Bitcoin Forum

Cryptocurrency is a new trend in the modern financial economy, and it is an Internet-based medium of exchange that can be traded using cryptographic functions.
The decentralization and transparency of cryptocurrency makes it free from government supervision and control, and it is the owner who controls own wealth. The benefits of cryptocurrency make many new users to invest in it, and it has been accepted and recognized by more people. Some countries have banned bitcoin from the beginning to now accept and use it, and some countries use bitcoin as legal tender.
With the passage of time and the increase in value, will cryptocurrency be used in the world instead of fiat currency?

I don't think that's bitcoin goal.

Bitcoin is important because it is decentralized, universal, independent from governments and so on. It has its use cases and will certainly be used where fiat currency is inefficient, but I don't think in long term we will have only cryptocurrencies.

Physical money, i.e. cash, is necessary imo. It is handy, anonymous, and we use it for a very long time.
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I think crypto becoming the underlying value for fiat, like gold, is more likely to happen. As mentioned above, fiat still has its own uses, especially for countries and governments who want to gain control over their economy. Relying on a tech where everyone can contribute might not be the best choice for them.

Cryptos goal is to let users have an option of becoming their own bank, which doesn't necessarily mean that it wants everyone to use it so that they can become their own. Fiat was mostly made to increase qol of its users. Yes, its centralization is a negative, but it's also a positive imo that it forces everyone to actually accept only one system. With one system being used, transactions would be a lot smoother and easier to process and management would be easier, though again, there's a negative in every positive.

Digital fiat currency is coming which is what could be the next that we are going to be using along with cryptocurrencies. Physical cash had been foreseen to disappear actually in the future and this could be because the creation  of CBDC. But in many case its the same thing with the fiat use today. The FED and banks still owns them and we may still be using these digital fiat still along with cryptocurrencies.

I see you are mixing two terms, OP. The concept cryptocurrencies is much broader than Bitcoin, and you seem to be assimilating them. If you mean Bitcoin can replace fiat currencies:


It may not be today but I think that was the spirit when Satoshi created it as a 2P2 electronic cash system, another thing is that after years we realize that it is a much better store of value than cash.

To summarize, I believe that in the future Bitcoin will prevail as a store of value and will coexist with cryptocurrencies of Central Banks and the more useful shitcoins.

Fiat has its own use and is difficult to replace because Fiat is also the identity of a country, I think the most likely thing is that crypto will be used more and more for online transactions, but its use will not (at least for now) can replace Fiat.

Cryptocurrency cannot replace legal currency now, but there may be a chance to realize it in the future. Bitcoin is decentralized, and it is not regulated by the government. Many people who like to control their own financial power like to use Bitcoin. Many areas that initially banned bitcoin are now gradually accepting bitcoin, and El Salvador also uses bitcoin as legal tender. The massive circulation of Bitcoin means that people's consensus will continue to increase, and the development potential of Bitcoin is also unlimited.

You said it, it is a "trend" and trends die out with time while the product remains and the ones who used that trend to make profit remain wealthy. The previous buzzwords of blockchain and stablecoins saw similar "trends" and even though they still exist, nobody talks about them anymore. I wonder why? ::)

Hold your horses, the country where has been made legal, they are facing skepticisim about bitcoin's use already and I am still watching as to how this progresses in future. Whether it will end up as something good and acceptance or ends up as a failed PR stunt.

My reasoning behind this is that for using bitcoin one needs electricity supply and internet. So unless someone develops a product that can have a battery and internet for quick bitcoin transactions, fiat will remain the bigger one. Because you cant expect every person in every country to be owning a smartphone and having access to internet all the time - can you?

Bitcoin based cards is another option to mitigate the above trouble. There have been a few ICO startups that did this and are now no longer heard of. ::)

Of course in future we might see changes in this line, specially if the governments start allowing crypto become mainstream in many countries.

Transparency has nothing to do with freedom in this regard, it is because of the first one you mentioned which is decentralization which makes Bitcoin not to have central control.

Yes, Bitcoin gives freedom, but just that many people are now making use of exchanges and other centralized services in a way the real coin owners has no private key, unknown to many of them that they do not have the freedom while having their coins on centralized platforms which makes them not to have total control. This is why the freedom is for this that are using noncustododial wallets, especially open source wallets which are the recommended ones.


Your question needs differentiation, there are now two types of cryptocurrencies:

• decentralized cryptocurrencies which I believe is the reason for your question
• CBDCs which are completely centralized

The CBDCs mimics fiat and yet are cryptocurrencies also, this may give ways to reducing use of fiat, but they are just still the same because they are created and controlled by the governments.

But if you meant will decentralized currencies that gives freedom totally replace centralized ones, I do not think so also because Bitcoin was even created to be an alternative not a substitute or a replacement. Also, the governments will always look for possible solutions to make sure centralized currencies are existing.

This is almost a reason for unrealistic possibility for cryptocurrency to replace Fiat. Country's identify is going to be a stop to realize that. I don't think that there is a particular country that would relax the use of there Fiat for cryptocurrency, even El Salvador that admits the use of cryptocurrency yet uses her Fiat and that is giving us that idea of what the practice would be in future for every other country. However, cryptocurrency will well satisfying the global digital need.

Ofcourse. But combining the Transparency and free from government supervision sounds counterintuitive. One of the purposes of the transparency is for network participants (which includes government) to publicly verify transactions while taking part in consensus or governance.   So, true cryptocurrency network is the true or right public network unlike what we have with fiat currencies systems.

That's the kind of network/system a honest and transparent government ought to be using. So, I think it's right and moral if the fiat systems is truely decentralized, transparent and public.  Besides, it's hard to abuse your power on well decentralized and transparent system with good rules/principles.

A crypto based government can easily print cryptocurrency out and distribute like they print and distribute paper fiats. There will be more transparency and accountability in Crypto printing

Basically bitcoin is here to eliminate the involvement of banks with every transactions we make bit we never know that each and every transaction is going to happen via oeer to peer mode since bitcoin blockchain is not actually ready to process such hige amount of transactions which let people to create other cryptos which are generally called as altcoins but nowadays cryptos becomes assets more than actual payment mode so for now we are actually in the direction of adopting cryptocurrency as a currency in the future.

