Bitcoin Forum

Do You think that at some point in our society, Cryptocurrency will be our daily fiat and be an essential part of our economy? Can you cite your ideas on how Cryptocurrency change our Fiat?

The crypto to fiat currency has been dream of every crypto lover because they just want it to be used as normal currency without any hassle of the government ban and stressing out one.

However as long as there comes no volatility in the crypto currency market until then it is impossible to get it converted to fiat use. I mean just look at the fiat currency that we see now a days, its stable, under control of regulatory bodies and they have the fixed set of values. This makes the everyday trade very easy and this is why we have fixed prices for the products an services and we can manage the taxes accordingly.

But just tell me how would you manage the same thing with bitcoin. You can’t have same value in everyday feed, I mean how banking system would work where there are versatile type of transaction are going on and that will be chaotic if we have unable currency lie bitcoin. So it still have lot of time to get accepted as fiat currency.

I don't think is gonna happen any soon,the acceptance of bitcoins is still not widespread, limited number of people trade using bitcoins, most people across the globe still rely and believe in fiat money, as it has been used over a long period of time and thus developed the trust, also if we have cryptocurrency as fiat, the fluctuating rate would make it really difficult to manage

this thinking is good , but it will become ture in the future when the bitcoin become legal all over the world and all people that know about the internet and technology will use the bitcoin. then there will be bitcoin as fiat now for us. Also the buy and selling will be make through the bitcoin and people will be feel free of the security of their money because the bitcoin is most secure than fiat.

I cant see the future of cryptocurrency as our fiat. Its not fillin in my mind, it will not happen soonest because of too many reasons and explanation. There is of needed to legalize by the government and acceptance by the society in our economy. And must be adopt by non techy and all citizens first before this will be accept in the country.

Certainly but not with bitcoin. When cryptocurrencies are actually made to be currencies, that's when they can destroy fiat. Bitcoin's price is high but no one uses it as a currency, fees too high and is just not going to work for bitcoin, other coins however can definitely be used as real currencies, hopefully in the near future.

It may or may not happen and everything depends on what future brings in terms of laws and all the regulation throughout the globe. There has to be common law throughout the International relations because Bitcoin is not bound to only one country and to use it everywhere as fiat it will first need to pass the amendments of each and every country.

This process looks little tedious because history is proof to our global history not all country's had come together at the same time when it was about their own profits. The fiat conversion is really global here due to bitcoin's global presence. So may be or may be not.

I think that before bitcoin becomes the currency of choice to make transactions in the real world, bitcoin needs to become the king of the online world, when we see that amazon and ebay take bitcoin as one of their main ways to receive payment and the usage of bitcoin is greater than the use of fiat that is when we are going to see a huge change in the way people understand money.

Crytocurrency as our fiat? agree on you. i was thinking about this before when i was new in bitcoin. everything will change, everything is evolving right now i would like to thank my co trader who teach me to adopt cryptocurrency

Imagine if that happens, how would the central government be able to keep track of what's happening in their economy and how much do they need to tax people? Not to mention how would they be able to produce funds for internal/domestic projects, lend money and all these stuff that a government do with their fiat? Also, fiat is an inflationary currency whereas bitcoin is its opposite, how will it fulfill the role of fiat as being the scam currency if they can't produce bitcoins in thin air?

what does that mean by our daily fiat ?
are you talking about our main currency and will be used by us daily whenever we're doing something ?
if you're talking about that i am afraid it will not happen because the goverment will prevent it for sure.
do not you think it's a bit too dangerous for our global economy if cryptocurrency useb as a main currency ?
what will happen to them who is holding Bitcoin for more than 1% ? do not you think they can become a landlord ?
in my opinion at best it will only be used as a digital currency,
but even though it's only as good as a digital currency it has a big role in our real life.
because in the future i believe when the technology developed to a whole new level era.
bitcoin will be used by many people and it can be a part of our life.

Crypto currency is an option but I don't think it will replace the fiat. Crypto needs internet connection, electric power, devices, and of course knowledge about it. Which is not always available to anyone at anytime at any place.

The idea of it itself is so ridicule to be honest. I don't want crypto to be fiat, let fiat be fiat and let crypto be the crypto as it is. If crypto becomes fiat, it'll soon be introduced to various regulations and then the difference between them would  be that crypto is intangible and fiat is not. So it's probably time for you to chuck the idea of it from your brain.

Me too don’t think that’s crypto currency can be used as fiat currency. They are not in the state of acceptance yet and many countries are not even getting them in line with their normal fiat currency. If the situation like that continues then why would they even choose it in the first place and disturb the fiat that they have.

Fiat is something different I believe.

I'm convinced that cryptocurrencies will replace our fiat money. However, it will be kinds of cryptocurrencies that allow governments and banks to make citizens and clients financial activities transparent, and it will take quite some time because information technology has not yet penetrated into all regions of many countries (including so-called industrialized countries).

some states will create their own crytocurrency and eventually migrate current fiat base to cashless. Venezuela is going to create one already and lets see how that goes

yes i think Cryptocurrency will replace bitcoin in future but not top Cryptocurrency like bitcoin.

we need low fee to pay for daily things

When talking about cryptocurrency, people always think of bitcoin, although bitcoin proves to be a good investment it might not be a good alternative for fiat, because of how it is limited and has a very high changing price, however the blockchain network system could be applied to fiat, and thus by making digital fiat and allowing people to pay with it every where, it may be hard for people to get used to it but eventually they will accept it and start using it just like they are using credit cards today.

