the first option but instead, they will consider this purely as an investment.

Cryptocurrency is still young technology and I completely agree with the fact that it will not replace fiat but saying that it will not replace it still it totally is rather a far fetch thing, many people are still not inclined to trust the capabilities of cryptocurrency but with scams and frauds in full throttle, people will have a doubt when it comes to this. If we can further improve and innovate the technology and the security and countermeasures then that time will slowly cone that people will continue to give their trust, cryptocurrency will prevail but in the meantime, making people aware of the advantages and disadvantages of cryptocurrency is the least thing that we can do to spread information.

I would love to think the opposite, but I tend to think the same way actually.
People won't risk their probably last money on cryptocurrencies which they never knew about ever before.
But I personally do believe that a lot more people just knew about crypto because of this current global situation

I agree but not for long. In the near future where production of money is quite hard due to lack of resources, the world will be in need of cryptocurrency. Not now but soon it will.

Its not guarantee with your opinion because one day when bitcoin have higher price and keep stable on the top maybe many countries will adopt bitcoin as fiat currency payment without inflation value. But hard with bitcoin need internet access when sending and receiving as payment currency transaction.

Crypto Coins won't replace fiat, because they are the best option in the market, blockchain and crypto coins are we healthier than fiat money, you simply can't print crypto money as you desire.

I am one hundred percent sure that the time will come when the world will get rid of paper money and the cryptocurrency will come.  Something Following the example of what happens in science fiction films.  and I am also sure that the current generation of people is so used to using fiat money that they will not only not use cryptocurrency in everyday life, but will be able to counteract this in every way.  But I believe that each person should have a choice and each should decide for himself which currency to use, fiat paper money or cryptocurrency, and state structures and the government should not impede this.

Well, can you tell us how you will use cryptocurrency if one day the government of your country will introduce criminal penalties for its use, start blocking all exchanges and websites and restrict merchants from it use? If you think that there are no ways to block cryptocurrencies, then you are very much mistaken. Why don't they do it? Because politicians have not yet fully understood whether they need cryptocurrencies or not.
If they come to the conclusion that it is necessary to completely close crypto story then neither Satoshi nor Buterin nor anyone else will be able to influence this. To believe in the total impossibility of banning and blocking something is not very smart, as for me. Yes, they can’t fully stop the network but they can dump it and make mostly useless

That is not how it works. In difficult times, people will be more interested in assets that can act as store of value. So they will go after bullion, United States Treasury bonds.etc. Cryptocurrencies are being regarded as a high-risk asset, and therefore the interest in them will be rather muted during hard times. But as the market matures, this situation may change.

I agree that cryptocurrency will not replace fiat money. Here are few reasons:

• Lack of a real value system.
• Anonymity of payments will completely destroy the existing system of state fees.
• Without a regulator, there is a high risk of speculative manipulation on a huge scale.

I am dreaming of that society structure too, but looking at that things now seems to be vague, in 2 to 5 years I bet we are still recovering from this pandemic which will be highly prioritize for most of the government so talking about this on their table is not that really needed. We know fiat is created with its inflation rate is indefinite, and I know people don't want that obviously, so they are most probably going after the decentralized one, non-govern means of trading, It would be great if it happens to become with bitcoin but that thing is very uncertain.

There are many types of cryptocurrencies, but most of them have volatile prices like stocks. Such cryptocurrencies will be difficult to apply to payment for online purchases such as BTC or ETH. But highly stable currencies such as USDT can be widely used in commodity trading. I just read the news that the Chinese government is preparing to issue an electronic yuan based on blockchain technology for online commodity exchange. This will help the cryptocurrency market grow stronger.

Fiats currency do serve additional function aside from just being a means of payment for goods and services. It is also a tool used by governments (through the central banks) to exercise control and implement economic measures. In that capacity, it will be difficult to wholly replace it with a decentralized payment system like crypt I currencies. Cryptos are best used as an alternative

for cryptos that have high volatiles, that obviously cannot replace fiat. However, for stable coins, it is still possible. it's just that it needs encouragement from the government. it's just that, for USDT, it's still quite difficult, because there are quite a lot of problems that it has, one of which is, not all of the existing USDT is really backed up with real money. if there is a chance that crypto will replace fiat, then it is government-made crypto.

i think someday crypto really can change fiat fully, like rightnow in pandemic the virtual payment on e-wallet really help people to do some trancaction

but how can it fully replace fiat even in 10 years. For me it seems like an impossible goal.
However I can see people using crypto as main payment option, but I can't believe fiat will just disappear

That's certainly true, mate. Cryptocurrencies have a higher risk than traditional Fiat because of their wild fluctuations in price across the market. At least we have a solution for this, bringing people the convenience of Fiat with the security and reliability of Blockchain technology. The solution is called a "Stablecoin" which retains the stability of Fiat while relying on Blockchain technology for security, speed, and reliability. People who want to mitigate the risks of crypto's volatility, could simply convert their crypto holdings into a stablecoin of their choice. The process is instant, easy, and secure. This is much better than directly cashing out to Fiat, subject to the control of central banks and governments worldwide. With a decentralized stablecoin like DAI, you can enjoy the benefits of Fiat without ever worrying about this.