I have read and commented several posts regarding this topic. And for the nth time, I would like to say and stand my ground that cryptocurrency will never and can never replace fiat money. Crypto isn't made to take over physical money. It has a very different nature - decentralized. And with that, the thought of totally replacing fiat is nearly impossible to happen because certainly, the government officials won't allow that to begin with.

Most leaders of the countries all over the globe are even aloof with the idea of accepting cryptocurrency. Hence, the possibility of it replacing physical fiats is extremely low. Although there are open-minded officials that already took the initiative to risk with crypto as an alternative mode of payment, store of value, and as a legal tender, still there are still a lot of officials that are not in favor of crypto and does not recognize crypto in their country.

In addition, cryptocurrency and fiat money has their own uses. They serve their own purpose in a country. A fiat money plays a great role in the economy of a country. Meanwhile, crypto serves as an alternative option for purchasing, saving, investing, trading, buy and sell, etc. It also provides wide opportunities for the people that fiat money alone can't offer. You see, they have their purposes that's why we should not pit them with each other. One way or another, these two have helped and will help the citizens and the country in general.

Even you count on decades or centuries, the physical form of money will always exist. It even evolves as most payments now are digital and cashless (encouraged during the global pandemic) but it doesn't mean it's all about "crypto" in general.

The discussion was been in talks even before. You might want to browse some people's views before and compare if there's a change about it today.

https://bitcointalk.org/index.php?topic=491337.0 - 2014
https://bitcointalk.org/index.php?topic=1301320.0 - 2015
https://bitcointalk.org/index.php?topic=5299167.0 - 2020
https://bitcointalk.org/index.php?topic=5217908.0 - 2020
https://bitcointalk.org/index.php?topic=5284280.0 - 2020
https://bitcointalk.org/index.php?topic=5325101.0 - 2021

Both of them are good and useful in their place. Imagine you have to pay only 2 dollars for a product and the transaction fee is more than 1 dollar, this won't make any sense doing such a thing, or imagine you stuck somewhere there is not any internet connection there will be a pain in the ass to spend your bitcoins, also I don't think if the goal of bitcoin was ever to replace the traditional fiat currency. So I guess no, this won't be happen  and fiat will stay on it's own place.

what people who keep asking this question forget is that society relies on centralization so when they ask if bitcoin* can replace fiat they are actually asking if the society can make a huge change which is not going to be possible anytime soon. maybe in another 20 to 40 years but certainly not easy or soon.
bitcoin is not meant to replace fiat either it was created to only offer the freedom to those who use it.


* cryptocurrency can not because all altcoins are shitcoins.

Crypto is not trying to replace fiat currencies instead helps people to have a new investment (at least, that is what people do right now). In the future, if their government allows crypto to be used as a currency, it will work together with fiat so people will have an option to pay.

But with the volatility of the crypto price, I think crypto will be better for the investment than the payment method. But crypto has a stable coin that equals fiat currency, so people may use it to pay something.

The journey to replace fiat is certainly difficult, as we know that security systems are always a difficult topic to solve. besides that the presence of crypto that does not have a physical form makes crypto difficult for anyone to use.

It would surely take a while before we see that happening especially if we would take consideration of the current banning and restrictions made by many countries towards crypto. Since the government controls fiat and it is only them who has the power to allow the regulation of cryptocurrencies, as it seems like they are still against the use of it would mean that crypto will not be able to replace fiat for now. Crypto holds too much financial freedom and decentralization as well so it's not really surprising anymore to see the government restricting the use of it. Maybe someday soon, as things get settled between crypto and government, we might see that happening.

Maybe someday that's going to happen but I do not see it happening any time soon. Bitcoin still has quite a long way to go in terms of adoption in the mainstream world.
Before crypto can replace fiat, then everyone must be literate and have access to the Internet at all times. Every merchant of goods and services must accept crypto as a means of payment.
These two factors, as simple as they seem, will take so many to years to come into play which is exactly why bitcoin and crypto at large cannot replace fiat anytime soon.

That would only be possible in the case of centralization, because, obviously, all money supply can't be left without control (at least now it is hard to imagine how that could be regulated).
If the governments accept cryptocurrency (meaning actual crypto, NOT digital currencies) as an official way of payment - they will start looking for regulations to control it, track the movement of funds, and that would basically destroy the purpose of cryptocurrencies.

It is already used. But there's no need to think of it kicking out fiat, I guess fiat is here to stay and so bitcoin does. The government that sees good alternative for bitcoin and will allow its co-existence with fiat, those countries will do better.
And how we're wishing that most countries are going to be the same as El Salvador, they got two currencies and one of it is bitcoin.

This is why a lot of governments are still hesitant with bitcoin or other crypto because they don't know yet how to regulate this type of currency. That's why crypto can't replace fiat anytime soon. The government has full control about their fiat currency but with crypto, still vague for them on how to manage this new payment system. For crypto users, they don't want government poking on their crypto transactions as that's not the reason why crypto was created. Bottomline, we don't see crypto replacing fiat. There are so many factors to consider. But we are happy if our government is not too strict dealing with our crypto.

Bitcoin is already used but in limited areas. And some of the countries had banned it so bitcoin will only be used as more of an investment rather than a currency. But if government changes their mind and open their doors for bitcoin in the future, then probably bitcoin will be widely used as a currency but not to replace fiat, but as another option to it. I think fiat will stay forever and bitcoin might do the same too once its adoption will grow that will end into its people's acceptance.

Those countries that had banned it, there are still people that have been trading and used it because they can bypass even if there's also banning visiting bitcoin-crypto related websites.
We saw countries have changed their heart towards bitcoin, they've banned it for a long time and they're having now a time to think if they'll reopen their doors for it.

