Bitcoin Forum

During this pandemic, the rate of cryptocurrency adoption is accelerating. Fiat currency will disappear as the use of cryptocurrency increases. The reason more and more people are using cryptocurrency is its function as a reliable hedge for value during Covid-19 as it is today. That way fiat currencies can be replaced by cryptocurrencies, one of which is a 1: 1 stablecoin with a fiat currency such as USD. In the end, stablecoins could replace fiat currencies, although it will still take some time.

How do you respond and analyze to future cryptocurrency trends?

Hey, don't you know that only a fake negative news (https://quantifycrypto.com/blog/tweet-sends-crypto-market-crashing---real-or-fake--) a few days ago made bitcoin crash by almost 20%. How come a fragile, vulnerable currency can replace fiat currencies? No, even stable coin can't replace fiat when USDT can be printed without any condition. My brightness prediction, bitcoin can be a mean of investment and less volatile.

Cryptocurrencies adoption increases for sure, but do we use cryptocurrency for purchasing then definitely not so we still have time for the replacing and I don't think stable coins can sustain if cryptocurrencies replacing the fiat money.

Actually, the thing that you are analyzing has already been analyzed by several other people when the new pandemic occurred, if for now it seems that it is a little too late to analyze because in my country the pandemic has begun to finish and the use of cryptocurrency has started to increase but has not been applied in real life because In our country fiat currency is still highly valued.

The existence of crypto currency is an alternative bridge when the value of banknotes will gradually decrease, but based on the value of crypto banknotes it has value. both seem to have a function that fills in each other's gaps.
If massive inflation comes, because confidence in the value of paper money drops, and that's why crypto came to the rescue.

Fiat will not disappear, that is just not going to happen at all. Sure the adoption for bitcoin and other crypto increased, but it was increased mainly to have more fiat and that is the problem. Do you see people spending bitcoin to buy things more than they used to? That is the thing that will keep the price high, because people will not have to cash out of their bitcoins which means they will not sell their bitcoins which will keep the price high.

As far as I know the only big news was people being capable of buying tesla cars with bitcoin, aside from that there was no adoption. Which means people buy bitcoin with fiat, wait for it to go up, then sell their bitcoin for fiat again and use that fiat to live. As long as that continues, no matter how many people do it, eventually it is going to let fiat become more powerful, not bitcoin.

The pandemic really made cryptocurrency more accessible and convenience for many but considering the current situation as a transition for cryptocurrency on replacing fiat cannot be supported or be made certain yet. Cryptocurrency may be considered as a very useful currency but knowing the limit and restriction it imposes, it can never replace fiat for now. Maybe in the future, through massive developments, we may really end up witnessing crypto taking over the world where it is used more often than fiat and people are already comfortable and dependent on the convenience and benefit it gives off to them.

Friend, have you just woken up? This question was relevant back in 2017. Today, there are many more platforms and services that implement cryptocurrency payments than we think

What about the world bank? Is world bank gonna let that happen? Because if they will let it happen, they will lose the control of what they have right now. We are talking about a massive changes and it will affect all the sector of industry.

I don't see crypto replacing Fiat, Fiat has come to stay but Crypto has come to stay as an investment asset and with bog projects have strong lobbying power by paying up all these big people in finance and politics to join their advisory board, the path way for the future success is been laid

Fiat transfers are now mostly done online. Digital payments are now being encouraged.

Fast, quick, and payment transfers are just seconds away.

I'm with crypto but thinking it will replace fiat is unrealistic. Let's just stick to the reality even how positive we are in the future of crypto.

I do agree with your statement. People have started to realize the fact that stable coins can become the best alternative for fiat money. Crypto is much more comfortable because it can be brought easily by people.
So many central banks aware of this and they were feeling worried if stable coins have started to take domination in the future.
So many countries started to propose their own CBDC. that proves that if the trend of stable coin will continue to exist along with the crypto market.

There is always possibility that it will come, but it needs more time and plan because there are many things need to fix, to buy and other thing. One of those is the stable and strong internet connection, readiness of the system, the gadgets to use and many more. So for me, fiat cannot be replace because not all companies, market,stores uses digital payments, not all can afford to buy gadgets and load for internet connection. It exist for a long time which we already use to in paying.

in the future crypto will be fully adopted. and the speculation of crypto replacing Fiat became real. governments in each country will issue their own stablecoins, whether it be on the ethereum, tron or bsc network. but certainly the current crypto trend is one of the initial triggers. but even though crypto has been adopted, centralization has never completely disappeared.

In my opinion, cryptocurrency in the future cannot replace FIAT currency, FIAT currency does not need the internet to transact. Try to imagine when your transactions and the internet are down or having problems. so not everyone has to use the internet in this life

It's possible to replace paper money entirely if it's CBDC that's released by the central bank of a country themselves because there's no way they gonna hold the growth of their own coin right?. Though most of crypto that are decentralized are volatile in general and right now the top cryptos are facing problem regarding the gas fee that makes it entirely unusable for making transactions or purchasing goods meanwhile stablecoin isn't really the right choice for replacing fiat currency since most of them owned by private company.
Overall CBDC have the highest chance of replacing fiat entirely even if it's not decentralized. But if it's just as an alternative I think all of cryptos that exists right now that have big liquidity is already good enough if not better.

This is the future, if they make the Internet on the blockchain, if this is even possible, then no one can turn it off, it seems to me.

And so transactions will always be active, so anything is possible. It seems to me that the cryptocurrency has a real future.

It does take time for cryptocurrency to replace fiat money, but I see the development of cryptocurrency increasing and several countries are starting to implement cryptocurrency to overcome the economy. it is not impossible if later cryptocurrency will replace fiat money as in the past, we first learned about paper money (fiat money)

This is happening now, in the future laws will be adopted that will regulate it. Since you say that you can create as many USDT as you want, the same can be said about USD. It is difficult and very confusing, but cryptocurrency as a means of payment will become commonplace in the future.

It is of no use to replace fiat with crypto. Fiat will always be backed up by countries and the moment a government chooses to get taxes and services paid in their country´s coin, there is an intrinsic value to it.

The good news is that crypto do not need to replace fiat, but offer a layer of protection against fiscal irresponsibility and money-printing. On top of that, you can offer a number of additional fintech services such as DeFi, contract execution and many others.

If reading Crypto developments is very possible, not only in terms of trading. in the health sector, it has also begun to be used for the purchase and payment of goods needed, especially during the current pandemic.

Another small example is in the field of data collection and recording, both those affected and those who are exposed already exist using the blockchain system.

If talking about cryptocurrency will replace fiat currency for me it is very difficult. because the public still does not really believe in cryptocurrencies, especially in some countries that limit the movement of their own cryptocurrencies

Countries will change their FIAT standards for direct use in the crypto market. FIAT will be created by the government and always will be. There will not be any currency that can change the function of state currency issuance.

I do not think that fiat currency will disappear soon because people still need fiat currency, and many still do not know about crypto. People use crypto for the investment side because if they use crypto to be used for the payment system, that will need agreement from the government. And that is not easy to see crypto will use for the payment system. I prefer to see cryptocurrency work together with fiat money to have their option to pay, whether they will choose fiat money or use cryptocurrency. We can not deny that the government be part of this because they are the regulator in all countries and without them, cryptocurrency will be nothing.

Both should be co-exist. The stable coin will need the help from the fiat money to make it becomes stable.
Fiat will always be needed by people in our real life while crypto will always become an alternative payment system that totally pegged with the fiat(stable coinO
People should never think one will replace another.
That might not work again. It's an impossible thing to happen