Bitcoin Forum

In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.




https://www.ithb.ac.id/en/article/Cryptocurrency:-Masa-Depan-Keuangan-Tatanan-Dunia-Baru--31

It is not so much about replacing the physically currency but about the regulators and banks world over realizing that the people's movement of their right to have Bitcoin isn't going anywhere.

They cannot just make open source software illegal on a legislative whim. A gradual consensus is emerging within Civil society aided by certain rich individuals (Jack, Elon) that the Govt does not get to have a monopoly on currency. Over the course of development of money, governments have been the de-facto power. Nobody questioned it. Any attempts to change the system were met with retribution because those were started by people or groups. Now, here we have an alternative to money which the government cannot morally and ethically call wrong.

It is open source and people are choosing to use it. Just the way that people choose democracy and give all the power to chosen representative. Power flows from the people and thats what bitcoin has enabled in terms of Socio-economic power.

It may be strange when we think of it now, getting used to the traditional way, money on our pockets, wallets, going to banks to make transactions, but because of the pandemic, even those people who are not familiar with digital banks and cryptocurrency would be convinced to make transactions and receive money digitally, because we have no choice, therefore it is slowly becoming a norm in our society (well, at least in my country). I do believe in a future wherein we'll hold our money not physically, but digitally, through our smartphones/digital wallets.

OP,you sound way too dramatic.
The global financial system will change,but the changes will come slowly and in a more evolutionary way,rather than creating a "financial revolution" that will destroy traditional banking and finance.
The pandemic changed the financial landscape a little bit,but there's nothing groundbreaking.
The fiat system will continue to exist in the future decades.CBDCs might become a thing or they might be a failure.Nobody knows what will happen.
Cashless society will become the norm after several decades.

It's not strange really, what's stranger is why it wasn't even implemented till now. And no, even if physical money did get removed, it doesn't necessarily mean that crypto would be the one to replace it, rather, they'd just digitize fiat obviously. I'd honestly never considered fiat being removed since originally, its goal was to bring convenience in most aspects of financial transactions. Now if the government actually spent the time improving the systems to accommodate the number of transactions done daily, then it'd probably be much more convenient than what it is now. As long as people don't see the convenience of how to use Bitcoin, I really doubt it'd fully replace fiat.

I don't know about new world order but I don't think that if it ever happens, we will ever live to see the day because afaik, NWO meant a total reset or start back to square one and it's going to be a difficult one because each generation is much weaker and dumber than the previous one. Also, I don't think that in an NWO scenario, we will see a value out of cryptocurrency, probably what we're going to see is more focus on practical stuff like food, water, shelter and weapons.

Whether the government wants it or not, they need to follow the new era and change many things, including transforming their fiat money into digital money. Besides that, the government can not depend on the raw material from the paper because that is limited sources that someday will go.

For the government, the presence of cryptocurrency is a threat because they can not control the circulation of money that occurs. But for people, that will be a chance to making money and convert it into their fiat money and that can be their next new source of income.

It is not strange because the world is growing to go to the future, a better future. And the better future will not happen if all things inside the world are not changing. Maybe there will be a big change in the next years or 5 years later.

the transition to the use of currency will definitely occur because life is dynamic, technology is growing, but this progress does not necessarily reach all human beings in this world, such as countries that are not fully supported by internet facilities, this is very difficult for them.

I doubt true cryptocurrency as we know it will only exist in digital form.   When that time comes, you can print your crypto keys on a physical paper for example and still use that like we use physical money today. So, true crypto would solve the problems that results from the elimination of physical money. Besides, there are other physical things that can be used if currencies go fully virtual/digital.
You need to have different options so we can have physical money to use when a global tyrant tightens control on money

Yes, actually i guess many people are anticipating it already, the world without any fiat, the world that digital money will replace the traditional financial system and now that we see the development of technology, the modernization and globalization, I guess that thing will happen. Not soon though, it will take a long time, since even now there are still many places without internet, which make it impossible for digital money to dominate the world. However, cryptocurrency or the digital money will have a lot of advantages, and disadvantages too, but since the world always changes, so it's something inevitable.

Do you think fiat money can be erased and vice versa, and how to exchange digital currency / cryoto if that happens, think logically, fantasize is not good.

So the question for the OP, so far crypto/digital currency, has it ever had its own value like fiat money, yes or no, isn't crypto exchange rates adjusted to fiat currencies, such as: dollars etc, in each country.
• Isn't crypto/digital currency, only used by certain people, grandparents, young children, do they already know digital money and have you ever given them digital money, haven't you given them fiat money all this time.
• who created cryptocurrencies like Bitcoin, Ethereum, etc., did the government ever create them, as far as I know crypto was created by: individuals or companies.
And what about other countries that are against crypto.

Think logically, don't like to fantasize, it never happens, even if there is a superpower that makes money rules abolished and replaced with digital money, I'm sure there will be a great war in this world, but it won't happen.

I don't feel in the short term that will be the case at all.  With the price of bitcoin on the rise (some say to one million dollars per 1.0 BTC) I believe bitcoin will shift away from being used for Pizza, coffee or tipping online and shift into the commercial sector where it will be used for shifting large amounts of fiat from one platform (bank, merchant, employer etc) to another securely.

Alt coins with non-existent transaction fees (even Lightning network) will in time replace fiat for day to day purchases.

I think covid-19 changed certain things,yes. But IMO too what I think is that this is the highest it can do which is getting countries and banks to start developing their own digital currency and that is the new wave now. This is good for the financial services as alternative been provided but fiat won't disappear as we think. It is traditional for all countries to run on fiat because of certain ways of minor transactions. So fiat can handle more traditional services while CBDC can best be appreciated in the digital marketing and exchanges.

There are plenty of power backup solutions on the market already, not to mention places like data storage facilities provide uninterrupted power supply as do telecommunications facilities.

Companies such as Goal Zero (https://www.goalzero.com/) offer power capture (solar panels) and battery storage for end users to be powered up on the go in all situations from hiking and camping through out in the field data collection and the like, so it's a little bit of a stretch to suggest a global power failure is going to occur much less a collapse of the crypto sphere with it.

AFAIK NWO needs not only one currency but also a complete control over it (NWO is a totalitarian regime). Thus, POW crypto such as Bitcoin won't be suitable for them. Perhaps they can use a centralized token like USDT.

In reality, they won't be able to unify world currencies, because they need to at least unify US, EU, China, and Russia, which is more of a fantasy than a rational thought experiment.

Exactly.
There must be a change and it should be now.
We don't want anyone handing us over paper money, metal coins, or even plastic cards that had been passed from one person to another.
That's a culprit of virus and we can avoid that if we can transact with just the QR code or other options.
If there is a good time to do it, it is now. Financial establishments will be forced to do the same even if they don't want to.
Change is happening but the question is how fast will it be?

The New World Order wherein the world will be ruled by a single government only wherein a single currency is expected to be used is still just a theory. Although the current pandemic seems to make sense with regards to this plan whereas a certain country is already silently taking over the world but still, involvement of cryptocurrency is far from being possible with this plan. There are a lot of consideration that is needed to be seen first before we can jump into conclusion that we will one day experience having a single government and a single cryptocurrency.

I don't think I can fully agree with you here.  I do not believe that it is a "serious threat to the existence of conventional finance" at all. There will be people who will point out "DeFi", however that is mostly a joke and a scam at this point in time.  The financial industry overall is embracing this new technology and integrating it within their financial products, divisions, etc.

I am also not sure that digital cryptocurrency will replace the dollar, but I suppose we will see.

Why do people keep thinking that we are possessing a serious threat to financial world? I mean the existing financial world could very well continue without trouble for centuries if the only opponent is crypto.