I dont think it is needed to have a physical representation of those cryptos. What is the point of it being crypto if u need fiat for it. It's purpose as an online currency is just ok. It already has fiat equivalent so theirs no need to chance. Government would also obviously negate if their are any things that would come out as this. I would rater use atm for cash out on crypto that to see its fiat form.

Maybe some of the country used Bitcoin as their own fiat but it will need some massive requirements and support of your government. Also they will need a good technology for them to transact on what ever they wanted to buy. They will need it anyway for their daily expenses.

I think it will not happen. Firstly because of volality. An amount of bitcoin would mean so much more once it's widely accepted and guessing that no one would buy a coffee using bitcoin with fees greater than the price of the coffe itself. It's a bit impractical.
And bitcoin can not function as a global currency because of the economical diffences of each country. Like in US Dollars is Fifty pesos in our country.

The government will not accept bitcoin as currency because of its anonymity. It can easily used in illegal purposes that cause to increase criminality. It will be hard to have crypto as fiat because the value is not stable in the market. Fiat is something that has fixed value and it is handled by people in the government which is different in cryptocurrency.

i think cryptocurrency as fiat is possible but not with this current crypto
i think every government should establish their own crypto, so paper money no longer needed
and after that, every nation should acccept only 1 cryptocurrency as global payment, no nation should own this but every nation
but i think we can use that method after trial and error with this current crypto

Nothing's impossible when it come's technology our modern technology was more develop and that happen soon.
It take's a long process before that happened, maybe. There are some establishment now adopted this cryptocurrency named bitcoin even though this is a volatile they accept already because they think that it is more expensive when right time comes.
As now we can't conclude that cryptocurrency replace our fiat but who knows it will be happen through this our modern technology.

Yes it will, but not at the moment there are still yet to be done. It is very essential in the ways of speed of transactions. Imagine sending money to another part of the world in just minutes. Just see how China works with their digital payment method, even though small vendors used it already, It is very essential if things go like that in most of the countries.

https://www.youtube.com/watch?v=dPcA0xw8a-0

i dont wanna ruin your dream to make crypto as fiat, it's hard to be true because every single country in this world have own fiat, and own rule about that fiat. Cryptocurrency still new in this world people like it because it really good for trading. and invesment. but it doesnt mean it good to be fiat money. still alot thing to review about cryptocurrency. and that will be a long time

First of all, I want to say that Bitcoin is not a physical currency. Bitcoin's main goal is to transact easily, so I guess that's one of the reasons. But if someday there is a physical item that is used as Bitcoin currency, I do not think that currency can be used arbitrarily. That's because we all know that Bitcoin prices are always changing all the time. So people will think twice about using Bitcoin as a transaction tool. Especially for the middle class who like to make Bitcoin for investment tools only.

Throughout 2017, bitcoin will most likely show the quality of the store of value and present some of the stability and reliability of the experts.
For Bitcoin and cryptocurrency to actually achieve mainstream adoption, it is necessary to reflect the quality of the currency. This should indicate the low volatility and price fluctuations for the general public to rely on as currency.
so it is very difficult to make as a substitute for paper currency, bitcoin fixed currency digital means for future investment

It might become some sort of large trade currency, I don't think it will ever hit some kind of average fiat use since that would require a massive restructuring of society and the value of bitcoin would shoot through the roof, resulting in everyone hoarding what they have right now even more and making it harder for people to actually have it and be able to use it. As a trade currency and as a store of value, Bitcoin would be great for that kind of use. It actually makes sense to have Bitcoin fill those roles, everything else is a pain in the ass due to confirmation times or the like. Trade currency is probably the destiny of Bitcoin, if it ever gets to that point.

I do not think it will be widely accepted and popular because there are so many countries that are issuing a ban on bitcoin. So I do not have any idea what can not happen.

Honestly not the way it is now. I'm not going to pay BTC0.00050000 for a transaction when bitcoins are 17k each and neither would anyone else. It's not even really worth buying appliances with. At some point when it stops rising so much I think things will level out, become normal and the fees will settle down to where they should be. At that point yeah bitcoin could take over the world.

Who knows about what future holds, maybe yes or no but this technology will surely improve the lives of many people. Yes cryptocurrency is really hard to accept specially by the ordinary people and I think if this thing happen the price of cryptocurrency may not move since every had that specific token.

Maybe it's not impossible but it's not gonna happen sooner, a lot of big companies in the industry are trying to make this world a cashless society even the alibaba corp. they are supporting this kind of thing, cryptocurrency as our fiat will gonna less corruption i think and it will really reliable to us ordinary people.