Why would fiat currencies need to be replaced.

I would prefer crypto and fiat exist in a state of relative competition. The way that competition between AMD and intel reaped significant benefits for consumers and semiconductor markets. Over the last 10 years competition has brought consumers lower prices, greater performance, greater reliability and lower energy consumption of CPUs. This is one positive facet of how free markets and capitalism are supposed to work to benefit humanity.

Fiat and crypto do not need to be enemies who attempt to destroy each other. They can compete and strive to make each other better and stronger. Fiat can learn lessons from crypto. And perhaps the opposite could be true to some degree. If crypto is successful it is due to shortcomings or limitations of fiat which crypto is better suited to fill. The rational solution is for fiat to improve and offer better terms, conditions and stability to its user base.

Crypto replacing fiat would end with crypto becoming a monopoly of itself. Which given the negative publicity monopolies have received of late, may not be an optimal solution.

Its just a modern trend but it cannot totally replace fiat since for sure many people will not  allow a certain digital currency  with unknown creator identity status will take over their financial system, Its really impossible to think that it will happen and maybe you are just over thinking it  due  to El salvador adoption. Bitcoin is just a perfect secondary option and we need to accept the fact that this is where atleast he can go since the law is the main barricade on why  we cannot see this happening.

The future is uncertain and may be realized someday, but now it is difficult to become fiat currency.
Cryptocurrency is just a new trend of investment now, and it is chosen and loved by many people. However, there are still some countries suppressing and banning the use, prohibiting the use of cryptocurrency for transactions. The price of cryptocurrency is not stable and the market is volatile, so cryptocurrency is more suitable for investment rather than as a fiat currency.

I think the two will coexist. One of them will not be replaced by the other, nor will it disappear. The nature of cryptocurrency and difficult algorithm may not be accepted by some people, and the nature is different. So I think that cryptocurrency still shines in its own field, and fiat currency will not be replaced.

Can is a question of possibility, so while it is unimaginable at least at this point in time, I guess it remains possible. Who knows, in the next couple of centuries?

But in our current situation, I don't think it will happen. Bitcoin and fiat work in two highly different systems, extremes as a matter of fact. The incompatibility is immeasurable, so that it is next to impossible to use Bitcoin as a currency in a system which is tailored-fit for fiat.

For one, a certain amount of control is indispensable in our current setup. Prevailing economic theories, approaches, and policies couldn't work should Bitcoin replace fiat. So there has to be a complete paradigm shift in order for this to work, which is probably not going to happen very soon.

Just as we have options and choices that still hold universally, like the option of

-whether to have tea or coffee,
-to either drive a car or ride a motorcycle or both for mobility sake
-to either travel by road, by air or by sea.
-the option of which tv channel to watch or radio station to listen to and so on

Cryptocurrency has come to present options in terms of finance and not to completely replace the traditional fiat. Now users have an option to send money across the globe in cryptocurrency or in the traditional fiat through the government controlled banks.

For me, it is the dream that cryptocurrency gains widespread acceptance globally like fiat to an extent that they can both exist and be used in harmony.

Well, coexistence is much better than the alternative because if cryptocurrency were to replace fiat, a lot of people that don't use electronics will be left behind unless the government does the impossible and takes care of these marginalized people and that's just one part of the problem, economy will be on hot water for a really long time because they will have to fill the void that was left by fiat.

Coexistence is the only option, IMO. A few years ago, Sweden and some of the other countries wanted to replace physical cash completely with digital cash (fiat in both cases). But after a few years of compulsion, they just gave up that effort, as a lot of people simply refused to trust digital cash. Especially the elderly people find it very difficult to use their mobile phones to make payments. The same issue will arise with cryptocurrency as well. In fact, it is one of the reasons why we don't have a lot of senior citizens using cryptocurrency.

Exactly! The old generation is far from the adoption stages of digital era. Even if we consider the developing countries along with the underdeveloped one, BTC global adoption is next to impossible. It's being used everywhere, that's not a question but at what level it's being adopted is real thing. A global adoption would be something with the proper infra-structure. Ability to transact with crypto everywhere, irrespective of nation where I am paying the bills or holiday trips! Even today, digital world is lacking behind and everyone carries cash with them for emergencies!

You can stumble upon places where there is no network coverage area but local businesses exists and you want to buy something then how would you pay? Cash!
These are just small case studies, but can give you clear idea as to why digital or crypto based currencies lack the phenomenal growth.

There is a difference between fiat and crypto will never be able to replace fiat currency crypto is not supported everywhere. Crypto is the best with online first of all bitcoin is the real money from a purely economic point of view it has prices and can be purchased for products and services it is unlikely that you will be able to pay your bills or buy groceries in full bitcoin although those services exist and are growing you will be able to buy an amazing amount of products online with bitcoin wallet.

Yes, but what will happen if it occurs? As we have seen in the news lately, big industry players have started to talk about the possible adoption of banks. Even accepting Bitcoin purchases through banks.

I think this is the step that the big banks should take if they want to make a step forward towards globalisation and the new economic and technological generation. It is clear that thanks to bitcoin and cryptocurrencies, banks are losing some of their clout. And I think, based on what we're seeing, the strategy of going against it is not working out very well for them. On the contrary, they need to start thinking about how to adapt to change.

In fact, very recently, the president of the NYDIG left us with some interesting clarifications.

"This is not just the banks thinking that their clients want bitcoin, they're saying 'We need to do this, because we see the data,'" he said.

One of the things he said that I found most interesting and that perhaps some of you might have missed is the point that, unlike current investments that you can make through banks, with Bitcoin you can start investing from as little as 1 dollar, which is not even 1 euro. This not only attracts institutional investors with large capital (which is the case so far), but anyone can have access to such an investment.