Of course, crypto will never replace Fiat since it's decentralized by design. Fiat will always be patronized by mainstream businesses and companies, while actively supported by the government. The fact that Fiat is backed by the full faith and credit of the government, gives it some legitimacy over crypto itself. That's how people think nowadays, so they'll continue to use Fiat over crypto regardless of its disadvantages (like inflation, government control, etc). Anyone has the choice to support one type of currency or asset from another. Safe-haven assets like Bitcoin or Gold will always exist because they provide an "exit route" to the traditional banking system of today. People who want to secure their money in times of turmoil, will quickly resort to these assets. But it's evident that a store of value can never replace Fiat because it's a completely different thing. It's like comparing apples vs oranges. Let's hope crypto becomes more popular, so that it could become as good as Fiat in the future. Just my thoughts ;D

The digital currency of states can largely supplant paper money, since they are of the same type by nature and differ only in their carriers. Apparently, this will be so. However, a decentralized cryptocurrency has no chance to replace the national currency of states. She is not capable of this, and no state will ever allow this. Cryptocurrency can only exist along with the national currency of states and they can complement each other with their capabilities.

Yes, fiat money is very convenient in everyday use, because they do not need to wait for confirmation of the transfer of funds, as happens with cryptocurrencies. And to keep a couple of banknotes in your pocket is much more convenient than a smartphone or some other device.

We are not sure whether cryptocurrencies will replace fiat or not. To me it doesn’t seem possible if you look at the world we are living in right now, there are still so many people who don’t understand cryptocurrency and not interested in making use of it, and it is not just only these people, this is just like the basic, cause when you move from this to the next you will come to see those that don’t know anything about technology or that they know about technology but not interested in it; these are the people who are simply interested in cash and doesn’t have anything to do with online banking and digital money.

Exactly. Not only Fiat provides convenience, but also price stability. Crypto is largely unstable in price across the market, which makes it unsuitable as digital cash. That's why many merchants and businesses in the mainstream world have chosen Fiat over crypto. Even with stablecoins around, they seem to find Fiat more attractive for daily payments. Believe me, the time will come when crypto will be in par with Fiat both in terms of stability and convenience for mainstream transactions. While Fiat won't be going anywhere, it can live alongside crypto for many years to come.

Remember, Fiat will always be trusted by people worldwide because it's backed by the government. That's not the case with crypto as it's completely decentralized. People will use one currency from the other depending on different situations in life. One thing for sure is that physical cash will cease to exist in the future, paving the way for digital Fiat issued by central banks around the world. Once that happens, both crypto and Fiat will be very similar in the way they're used. But they cannot replace each other because of the way they're designed. One (Fiat) is centralized, while the other (crypto) is decentralized. In the future, there will be different kinds of money. Merchants and businesses can decide which currency or asset to accept from their customers. With how small crypto is relative to Fiat, it looks very unlikely that it'll become a huge contender to the world's monetary system anytime soon. Just my thoughts ;D

Actually right now the use of crypto as payment added importance because of this pandemic. But we cannot deny the fact that some people do not aware of this technology. Fiat is still the most use these days since other people cannot adopt this crypto although it helps people ease of use as payment online.

It is obvious that classic cryptocurrencies such as Bitcoin, Litecoin, and even Ethereum cannot replace fiat money. The most obvious reason is the high volatility of cryptocurrency prices. Cryptocurrencies are also vulnerable to various types of attacks on their infrastructure. Insufficient scalability, anonymity, and a number of other factors make it almost impossible to replace fiat money with cryptocurrencies. But some governments are developing their own digital currencies. It's hypothetically can replace the classic fiat money.   