Because many ordinary think that bitcoins is scam since no knowledge people on new technology cannot accept those new things on their knowledge and also many article,medias and bad fuds connect bitcoins as illegal money so they will believe on that and will surely not go unto bitcoins. And cryptocurrency acceptance as fiat will very became hard since their are so many burden barricades its way.

It is not far from possibility now that bitcoin and other crypto becomes parabolic to citizens around the world and I know it will spread more in the coming years. I read some article that Japan made bitcoin as wages to some employees and if that will be adapted by many then the possibility of becoming a crypto a fiat currency is larger than anyone could've ever imagine. Digital money is the one  we could used in the future and I am positive it will happen sooner or later.

I do not understand why you have to quote it but I think we are both on the same side.
The part where you said that bitcoin will not be accepted by government, I think I would not agree to that.

Because firstly, in my own opinion, government really wants to take part in this industry. They want to control it but very impossible to happen. That is why many are banning bitcoins in their country.
Criminality exist and will continue to exist with or without the government involved.

Second, we are asking for acceptance which government would not allow unless bitcoins are regulated by them.

Therefore, it's up to the core if we will want government to regulate it for further acceptance OR just ignore the government and let them do what they want regardless of what they can do.

I think the bulk price of BTC is mostly suitable for purchasing expensive goods in life like houses, cars or stuff over as smaller transaction was seriously difficult to do so with its high fee, otherwise those apps that could be used in daily merchant purchase could be useful with cryptocurrencies, snt omiesgo and solutions/ecosystem purposed by like say request network are potential substitute for fiats through crypto. Likely not but so soon as regulations are still not happy with a bubble state cryptoworld.

Many people criticize bitcoin saying it is too slow but those coins that are supposedly faster than bitcoin have no acceptance at all, and that is the most important part of a currency, to be accepted, the speed of transaction is a big issue but not as big as many people make out to be especially since the devs have taken steps already to try to remedy that situation.

It cannot be. Fiat are currencies that are supported by governments of different countries and it happened that Bitcoin is decentralized and is an open source system so it is quite impossible for that to happen knowing that there are countries that are not fond of making Bitcoin legal. But still, Bitcoin is benefitial to its users than fiat.

Crypto and fiat are two different word with different meanings. Crypto it virtual while fiat is physical but our weekly or monthly earnings of crypto can be our daily fiat expenses. That is if we convert our crypto to fiat and use it in our daily living. So it also came out the same. Crypto to fiat for daily expenses.

It will be in the future plan of bitcoin but if your asking if it's essential part of currency then we can contribute but issuing taxes on bitcoin. There's a cons about bitcoin coz it will be used by illegal activities

Endorsing crypto as a national currency can be really hard.  And Bitcoin itself is not fit to handle this due to scalling issues and very high fee. Each nation's government must create a special crypto that is scalable with very low fees like DOGE to handle this.

That's pure speculation but IMO we are moving in the direction of automation and electronics. People want everything to be handled automatically, fast and easy. We don't want to spend time on checking whether the bills are real or not, we don't need that tactile experience cash gives. We don't want to worry about taking the wallet with us, remembering to keep it safe, having enough cash in it. It's all a waste of time and effort.
At some point we will be paying with our thumbprint or a scan of our retina, or maybe through a chip under our skin, or simply through a computer on our wrist. That last option is already available thanks to smartwatches.

I think that there are a few competing concepts presented by fiat and crypto currencies.

Fiat is implemented with unlimited supply. This gives regulators more flexibility. They can print more money when economic conditions are poor and to some degree "optimize" supply. On the flip side, unlimited supply can lead to hyperinflation. Unlimited supply can also empower bad economic policy and poor decisions made by world leaders, under the assumption they can "simply print more money" if deficits or debt become too large or unmanageable. It might be said that deficits and debt are large today, partly because of fiat currency having unlimited supply.

On the opposite end of the spectrum, we have bitcoin which is algorithmically limited and has a finite supply of 21 million coins. Its limited supply isn't as flexible. BUT if bitcoin were utilized as a national currency, it would demand higher fiscal responsibility. World leaders could not simply print more money if they mess up the budget. A nation printing its way out of debt wouldn't be feasible. The idea and implications of finite supply, and the way it contrasts with fiat's infinite supply could be one of the most relevent things bitcoin and crypto has to offer.

In terms of abstracts, these are interesting points which could bear more discussion and debate.

We need a little ibt more of technology, if you are in a big modern town i bleieve 2018 can make that a 'reality'

Why not, there were some countries who really use digital currency and it save them. Its possible to happen in the future, seeing tge advancement and development of cryptosystem. Its actually can be use as of the moment to buy good and service, in fact there were private and public institutions who really does accept bitcoin. Once people have discovered this and finally have it and accept it. Surely there will be transition to cryptosystem.

Yes, developed technological countries are already making good use of Crypto-Currency. The daily usage isn't so strong yet, but it's increasing day by day even faster. For some countries it will take more time to happen, but for the pioneers the advantages of Crypto-Currency usage will be more evident, making another countries inspire on their example. To make it possible the first step is to fully introduce technology everywhere, on each shop, little ones of big ones, doesn't matter and at schools, to teach people and make them aware about Bitcoins since their childhood.

