Bitcoin Forum

I'm curios guys  what if after a centennial years all around the world using cryptocurrency to pay they didn't use a real money  ??? ???

newbie here  :)

Let me ask.

What happened when gold was the only payment mean? Oh, did you know, before gold, we were buying/selling with sugar or other primary commodities? No banks ot something close to that. So to get an answer to your question you just need to look back at history.

Not sure what you wanted to conclude, but cryptocurrencies as the only way to pay will never happen. Before we see this possibility there are a lot of other payment means more eligible for such a situation (gold, silver, etc). Not even talking about the fact that cryptos are stateless, and that's a BIG problem.

Also, cryptocurrencies (at least Bitcoin) do not claim to replace the current system, only people in their imagination, they claim to be an alternative, and that's a lot different

For crypto to be the only means of payment/buying and selling, that can also be interpreted another way to mean there's going to be the absence of governments in our society, for as long as we have a government ruling over our countries and the economy, fiat currencies will definitely continue to be used.

Cryptocurrencies are decentralized so it's not something the government can control, print or distribute as they please. Thats why there's always going to be a centralized means of payment, which happens to be fiat for now, whether it's digital or online fiat means, but it's what the govt can control, nonetheless adoption in Bitcoin will definitely increase as the years go by, but it and other dex cryptos will most probably remain alternatives to fiat currencies.

There's always a possibility that this instance might happened. We know how the financial system evolve way back 100 years before. In the past, people are using Gold, Paper money, coins and other precious metal as mode of payment and now we have already cashless payment plus most of the business establishment like restaurant and malls have a cashless payment method. We are already slowly reducing the used of physical money as payment and I believe in the future, We are already fully embracing the cashless society and cryptocurrency like stablecoin might be the alternative to the fiat we are using right now.

I dont see other option. Why would anyone trust centralised coins once they will taste permissions decentralised cryptocurrencies.  Only change will be that more people will have access to banking services and that less people will lose their wealth to inflation.

Digital currency could be use in the future but I do not know if how it will going to earn unlike in fiat that it is made out of physical medium that distinguishes value depending on the number of fiat being produce and the value of the economynif that certain country.

Most likely in the future digital currency would be a way for a better and faster transactions. This can make life more easy and comfortable during the transactions.

For me, the current system or fiat or any other payment methods other than cryptocurrencies will stay. I don't think so people will totally use 100% cryptocurrencies for payment, there are still a lot of people who don't have access to the internet, that is one of the reasons.
And also people have their own preference and opinion, they may not want to use some of the cryptocurrencies because they are afraid or they don't want to upgrade their self, using some digital payments and will still remain on the traditional way.

Maybe after centennial years, there would be internet access for everyone. But, even though that's what would happen (if it will happen), like others, I don't think people would totally disregard using paper money and turn to cryptocurrency alone. There would be increase in crypto users, most probably. But not using money for like at all, as long as there are other options, I don't think so.

So are you trying to say Bitcoin isn't real money or what? The fiat you regards as real aren't shit, they're still relevant because the bankers and government says so. We had other sources of exchange before the fiat system and they all function properly some even more than the fiat system you regard as real.

I'm speaking of the Gold ara or barter system. Do understand that the fiat currency don't have any backing, at the very beginning US Dollars was backed by Gold but that isn't so anymore. Other smaller fiat rely on USD which means they're relying on a fake currency printing from thin air without any real backing.

I don't see that scenario you speak of happening, fiat will still be functional but it won't be a preferred exchange medium anymore most especially online. Just as email is a better option to using letters although that doesn't mean there aren't some individuals still sticking the their letter writing.

It would be a big adjustment for every person when this thing happens, many people don't have good access to the internet, and as we all know the internet is one of the most important things for you to access cryptocurrency. Many people don't know things about cryptocurrency, what more to blockchain, decentralization, and many more. Even though cryptocurrency has so many benefits for everyone, I don't think that it would be good as the only means of payment.

Going that far ahead of time, it’s certainly likely that a large portion of payments will be made through some sort of cryptocurrency, be it Central Bank based or else. Nevertheless, being a technologically centered solution, the countries will need to consider the solution for those that don't have access to the reigning technology at the time, nor the embedded technological culture that it requires.

What would worry me most, in any case, is a dependency on a technological based element for basic transactions in times of dire need (i.e. war). Country blackouts/telecom blackouts  would be one of those situations.

For the time being and few years to come crptocurrencies will be an option to fiat, some countries haven't even legalized crpto.
 Fiat currencies are relatively stable, the stability allows regulators and governments to navigate the economy against recession and inflation, so i think cryptocurrencies will remaun second best, though it will be adopted in most cases of transaction as the only means for payment

I think physical money would exist for a hundred more years because not all people can afford to buy cryptocurrency as a medium of exchange, and the country's government backs it. But there is definitely a chance that people could use cryptocurrency as an alternative payment in exchange for goods and services worldwide.

In my opinion this is going to be the future. Crypto currencies are great to connect people all around the world. Transactions fees are so much lower compared to the standard banking fees.  Just one thing, why you say "use real money"? Crypto currencies are real money. Just look at Bitcoins. You can use bitcoins already in so many stores to pay for things.

That will change the whole payment system from the traditional payment system into a digital payment system.
But I think we already use the digital payment system in this pandemic because many people use their digital fiat that integrated into their mobile phones to pay something, so I think we already transform into a new payment system.
Maybe the real money still exists and can be used for payment, but the cryptocurrency can give another option to pay for something that we buy.
But I think we are still far away from that because the cryptocurrency is not used for the payment system until now.
At least, many countries still use fiat money to pay for something.
If cryptocurrency becomes more popular than today, and many countries are trying to integrate their system with blockchain technology, maybe the new era of the payment system will start.
We will see a new change in all countries.

I think this topic reminds me about a restaurant in the Philippines that they only accept cryptocurrency payments and not fiat. It was located in Cebu City according to one of my colleagues, but never actually tried to find it. If it does, I would really wanna test out paying them in crypto for ordering foods.

When I visited Roxas City in Capiz province, there was a Crypto Cafe restaurant. I visited there thinking that they are accepting cryptocurrency for payments, but they've never adopted it yet. I don't know if they already did that since I cannot visit them due to pandemic.

Of course, if cryptocurrency is the only way to pay, then I have to find a way on how to convert my cash into crypto by just using a mobile phone. But I have no issues with transferring cash to crypto easily because of multiple options, even if it comes from my bank account or mobile provider.