Obviously there is a situation where super wealthy people are living life where they do not spend 1/10th of their money for anything, which means that we are talking about a world where rich have minimum 100x times more than what they need, most of them even more, and the humans are starving at the same time in the same world.

This can't continue forever and it will eventually change, nobody says bring in communism but at least lets save the people who are starving to death right? That is not too much to ask? You can't just say "let them starve to death" in any reason at all. Same goes for health, nobody should die because they couldn't pay for hospital, those things just do not make ANY sense at all. However none of these will change just because we have crypto, that is totally irrelevant.

If we look at it from two different perspectives, then in fact the existence of Bitcoin does not threaten conventional money. Because the creation of Bitcoin has proven to be a synchronization of technology in which there is a type of digital currency. This is not much different from a country that creates money when civilization uses gold as a transaction tool.

However, this existence was used as a boomerang and seemed to be a threat, until in the end the government was first worried about the issue and responded to it with the opposite reaction. Take a look at our thinking, actually, from an economic point of view, we don't mind this, and it's still safe with either fiat or Bitcoin and other cryptocurrencies.

And the point is, if conventional money is removed and replaced with digital money, what about the continuation of people outside who still use paper money as a transaction tool? should we force them? no
that's why the freedom of ownership here is the leader, we can't arbitrarily topple fiat money while the risks behind it don't make people even dislike crypto.

We don't need to impose threats on others, just show them that besides the paper money they hold and use every day, there are far better alternatives. Then gradually they will be moved and realize it themselves.

Yeah it is true that the constant technological advancement forces the world to change and adapt and just like physically money came to replace gold, there will be a point where the world will no longer use physical money and instead move towards fully digital and in fact we are already seeing it with credit cards paypal and other payment systems, but the problem that we are facing right now is the integrity of the money that is in our bank and the integrity of how government deal with it, moving a way from fiat where they can only print a certain amount of it to digital where they are able to manipulate it as they want, that is where cryptocurrency and blockchain should take place.

The trend towards the global economy is going digital, when talking about the "New World Order" I think it is something delicate and that it encompasses "Everything". Of course, the "economic" is a fundamental part for the domination of the masses.

Since 2009, innovation to a technology and economy was born, I think it was one of the things that the Elite let slip, of course that everything that implies leaving a "System" controlled by governments and banks represents being the natural enemy, in this The system is not convenient for people to achieve Financial Freedom, governments and banks are fascinated by "debt", in fact, they live on that, that is why control has gradually gone away, and there will come a time when they will not be able to fight against it, some countries are already adopting BTC, banks too, JP Morgan is offering to interact with BTC even though they don't like it, but they understand that the trend is going in that direction.

I don't think things would change a lot only with physical money being removed and a digital currency system being implemented. The actual problem lies in the centralized nature of the traditional money where every central bank controls the money in their own country, Now to be very honest, an Economy without a central authority can be a double-edged sword to some extent. Firstly obviously, these governments won't be able to eat up our money in form of inflation and useless spending but at the same time it carries a threat that some large whales could create cartels in the economy and might act against the interest of retail consumers and we won't even have a central power to complain this thing. So it's really hard to imagine such a concept.

I think we’re far from that point, for now, and there isn’t even a certain answer whether a full replacement would actually be for good, the are many pitfalls here.

I agree that the pandemic has, indeed, served as a catalyst, and we’ve been hearing a lot of news of different global companies adopting Bitcoin, and some of the governments also try to regulate things to make it legal. However, if you count all the countries and establishments that are fond of cryptocurrencies- that would still be a tiny percentage of all. It may take decades for things to change and, keep in mind, that there’s also a highly motivated army of haters, who will serve as obstacles in this course.

They just think about the fiat will be eliminated once the digital currency will be implemented on some countries financial system. Digital transaction is not new actually we already have banking system which offer digital transfer everywhere so there's no way that fiat will go since for sure if crypto will bring a big threat to the fiat system of the country for sure we can see a strict regulation regarding  or worse we will see it prohibited on each country.

Cryptocurrency usage is much connected with the monetary system and this makes the blockchain technology loss it's importance. It isn't known to people that blockchain technology can be used on anything to get effective outcome. Myself expect the change to happen in all forms and not only on the financial system.

Snowball effect? I would never use that term in the context of bitcoin. Snowballing is preferred more towards MLM/HYIP scams and bitcoin was suspected as one several years back, though that argument has been countered several times.

Although it might seem to compete with fiat, but this is also wrong. The impact of bitcoin did not come in to effect in several years after after its inception. It is currently that we are watching some countries allow it.

This is also wrong. The concept of digitization of money and its services happened a long time back and they have been developing on that for a long period of time. But it never really made its appeal to the public because for them physical spending was better in many aspects. The point is that the pandemic forced people to use it more and therefore some banks had to start using some digital service providers more than others.

In fact the pandemic has forced people to stop over-consumption because of rising prices and lack of resources. On the other hand acceptance of bitcoin in countries where it has already been a grey area, did not change much. So the correlation you are talking about does not exist.

Everyone often has a long process of accepting new things and new technologies. Not everyone is a brave person who is brave to innovate.
Blockchain as a new technology that has emerged, has not been accepted by everyone. Cryptocurrency is gradually integrating and changing everyone's life, and it cannot replace the traditional financial digital currency system.

In some advanced and first & second-world countries, they can be in a full digitalized society that can be implement cashless. But having that said, it cannot be applied entirely with every country.

There's still a lot of people that are not fond of technology and governments that are seeing bitcoin as a threat. They're not looking at it as a threat to replace fiat but because they cannot see how they're going to benefit from it while their citizens are earning from it but not taxable. It's mostly being used as a store of value.

Cryptocurrency does not aim to replace the traditional financial system but rather integrate in it the concept of blockchain technology that will add more  convenience on the side of the people utilizing it.

For now, its hard to imagine that we will live in cryptocurrency and just leave those physical money. People are already used to it. And if new changes will come, for sure it will not happen in an abrupt way but slowly so that the people will be used to it and become a norm in the next years to come.

It needs more time to introduce blockchain as new technology and crypto to be the new source of income for people.
People need to open their eyes that in the digital era, everything will change and not all traditional can work or continue to help them make money.
Besides that, people need to realize that traditional financial will replace the digital system, which began a few years ago.
If they do not want to accept a new thing, they will not adapt to the new system and I am not sure if they can survive.
But let see what will happen in the future.

paper money will surely be replaced by digital money and crypto but it takes a long time and also adjustments. we are heading in that direction and banks have to adapt to the changing trend, if they don't adopt cryptocurrency then their business will lag far behind.

This pandemic indeed urged everyone to adjust to the unforeseen impact of the covid-19 virus outbreak. A lot of people are forced to used digital modes of payment for their transactions because of the safety protocols imposed by the government. Most services and products offered most especially during the peak of the pandemic require a cashless method. People have to use their e-wallets or digital banks in order to pay for something. Contactless mode of transaction became a thing and is still continually used until today that safety measures have been slowly lifted.

While I agree with what you have in mind, I still think that we are still far from switching to a total cashless world. Fiat has been existing since time immemorial. It wouldn't be that fact to wipe it out and replace it with digital currencies. I think years from now, the digital currencies and fiat will continue to coexist in harmony like what it is today at the present. Going totally cashless and being digital/e-wallet inclined will take a long time to happen but certainly not impossible. But before this, they must first address all the issues and concerns existing by using digital payment (processing time, transaction fee, system errors, floating fund, etc) so that people will be encouraged to use it more in the future.

It's not about physical vs digital currency. Fiat money is mostly on digital form already, it however isn't so easily transferable as decentralized cryptos because it runs on centralised bank ledgers. In order to decentralised currencies to become threat to current system, they would need to be accepted widely as possible, even more widely then any fiat money and i can't see that happening any time soon. Fiat pairs is the reason why regulators are even interested in this. Or why they can and should interfere.