I couldn't think what kind of society that will be, when everyone was using a hard wallet to be paying for every of their transactions of their daily life. Like paying in the taxi, restaurant, malls, etc. Imagine one these would happen to you? And do you think that society would be ready to accept these changes in their daily lives? A lot of questions is popping out in my head because this one is on for an open debate.

I do not really agree if bitcoin replaces fiat, because to be a currency is required a stable price so it can be used for daily trading.
Currently bitcoin still has problems with high transaction costs, it is not yet eligible to be used as official currency. Bitcoin can replace fiat, if the government can make regulations about how to solve the problem.

There is a chance that can happen if there are certain parts of the world or a small city that declares their medium of currency is through crypto's but this must be supported by the government. Not today since banks and governments are subject to this idea but I know it one day when everyone accepts everything through crypto.

Yes, I believe so. Although, cryptocurrency is still trying to gain grounds as its users represent a tiny fraction of the global population, we can see it is gradually being adopted as exhibited by the various crypto projects that have been developed to serve useful purpose not just as a store of value. Over time, these various cryptocurrency projects will have been modified and fine tuned that they will become an essential part of our economy.

The major stumbling blocks to the growth of cryptocurrency will be the manner Tax agencies and the government will react.

Maybe there would be at some point when cryptocurrency will be use as fiat currency but I can't imagine it to be happening sooner because technology is needed when it comes to dealing with cryptocurrencies. It may look like people are already in advance technology and it seems that everyone has smartphone whatsoever but if we look at the status of the world as a whole, there are still so many people who are very behind in terms of technology because they even lack the basic necessities such as water and electricity. It would be hard for them to use an electric money if they don't even have electricity.

It is a good idea but at some point i think is not gonna happen as crypto currencies as a main currency, Because many people are not totally accepted any crypto even if they know cause they think it is a form of scam and beside crypto currecies has no physical form and always need a internet connection to make a transaction I think it is not suitable for daily needs .

I dont think that bitcoin can become fiat currency type of daily use as bitcoin is good for investment due to the supply is so low.

I think it is going to a hard process to became a fiat to our country but I see how it works in me that's why it can be possibe to be our fiat soon and I think many people will agree with bitcoin to be pur fiat.

Cryptocurrency has high chances of being the new fiat only in the future as the implementation of a cashless economy will make it easier for e-transactions to be used more widely and to use these cryptos as a source of payment too.

I don't think at any point crypto is going to replace our fiat, crypto currencies only can be used as the sub currency, unless the crypto currencies that you mean is the crypto that created by the government, but in that case the crypto will have the same value with fiat

as of now cryptocurrencies is now being part of our daily life but of course fiats are still there becuse fiats are still the legal and well known curency to be used localy on our country. crypto will not be able to crossed the line and replaced fiats even if  they will improved well. this is also happened before when credit cards and debit cards had introduced to the public but look at now fiats are still being used primarily when compared to them. therfor it can also likely happen on bitcoin or any other crypto.

I don't believe it is ever going to happen.
There are several problems with that.
One of the main reasons that it is never going to happen is that in order for that to happen the cryptocurrency will need to replace the country's coin.

There is not a country that will allow a foreign or a crypto currency to control them, they need a currency they can control, and cryptocurrency is decentralized from it's nature.

For me personally, because I live in a country that has not really legalize bitcoin/cryptocurrency completely, well it does not seem.. let alone be a daily news and an essential part of the economy, cryptocurrency remains as an digital currency that coexist with Fiat.
With Fiat of course I can spending it directly to buying anything that I want, but not with cryptocurrency.. for me personally it must to keep selling it to local currency first.
But on the other sides, I believe for those who live in the countries that has been legalize bitcoin, I think yes.. it certainly be a daily news as if cryptocurrency is an important role that can be equated with Fiat to make any efforts including spending it with directly in everyday life.

It should not be possible in the short term. Now the encrypted currency circle is growing up. There are not many people who use the encrypted currency, but the good news is that people who are willing to accept the encrypted currency are mostly young people. These people will become the main force of the society later. I believe in the future of the encrypted currency.

As we can see how great bitcoin today especially the bitcoin. Bitcoin is so great this day that maybe our economy will going to make it as one of our currency. This is not far to be done.

I don't think it will happen and I don't want that to happen. Since, Fiat or every country's currency has its own symbol, culture and value that could never be replace. Also. If cryptocurrency will be our fiat their will be no FX anymore or the trading with currencies with different country and our money will be centralized all over the world. I don't think that will happen since every currency has its own value to other currency in that case that cryptocurrency will be the substitute to every fiat the value of one thing will be much more than what we have now. I don't think and I don't want that to happen. And how will the government put taxes on us for that since the cryptocurrency has volatile price.

It is impossible bitcoin will not be a fiat for me .it is hard to believe on that .