These topics have been discussed many times over the forum and the answer will remain the same that bitcoin can be used as an alternative to fiat as medium of decentralised finance making global payments without any third party intervention but fiat will also be used along with it till the time btc is being globally adopted.Many government are also working on the framework to develop their own CDBC to counter effect the crypto market because they know fiat will be used less with digitalization and that's where we need digital modes of payment.In future btc surely stand a future and you would see normalised bitcoin transactions.

very true, without proper regulations from the government i doubt crypto will be consider as an acceptable global means of transaction, like it or not, regulations is important to curtail the activities of the influential people in crypto with huge amount in their possession, the government can not allow few individuals to have control of sizeable part of the space, it will bring a lot of problem, in essence there will be a lot of re-evaluation of the whole space if this will be consider. 

This was tackled many times before. Fiat currency is the country's legal, approved currency that is centralized. While cryptocurrency is way different as it is decentralized and some government dislike the volatility of it. While cryptocurrency can also be used as payment method, in some remote areas, fiat currency is more convenient.

About that question that has been asked many times before? Think twice about crypto adoption first.

It would be best if OP defines what is cryptocurrency before this debate can even start. Is CBDC a cryptocurrency? Is any token that uses blockchain/hashing can be categorized as a cryptocurrency? You know the government can build fiat on top of "blockchain technology" so why they need to replace it?

In the near future, it will. As trees are slowly depleting, and more plastics are being used in fiats, I could see a future of digital currency for all over the world. I just couldn't see what cryptocurrency could ever be used in the future. I can't see it as bitcoin due to its max supply that can't be used by almost 10B humans by 2050.

Of course, in the future, paper money will disappear and others will come to replace them, but which ones at the moment are still very difficult to say. However, there is already a lot of information that many large countries are working on the creation and launch of their national cryptocurrencies. Probably in the future, each country will have its own national cryptocurrency, BTC and other cryptocurrencies will be as auxiliary or, for example, as an asset to preserve and increase their capital.

There is actually enough bitcoin for everyone. After all, it is not necessary to use whole bitcoins as a payment. If you use satoshi at the same time, then this will increase the volume by a hundred million times. This amount of bitcoin particles will be enough for everyone. But I'm not sure that bitcoin can be used as the main money of the state, primarily because of its high level of volatility. In this regard, the experience of El Salvador will be very valuable. In general, I do not think that decentralized cryptocurrency can replace paper money as a means of payment.

Why do people still think that cryptocurrencies will replace fiat currencies in the future?
Is Satoshi's main reason why he/she/they created Bitcoin is because to replace fiat currencies?

Bitcoin's reason why it is created is to be our own bank. To not rely too much on banks when it comes to transactions purposes and not to replace Fiat currencies. After all, there are people who are still convenient to use fiat currencies but at the same time there are people who are convenient to use cryptocurrencies in their daily payments. Lets just think crypto as an alternative mode of payment since that is what currencies are created and lets not think that crypto will replace fiat since it will never happen.

for now it seems bitcoin is difficult to replace fiat currency, even almost all countries have not been able to legalize it to be used as a means of payment, let alone to replace fiat currency. but in the future, I don't think anyone knows what it will be like, because replacing it will certainly be a long process. at least now elsalvador has started so that we will grow optimism in the future

That's the whole point of blockchain and bitcoin that people keep ignoring and forgetting. I mean people think that bitcoin is something that we should be focusing on as it is, but that is not the case, bitcoin is not just a profit making machine where you buy low and sell high, that is just not the case at all.

In bitcoin you can do that, but this world is not just something you should get in to make a profit and leave, that is just missing all of bitcoin all together and doing something wrong, sure try to make a profit which is always good but when you get you should also focus on making a bit more than that, it would be smarter to end up doing something that would be more like leaving fiat world behind and being more crypto. I can't even remember the last time I got a fiat in salary, it must be about 5 years ago or so, ever since then I am full time crypto for example.

I don't think that bitcoin is going to reach the point where it is going to be used as a total replacement for a fiat, and that is due to the fact of the high transaction fees and the long time that it requires to verify it, if you want to go buy something worth 10 dollars you have to pay half of it in fees, cryptocurrency is inevitable and it is going to replace fiat eventually but it is not going to be bitcoin that replace it, maybe some currency made by the government.

At present, cryptocurrency will not replace legal currency. Fiat currency is a currency supported by the government. People are accustomed to buying goods with fiat currency in daily transactions, the price of legal currency is stable, and it is a relatively safe currency.
Cryptocurrency is more suitable for investment. Its price is unstable and fluctuating, and there is a certain degree of risk. It also does not apply to transaction currencies.

Crypto currency nowadays is almost as useful as fiat as our world is at the edge of digital technology and internet are almost in every corner around the globe but replacing fiat still impossible on every government unless there is only one world government. Fiat determines the economy of each nation so I think  maybe in coming future.

First one world government will never happen. You cant expect every human being on earth to follow a single government, while the cooperation between governments to establish world peace is enough.

Also bitcoin does not need a government to be useable. Anyone can use it as long as they have a internet connection and a device with a wallet and electricity supply. However this will not replace fiat because these two things are necessary and cannot be availed by every person living on the earth.

Economy is determined by the country's GDP and not the price of the currency with respect to other currencies. You can express that number in bitcoins as well but someone may not like that. However it is unlikely that a country would put up bitcoin as its sole currency, it is foolish to think so as well.

I don't think cryptocurrency will replace fiat currency. They may always coexist because there are many types of cryptocurrencies. If Bitcoin is set as legal tender, Bitcoin is limited. What everyone values is the stored value of Bitcoin. And now everyone is investing in Bitcoin, and some people who hold Bitcoin will continue to hold it, not saying that they are selling their own Bitcoin or paying with Bitcoin.

no government in any country will replace fiat currency with digital currency. Fiat money in a country is a symbol of a country and has become the pride of society. I don't think it's appropriate to compare fiat currency with digital currency even if it's a stable coin.

With some of the shortcomings that Bitcoin has, it seems impossible to replace fiat right now. Moreover, with Bitcoin transaction fees which are
quite high, it cannot be used to buy cheap goods. The most ideal for now is Bitcoin as a payment alternative, so fiat and Bitcoin can go together.
Some countries do plan to create their own cryptocurrencies or create digital currencies, there is a possibility that it can replace fiat.