High volatility is a good reason, but let's say that all three coins you mentioned settle at some point? Is that a possibility?
Crypto is definitely less vulnerable than fiat! Scalability is a bit of a problem, but that will be solved eventually. Some coins can scale more, some less, but it's going forward!
Anonymity suits many people, I think people deserve right to choose to be anonymous or not, but I can't say the same for public services, they should be open for everyone and transparent!
In the end I would like decentralized economy, we don't need bosses (governments and banks) to tell us what we can and what we can't do all the time! Just because there are idiots and morons who take advantage of the system should all of us be punished!? I think good people should be free to live and enjoy the life in the way they would like that to do! And I don't see that happening in current system where money(fiat) is controlled by group of people! I think this quote is on place:
https://pbs.twimg.com/media/EXZYheGUEAAfhpT?format=jpg&name=small

It is hard to see that bitcoin or the whole economy of the cryptocurrency makes a lot of changes like replacing the whole fiat currency because most of the time we used the fiat currency because it is the more traditional way or kind of payment. One of the reasons why we have a fiat currency because we are a country which is distributed if we are in a world with one land like the whole Pangea its possible to make one currency then the cryptocurrency can possibly replace the fiat but we are distributed with having different places, currency, nationality, and value of money so there is no chance to replace. If we are talking about the innovation and advantage of using the technology we can now use the cryptocurrency which is more efficient, faster, and secured than the way of payment of ours today.


One of the reasons too is the market price of the cryptos are volatile and it is hard to make sure that all of the currency is having the same market value of the coins if the coin is like DAI or other stable coins it is possible to adopt.

It is very difficult to say that what happened in the future. We can not surely say that cryptocurrency can or can not replace fiat currency. Before 25-30 years ago who surely thought people will use bitcoin as their daily transaction. If all the people learn about bitcoin and  ensure necessary equipment to use bitcoin then it can be possible. But this is very difficult and presently not possible.

Well, that is true, but the people not aware of this technology is also true and it is really sad to know that. Here in our country, despite the pandemic being a problem, people are still using the normal ways of payment. It is not that they do not want to use crypto currencies at all, it is just that they are not aware that they exist. Some use online payment I can't really blame them since there is only a few stores that actually accept bitcoin here.

Do you think crypto can work well in rural areas and don't even need the internet? the fact that you convince them to use a new currency and to use technology is something unimaginable. They are people who don't know about technology and you force people to follow?
It will be very time consuming and even impossible to do if the people do not cooperate. I feel that crypto should only work in Defi, it should not be in centralized markets.

But it doesn't mean cryptocurrencies have the upper hand.

There are a lot of mobile wallets that offer payments using Bitcoin and other cryptocurrencies but I don't think people are actually using it right now since the halving is closing and people would be thinking to just save or hold it rather than selling it. That just means that despite the chance that we are seeing people would use cryptos, they are not. And another thing is that not all of the people are actually interested in using it and usually, people don't know what it is.

It is right that the time didn't yet come to replace the fiat money but it is not such a matter that it never be possible. Many countries of the world have already given the legality of cryptocurrency. Now, more people are gradually being interested to the crypto world. If we compare the present position of cryptocurrency with five years ago, we see, there has been a great advancement of the crypto world. So, I hope, cryptocurrency will acquire the whole world in near future and countries will permit to use it as like as fiat money.

   
   I can say for myself that I am a true believer in crypto-currencies. I believe crypto-currencies will replace
traditional fiat system. I would like to see decentralized projects to replace them, but sadly some countries
will make their own and maybe force and limit people to use them, they will find a way.
   But even that can mean nothing, if people embrace crypto-currencies we know now! Decentralized projects,
privacy coins, anyone can find the best coin, and we can change the world with help of crypto-currencies, but
to do that we need to do it all together!

Now there is a non-cash payment method for goods and services, so nothing new in this can bring to the economy cryptocurrency. Governments of various countries are now on the way to creating a national digital currency, which will replace Fiat.

No, they will not replace fiat. Just because some governments are creating their cryptocurrencies that doesn't mean they have the intention to replace national currencies. Besides cryptocurrency are not in the stage they could support economies and financial systems.
No regulation, no stability, fluctuations, volatility I suppose these are no characteristics that you would want from the currency you depend on.
So, cryptocurrencies and fiat money will function together and with time cryptocurrencies will develope and progress more but they will not replace fiat.

There are chances that cryptocurrency might replace fiat but it is very low simply because fiat is regulated by the government. The question is what if the government turn fiat money into digital currency, imagine if the world does not have fiats anymore and are just using digital ones. This is the thing that is being arranged for now, some countries are experimenting on it, they are even turning bitcoin into new economic class and asset. We can't tell future but we can decide what could be the future.

It seems to me that you are confusing a decentralized cryptocurrency with a national digital currency) The national digital currency will not be subject to volatility and will be fully centralized. And this is the main goal for any government - control over its citizens.

That's right and compared to bitcoin or cryptocurrency, our fiat or national digital currency is more useful in terms of payment for the fact that it's faster and regulated at the same time, however, if people think of holding their fiat, then they should think wisely as we know how the government are handling our financial system, the economy is struggling and fiat's inflation will increase.