If bitcoin will known as fiat money  and internet site become available to whole country i think cashless is being number one choice of people and that's the time fiat money will replaced a digital currency to use and buy everything for daily needs

Cryptocurrency as our fiat would be easier for us bitcoiners but it is a long long process for those who are not aware about cryptocurrency and are not computer literate or gadget oriented persons. Not all citizens in a particular country are accessible to internet and some are not even familiar with it especially those who belong in the lower class of the society.

Nowadays, crypto turns to fiat currency just to use by the people specially in my country. I can say that cryptocurrency plays vital role in our economy. It aids the problem dealing with transaction and it can be also a resources and ways of earning. I love the way people perceive that in near future fiat will change by crypto. It is good to see how it will works if all of us are using digital currency to pay services, establishments and purchasing items. Anyways, we can never remove fiat easily because there are lots of people who doesn't know about crypto and they can't adapt the trend. I believe that there is a right time to change and improve everything, we don't need to take everything easily, we should make it gradually. A step by step procedure will result to a better future of crypto.

Bitcoin can possibly become a legal currency of the world but for a certain country to fully adopt it I think that's quite  impossible for now because of the technology use by bitcoin I don't think every member of the society can adopt it especially those who are in the lower member unless proper edication will be provided by the government to help every people in theri country learn crypto currencies

I don't agree when you say that "lower members" of the society won't be able to use crypto. If you are not talking about people that don't even have access to water or sanitation, then I think anyone can use it. Phones are incredibly cheap, and companies can create campaign to distribute phones among those that can't afford one. With a phone, they can easily access crypto and use it. So even undeveloped countries can use crypto, because all they need is a phone and internet access, and that is much easier do develop in those countries, than it is to develop a full network of banks for example. So crypto has great potencial among those persons as well, that could then easily receive money from their family that is working on more developed countries, in order to provide them a better life.

For examples smart contracts in future will be using for detecting middleman between sellers and buyers. That mean, price on thing will not grow.

Maybe cryptocurrency is a fiat. Becuase this is are the some used in daily, and this is earned day by day, so i think crypto currency will called fiat in our economy. Bitcoin is the one who will bring as to a good life.

We are for sure not there yet. Far from it.
The concept of the technology (blockchain) is revolutionary. The use of it or development of it is still far behind. The market cap and mania is way ahead of the technology development at the moment. That is the so called bubble...
We, the community, have to put more effort in developing the technology and supporting it. Instead of greedy looking at the profits.
Then, crypto currencies will become our Fiat.

If I think cryptocurrencies is very helpful in economic terms because there are many programs that we must use as well as possible in obtaining income at any time.Fiat cryptocurrencies are also suitable to be done as one place of future investment Because prices often experience a very significant change.

I think that it is possible in the future when the cryptocurrency will become stronger and more people will use it...but while it's too early to talk about it, the cryptocurrency has reached a lot but not enough

That's a very interesting scenario mate, crypto adoption can be widely spreading nowadays and I think that its not a new think about us. I must agree crypto has a great potential compared with other type of businesses, but making it as fiat isn't an appropriate way because crypto currency is still a digital asset which was used by people to earn fiat cash. If ever it will be used same as cash I don't think it will still be tradable in the future since its value will not grow or be volatile same as what we've experienced nowadays.

Cryptocurrency give the big change for my life. Join  in cryptocurrency give easy access for me to study in University :)

perhaps if there's a chance to happen that crypto will change our fiat maybe because of reasons that crypto currency valued is very popular because of its valued so expensive higher than other currency which is fiat and gold and also because of its massive adaption that can help to promote crypto currency in public and also can help to legalize in neither country. And maybe soon any department will accept crypto as a payment because of being popular and because of its massive demand of supply and after years perhaps it will replace fiat no more doubts.

Making cryptocurrency as our fiat is a long process for it to be accepted by the whole world for modernization of new of currency. This is because bitcoin is a decentralized currency which means no one in control over it thus making it hard to be implemented as fiat.

it cant be happened. because a lot of country reject bitcoin as payment. and it cant replace fiat, because not all people use and know about bitcoin

I don't believe that it is possible at all, think about it like that, the governments want to control our money, you can't expect them to sit at the side and to watch it grows.

If it is ever going to happen, it is going to increase the price of cryptocurrencies and they are going to skyrocket.
Especially the price of the private decentralized currencies as they are going to be the only way to pay for drugs and other illegal stuffs.

I don't think it can happen right now that Cryptocurrency will become the global fiat or the international currency like dollar, it is better for the bitcoin to stay as is, since we are benefiting from bitcoin due to unstable price, if bitcoin will make as fiat for sure it has fix price already, how can we earn if that happens right?

The use of these cryptocurrencies is still limited and only 15-20% of the population is dealing in this business or is aware about the market and technology and if the question arises like replacing of fiat by crypto dont seems possible at some point because fiat has gained faith of large population from the past and is widely used and because it is legalized by govt. they can exchange it easily for goods which is not the case with altcoins.So fiat gain dominance over other coins in all aspects and remains ahead of it.

this question can not be happening because Cryptocurrency has a lot to cover one of which is Bitcoin here if it happens in a single economy there is a law that can be implemented in this type of system. So Cryptocurrency as our Fiat money can not happen in an economy or in a country. Because there are many barriers to this system, especially the government that puts the tax that they collect into those who invest in an economy.