In fact physical currency is way more untraceable then most digital currencies so i wonder why people want to get rid of it so eagerly.

It is about time factor that we see cryptocreency adoption in developed countries and that will be the real advantage to cryptocreency. CBDC is the effect of government fighting cryptocreency.  Cryptocreency opened government into such invention that is existing and those government fighting cryptocreency are those ones who are in a haste to develop their own digital currency like China, they want to protect the yuan. Countries like China have been in the front to kick against bitcoin, mining and cryptocreency and we can't be surprised if they introduce CBDC.

As much as I believe this will happen eventually, I do not believe it will happen any time soon. The move towards the digital age did not start with bitcoin, it has been with every industry and such move didn't happen over the course of a night. It took years.
Now, the financial world is going digitally and this means that eventually, bitcoin and cryptocurrencies at large will receive the conventional fiat system but trust me, this will take time. There are still many measures to be put in place before we can achieve this. I am talking about 50 to 100 years to come.

It's likely they haven't really look into the disadvantages or don't understand the implications. .. Maybe they are more focused on the advantages or don't even know that it has really serious disadvantages.
If the physical one is eliminated it's going to be way too risky to use money because centralized (and virtual) currency would be preferred by tyrannical government. Such government will likely not be confortable with well decentralized currency system. Besides, a well decentralized cryptocurrency would allow users print their "coins" on physical things and use them like physical money.

You could have sectional power failures such as the US East Coast - or Southern States after a decent hurricane.  (Same goes with the Gulf States - think Haiti etc).

The thing I like about the Goal Zero products (https://www.goalzero.com/) is unlike other solar power collectors (panels and batteries) *everything* has plugs - be it 6V or 240AC/110DC and various USB types of plugs enabling the end user to plug everything in thanks to the connectivity (plus power feed through i.e. recharge a battery while a cell phone is also plugged into the power pack battery).

Other solar panels struggle with loose wires, or non-standard power plugs or connectors.

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That said, a UPS is the way to go to ensure your PC / work station shuts down effectively during a sudden power loss enabling you to back-up data before shutting down.

With the development of cryptocurrency, many countries have appeared their own digital currency, which has changed the world of the traditional financial system.

But the complete digitization of cryptocurrency is not fully applicable to every country. Cryptocurrency will not replace the traditional financial system, and blockchain can be introduced as a new technology and encryption technology.

That's what we're expecting from crypto, I'm not sure if it can happen or work in a way that will make life simpler in the future. Buy and keep it all for our children and grandchildren and I think they will be very proud of what their predecessors did.

The world without a physical currency isn't strange. I use a debit card most of the time, and only use cash where I cannot pay with the card. When I visited Sweden, I haven't even seen any banknotes because it was always easier to pay with a card, and sometimes paying with cash wasn't even allowed. So in some places, it's already reality, but it's not a crypto reality. All that printing done to get Covid relief funds will probably backlash eventually, but that alone isn't enough to really make a difference at Bitcoin adoption rate. A few businesses here and there, some countries declaring their crypto-friendly stance, but all this isn't enough to make cryptos as popular as, say, smartphones.

right, if at the same time eliminating the physical, then it is possible for now it seems the world is not ready, there will be many obstacles that will occur. but by giving him a little space can identify deficiencies and can correct them before they are really deemed worthy. but what they are facing is the government, which they seem to be comfortable with the current system

Yeah, that's likely.

Also people see decentralized currencies as "digital" while not fully understanding what they are; while seeing experts are praising them how progressive they are, they immedietely jump into praising bandwagon when they hear that goverments want to create fully digital usd, eur or whatever.

Big crises often contain big opportunities. Cryptocurrencies are emerging digital currencies based on blockchain technology, which can effectively alleviate international economic problems.
Most cryptocurrencies use blockchain technology, and all transactions in the network can be recorded point-to-point in a transparent and open network system.
Cryptocurrency is an emerging industry, and the regulatory policies of different countries and regions are also different, but it is an inevitable trend for the industry to gradually move towards compliance and licensing. Cryptocurrency will inevitably become an indispensable part of the financial field in the future.

The central banks and those finance industries must have been triggered with the presence of crypto because if not, such countries must not impose restrictions for cryptocurrencies. If they are just open to crypto, traditional finances and this new evolution technology will create a good blend so they can serve more satisfaction to their clients.

I think the government should give more emphasis to crypto because it might be their answered prayer in regaining the strong foundation of their economy.

cryptocurrency is definitely entering the financial market. brokers love this product very much because, due to the high volatility, the cryptocurrency gives very high returns. but you can also lose everything very quickly. cryptocurrency has become an integral part of our financial system and will be there until demand falls for it

That idea was going into transparency right now, and that one world order now started to rage against Nation slowly undertaking as beast. Their plans will work out accordingly but in a perfect time, as world goes digitalization everything will be changed from small to big, rich or poor will have to accept it. The ongoing vaccination was just the start of this order, cryptocurrency will be implemented as soon as possible when people started to adopt the system.

Fiat currency will not be completely removed.
Blockchain technology is the future. As the blockchain provides more options in the future, it will witness the faster development of new integration with existing technologies and the introduction of newer technologies. People are more and more aware of the potential of encryption technology. People can participate in a completely transparent and permissionless financial system without any central agency or government, allowing users to participate in a more effective and fairer reward distribution system.
A fairer and more inclusive decentralized economic model is gaining appeal in the whole society. Encryption will democratize the creation and transmission of value, and it is gradually integrating and changing everyone's life. Cryptocurrency is vital to the future of the global financial system.

Cryptocurrency will cover many places to create the future of money in a new world order. The demand for crypto will double to improve the world in the future one of the challenges every business faces is that cash flow and marketing companies are not immune to it bitcoin is the solution it has some financial benefits and less practical benefits. The company that accepts this payment may use a third party to convert bitcoins into cash or withdraw them in bitcoin form extremely easy to get started. Lots of companies support businesses that want to set up bitcoin as a payment option

It may be strange by now to view the world without a physical currency because all people are used to the money that we are using now, a paper money. We are using it from generations to generation so something new is strange. But the modern technology is evolving and we are used to adjustments. So using a digital currency maybe a bit strange now but give people more years so they can adjust to it. And due to current pandemic, digital currency make it more appealing to people and become very useful.

Under the digital global economic trend, it is necessary to adapt to the development of the encryption industry.

Cryptocurrency has become a currency of the future. Many companies and large institutions have accepted Bitcoin as payment, and some countries use Bitcoin as legal tender. Cryptocurrency is an emerging currency based on blockchain technology, and it can also effectively alleviate international economic problems.

With the takeover of Bitcoin as a financial system, the govt won't have the leverage on the general public in the long run. And we might see a society free of governments and the so called pathetic rules. We might see a fully liberated human society in the future.

Under the digital global trend, the traditional financial system will be constantly updated, and it will not be completely replaced.

Although cryptocurrency or digital currency can bring many benefits to people, it also has many inconveniences and has not been accepted by all countries. It will take a long time for cryptocurrency to change the world of the traditional financial system.