Goverments will never allow it, they want to control money. Maybe we will see digital fiat but not a btc as resserve currency

Exactly. Right now, crypto has far more benefits than Fiat itself. Its current issues will be solved over time as development and innovation grows in the Blockchain space. With stablecoins, volatility is no longer an issue. Anyone can quickly trade from a volatile crypto to a stablecoin without the need to interact with a bank or real Fiat whatsover. As far as scalability goes, we already have second layer solutions like the Lightning Network and Raiden Network, sidechains, a higher block size capacity, and more. People can still send/receive money faster and cheaper than they would with wire transfers, etc. You can even interact with crypto anonymously via the use of privacy coins, decentralized exchanges or even non-custodial mixers. That's not entirely possible with Fiat as it's subject to control and manipulation by central banks. Everything you do on Fiat can be easily monitored, while banks charge you high fees for their own gain. Not to mention, a wire transfer could take days to settle.

Despite all of the benefits crypto provides over Fiat, it'll never replace Fiat because of its decentralized design. Fiat is and will always be backed by the government, which gives it a certain level of legitimacy within the mainstream world. People tend to trust it more than crypto because of this. When it comes to mainstream commerce, Fiat is the true winner. For each use case, will be the type of currency to use in daily life. I think we should make use of both crypto and Fiat for our own financial benefit instead of using one over the other. Just my thoughts ;D

What you talking about, FIAT has already been replaced, it's just a matter of time and architecture of dynamics. LOON are already putting the world on the NET...

Cryptocurrency is made-up to be an different find of payment that's scarce and decentralize, while the from way back financial system gets to keeping pace and manipulative.But if individuals gets to fed up with it, we force think about it immense migration of users from fiat to cryptocurrency, uniquely once countries are frustrating to found their concede cryptocurrency we power distinguish a colossal adoption in the future.

I still don't see it happening, well, I respect your opinion but there's a certain part of the world which are still not covered with internet, therefore online transaction is impossible for them, and with fiat, it was the government who are managing it, it maybe not transparent and they can abuse it but they will also not allow for it to be replace by something they will loss control of.  That's my opinion too.

Of course, I apologize, but in what places did cryptocurrencies replace fiat? I don’t see, there are especially many places where you could pay with cryptocurrencies without converting them into fiat currencies, either directly, using exchangers, or other methods.

There's no play, though in the most develop cities where they have a good internet connection and digital currencies are widely used, they can't still beat the volume of money going in and out which are fiat, therefore let us not think that crypto will replace fiat because it's tantamount to saying that decentralize system will replace the centralized system, not gonna happen.

Maybe cryptocurrency can't replace fiat currency but in a utopic future where money will be only digital or "coined" and cash will represent what originally the bitcoin was made for. Economy and the banking systems had to implement crypto in their asset, but if they'll do it, certainly it will not be agreed by the native users of bitcoin; Anonymus and Instant peer- to -peer transactions are the fundamental basis of cryptocurrencies. My personal opinion is if bitcoin will be globally implemented as an investment asset or used to normale transaction, it will be his death.
First of all, (1) if bitcoin users or who owns bitcoin wants it to speculate over its price, I don't care that a global coin can receive more value than what nowadays already is, of sure the demand, will increase by the users but hyperinflation take his price down again.
(2) If the point(1) is accepted: Why should bitcoin users maintain their assets in their portfolio if the price will fall?  
Before responding to this question ( money has the function to speculative, reserve, precautional).
Obviously who owns bitcoin will sell all assets to return to the fiat currencies, which has globally implemented and zero cost of a transaction, and meanwhile the bitcoin will raise the fiat currencies will be the standard. (3) In the end, bitcoin will increase until its implemented (  achieved the higher valuation of all time as a "spike", someone forecast 100x and 1000x) by the way, investor and users will sell all or not at all their asset cause the high volatility of the price.
The future of crypto is to remain crypto also if in long term transaction fees will decrease. But I think that as in the economic circle, the new system takes the old system down and the transistor will be updated by quantum-transistor, anyway will happen to bitcoin if we believe it has to be the future.

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ps Excuse me for any mistakes.

Governments dont allow anything they are allowed by us, they represent the people and are of the people.  Iam aware theres military dictatorship and communism, fascism and all sorts but ultimately an economy is by agreement of the people.   Even in the USSR people operated pricing outside the government system, because that is the market that will always exist between people for the value they place based on time and personal need.   I believe in that case it was cigarettes and dollars which were most often used instead of the official Ruble.
   If BTC is to become reserve currency it'll be because society benefits most from it being in that position, we cant really force it only enable it by Bitcoin generally the most useful product.    I imagine the boring truth is we go back to gold as a block of metal kept as an asset but lent out via loan, promise or agreement which is effectively a reserve asset or currency.   BTC itself should be useful in in its secure transaction, gold is a ton of hassle to be shifting around.    Between banks they must melt down the gold and recast the bars when gold is transferred, this is to certify its good asset value so mostly that is not done and the gold stays in NYC or London and is merely changed on a balance sheet.