Yes I once used to imagine a world of cryptocurrency where you are king of your own money and no one really controls the economy. But then came the horrible idea of transaction fees which really halted my dream as I have to pay now a cut from my money to bear expenses of transferring it. 1%? Thats fine I can bear it but 10-15%?? wasn't paying tax better? But that's fine as I can send money quite quickly within seconds. But minutes? or even hours? Moreover the so called decentralize world is centralized by a handful of miners. So cryptocurrency world is still a very long dream until we find a good coin that can be used for mass adoption.

Yes I can see that digital money can become the world's fiat. There are some countries that start adopting bitcoin in their market so I think the posibilities of having it in our normal day to day transaction is very soon to happen. When governments finally solve their issues when it comes to legality and acceptance of bitcoin that will be the start of a much brighter future for crypto currencies.

In my opinion crypto currency will never replace fiat.. fiat is the one of indentity for every countries and crypto currency it just will be alternative methode of payment.. eventhough now crypto currency is more increase day by day, but really difficult to replace fiat..

Cryptocurrencies are very popular nowadays, thas why many people used bitcoin in daily life, but the point of Cryptocurrency changes our fiat or our traditional money, i think this may not happen anymore it is possible to used at alternative money to buy some stuff online but how about the small store?
just keep in your mind replacing cryto over fiat will not happen in the future.

No I don’t think that will ever be possible, because bitcoin and the other cryptocurrencies are specifically meant to Investment. They will just be coming and dying off at last. Bitcoin might reign for some years, but time might come when it won’t be the best anymore and nobody would be interested in investing on it. Maybe another coin like Ethereum or Litecoin might take over and people will be rushing into them. When they fall, another also takes over. That’s it.

Well they're adopting bitcoin but is still keeping their fiat system well and running and i think countries that have adopted btc like japan would keep it that way. Its hard to imagine that btc will br used the same way as fiat because they have certain uses for people's needs

They just need to solve a few problems before they can actually be used as day to day currencies. Bitcoin can't right now and perhaps never will, the fees and transaction times are too high so it can't be used as normal currency, look at steam, they had to drop bitcoin as payment because it wasn't good for them, that says it all.

Honestly, in my country I can’t imagine these cryptocurrencies can become one of the fiats in our locality. It’s hard to imagine because cryptocurrencies are yet to be legalized so basically it won’t happen now but maybe in the far future if ever the government will allow it.

Hi,

I really ike this idea, indeed, because it would mean that we have managed to get rid ok banks.

However, I see 2 main problems, preventing bitcoin from being used as a daily money:
1)  for the moment most shops don't have any infrastructure to manage bitcoin. I guess most owners do not even know about it
2)  the current volatility of bitcoin make it completely inaccurate for daily use

What do you think?

3. High fees
4. Slow transactions
5. No benefit for the shops
6. Still really hard to exchange bitcoins for usd/or any other currency

These problems are huge, hard to solve. Bitcoin is better used as a store of value than a currency. Let other currencies do that job.

I can't see that cryptocurrency will be our daily fiat for many reasons and the number one reason is the unity of every country that they can make a cryptocurrency as our daily fiat. And also many people especially in the remote areas doesn't access cryptocurrency so meaning there is disorientation about cryptocurrency therefore it is hard to make it possible. And another is bitcoin must be recognized and accept by the government of different countries. It takes miles to make it possible.

While moving towards crypto from fiat one must understand that we are actually moving towards a decentralized society from a centralized society. It isn’t that easy to take up power from the hands of authorities. Even If we dream of a crypto world we don’t have any crypto currency ready to be used as a mainstream method of transactions. So I don’t think fiat is going to die a death anytime soon

The only crypto that "could" probably be used to buy stuff or used as normal currency would be Tether, the other ones could be impossible to adapt because the volatility.
If you use tether, the price could be adapted to the price that the seller wants for the thing that he will sell.

I think bitcoin will become a fiat currency in general if the government is willing to legalize bitcoin as a currency that can be used to transact just like what has been imposed in japan countries that is where at present the Japanese government has made bitcoin as a virtual currency that can be used for transact. but I do not think it can be done quickly, of course, it takes a long time to realize bitcoin to the community. because not everyone can understand directly about bitcoin. need understanding that takes a long time.

Well in my openion i dont believe that bitcoin can really become a fiat someday because cryptocurrency has its own path way and it is not really dpending or maybe sailed by the government itself .Unlike fiat our fiat has process to become a valid money every country has its own fiat and if we want crytocurrency to become our fiat maybe it will be hard to make it because we have a different fiat in every diff. Country.