I do not think that the situation with digital currency will dramatically change relations in the global financial market in the near future. The world is moving towards the digitization of currencies, but this process will be quite slow. Finance doesn't like quick changes. In addition, the complete prohibition of cryptocurrency by most states cannot be ruled out. Now there are more and more calls from officials to regulate the circulation of cryptocurrency more strictly due to the fact that it is used for criminal purposes, including for laundering dirty money and financing terrorism.
We do not know what may happen in the future. Now, if the Taliban, who seized power in Afghanistan, begin a confrontation with the West and the United States, and in connection with the sanctions applied, they begin to use cryptocurrency, then it is possible that it may be completely outlawed by the G20 states. Moreover, there are many such options.

looks strange indeed if we look at the situation today . Like the impossible. But this could be something that could happen in the future . Needs force everyone to understand technology and the internet. So I don't think anything is impossible in the future. Depends on whether humans are able to develop this much deeper

I don't think that crypto currency is a strange thing to implement in society because it is currently a solution to a centralized economic system that has already worsened the economic condition itself because the Central Bank as the monetary regulator in every country does not carry out its function properly, inflation that occurs continues to increase every year, even though from theory inflation is a sign of the country's growth, but if it is not controlled, let alone supported by large foreign debts, it will cloud their situation, making regulations for  their momentary interest.

Crypto is not here to compete from fiat or the physical money but it's a good alternative when this financial system wherein we are already used is not becoming helpful already. We all know that we are already facing the digital age but seems the government is not ready yet. I think it will only be a matter of time before the government adjust to start having digitalization as the new future for finance system.

And crypto will be a good replacement for the old financial system because it's making the whole system more convenient and eventually more secured compared to our present system wherein transparency is not being seen and i think the government officials are even liking it for their own interest. Sad but it's really happening.

Cryptocurrencies have changed the way we look at money. We have a completely different system which is digital and anonymous. Governments don't let people make anonymous transactions anymore though. But still, cryptocurrency means financial freedom. You can do whatever you want without needing the help of anyone but you need the help when it comes to banks.

Maybe one of volatile cryptocurrencies won't ever be the global currency. But they have paved the way for governments to develop their own digital currencies which will replace fiat money in the future.

Agreed specially now that the printing spree is making inflation great. I believe it might takes time to be fully implemented but I can see a bright future for it. A future where fiat isn't a thing anymore and all transactions are being done through phones. Where banks isn't popular anymore and DeFi replaced it.

I think the governments right now are a bit desperate about how to move forward with their digital currencies. If they launch those currencies and force people to use them, it also means that if banks charge negative interests or fees, you don't even have a choice but watch your money shrinking because you can't pick it up and put it in a safe at home.
At that point they know they will see a wave of fiat money going into deflationary crypto currencies in particular. What are they going to do then? Everyone would start looking for alternatives, even those who were so far not interested in cryptocurrencies. They face a dilemma right now.

I do not yet see the technical and organizational possibility to switch from physical to digital currency. In order for this to happen, it is necessary to have a high level of citizens' income. Therefore, this path is not for economically weak states. In addition, in any state there are groups of people who do not want to switch to digital currency for various reasons. This is a long process because finances don't like rushing.

Our hope is to be able to control assets without having to rely on third parties and have to wait for the process, as is the case in banks today to open or close an account it takes time and money, the presence of a bitcoin wallet or cryptocurrencies is the most appropriate answer to eliminate dependence on banks and high cost.

helpless ? no way but governments are powerful than cryptos and infact they always plan to control or regulate cryptocrrencies and for the banks , not all banks are joining here but covid surely helped a lot to push the adoption of cryptocurrencies .
this  can continue to grow but i am not sure if cryptos will rule both government and bankking system but even if it doesnt , that still not a bad achievement for cryptos .

It is actually that with the trend of things that the world is moving towards the point of financial digitisation. Eventually, we'll get to that point when money would no longer be physical and we would no longer need the banks.
However, you should know that this will not happen anytime soon. Bitcoin and cryptocurrencies at large still have a long way to go in making this happen. We still have to deal with the problem of total adoption in the mainstream world and the problem of high translation fees before this can be effective.

You will definitely need banks because they are not only acting as financial intermediaries but also as law enforcement and regulatory intermediaries. The governments want banks even in times of digital money to collect data about transactions and the people involved in order to have a reasonable chance to fight money laundering and tax evasion. Without banks there would be no single institution as of now that could be able to handle the financial traffic of a country with both domestic and foreign transactions.

Fiat currency will not be replaced by encrypted currency, and the national government will launch its own digital currency.
Although cryptocurrency brings a lot of value benefits and freedom to people, its decentralization makes it impossible for the government to control it, and the use of cryptocurrency is detrimental to their own interests. And the price of cryptocurrency is unstable, and it is not yet fully applicable to daily transactions. Its anonymity is also not conducive to tracking the scope of transaction use, and it is easy to be used as a criminal method. Some countries also ban the use of bitcoin.

Definitely it’s not short time process for replacing traditional money to cryptocurrency, here below is a great article about this topics.
https://www.worldfinance.com/markets/cryptocurrencies-a-new-financial-world-order

May reduce the frequency of using cash.
There are still many blind people. Will there be a technology to help them pay?
When a few decades later, mobile phones have become a necessity. Everyone knows how to use a mobile phone. Mobile payment will become a trend. Cryptocurrency may become more and more popular.
But there will still be paper money.

nowadays blind people can operate computers let alone android phones. so I think this will be solved later, when digital payments have become a habit. Of course this requires a journey or process, from the internet network, cellphone needs, to other problems. I think one by one the problem will have a solution later

Our hope is of course that crypto users will continue to increase, it doesn't matter even if the country is banned for bitcoin but with large users, this is like a community agreement and can pressure the government to immediately legalize bitcoin.

They don't think that way with fiat and they have that kind of opinion against cryptocurrency because they don't have interest that will benefit if they support cryptocurrency, and they can't control cryptocurrency like they control fiat so why would they relinquish that power.

The traditional financial economy needs to adapt to the ever-changing trends under the digital form.
Replacing traditional financial currencies is not the purpose of cryptocurrency, but to introduce a new technology like blockchain into it, this may take a long time.
Cryptocurrency has brought a lot of freedom and convenience to people, and it may involve more fields in the future.

Sadly, governments and central banks will have greater control over people's lives as they make use of crypto/Blockchain tech for their own benefit. The advent of Bitcoin has encouraged banks to launch digital currencies of their own. Without paper money, governments can easily track and trace every transaction performed by everyday people. This means greater surveillance, and the end of the "privacy era". COVID-19 has accelerated the adoption of digital payments, making us one step closer towards a "New World Order".

The longer it takes to end the pandemic, the closer we'll be towards a cashless society. Our economy will never look the same as it was before COVID-19. Crypto will survive because of its decentralized and censorship-resistant design. But adoption will decline as governments prevent people from using it as much as possible. We should enjoy our privacy while it lasts before it's too late. Who knows how the world will look like in the future? Just my opinion :)

Yes, unfortunately, such a view of the near future is close to the truth and has every right to be fulfilled. These are the costs of the emerging high-tech society, and for some time people will really have to live under the pressure of increasing state control. Let's hope that this will not last long enough and humanity will develop its own mechanisms to resist the emerging total control and even some form of digital slavery. No matter what good intentions and wishes are given by interested parties, but still every person should have elementary rights, including to privacy. Therefore, the digital future is not so blissful and some things will have to be fought for in order not to be buried by this future. The most important thing is that all this should take place in civilized forms both on the part of the state and on the part of ordinary citizens.

We have seen a lot of benefits brought by blockchain technology. But this is not an easy task to replace the traditional ways as people will stick to their old ways as long as they can. But once they experienced the benefit of this technology, I am certain, they will change their perspective on things.

I agree. This Covid-19 enhanced the adoption of digitalization due to fear of the Virus getting passed. DeFi sector will most probably be replacing the old banking system that is rotten by greed and personal gains. Freedom by which you control your funds through these protocol is what humanity drives into this evolution. It would be hard to replace the current system due to the fact that Governments are in to it thats why projects like TheStandard.io (http://TheStandard.io) is really promising.