Agree. Crypto will never replace Fiat because of the way it’s designed. The lack of a central authority makes crypto entirely different from traditional Fiat as we know it. Governments will continue to patronize Fiat above anything else, as they want to remain in control over people's money. The fact that Fiat is backed by the government, gives people some certain level of "confidence" that the type of money they're using is completely legitimate. That's not the case with crypto though.

While crypto brings many benefits over Fiat, it'll always be one step behind it. The biggest issue of decentralized cryptocurrencies is price volatility. Serious merchants and businesses alike would prefer to deal with Fiat directly because of its stable price on the market. Even those who accept crypto, don't use it directly as they would with Fiat. Crypto is instantly converted to Fiat when a customer makes a purchase in order to maximize the merchant's profits as much as possible.

Nonetheless, I believe that both crypto and Fiat will live alongside each other for many years to come. Governments cannot prevent crypto from being used in the mainstream world, whereas crypto advocates can't prevent the use of Fiat. The decentralized and centralized world will be separate from one another, giving people the option to choose which economy they want to support. Depending on a person's needs, will be the type of currency to use for mainstream transactions. Just my opinion :)

I agree with you that I think it will provide an alternative method Because using crypto they will never feel comfortable using Fiat With crypto decentralization everyone can invest as they wish There is no role for the government here. However, in the case of Fiat the government manages. At present  if the government of each country supports crypto, then the alternative method will come out Many will not support it Working in crypto requires more or less both The government will never be able to control the crypto-like Fiat.

In the future money is going to be only digital.
Now with Coronavirus we are more encouraged to use contactless payments and all is happening with credit cards and virtually.
But due to volatility cryptocurrencies are not going to be widely accepted. Only if cryptos are going to have a stable value of some stables coins are going to be used will save the day.

bitcoin has become a part of the monetary system that co-exists with other asset classes. Arguing whether one will replace another is simply waste of time.

debates that waste time but are important...
trivial matters need to be discussed so that we can prepare ourselves when that time comes. I am sure fiat currency will change to digital or cryptocurrency, indirectly it was deliberately replaced because it is easier to control and supervise digital currency or cryptocurrency.

The government is trying but they can't so if they cannot beat it join it, government are now creating a digital currency on their own, China will soon launch one soon and after that many countries will follow China's lead, we cannot ignore if the most powerful country in the world is creating and becoming a model of it.

Look my country's (venezuela) Petro, it's an absolute fucking joke, supposedly pegged to oil price but not only does it no go down with it, it's price has been arbitrarily raised twice. Then they hard fork it in secret and pretend like nothing even happened. As far as I'm concerned, is cryptocurrency has a government or a company running it, it should not be taken seriously.

I think that cryptocurrency users no longer need to worry about the fact that the government is fundamentally determined to destroy cryptocurrency. So far, there is no problem that cryptocurrency exist in parallel with fiat money. at least in my country, the government is proposing the adoption of certain laws to create farms, with the appropriate equipment on the basis of nuclear power plants, to mine cryptocurrencies, while using that electricity that is in excess. Of course there is an option that the state will create a monopoly on the extraction of crypto currency, But this can only be in totalitarian countries.
In addition, if the business is already interested in using cryptocurrency, then I am sure that no government will want to harm the business, that is, its economy.

Well, they won't just let something develop without being controlled. however, I also suspect that they will make their own crypto instead of letting foreign companies control the economy. other than that, this only applies to cryptos that have stable prices. for those who have high fluctuation, I don't think that will happen.

Depending how giving rule and space by government each country, I think cryptocurrency could replace for fiat currency place if government want to allow and legal using bitcoin or altcoin as currency payment, but right now have many countries not giving access to bitcoin and altcoin become public digital currency payment.

And let the whales control the country? For real?

As long as the government couldn't control cryptocurrencies, it will never replace fiat currency. We all know how controlling they are, that would never change as long as they are the government. I do believe that we will be seeing a digital currency used in a country but I don't think it will be Bitcoin or other cryptocurrencies we are seeing or using now. Bitcoin can be mainstream in the future, but it will never replace fiat currency.

One important consideration is that cryptocurrencies cannot be manipulated quite as easily as fiat currency, largely due to their decentralized and unregulated status. Bitcoin is not backed by any physical commodity or precious metal. Throughout much of its history, the current value of Bitcoin has been driven primarily by speculative interest.