I agree that crypto will be preferably for investment but do not forget that crypto has a stable coin that is not too fluctuating.
But crypto will not replace fiat currency because it will depend on the country and the government and I do not think that they like to see the crypto price moves fluctuate because that can make their heartbeat so fast.
It is better to use fiat currency for our daily lives and we also have an investment besides the current investment.
That will help people financially because they can save their money in the crypto form and sell it when they see a profit.

To say completely replace flat currencies to be honest as people who support bitcoin are also have doubts about it, but if you say will replace digital payments of the future. I'm very sure of that. Digital activity will always evolve. and the people and their generation too. very possible in my opinion when talking as digital payments.

The experienced bitcoiners hardly ever talk about Bitcoin replacing fiat. It is mostly the noobs who put up with such arguments, in order to increase their post count and to get one or two merit points. For Bitcoin to become widely acceptable, it doesn't need to replace fiat. I am sure that fiat currency and cryptocurrency can exist together in a mutually beneficial manner. The adoption of Bitcoin by PayPal is one of the best examples. Bitcoin has advantages and disadvantages compared to the fiat. Advantage is that it is protected against inflation and it is more suitable for large-sized transactions. But at the same time, it is not suitable for small, instant payments. So we need both the options available in the payments sector.

It's not about having doubts about crypto replacing fiat, simply that is not possible now! It's not possible for many reasons, in my opinion, the most important reasons are infrastructure and people! We can't have crypto everywhere if we don't have internet everywhere, and many people don't understand how fiat works, how to expect them to know what crypto really is? So one day when people wake up, and there's an infrastructure that can support crypto on every inch of the whole world, we will see crypto replacing fiat currencies! I believe this will happen one day, but it's stupid to predict will it happen in the next 50-100 years, maybe earlier or later... who knows! It's something that depends on many things, but one day all the pieces will lay where they should!

Well there is still assumptions towards this idea if this scenario will came but actually it has possibilities but the chances is so thin since fiat is already establish and if some other things threat to replace it then maybe they will go first for so many challenges and we know how strong the fiat since there are so many laws surrounds it. But who knows if fiat will collapsed in future most provably bitcoin will be the closest option since for sure this will became more establish in future and government will easily see that.

When digitalisation are fully developed and all transaction could be paid online, I don't see why fiat cant be replaced by digital money. I could see a future where physical money are not needed no more. More advance payment method are built and in the next 100 years, I could see humanity being away from fiats. The reasons are resources. Resources to make fiats and more likely depleted that time and the universal solutions is to have a more sustainable, secure and regulated cryptocurrency.

- In your opinion, flea markets and street vendors probably don't need to be open anymore, giving money to the homeless also requires swiping a card and in short, our lives will revolve around technology and no physical currency in the future, do you feel that this idea is relatively viable? Resources and technology, even knowledge can grow but this growth rate will be accompanied by convenience in certain issues, some saturated problems will not be able to use technological solutions, need traditional elements such as fiat currency

Who uses cash anymore? All banking is digitalized now, from income deposits, to taxes, to withdrawals, to transactions, anything. That piece of plastic that everyone carries around in their wallet, it's all digitalized. People use fiat currency because of the stability and centralization, they trust government to hold their end of the bargain and provide value to the paper they print. Once that trust is broken, fiat currency goes out the window, and I can assure you more and more people recognize that it's a mistake to trust the government for anything.

The limiting factor of Bitcoin isn't that it's digital and that most people need smartphones to use it.

I believe that in the future cryptocurrencies will circulate together with fiat currencies...

Cryptocurrency was not created to replace fiat currency, but to be an alternative currency other than fiat. All countries will definitely continue to fight for their country's currency, which has been circulating for a long time and has become a symbol of the country.

I don't think this will happen because basically crypto is volatile and it's very difficult to predict which direction it will move. so it is very difficult if cryto is used to replace fiat money.
other than that I think bitcoin is only an option because besides being decentralized bitcoin is also separate from the government and I think this is only an option and if it is used as a primary or as a payment that is applied globally this will not be good and remember we have been using fiat and money for a long time and very hard to replace it

However when you consider the transaction fee, you will realize that there is actually something big going on that prevents it. I personally deal with crypto every single day and I stopped using bitcoin just because how expensive it became, that is why I think bitcoin being used in satoshis is not something possible.

That is the biggest problem keeping bitcoin to be globally accepted as a payment, why pay that much when you could pay absolutely nothing with other methods, tron is nearly free, even eth as the second most expensive became so much cheaper than bitcoin, and in fiat world credit card companies charge very little, even the paypal payments are cheapest. That is why I think the future of bitcoin depends on the price of the transaction fee, if we do not end up lower and lower then we are going to have to face a lot of backlash over the equality of it.

I think that cryptocurrencies will replace FIAT when we take the first initiative. Although it is a difficult decision because now we have the regulations that are increasing such as the prohibition of Binance to operate in various countries such as Thailand, Japan, Germany, Cayman Islands, Malaysia and more recently Italy.
The situation is worrying because Binance is the global exchange with the highest volume of daily transactions $ 14,826,296,761 with a preference score of 9.9.
Binance's legal department is working hard to expedite compliance with regulatory law.
“We take a collaborative approach in working with regulators and we take our compliance obligations very seriously,”
Binance said.
If other exchanges have passed the test like Coinbase, Kraken, and Gemini, hopefully Binance will as well. We have to get used to the idea that "Crypto needs rules" as advocated by the Winklevoss twins.

https://www.reuters.com/article/uk-crypto-currency-binance-italy/binance-unauthorised-says-italian-regulator-as-crackdown-widens-idUKKBN2EL13K (https://www.reuters.com/article/uk-crypto-currency-binance-italy/binance-unauthorised-says-italian-regulator-as-crackdown-widens-idUKKBN2EL13K)

Eventually yes. As our society consistently shifts into a much more technologically-advanced ecosystem, we will eventually find no need for us to keep our fiat currencies which can contract diseases and are constantly depleting the precious resources it takes to make them. Cryptocurrencies are much more efficient, safer, and is much more  secure. Only thing that is really stopping cryptocurrencies from taking over right now is the fact that we still have close ties with fiat which will take time for us to forget and move on.
Doesn't have to be the current cryptocurrencies we are fond of. Surely the great minds of our future will come up with a way to combat this volatility. Even now, stablecoins are a thing which shows promise of replacing fiat currencies in the future. Cryptocurrencies are versatile, and there will always be a loophole visionaries will be able to exploit in order to open new doors for cryptocurrencies to be utilized in novel avenues.