I don't think that cryptocurrencies will really replace physical currencies. Its role is indeed potentially stronger and has succeeded in improving the financial situation of citizens in relation to current conditions, but it doesn't mean that the government will easily remove the money and replace it with digital currency as a new era, the ordinary currency has become an absolute requirement for each country, cryptocurrency would be as a complementary only.

I don't think it is possible to remove and replaced current money with digital currency. Even though the adoption of crypto or digital currency is increasing every day especially when the pandemic hits, it will not replace fiat. As long as there are people who want to use the current money it will never be replaced and the government will never let it happen. It is possible that crypto and current money will co-exist forever but will not replace the current.

I don't think that nothing is impossible in the future for crypto adoption. In fact, many countries are increasingly interested in further researching the extent to which this crypto can be useful as a new financial system in the future and they are starting to think that creating their own crypto is an idea to anticipate the surge in demand for crypto-based digital payment systems.

So far, Indonesia has started thinking about creating its own cryptocurrency which is fully controlled by the financial authorities under Bank Indonesia. Their interest in crypto is expected to influence users' interest in knowing a lot about bitcoin and other cryptocurrencies before adoption can take place. As far as I know, Indonesia has not legalized payments with cryptocurrencies but trading and investment are allowed as long as users comply with the applicable rules.

It can replace fiat but right now, it seems impossible to do so because there's some things that needs to fill up when we want to remove something old, we will definitely be having problem when we abruptly remove the foundations of our economy.

It is obvious that bitcoin is the future, but it is not obvious that we would move to that, I understand that finance has changed shape a lot, from times where people used coins like gold and silver, to points where people used banks where they store their coins and used papers that proved they owned money, to point where they had banknotes that we carry today simply saying the same thing even if their coins were not there anymore, and now to a point where cards are playing the biggest role, we do not exchange money too much from hand to hand, it is mainly digitally moved around.

All of these makes bitcoin a logical contender to be the next "money" that people use, I get that. However as long as nations do not take it as legal tender all around the world, it can't be at that level and I do not think that it will ever be in that level in the long run neither.

however the development of Bitcoin, we cannot ignore that it is impossible for all countries to agree with the existence of Bitcoin that can threaten the systems and regulations they have led.  Their egotism will be maintained because of the threat caused by crypto.  That's a cliché excuse that the central bank uses to create its own CBDC

You cant just expect every human being in this world to have access to internet, electricity and a smartphone every second - because that is the necessary ingredients to run a wallet and use it to pay using cryptocurrency. That is where physical currency is used more - in the rural areas and less developed countries. The contrary is also not true - majority of the developed countries are trying to regulate a system to allow cryptocurrency but most of them have not been able to use it.

In either cases, fiat is the only failsafe, however bad that might sound to anybody, it is the truth for now.

Also, digital currency and bitcoin are not the same. Digital version of fiat needs similar ingredients to run but it is essentially fiat.

What some users have been saying about the pandemic, they are wrong - it is digital currency that took flight not bitcoin. Bitcoin adoption remained where it has been. This is logical too, since in the time of a crisis, you would want to use the more liquid version than the rarely used version depending on where you live.

The majority of cryptocurrencies employ blockchain technology, which allows all network transactions to be tracked point-to-point in a transparent and open network structure. Although cryptocurrency is a new sector with diverse regulatory policies in different nations and regions, it is unavoidable that the industry will eventually move toward compliance and licensing. In the future, cryptocurrency will surely become an integral part of the financial sector.

It feels really different already now. We are using cryptocurrencies as alternatives for fiat currencies. And in the future, there will be no fiat currency also. Because countries are making their digital currencies which will be stable, not volatile. For now, most of them are in the research phase. Because governments want to make sure whether it will for the benefit of them. But sooner or later, they will have to let fiat currencies go as they will lost their values a great deal.

I do understand that you may not be expecting everyone to have a phone and internet because it is not easy for underdeveloped nations to all have that, but that is not because they can't, it is because they are not given.

Let me tell you this way, the electricity we have in this world is good enough to cover everyone's needs, I mean "needs", but some spend more than they should, and solar panels and wind turbines are expensive to built but there are so many rich people and rich nations that we could build enough to cover 10x more than what we are spending right now, but it is not "profitable" so some people are left without electricity since they won't be profitable to pay for it.

Secondly we also have enough food to feed everyone, but we don't, some starve to death, does that make sense? Of course not, we let people starve to death because it is not profitable. One day, crypto will stop that and make it profitable to bring all of that to those who are underdeveloped because they will have cryptos, and that is when the playing field will level in every part of the world.

Cryptocurrency will not replace the traditional legal currency, it will integrate blockchain technology into it, bringing more convenience and benefits to people.
The current trend of the global economy is digitization, and with the development of technology, the traditional financial system will also transform to digitization. Cryptocurrency will be used by more people in the future, and it will have better room for development.

There's nothing stopping governments from making Internet accessible to anyone. All they need is the required infrastructure to make it happen. Once everyone is connected, digital payments will become the norm. Paper money will be no more as we advance into a cashless society. Like it or not, crypto is the future of finance in a New World Order. There will be various digital Fiat currencies backed by the principles of crypto/Blockchain tech. Banks and governments will become more powerful as people's transactions will be highly visible through a centralized digital ledger. This will mark the end of an era for privacy in Fiat. Fortunately, decentralized cryptocurrencies will be there to save the day. One thing for sure is that COVID-19 has only accelerated the adoption of digital payments. So it should only be a matter of time before traditional Fiat (paper money) is phased out for good. Just my thoughts ;D

Most chances are It's never been going to change because we can't remove physical money from the world to be very honestly, an economy without central authority can be a double-edged sword because governments not able to eat out in form of inflation and useless spending's.
 
Going totally cashless and living on just digital wallets will take a very long time to happen because it's need some serious work for setting many issues regarding transactions fees and system errors which encourage peoples to use this.

If this technology is able to survive for the next 30-50 years, then the next generation will get used to all-digital payments. You can imagine how the development of the fiat payment system from previously not digital to digital can even be used anytime via your mobile phone now. Payment systems with bitcoin will also be more established in the next 10 to 30 years so that the next generation will use them more. For now, some people in several countries that legalize bitcoin as a mean of payment can already pay for coffee with bitcoin via the lightning network. That technology will help small transactions with lightning speed.

Bitcoin and cryptocurrencies are replacing a percentage of the financial activities that we used to use in banks.
Little by little we are limiting the banks to only pay our bills.

In the short, medium and long term investment plan we are making use of cryptocurrencies, as well as borrowing and lending.

We are exploring all areas of finance thanks to bitcoin and blockchain. But it is only the beginning, there is still a lot to do, the world needs to be informed of all the benefits that the crypto space offers.

With the development of the digital economy trend, many countries have begun to develop their own digital currencies and digitize legal currencies.

Although cryptocurrency has brought many benefits and benefits to human life, and it also gives people real freedom, there are still some countries that oppose cryptocurrency and prohibit the use of cryptocurrency. It will not replace the original legal tender as the world currency.

Exactly, little by little Bitcoin and crypto are taking a percentage from the banks! It's what some of us are writing here for a while! Some changes began with Bitcoin, adoption is not stoping and we see more people and companies are joining, I agree with you, there is still a lot to do,  there's a long road before full adoption! But I can imagine that crypto future, and I believe it will come one day, just a question of time in my opinion!

Although cryptocurrencies are currently very popular but I believe that cryptocurrencies will never replace legal currency, the state will prohibit cryptocurrencies if many citizens actively use it, this is because the state must be able to control all transactions and finances so as not to disturb the national economy.

I don’t know the possibility of totally eliminating the paper money and how good it is going to be. Paper money isn’t that bad, it is easy to use when it comes to some day to day spending. Cryptocurrency is also good in his own way, it is just up to you who is making use of it to decide which one is going to work for you at the moment. So, I don’t really see the need to eliminate one for another.