Nowadays People already know the value of cryptocurrency,  and i think it won't be changed on their thinking. even many people thinking that crypto would be the most excellent options to eliminate fiat harms in terminology of transactions, but it's not that straightforward to divert into great abnormal for other non crypto users. That's why it necessity to mature further over and over again before we put into action this gentle of system to each one individuals.

The question is, are these governments ready to let go fiat and give cryptocurrency their full support? No! Remember that fiat forms the backbone of most countries economy. I country's native currency value determines the economy of such country. Governments will rather prefer to digitize their currencies instead.

Most of the people still prefer fiat rather than cryptocurrency because its easy to use in real world. Cryptocurrency need internet access in order to transfer from one person to another. There's a lot of advantage of fiat in real world. Ordinary people only use fiat and not even know about cryptocurrency. Many establishments are not yet accepting crypto. There's always a room for improvements and real world need to accept bitcoin first before other crypto can be accepted.

Fiat is going to be their because many countries are developed and are in the superpower because of their fiat which is used worldwide. Crypto is beneficial for the countries where their own currency is not doing well those can adopt this currency. But yes, more and more countries prefer the crypto you would have better demand in coming time.

In my point of view, cryptocurrency cannot be as useful as fiat currency when it comes to everyday basis, that human uses fiat for trading goods to buy or sell, but also crypto can be use same as that in such a way we can trade some stuffs through online payment. In that case, cryptocurrency is not that usable as fiat is, but it also have a good features and advantage like through online transactions, crypto is more convenient.

of-course crypto is much more beneficial as compare to fiat and those people who would realize it, will know the importance of crypto. however Fiat is for those people who do not know about crypto but i think the technology is growing in such a speed that the people in rural areas will also come to know it in no time.
the thing is that different people have their own preferences, but i think in future the crypto will be more dominant as compare to fiat.

One important consideration is that cryptocurrencies cannot be manipulated quite as easily as fiat currency, largely due to their decentralized and unregulated status. Bitcoin is the utility as a store of value is dependent on its utility as a medium of exchange. Like fiat currencies, Bitcoin is not backed by any physical commodity or precious metal.

Well that’s your opinion but mine is that cryptocurrency can replace fiat currency easily. They just need to regulate the crypto world. There are a lot of cryptocurrencies that are based on the same idea, They will need to reduce them also any new one coming out will have to meet some certain requirements.

I think so. It's difficult to think that crytocurrency can replace fiat currency because this two have different features,usage and value. Also Cryptocurrency is decentralized and no single authority regulated it. While fiat currency is centralized and issued of the government. Also cryptocurrencies value is volatile while fiat money has it's own fixed value. Also unlike fiat money,crytocurrency always need internet connection to operate and make every transaction. There are so many differencies and many things to consider for crypto to replace fiat money if ever.

You are from Venezuela? I'm curious, did Bitcoin actually become so popular during the last years, as it is reported? I refer to the current situation in Venezuela in the white paper of my project as to an example of how crypto can threaten fiat during the time of crisis. I understand that Bitcoin can't replace fiat, but still it seems to attract people if the government escalates inflation or applies another unpopular monetary measures.

I have read the thread and I see that people are mostly skeptical about the governments vs. crypto confrontation. I believe, however, that the problem should be approached from a different angle – we just need a proper cryptocurrency.

Indeed, if we take a spherical government in a vacuum, it seems beneficial to oppose crypto and defend fiat, since it’s directly controlled by the government itself. It turns out, however, that there are plenty of governments in the world, which don’t act as a unitary system (unless we believe in all that ZOG and illuminati stuff).

Now suppose in some country the government plays a little rough with monetary policy and provokes a severe hyperinflation (hello, trillionaires from Zimbabwe). At some point, national currency starts costing less that the paper from which it’s made. As we remember, the Zimbabwe case was resolved by adopting USD as a national currency.

But what if in the same situation, there rises a political power that intends to adopt crypto instead? From the point of national sovereignty, crypto is apparently a better option, since it’s completely independent, unlike any foreign fiat currency. Once certain countries adopt crypto, and if the citizens actually asses the benefits of that transition, political entities in other countries can start using the ideas of crypto as a part of their political agenda to gain the sympathy of voters, which will lead to a wider adoption of crypto. Finally, even developed countries will be forced to engage in crypto, otherwise risking to be left behind the technical progress.

Seems like a fantastic novel? Well, remember how just a couple decades ago everyone laughed on Helicopter Ben for his devotion to Friedman’s helicopter money concept? Now we see a strong lobby for the concept inside the ECB and the US government itself started drops during the Corona crisis. What happened? Not so funny now?