It's a topic we've been discussing about for a very long time. If we're talking about volatile cryptocurrencies, then I don't think that they will replace fiat. But if we're considering the digital currencies which are developed by governments, then they can and they will replace fiat in the future surely. It's an inevitable reality and people who are against it should digest this truth.

Although this topic has been discussed many times, it is indeed very interesting to talk about, because there are still many people who believe Bitcoin
will replace fiat in the future. Even though this possibility is impossible, however the government will not allow fiat to be replaced by uncontrollable
Bitcoin. If fiat is to be replaced, I also believe for sure by the digital currency that is being developed by the government. Therefore, Bitcoin was created
not to replace fiat, but to become an alternative payment. So humans if they want to make payments there are other options.
The presence of cryptocurrencies is not supposed to threaten the existence of fiat.

Yeah why not. Do you really think all of these things aren't gonna be solved in the future? What if I tell you that there are beggars right now who accepts electronic money through their respective applications and for your information, most street vendors in El Salvador accepts BTC even those whose at flea market as you say.

Cryptocurrencies are not meant to eliminate or replace fiat. I mean fiat doesn't have a basic self-balancing instinct anymore and crypto will creep into it all in an effort to create a better, fairer state and accumulate the inflations that arise from it by procedures and intermediaries. Crypto will not replace fiat in the future but it will better play a role between operations, managing or mitigating risks.

Cryptocurrency will not replace legal currency yet, it is just a new trend, there are still many people who have never heard of Bitcoin. Cryptocurrency prices fluctuate greatly and are not suitable for daily transactions. Some countries also do not allow the use of it, and even suppress the prohibition of cryptocurrency. It will take a long time if cryptocurrency replaces fiat currency.

Given how deeply rooted fiat and banking is in our society, I don't think that it's a good idea to replace them suddenly because there's a big void that cryptocurrencies has to fill to accommodate not to mention that if your country is a big participant in the global trade and economy, things will start to crumble. The best approach is to slowly integrate and let the old one slowly phase out.

I don't see the fiat cryptos or CBDC being too popular or successful because decentralization is the key and all these cryptos developed by governments are always going to be centralized and monitored.

We are a long way from cryptocurrencies to disrupt the fiat market and become the dominant payment option. I mean even today, apart from trading, cryptocurrencies are not that useful because not many service providers are still accepting BTC because of the volatility issue. To some extent, it has been soled by stable coins but still a long way to go. Once amazon or a big platform starts accepting BTC as a payment option, it might pave the way for others. I expected Tesla do to the same but Elon had other ideas.

I think so, crypto is not meant to replace fiat, because it's too complicated to become fiat, for example security issues, I'm worried that if I have to change the address contract every day because it was previously hacked, it's better to be an alternative to local or global transactions like now.

I do not think so. It seems like it will just be an alternative as a store of value. Because the government will not allow it to become the main type of currency in their country and replace the fiat currency. This will be an alternative to banks such as storing your assets. When it comes to cryptocurrencies, it will not be controlled by the government because it is a decentralized ledger. The only thing the government can do is issue restrictions on the use of cryptocurrencies.

actually this is just a growing myth among economists that cryptocurrencies will replace fiat
let's take a deeper look that cryptocurrency was created not to replace fiat but to be an alternative currency other than fiat

if the world's governments are willing to sit down together to discuss the potential of cryptocurrencies then they will definitely accept and make it a payment alternative
Cryptocurrencies were created not to replace but rather to improve the financial system

You are confusing fiat with paper money. When someone asks can crypto replace fiat, they are not asking whether digital payments will overtake manual and physical transactions because of course moving forward digitalization is going to happen but digital fiat and crypto are two different things.

My opinion on the matter is:
Will digital transactions take over physical paper-money-based transactions? Yes, they will at some point.

Will crypto replace fiat? No, as much as I like the theory, I cannot imagine a world without banks, and crypto is meant to kill banks.

It depends on the scope of your question, if you mean this worldwide then the answer is no as governments are never going to stop printing their own currencies as a great deal of their power derives from having their own currencies, however if you mean that to some people bitcoin will in fact replace fiat currencies then the answer is yes, some people will elect to receive their payments in bitcoin and then will use it directly without ever touching fiat again, effectively replacing fiat on their lives.

I don't think there is a chance that cryptocurrency will replace fiat money. I do believe that the government may create their own digital currency that is based on the fiat and also a centralized currency. Government wants to take control of it but in bitcoin there is no a group of people or a person who has a control of bitcoin so I don't think that it will happen if they replaced fiat with bitcoin or other crypto currency.

No matter how influential and valuable cryptocurrency or bitcoin is today, it can not replace a fiat currency from my perspective, because emphasising on fiat, it's very obvious and understandable that fiat currency is father's of all currencies as per say Bitcoin is father's of cryptocurrencies, now considering the fact that before introduction or  awareness of cryptocurrency fiat is already in ground.

So narrating this using the ancient period of human life living and present methods of life currently, it's clear to the blinds and very audible to dealf that cryptocurrency can't dominate or take over fiat currency, because without Fiat currency a cryptocurrency or bitcoin in particular cant exist, but without cryptocurrency a Fiat will keep on existing till century or further notice, so referring us to fifty years a go when it's only coins and some paper money were in existence which is Fiat, everything is still moving in orderly manner.