For some people cryptocurrency is hard for them to use, so they just prefer the normal paper money. Then for those of us who are tech geeks, we prefer to make use of cryptocurrency and other technologies that are meant for payment. Everyone should simply go for what works best for them.

I think it is time to follow the current development of the world of technology, all transactions can occur without having to face-to-face and when there is an emigrant like today then things that have never been imagined before we have to do and the community begins to adapt in the way that currently must be done, if later physical money is removed then I believe the crypto currency will take over, Although they can digitize fiet but I believe bitcoin is easier to use as a digital currency.

I agree with this view. It is impossible for cryptocurrency to replace legal currency, and the two of them may coexist and use.
In the digital economy trend, cryptocurrency brings many benefits to users, and many countries will gradually follow the trend to use digital currency.
But there are also many people who do not understand cryptocurrency. They believe that fiat currency is the safest currency protected by the government, and they are more accustomed to using fiat currency in their daily lives.

The financial economy is developing in the direction of digitalization. In the digital age, it must conform to the development of the times. The traditional economic method will be replaced by the digital economic system. At present, some countries have legalized Bitcoin and many other countries are studying and developing their own digital currencies. Cryptocurrency brings many benefits to economic development, and it is also a currency with great development potential in the future.

I believe that cryptocurrencies are not a plan from the new world order, cryptocurrencies are decentralized so they cannot be controlled, the one world one currency system is certainly different from the concept of cryptocurrencies which currently have reached more than 12k although it will decrease due to competition.

The global financial system will change, but the changes will come gradually and in a more evolutionary way, rather than creating a “financial revolution” that destroys traditional banking and finance. Honestly. that said, I have never considered fiat to be phased out since the beginning, its goal is to bring convenience in almost all aspects of financial transactions. When it comes to cryptocurrencies and fiat, I think these two factors will coexist and support each other in the future. we shouldn't just think about cryptocurrencies that will replace fiat but why not develop together

Fortunately, True cryptocurrency like Bitcoin is not designed to completely eliminate physical currency, as private keys can be safely printed on things like papers and exchange with people when necessary. I however think that is possible with digital fiat if paper currencies are eliminated. They are centralized and there is no way they can be printed on physical objects and fully controlled by their owners, as far as I can tell. True Cryptocurrency won't be very suitable for the kind of New World Order a dictator would like to control. He will opt for centralized currency/currencies

The word would have never been without physical currency because since the ages human has traded physical stuff to get something. Stone, chips, food, ornaments, axes and what not. Slowly things changed to more authentic stuff like gold coins and bars, and then paper bills, bonds in today’s world. Then we moved to digital payment systems which is widely used and help us trade internationally!!

I think birth of blockchain and crypto currencies based on it is the next level of transaction. So this change has always been there and acceptance of it depends entirely on the global acquisition.

Bitcoin is not only a new form of currency, but also a new idea and concept. Bitcoin not only symbolizes wealth, but also symbolizes the spirit of freedom, the spirit of complete independence and freedom that is not supervised by the central authority. Every Bitcoin holder is a supporter of decentralization, and even a supporter of the communist world. This is the power that Bitcoin and blockchain bring.

I would assume that the acceptance is a bit of a legal situation as well. It doesn't need to be a legal tender for it to be a huge deal, it could be just that governments would allow people to do whatever they want, if optionally I want to accept bitcoin as payment then government should be allowing some sort of funds to protect me for it, if they could do that then I would assume that we should be fine in the long run as well.

I assume that we should be doing something that would be profitable for all of the crypto world by accepting bitcoin in all of our business.

Right now, even people who own some bitcoins or other coins do not accept bitcoin in their business. We have millions of people who own a bit of crypto, some own a little, some own a lot but we have a little bit of crypto and do we have millions of places accepting crypto as payment? If we could do that first, if we could convince ourselves to accept crypto, then we would be great in the future as well.

Under the digital economy trend, cryptocurrency will involve more fields. It is indeed of great importance to change human life, improve people's economic conditions and bring many benefits.

Although cryptocurrency has many benefits and its use is increasing, it will not replace fiat currencies now.

It's important we or most users use Bitcoin correctly.
Better to use Bitcoin in manner that is difficult for the System to censor, Better still, use Bitcoin in Censorship Resistant manner, so the system won't use the ability they have to censor you as a bargaining chip or to fight against the network. In that way, the system won't be able to stop you when you are using Bitcoin right/morally, and that will help keep the market from extreme volatility.
If the network ignores this important things and hand power over to the system by not using Bitcoin correctly, it will be at the mercy of the system.   This includes handing control over to people who are slave to the system. Bitcoin should be used mostly in decentralized manner, and you should be worried when centralization in any form is creeping in.

In this case you are absolutely right, I also think that cryptocurrencies will not replace FIAT money, because money is necessary to also give the value to the cryptocurrency, in fact in CHINA its stablecoin is based on the same fiat currency but digitally , I think that in a short time countries are going to adapt to Blockchain technology and the best way is for all their flow to be optimized in digital form, and that way they are not left behind in technology.

I think this has a lot to do with everything related to world order, they cannot be left behind with advances, and having FIAT money digitally will make it much easier to acquire BTC and any crypto.

Fiat currencies will undoubtedly continue to play the role of the first fiddle in the global economy and the economy of individual states. Too many things in the economy and government have been working on the basis of fiat currencies for quite a long time and no one will want to break a well-established system that works normally for the sake of experiments of a dubious kind. This does not negate the changes in this area and the emergence of new technologies in the form of blockchain technologies and related digital currencies. But then it depends on the traditions, the political structure of the states in what ways this will be implemented. Total blocking of transactions in cryptocurrencies for the sake of promoting their state project, as in China, or attempts to embed cryptocurrencies in their own economic system, as in other countries.

Technology has taken over everything happening globally. For digital currency to in place, it was due to technology advancement, and this technology is always advancing that makes digital currency to keep developing and even trying to overtake fiat/ paper currency. Cryptocurrency has supported digital currency and make it very viral in the I tire world. But I have the belive that digital currency will not take over fiat completely because all of them has their own advantages.

Sound about right to me. The banks as of now seem to be taking lots of hits in the shape of more companies in fintetch, low rates, people using crypto, stronger regulations than usual, ... however they still hold the monopoly of getting money from the central banks and "miraculously" multiplying it and lending it massively to retail users by giving credit. While people buy houses with mortgages, there shall be banks.

That's saying a lot, aren't most people already using credit cards or online payment systems already? So what's the difference if those were replaced with cryptocurrency? They're essentially the same and that also means that cryptocurrency can replace fiat, it just takes time and we just couldn't comprehend how it's going to happen.

As they always say: "if it ain't broke, don't fix it". For years, Fiat (in its current form) has been the predominant type of currency. Even after the inception of crypto/Blockchain tech, Fiat is still relevant. Some banks are beginning to experiment with digital currencies of their own. But it'll take a long time before paper money is phased out for good.

Believe me, I wouldn't want to see a future where every country relies on a global currency in a "New World Order". This would mean the end of an era for privacy as we speak. Surveillance efforts will increase at an alarming rate, with a system powered by AI and Blockchain tech. Luckily, crypto will be there to save the day thanks to its decentralized and censorship-resistant design. As long as people have crypto, there should be nothing to worry about. Just my thoughts ;D

Almost everyone who is used to using cryptocurrencies for investment also has some places that have gradually accepted payment, it seems that cryptocurrencies have become a kind of future currency, it may seem strange to some people but i feel that all things progress and money too must have progress and change for us to grow , for some traditional banks they always insist . If they still hold the old opinion that BTC is an unreliable currency, why don't they think that their money has become old and boring, cryptocurrency is the future of finance in the future?.