Cryptocurrency concept, and blockchain, which is the technology associated with it, have been visualized to help bring a revolution in addressing a wide range of issues that a migrant might face away from home. We can now use cryptocurrency to exchange stocks, property, commodities, and even state-backed money. But if the whole point of cryptocurrency was to decentralize the financial system. Change in culture, lifestyles, currency, and technology, are important factors to consider in the process of migration. There is a need to create a system, where flexible transactions can take place within a country irrespective of the citizenship or the location of the migrant. Migrants from developing regions may move to more developed countries because of reasons like poverty, culture, political or economic circumstances, but mostly to move somewhere which provides a better quality of life. This change doesn’t come easy, as the migrant is expected to leave everything behind and move to a new location.  Cryptocurrency is a medium of exchange, such as the US dollar, but is digital, and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds. Digital currency doesn’t have limits across borders, and it needs no repetitive documentation or futile paperwork to provide a migrant with a flexible option of storing currency.

I have a dual opinion on this issue. First of all, for example, if Japan introduces the crypto currency not only to domestic, but also to the external market, these other countries will do the same for international trade. But on the other hand, I do not want the government because of my corruptness of the legalization of the crypto currency.

Honestly, making crypto currency as a fiat is not a bad idea but have this as the sole currency that exist in the country is not yet that possible. I think crytp currencies has a lot more to build and establish before it will happen but if crypto currencies would be another option for us to pay our liabilities and buy some assets, then it will be more possible and easier to accept.

I dont think that's possible and for a number of reasons why. First is that cryptocurrency's value is ever changing, flactuating from time to time which is definitely going to be a problem for the economy considering that the government will constantly adjust expenses and taxes just to balance things out. Second is that the majority of the country's population arent aware of what cryptocurrencies are and the only solution for that is to teach cryptocurrencies in schools at an early age. The third reason why cryptocurrencies cant possibly be our fiat is that not all of the people within the society are exposed to technology and that cryptocurrencies are only limited to those who are able to gain access in the net.

It would be amazing, but the price of at least one crypto should somehow stabilize for this to happen. No trader will accept on the daily basis something fluctuating 20% from day to day.

With such a crazy high transaction fee and delay confirmation time....Considering BTC as FIAT is just a nightmare. Lets understand it one example...after buying essentials from a local grocery store worth $10000 and want to pay through BTC but this transaction will cost me $200-250 which is crazy. So using BTC as FIAt now is not practically feasible at this point of time.

Indeed, thats one of the disadvantages of bitcoin nowadays having a high transaction fee is not a joke. Currently btc as fiat is not possible especially in our country, most people cant handle to use crypto due to their status, you need to be atleast aware of what btc is and know how to use gadgets to access it and unfortunately they cant pass with that basic rules. It can be use together with fiat but cant surpass it as replacement.

As the economy in the developed countries is artificially created and highly rely on the money printing system, I can not see how crypto currencies can become our daily fiat. Governments might will start introducing their own crypto currency one day, but this will de still some kind of a currency to rob the people and not comparable with the independent crypto currencies.

Okay, in my opinion, it wont be happen in anytime soon, although it is a dream of all people who use cryptocurrency right now. There are so many things that make that as my opinion, such as :
1. The price of cryptocurrency is volatile, especially bitcoin. It is hard to make a price product if the price of the currency changing so fast.
2. The transaction fees is high for now.
3. The transaction is not fast right now.
4. Not all people have internet access, or pc, or notebook, or smartphone.
5. Some company forfeited their bitcoin payment system in recent times.
6. Imagine if all the bitcoin is lost because the owner dead or because other reason. it cant be recoverable, and the number of bitcoin is limited.

Now to think of it, I guess the better option is that cryptocurrency as a secondary fiat and the "real" fiat as the main. Everything is based on the "real" fiat like price of a product etc, but cryptocurrency can be used as a payment anywhere.

First of all cryptocurrency and fiat are not based on the same ideology. Though the reason for which it was created may be same in some places but not exhaustively. Crypto economy is based on transparency and privacy while fiat is controlled by money hungry corrupt governments.

But I understand the OP wants people to consider crypto as main currency. That may be a bit longshot because the fraction of world economy in crypto is very small and the majority is fiat anyways.

I think cryptocurrencies will really change the fiat money because on how the world evolve, just imagine,  in the primitive times people are not using fiat money but they are using bronze, silver, and gold as currency but as times past by,  the currency have change to fiat money or paper money,  so I think someday Bitcoin or cryptos someday will change the fiat. 

The biggest problem with Bitcoin at the moment is that it is not yet solved in mainstream adoption. One study pegged the number of active crypto users to between 2.9 and 5.8 million. Pundi X proposes a solution to add one billion users to the cryptocurrency movement by adding two missing key elements to provide significant adoption by the primary user.

Fiat money means a currency issued by the government, now for a cryptocurrency to be a fiat the government should issue their own because they could not control the other due to the reason that they are not the one who controlled it.

Depends on situation because if you do talk about cryptocurrency then there are lots which it would really be confusing if we do talk regarding on having a main cryptocurrency which is bitcoin then it cant be happening because government wont really allow such thing to happen because they cant able to control cryptocurrency since most of them is decentralized.Unless if they would decide convert fiat to their own centralized e-currency then its possible but for crypto then it wont really be possible.

It's a long way for that time, since bitcoin and other forms of cryptocurrency isn't yet supported by the government worldwide. It would be possible to happen only once cryptocurrency will be fully established and the acceptance of the community will be at least 90% of the entire population. Though it is a big challenge but then, their is a big chances for that in the coming years.