So using this medium to recapitulate this, cryptocurrency can't dominate over fiat, even though it takes crypto ten (10) years or twenty (20) years on Earth, reasons because it's a decentralized currency and no one can view or see it physically except in a digital form, secondly fiat is already in existence before any other currency, or creation, introduction of cryptocurrency, and finally, fiat is more influential than any digital currency

0% chance but there are crypto supporters that do really believe that crypto could replace fiat without thinking up the considerations or factors needed before it would really become mainstream.
Thinking of first that as if government would really let this thing to happen? No they wont. Centralized things will always rule in the end and crypto would really be just ending up to
be an alternative and theres no really chance for bitcoin or crypto could replace fiat currencies and we do already have some CBDC's been existing or even that
Digital Yuan and wont be surprised if there ould be more in the future.

Can? Yes it can. Will it? No it will not. The simple reason for crypto not being able to change the world works is the simple fact that it is way too technological. My mom and dad still uses cash, they use credit card a bit as well and that's it, they do not have their banks mobile app, they do not have anything remotely technological, they do not even understand what bitcoin is let alone use it.

It means we need a whole new population of people grow old while others die in order to see this happen. That is about 30-40 years in the future for everyone to be as technologically talented enough to understand how crypto works. After all of that is done, there are people who do not have access to clean water all over the world, let alone a computer and internet access and maybe even mobile phone, they do not have WATER, how can they use bitcoin? So it is not easy, the infrastructure is not there.

Bitcoin will eventually reach the point that will be accepted and legalized by the government but it will only be an option to the existing fiat. If fiat will be totally replaced, the government will definitely be against it.

In the near future, we will have two currencies that will be used globally and if you chose to be more convenient with online transactions, then you can use bitcoin but if you want physical transactions, fiat would likely to be used. Maybe by that time the high volatility of bitcoin will not be an issue anymore.

I can agree that bitcoin may increase the scope of the acceptance among governments but won't be replacing fiat for that matter. Still, the governments will stick to fiat as they have full control of its circulation. I don't see btc replacing fiat in our lifetime but maybe the usage of btc will tremendously increase in the coming years. Let us just be happy that these days some countries are now recognizing btc as legal tender. That's a very nice step for btc adoption.

This have been a really old tackle since cryptocurrency have existed and many people are now seeing its importance and usage and acknowledge its existence compared to what it is before. Now, cryptocurrency and fiat currency are two different existing bodies that can both coexist in the society. There is no need for the other one to be replaced as for they are still serving their purpose of existence. People can freely use crypto or fiat currency depending on their needs and wants. It is not intended to forcibly have just one type of currency to be used by the people since not all are into using cryptocurrency. Cryptocurrency and fiat currency are both good in their own unique way and how people are using them in the financial aspects.

This is what most government will do if they legalised bitcoin. Right now, my country have their own ways to ear money from those who have bitcoin. The buyer will pay $1000 dollar to buy bitcoin let's just say that $1000 is 0.02920193 btc but when you sell the same amount of btc after you bought then you will get $953 which is not $1000 anymore and this has nothing to do with the price increase or decrease.

I don't think so but CBDCs can do the job probably since they're just basically an electronic fiat, the main difference between the two is that you will sacrifice anonymity with CBDC since it's controlled by the government unlike the traditional fiat that still has some level of anonymity.

Whats been stated is just the trading process followed on each and every country. Even in my country there is such a difference between the buying and selling. This difference in amount is based on the percentage of margin thats been set by the respective trader. This doesn't have anything to do with the cryptocurrency replacing fiat.

It's what the government plans to benefit in adopting bitcoin since the government can't take full control of cryptocurrency so, in order to benefit from it, they have to do this type of increase and decrease when you buy and sell on a hybrid wallet where you can and exchange crypto. There is a wallet exchange exist in my country and also it is also regulated by one of the bank in my country.

Simple answer, Bitcoin can't replace Fiat. I disagree with you and with several fintech experts who opined that by 2050 Fiat will be replaced by Bitcoin.

Yes, it's true that the popularity of Bitcoin and other cryptocurrencies have skyrocketed  among institutions and retail investors and also among the majority of the central banks in the world in recent years, however, I believe Bitcoin will coexist with other legal tenders around the world just as we have seen with El Salvador.

Besides if Bitcoin replaces Fait then the purpose of decentralization and anonymity will be defeated. Besides, why should Bitcoin replace Fiat? Is Fiat that bad?

Cryptocurrencies are really cool, but I can’t imagine it being possible for them to overcome the fiat that we are using now. I do think that they can become part of the system, but not as a replacement. I am not saying this because cryptocurrency is new or whatever, because that’s the reason some do give, that cryptocurrency is still new, no that’s not my reason for saying that.

The reason why I think cryptocurrency cannot replace fiat is because cryptocurrency is an internet, and it’s not everybody in the world that makes use of internet, and not everyone is interested in internet. There are lots of people that makes use of cash, and it’s part of our daily ways of spending. So I personally think that we can just make cryptocurrency a part of the system, but not to replace fiat. We still need that.

Agree that this is how the exchange or the bank would profit. I believe that we are now far from the reality of crypto replacing fiats because fiat is very established right now since its beginnings. I am not saying that crypto isn't, but not everyone knows what it is and not everyone in the world has access to the internet. But, as we can see now, when a pandemic strikes, there are a lot of cashless transactions, which means that people are adopting to the internet, unlike in the past. At the moment, people prefer to do cashless transactions rather than pay it in cash. That's what I've noticed recently, and it means that in the future, we might actually use crypto instead of the fiat we're currently using.

Cryptocurrency replacing fiat will certainly never happen. Governments and central banks will not allow that to happen. Cryptocurrencies will be the trend in the future and will exist alongside fiat. Cryptocurrencies give people more options in their payment methods or become another trusted place to invest and store assets.