I do believe that there is a middle ground somewhere in there. I do believe that fiat will always stay in power and nothing else (even crypto) will pass it. However, I also believe that there is a good chance fiat will not be as powerful as it is right now. So, while devaluing and becoming less important, it will still be seen as the most important one anyway no matter what.

This is why I believe that there is going to be some sort of power struggle between crypto and fiat but not for the top, top will always belong to fiat, the struggle will be for payments. We do not have use payments in fiat to make fiat valuable, we could still calculate everything in dollars, but the payment could be done with crypto, that is what we are doing around here, and it could grow so much bigger to include the rest of the world. That is at least what I believe is possible, but it could be different of course.

Unlike fiats, cryptos are having the inherent characteristics of being investment opportunity which must be the reason if there will be a power struggle between crypto and fiats, in the end crypto will get more chances to be winning that kind of struggle.

I do believe that the future of new world might be definitely having some changes than what we are having right now. So, getting ready to adopt any kind of changes might be helping anyone to grow along with new changes otherwise we must need to struggle for adopting in the beginning days.

No matter what happens it would still be difficult for crypto currency to replace the traditional fiat currency although it has no intrinsic value the government in various nations would rather stick to it just to ensure the constantly know who owns which asset even if there would go digital the would rather go for a more centralized crypto currency or rather develop a digital currency that would tackle the issues of cashless policy

Scriptucal money aready does. We shouldn't forget that it's not just about digitalisation of money because it's already can be virtually managed. The cryptocurrency system can act as a side-chain which can co-exist with any form of value. As time goes by, until bitcoin & other major cryptocurrencies reach certain stability in the market (equivalence between demand and supply) and the price becomes more stable (like the actual currecies) i think it's too early to know about what will be the available options .

Sorry but what do you mean by scriptucal money here?

I have to agree with Aurorra, from the current perspectives, crypto will not replace fiat currencies, maybe even during our lifetime. We are already in digital age, but it doesn't mean, crypto can easily replace fiat because fiat can be digitized, and that would be the reason why a lot of governments are creating their own CBDCs and not choosing crypto over fiat. Remember, government always want their full control when it comes to financial aspect.

Scriptural money is all the available money in bank accounts. Also known as Book Money which is the digital form of money. All this money should be backed by a liquidity reserve but we all know how banks create money in a form of a banknote. This form of money can't be transfered without a third party interfer.

Like all the stable coins [1$ value], the Central Bank Digital Currency CBDC should be backed by real money in reserve to give it a value, just ike how banks do with scriptural money. Stable coins are not cryptocurrencies, it's designed to be another form of Fiat money and governments try to rely on this type of currencies as it decrease the impact of cryptocurrencies as an alternative for money/payments .

Fiat won't be going anywhere. It's still too powerful even with the ever-rising popularity of crypto/Blockchain tech. The future might probably look exactly the same way as it is right now with Fiat and crypto in play. I seriously doubt countries would simply give up Fiat in exchange for crypto for a "New World Order". After all, governments don't want to lose control over people's finances. Crypto may bring certain benefits, but it's terrible as a currency you can use for day-to-day payments. Its biggest downsides are mainly price volatility and limited transaction capacity. It's this reason why Fiat is still (and will always be) "King" when it comes to making payments on a daily basis. I'm fine with that, as long as people have freedom with crypto/Blockchain tech. Just my opinion :)

Lol, The power of fiat will be nothing but the fact that it is printed by money machines and always supports inflation or offsets called shortfalls.  It's always like that.  Currently, bitcoin and crypto are still not mature enough to serve as real fiat substitutes but the power of crypto probably doesn't need to be verified.  The future of traditional finance has stood a new sun step by step.
It will be very soon when all countries that cannot legalize bitcoin will be at a great disadvantage.
The Australian Commission is drawing up recommendations to promote the crypto business.
This is new news for Australia. https://www.bloomberg.com/news/articles/2021-10-20/australia-committee-outlines-measures-to-boost-crypto-industry (https://www.bloomberg.com/news/articles/2021-10-20/australia-committee-outlines-measures-to-boost-crypto-industry)

I am still yet to understand the reason why some of you would think that it is for replacing fiat and physical cash that bitcoin was created for? It’s simply for transaction, yes a lot of people would choose it, but it is not replacing anything. It’s a mindset that bitcoin is replacing our conventional currencies that’s making governments in some countries to be banning it, we should stop giving them that impression.

Everything is going to be balanced, although I do know that there will be some sectors of the banking world that will be destabilized because of bitcoin, such as Western Union, MoneyGram and the rest of them, because will choose to use Bitcoin for international transactions, than going to banks and doing paper works and waiting for days for their transactions to be carried out.

I agree Bitcoin was created not to replace fiat, but as a payment alternative. So we can have payment options other than fiat, it would be much
better if Bitcoin and fiat could complement each other. Because Bitcoin also has drawbacks, so after all fiat is still needed. For example, in my country
there are still some areas where there is no internet network, of course in that area can not use Bitcoin for transactions. Therefore I support
if cryptocurrency is included as a subject in school, so that the younger generation can learn crypto properly. So hopefully more and more people
don't misunderstand cryptocurrencies. Because as we know there are still many countries that get misinformation about cryptocurrencies, so they
choose to reject Bitcoin. Though Bitcoin has many benefits, one of which can be a source of income and change economy for the better.

Power of fiat will always be something strong as long as nations and governments can back it. The "power" of Zimbabwe dollar (or whatever their money is called) is nothing, it is as worthless as toilet paper, in fact toilet paper is more valuable considering at least it is clean, their money always looks like it is dirty and digged out of ground, it is worst money anyone can even imagine in all aspects.

But the power of USD is something else, it is still VEEEERY powerful all around the world, in my nation 100 bucks is a good amount of money, 60k yearly median salary in USA would be a wealthy person in my nation, and that's like not even someone who can afford to buy a house in that nation, I bought a house here while making less than 12k dollars per year. So, "power" of fiat depends on the fiat we are talking about, as long as a government can back it, it will be valuable.

Of course, cryptocurrency cannot replace fiat money. This requires the decision of the relevant government agencies, and they will never agree to this because of their planned economy, which will require a relatively stable centralized currency. At the same time, we see that banks are switching to using blockchain technology and their system is becoming more efficient in their work. The stablecoins of the central banks of states will also increase the efficiency of the current global financial system. That is, over time, cryptocurrency will simply occupy its niche in the current financial system.

I wouldn't be so certain about this. I agree with you that most likely we won't see cryptocurrencies fully replace fiat in the next 20 or even 30 years, but the economy and the global financial system will certainly change somehow. But could it be possible that the global financial system will one day be ruled more by the private sector than by the public sector? Or that we have some algorithms and applications taking on some of the roles the government now has?

I am not saying I am certain it will be like that, but I would neither rule that possibility out. Taking into account that governments are not very well known for driving innovation, chances are high that privately developed applications and infrastructure will play an ever more important role over time.

Digital currencies are definitely the future of the finance now. There is no way out of this so some people who are antagonists to Bitcoin and the rest of the cryptocurrencies should stop their attitude for their own benefit. In the future, we won't have any fiat currency left. In this kind of a world, people will have no choice other than using digital currencies. It is better to make an effort to get used to them already now.

Yes but the OP referred to a potential new world order, hence who is in control over the currency that the people are using? Is it a decentralized network like Bitcoin and will it stay decentralized for its most part? Or will it be a digital currency forced up onto the citizens around the world? Those are two very different scenarios with different consequences for everyone. No matter what is going to happen, but it is important to have decentralized systems like Bitcoin, Ethereum etc. just to have some counterpart to any Central Bank Digital Currency that might get established. Nobody can really know how it pans out exactly over the next ten or so years, but a ban of cryptocurrencies passed by old politicians would be a mistake and shortsighted.