Yes. Some makes it their daily bread. They depend yheir daily expenses in bitcoin. For sure will all know that there are those jobless fellow who are more free financially than the employed ones and it is all because of bitcoin. Some joins the bounty campaigns and get paid in bitcoin and they encash everyweek for their regular expenses.

you know cryptocurency is now part of our daily life but if your saying that if bitcoin could replace the fiat someday? then i guess it would not happen because that will be verry hard for most of the people especially on poorer countries and uneducated people to use crypto. yet crypto will always be an alternative currency next to fiats because crypto can still do amazing things that fiats cant do like for example crypto can be used online and also it can be used on a different purpose not just on buying but also in mining, trading, investing, etc..

The full bitcoin concept is to NOT be a fiat, as it's based on mathematics and not on trust.

Some Cryptocurrency hard to replace our daily fiat like bitcoin. if bitcoin survive some altcoin will replace our daily fiat.

we will use bitcoin for investment and ether for buying and Ribble for daily

What you have forgotten is that some of those things you are referring to as old currencies like gold, silver etc, are still being used today as currency even though not hugely. This shows that in the long run, there is still a huge possibility to see fiats being used even if cryptocurrency start becoming something highly usable. However, I still believe that so many things will change though with the usage of cryptocurrency as it will become widely used globally but to what extent is what no one can really say for now.

Cryptos being unregulated, this can never happen as governments would definitely lose their power and control.

I was very happy to hear that. I had my half of savings in bitcoin only,so if it happens it was good.When the Crypto currency became a FIAT, the transaction fees also reduced.Now the transaction of bitcoin is some how low,it may be the reason for this high transcation fee.We can hope this will reduce some how in future.

Right, there are still a lot of things we need to solve before we even think of get there and what we will end up seeing for now is just going to be some few usages by the lovers of crypto.

Things cannot remain the same and a lot will change most especially in how we use, pay and interact speedily in the crypto world when it comes to payment which would make it awesome to use, and that may get us closer, but for now, the real fiats, will definitely be something that would be in existence.

Those fluctuations are pretty huge and for sure, just like you said, this is something that cannot even make cryptocurrency being used as fiat work. It is an uncontrolled environment and this fluctuation even though can be good in a way when it is increasing but not decreasing for most people especially when it is not a small level of increase.

Nevertheless, when things change and we get to see real life usage, then probably, we may end up getting to that stage gradually but not completely.

Even before the invention of bitcoin, corruption was there. People were involved in illegal activities with the help of traditional currencies, so it is a very lame excuse to reject bitcoin as a national currency or replacement of fiat. As far as taxes are concerned, there are many people who are not paying taxes even when they have all property in the form of traditional cash or gold etc. so this again is a lame excuse.

Yea, fluctuations and the high level of volatility is one thing that does not make it realistic for now, but I still have the feelings that this would change. However, you raised some valid points and most especially the last ones.

A lot of people are still limited to technology and find it very hard to even adapt to it and such people will find it hard to even adapt to the usage of cryptocurrency, but it is the world, and things change over the years, just that some of us may not experience them.

Yeah, money is everything. If the goverment lose their power in currecy they will lose their power to control the society.

I don't think this is possible to happen. Government will never give a single back up to cryptocurrencies. They are decentralized and there's no way for us to make it as our fiat as a nation but for being in the community or living in crypto community we can deal and have sometime to use this as medium for buying things online although there are countries that aren't recognizing bitcoin/crypto.

No, I think cryptocurrency has no effect on the government. Therefore, they do not need to manage it. But if they can manage it, it will become a powerful resource for the economic development of their country.

Of course their main priority is to control its people. If governments weren't interested in control at all, people would be able to use Bitcoin everywhere in the world without authorities putting harsh penalties on whatever sort of usage. That's why I am sure they can't wait to pump their own centralized crypto currency into the economy to make their people even bigger slaves. It's more centralized than fiat will ever be, which is the massive danger people seem to discard here. What's all the convenience it offers worth when you have to lose even more of your own dignity? People should think wisely before wishing for something....

It would only change or replace that once that the LN gets implemented, with the actual fees it would be almost impossible to implement it as a new normal currency just to replace fiat.

I'm not sure of it as bitcoin struggle to reach scale solution, this problem has been discussing for years but can't be solved so far.
Bitcoin as medium of exchange or means of payment can be achieved if scale problem already solved and the governments legalized bitcoin as legal payment method such as in Japan and Belarus, in these countries people can easily spend bitcoin everywhere, even to pay bills as well.

just a little clarity. that cryptocurrency can not replace the fiat money as a whole. cryptocurrency only plays a role facilitate the transaction easily and facilitate the online payment tool.

Nightmare is an understatement. I recently needed to make a quick transaction so as to do some few trades and even with the high transaction fees that I paid which as far as I am concerned is high enough, and it is not small, but still it took days before my transaction could get confirmed.

So, you are right, using as FIAT is something that just cannot work out at least for now until when we see the scaling solution solved and then see how things would end up as.