I see crypto as a next technological step in the money evolution after fiat. The problem is that we currently do not have a platform “evolved” sufficiently. Bitcoin is definitely not up to the task due to its severe inconvenience and an inappropriate economy (if someone is interested about that fact, I suggest you to read about it here  (https://www.liberdyne.com/Liberdyne_Dynemix%20White%20Paper.pdf)starting from page 88, it’s quite a long story for this post).

For that reason, three years ago I started a project of creating the ultimate blockchain platform that can handle the task. (Here (https://bitcointalk.org/index.php?topic=5251258.0) it is, if someone is interested).

Cryptocurrency was not meant to displace Fiat because it cannot since fiat has the full backing of the governments. Cryptocurrency was created to make payment better by eliminating third parties involved in transactions like the Banks. It will be best to let both coexist and achieve their own goals.

well,  volatility can be avoided and one thing that can make it possible is every country should create their own crypto under the power of the government. Without its guidance I doubt fiat will be annihilated.

Now that governments have recognized crypto to be a "force to be reckoned with", they have decided to join the crypto/Blockchain revolution. They found that there's no other choice, as crypto takes the world of digital payments by storm. Governments consider crypto to be a threat to the world's monetary system, so they're trying to launch their own digital currency solutions to avoid getting left behind. It's becoming evident that Fiat won't be able to replace crypto because of how big it has become over the years. In the same way, crypto can't replace Fiat because it's backed by the government and people tend to trust it more than anything else. As CBDCs come into play, there will be a "clash" between the centralized and decentralized world.

Countries like China and France are getting ready to launch CBDCs of their own, so it should only be a matter of time before physical cash fades into oblivion. The average person won't notice the difference when using a CBDC since it'll behave the same way as traditional credit/debit cards. Those who want censorship-resistance and privacy over their money will choose crypto, while those in favor of stable prices and mainstream adoption will choose digital Fiat (CBDC). Both sides have their unique advantages/disadvantages from one another. Crypto enthusiasts should accept reality, as no decentralized system can ever replace traditionally centralized ones. There will always exist power/dominance over the world's economy by entities such as central banks and governments worldwide. It is this reason why both crypto and Fiat will head their separate ways serving unique use cases for people in the mainstream world. Just my opinion :)

As long as the cryptocurrency remains volatile, it will not have a chance to displace the national currency, including fiat, from circulation. But given that the cryptocurrency exchange rate cannot be stable, we can assume that such a replacement will never happen.

The ideal which prompted the creation of bitcoin or better still cryptocurrency has long been deviated from. 80% if not 100% of crypto enthusiasts fo not see cryptocurrency as a medium of transaction or a digital payment gateway but rather as an investment where they buy more when the price are on the decline then sell when it increases.

Exactly. Crypto is only useful as a store of value than anything else. That's largely because of its wild fluctuations in price on the market. As long as it stays that way, Fiat will continue to dominate the world's economy. It's no wonder why many merchants and businesses accept Fiat instead of crypto. I believe that the only way to truly grasp the benefits of crypto, is by relying on it as a unit of account. Getting paid or spending in crypto directly instead of Fiat, will greatly contribute towards the crypto economy. Only then, crypto can be used the same way as Fiat currencies today.

Despite all the hype surrounding crypto, it may never turn out to replace Fiat in the long term. Aside from price volatility, crypto is decentralized whereas Fiat is not. The latter is largely patronized by central banks and governments, giving people a sense of "confidence" when using it. Since no one controls crypto, it's a completely different story. The average person will find crypto unattractive as it's not supported by a trusted entity (unlike Fiat). It's the reason why we see so many people believe crypto to be a "scam", when in fact, it is not. This, alongside other issues, will make both crypto and Fiat head their separate ways for the foreseeable future. Expect to see everything remain the same, after the introduction of CBDCs. People will either choose crypto or digital Fiat for mainstream transactions, the same way they're doing right now. Just my thoughts ;D

Agree, it's hard to trust a currency that has no stable market, people will still choose fiat over crypto. It will be hard for them especially business owners to have a currency that can change their income due to changes in the crypto market. Obviously, those who have a simple business and normal people, they will stick to the traditional way since they don't have the ability to adapt that will not affect them when a drop or growth in the market happens.

I don't think the idea behind Satoshi's creation of Bitcoin was to displace fiat totally from the system. His aim was to create a payment system which offers better and revolutionary solutions to the old ones we had. Fiat already has support of the government and used as a significant metric for measuring the economic status of a country.

Business owners will not be able to maintain their accounting records if the balance changes due to cryptocurrency volatility. In this case, it will be difficult to calculate the necessary amount for paying taxes. And if the price of cryptocurrency decreases, this can lead to a loss for the business

The question is, is it even really necessary? It could be an alternative, a second option. Unfortunately that´s absolutely against what a FED or other fiduciary institutions are representing. A CBDC could be a third option as a compromise of states fiat money and digital currency. That would be a technologization of the already existing money, so from one angle it would eb cryptocurrency but not what Satoshi had in mind when creating Bitcoin.