I would suggest that if we ever have "new world order" which I believe won't happen, then it is likely that something like a decentralized cryptocurrency would be at the top of it. I understand that not everyone falls in love with that idea right now and governments will try their best to not get that happen and will use all of their police power to sotp it if it comes to that.

However, if we are talking about new world order then people at the top (there is always some people at the top) may look at crypto in a different light. That is why I believe that crypto could be the currency of the future, or maybe none of that will happen and crypto will just become a popular alternative to payment methods we have right now.

Like we do pay with cash, or we pay with card, that is 95%+ of all payments in the world when you go to a place, or we wire transfer money to other people if it is not in person payments, all of that could be replaced with crypto, so it will be a good alternative in the future.

Unless governments adopt decentralized cryptocurrencies on top of Fiat, I don't see the current banking system going anywhere soon. With CBDCs bound to become a reality soon, crypto will only remain as an alternative to Fiat. It's hard to believe that a "New World Order" will rely on a single currency when governments are unable to reach a common agreement. A CBDC (Central Bank Digital Currency) cannot be called a cryptocurrency simply because it's centralized. We're still in the early stages of crypto/Blockchain tech development, so anything can happen in the future.

What matters is that decentralization prevails in order to render governments' efforts futile. As long as people have financial freedom, nothing else matters. Just my thoughts ;D

bitcoin really cannot replace fiat currency because the price of bitcoin is very unstable or very volatile. one of the requirements to become a currency is to have a stable value, of course this requirement cannot be met by bitcoin. maybe if every country created their own crypto that has a stable value it could happen, but to replace fiat currency as a whole seems very difficult.

When it comes to crypto that will never replace FIAT I totally agree with you and even I personally don't expect Crypto to replace them.
On the other hand Crypto will continue to grow and indeed even though they will never replace fiat but they have so far been a pretty good thing to watch and will continue to do so.
I think the future economy will indeed use the same system, which is still in a centralized style, but on the other hand, crypto will continue to exist and even I think its position will become more equal and even more popular in the future.

I really don't know where you get that information, because it's slightly opposite from the reality. Or maybe you're the one who's out of reality.
Anyways, yes, cryptocurrencies also known as digital currencies is indeed the future of finance especially bitcoin and other trusted promising altcoins. Why? Because cryptocurrencies were originally made to help the mankind after the 2008 economic crash, to have other options for securing assets and some were created as digital currencies for online transactions, etc.
But if you say that crypto will replace fiat? Nah, that ain't gonna happen because local fiats are their for a reason, and it's backed by the government and their gold reserve. Fiats will always be there because there are still plenty who will choose it over crypto like for paying bills and groceries.

1. The launch cannot be said it was official perse since it was not until the price spike that it was recognized all around the world, by the governments as well.

2. It does not serve as a threat to the existence of non-conventional finances since at the end of the day, it works hand in hand with most banks, trading and converting it into fiat is very essential.

3. They are the future of the finance only when integrated with the traditional system and with the support of the government and people alike
They are giving people financial freedom and stability which most traditional assets fail to provide during pandemic.


4. They should not be seen as a threat but rather an upgrade!! This is just my thinking.

I fully agree with you, because I think that BTC should not have any kind of confrontation with FIAT money, both FIAT money and BTC and cryptocurrencies represent money and money is what everyone is looking for.

Also, if BTC were to replace fiat, and if fiat disappears, what would be the currency to buy for the price of BTC? Would all of that be handled by gold? since gold would respect "Safe" for many people in the world. These questions is the one I always ask myself if there is an eventual fall in USD and Euros, and all currencies at the global level, what value would BTC take?

If BTC replaces Fiat, then it'll become the "gold standard" of our economy. There's no need to measure its value against Gold, since the cryptocurrency is able to live on its own. In a future where decentralized cryptocurrencies reign supreme, people will value things in terms of Bitcoin instead of Fiat. This would make more sense if Bitcoin becomes the next reserve currency of the world. But I don't think this will ever happen, especially when governments don't want to lose control over the mainstream economy. Countries will have their own currencies, just like it's the case today. The only difference is that paper money will no longer be used, as central banks digitize Fiat through CBDCs. People will get to choose their currency of preference depending on their needs. As long as decentralization prevails, nothing else matters. Just my thoughts ;D

Well, that is not the main point of replacing it as a fiat. The truth is that Fiat is also volatile, but with cents only, but it has a huge impact on the economy. It doesnt mean that if it is volatile, then it cant replace the fiat. The main reason is that Fiat is really established right now, in remote areas where they can use it, unlike Bitcoin, in those remote areas that don't know what it is and how to use it. It should be used by everyone. There are no flaws in our fiat system right now, but I know that in the future it will be digitalized.

Cryptocurrency will not replace traditional currencies. Cryptocurrency will only become the future economic trend. It has not been used by more countries, and it is not very convenient in daily transactions. It has many problems and cannot always be used as a major currency.

Indeed, fiat is currently the most relevant means of payment, but it is not impossible that in the future it will change to digitalization, as fiat used to shift the barter system which gradually became less relevant. basically everything will change along with the needs of the world, so from if it was legalized around the world, then the volatility would probably be more stable

The possibility of that happening will always be there because after all we can't deny that technology is growing rapidly,
but if we talk short term fiat will still exist,
anything can happen and continue to follow developments to be more clear

The use of Cryptocurrency is a controlled and monetary system and it makes it lose the importance of a blockchain technology.  since people don't know how to use blockchain technology it is guiding us and it can be used in anything that will help people if they only know how to use it to get effective results and way to get currencie I hope  and with all that someday change will happen any day to come and not just in the financial system but all the way it’s easy to try the way make it easy to work everyone this is still hoping.

Just imagining that the BTC will have its own way of measuring itself against gold is something unique, but hey, El Salvador has already started down that path, and it is not far from a good economic change, the FED no longer knows how it does to continue to make up the numbers, so much so that they are giving reports little by little of a possible collapse, this is done in disguise through the high inflation that has been generated in the US economy, and not only there, countries like Colombia have inflation already It goes for more than 5%, I saw this on the Canal Caracol Noticias chain, and 5% is quite representative, so much so that they increased the base salary.

Although the title of this thread speaks of order, you have a mess of ideas, but still we can get something out, I think that using blockchain technology is not difficult, in fact it is really easy, now well delve into certain basic concepts maybe yes It requires delving into the subject, but the information is there and is accessible to all, it is not that it is difficult, we must stop being lazy.

If we want bitcoin or any other worthwhile Alts to generate changes, individuals must help, we must stop mental laziness in the first instance and in the second variable stop putting the bluff that using cryptocurrencies is difficult.

Crypto's been improving day-by-day, so it should only be a matter of time before it becomes as good as Fiat for mainstream payments. I wouldn't say it'll replace Fiat, simply because it's decentralized. Governments won't allow something that's outside of their control to take over Fiat. The so-called "New World Order" will look almost the same as it is right now with the only difference that countries will have their own digital Fiat currencies. It's probable CBDCs and decentralized cryptocurrencies will co-exist for generations. In a cashless society, people will get to choose the type of currency they want for daily payments. Instead of trying to replace the current banking system, we should try to make crypto/Blockchain tech a better contender against Fiat. As long as people achieve financial freedom, nothing else matters. Just my opinion :)

Fiat and crypto will compete to be the best for users to make financial transaction. So Crypto is basically not created to replace fiat, but to provide an alternative for anyone to try various innovations in the financial system. We are definitely talking about bitcoin because it is one of the cryptocurrencies that qualifies to compete with fiat in the long term. The decentralization that come with it is what is most likely to be seen as something different from fiat. Yes, that's the advantage of bitcoin although we can expect something bigger from it like security, fees and anonymity.