Nothing is impossible. At the first stage of crypto invention, very few people were familiar with this currency but now millions of people of the world are now investing and making trade in this field. At a time, countries of the world directly rejected the use cryptocurrency but now many countries have already permitted it and some other countries are thinking to permit it. You should know that the bitcoin is gradually occupying the world's market and I think it will be used by most of the countries in near future. So if the countries allow to use crypto as a digital currency for all types of transactions, it will take the place of fiat money within a moment. Maximum countries of the world are now technologically developed and already they are using digital currency for transaction. As a digital currency, using crypto like fiat money is just a matter of permission of the govt. I think it will be possible soon.

And that would be the primary reason why crypto is not yet used widely in business—the volatility.

From what I've read, for the vast majority of merchants,  crypto is something that they didn't learn to trust, plus according to Kris Marszalek, CEO, Crypto.com, "Crypro's price swings is not really conducive to merchant adoption."

However, nothing is impossible right? Who knows that in the future, merchants around the world would learn to take risks and adapt crypto payments. Or maybe crypto may even have stable price. We don't really know. It's just that, for now, crypto cannot replace fiat.

Exactly the point! Fiat has the full support of the government hence thinking or waiting for crypto to entirely displace fiat is like a chase of the wind. It is best to focus on how to increase cryptocurrency adoption by first integrating it into the payment systems in our various businesses and companies. This will raise the status of the market.

That is because fiat is fiat.

It is the currency used in a country, I don't think they will be letting a decentralized cryptocurrency take over the currency they can control, right? Fiat is the norm of payment in countries, the second ones are mobile wallets, mobile payments using applications, and other platforms. And I agree that we should just focus on increasing the adoption of it.

When talking about cryptocurrency you always think about bitcoin. Do not forget that stablecoins are crypto currencies as well and we are talking about them here as well. So if you want stability and not get dangerous but still want to be in the crypto world, you could perfectly accept something like USDT and people will pay that.

All we need is a payment method, a system where it is easy and quick for the buyer and seller to exchange USDT very easily, plus we also need that payment method company to increase adoption of USDT spending by going around marketing it like crazy, at first it would cost them a ton of money but if they can spend tens of millions of dollars for a long time while racking up debt like crazy, in the end they will have tens of thousands of places using their payment method to exchange money which would make them cash forever.

I agree with you, sir. But in our country, I really think that cryptocurrency can't replace fiat. The mere fact that somebody is explaining something about crypto world they can not accept it. Usually they will ignore the good sides on go on with "it's a scam". Having a fellow countrymen who can't accept and doesn't have the means, this will not be implemented.

If the demand for fiat currency is much lower than that of crypto then fiat will lose its existence and its use will be greatly reduced But the demand for crypto will increase as it is not owned by any government here and its use is widespread. The front will improve further However, cryptocurrency cannot replace fiat Fiat is the stable currency it is managed by the government.

That is the same in our country.

Since there are a lot of news surrounding around cryptocurrencies especially Bitcoin being used to scam people, they tend to think that it is only used that way. And since that is the inly news we hear from it, they will obviosuly think that it is a scam. That is the reason why I am not opening that I am a user of crypto, I just answer questions when they ask me.

Agree. Crypto's biggest issue is volatility. Unstable prices on the market makes it more suitable as a store of value than digital cash. It's no wonder why serious merchants and businesses alike have accepted Fiat on top of crypto. Losses or gains can be reflected in a blink of an eye due to the uncertain nature of crypto. I believe that stablecoins are a more suitable replacement of Fiat, although some of them are linked to real USD reserves. Depending on the blockchain network they're based on, their fees could be extremely high or dirt cheap. Speed is also an important factor to consider here. Since Fiat is instant, stable, and reliable, it'll be actively used in the mainstream world for a very long time.

Nonetheless, no one knows what will happen in the future. With a friendly regulatory environment for the crypto/Blockchain industry, we could see the "impossible" someday. I'd expect Bitcoin and other major cryptocurrencies to have a stable price relative to Fiat to serve as a viable alternative to the world's monetary system. Only then, people will be able to use crypto more thoroughly as they would with Fiat. Considering that both ends are distinct from one another (either centralized or decentralized), it looks likely that they'll survive for a very long time. People will have a choice between crypto or Fiat for mainstream payments. The diversity of assets is what makes our world a better place. There's really isn't a dominant form of money, since each asset has its respective value/use cases in the mainstream world. Hence, neither crypto will replace Fiat or vice-versa. Just my opinion :)