The target of any organization is to overtake its predecessors and those ahead of them, bringing about competition.
cryptocurrency has the same potential of it being the most used and valuable currency in the world so the target could be achieved.
the Fiat currency has been in use and for a very long time but the crypto with its rapid recognition can be used to replace it in due time.

The most important factor is "TIME" and we will see its manifestation.

I think so, cryptocurrencies certainly can't be applied like fiat, there are many conditions that cryptocurrency cannot fulfill to replace fiat, for example is a security system, I'm worried if I want to pay with crypto then the internet is disrupted so the transaction fails.

I do not understand why people do worry about getting to replace fiat currencies anyway, should that be the aim we have? Are there people who want that to happen? I can honestly say that there is a good chance we could stay as alternative and make the biggest noise from this stance instead.

If we tried to overtake fiat as the most used currency, if bitcoin and maybe few others became something so common that you see people spending crypto instead of anything else outside, when they go to grocery store, when they go to a cafe, when they pay their gym membership, when they go to vacation, basically all around the world people are spending crypto instead of fiat, in that scenario don't you think as soon as we get closer then the whole world governments suddenly start attacking us? Why would they let their fiat become even more worthless when bitcoin becomes the main currency? They will attack from all fronts and stop us anyway. So I rather stay as alternative and grow here.

Only when people have developed such strong faith in crypto and stop being easily influenced by some of the crypto elite, if you take what is currently happening in te market as a case study over 'crypto - fiat' thing you will be able to understand my point of view, crypto can be greater if people let it to be so, imo, i feel that still have more power over crypto and for this reason it will be hard for crypto to replace fiat, beside, i still don't understand the reason while it is necessary for fiat to replace crypro, it can coexist with fiat and serve as an option for those who are no longer interested in fiat transaction or those who finds using crypto a lot faster than fiat and so forth.

Of course central bank and governments don't allow cryptocurrencies as a popular source of transactions instead of Fiat money. Fiat money is the best way of payment system. How could Fiat be replaced guys?

One of the bad effects of social media manipulation on speculative markets. This exists in much smaller level on stock markets but since crypto is unregulated we see much more of it.

No, the bigger reason is less acceptance among merchants. People want to use a currency but they dont have a merchants accepting it they have no use but to speculate on its price.

It will co-exist, that is the point of this thread and discussion and all the previous such threads. It is a democracy and people are free to use any currency they wish to. Using altcoins is also therefore no going to stop.

For a person who lives where crypto is not every accepted, fiat is their only option for spending. Majority of the countries are in this state, though I hope things will change in future.

You can see that this question came into existence a long time back and people have made threads on this every year. It is just a point of debate because crypto does not see global acceptance yet but fiat already does. Logic says that fiat cannot be replaced. It would be stubborn to think otherwise or try to argue otherwise.

Many trends have tackled the point that it cannot totally replace fiat currency, like you said it is internet-based do you know how many places in countries over the world don't have access to Electricity not to talk of internet access. It can be used in place of fiat most time for some occasions but not even all because for some countries that are even banning the trade where do we start with that.

at least if given leeway that crypto can be an alternative payment instrument other than fiat, then the public will judge for themselves. that way there will be many people who know crypto and give an assessment, and if it is considered crypto is better, then over time crypto can replace fiat completely

I think when the certain period passes that Cryptocurrency will replace fiat honestly.That might not happen in 10-15 years but in a long run 50+ years i think it might happen as we evolve.Governments and central banks are fighting against it hard but they will end up losing in the end. El Salvador already made future with accepting bitcoin.We will see a lot more countries doing the same thing in a few months or years.

I don't think cryptocurrencies can replace fiat money. Although cryptocurrency and blockchain technology are in the development stage, many countries are still apprehensive about cryptocurrency replacing and taking over fiat currency in aspects of coins, banknotes and concerns concerns about the environment surrounding Bitcoin mining.

That is what Germany basically did, they allowed banks to be used like wallets so in that situation a person whose all information is already given to a bank because of fiat reasons, ended up also using those same banks for crypto as well. All of your buys and sells and sends everything is there, if you send crypto to another person in Germany you are basically giving them a chance to follow that up as well.

Simply put Germany allowed crypto to be very very very supported, but meanwhile also keeping track of every single crypto move in their country. That is going to be basically the case for many nations in the future, because that is the way you can track it, all nations will eventually understand that they can't control crypto world, they will only have to track it to make sure what everyone is doing, if they realize it, it will be very easily spreading to all nations.

Of course, we all don't want influencers to undermine cryptocurrency prices just by mentioning names on Twitter or other social media. Make cryptocurrency a payment alternative side by side with fiat. Let the state control its people to keep the economy under control, I think it is wiser than Elon Musk to control the economy with the power of his mouth.

Use crypto if you can use it or really need it. There is no need to impose our ideals as believers in cryptocurrencies.

The reason for being volatile is still a very big scourge here so it will be difficult to realize it if you plan to replace fiat with crypto because we all know that it is volatile here and it will be difficult to adjust the price of the product you want to sell.
In addition, the replacement will also be very difficult for the community to accept because they have long used fiat as a tool in transactions so it will be difficult to change these habits and it will take a long time for new habits to be changed

I don't think that it needs 50 years. Because already we have countries recognizing Bitcoin as legal tender (El Salvador). Both US Dollar and Bitcoin are legal tender in El Salvador and I don't think that one needs to replace the other. Let both fiat currency and cryptocurrency co-exist, so that those who want either of the two can do it as per their convenience. And by recognizing Bitcoin as legal tender, El Salvador has classified it as a currency. Those who have made profit with Bitcoin doesn't need to pay capital gains tax as a result of this classification.

that's true and I'm sure the government will not allow cryptocurrencies to replace their fiat currency that has been around for a long time. what the government can do in the future when mass adoption of cryptocurrencies is created is to make cryptocurrencies an alternative currency.

and even if we have electricity
, there are still times where we experience a power interuption or internet issues which prevents us from transacting digital currencies and if we notice in countries that legalize btc ,
 they still have and they still use their local currencies so i guess it was not really possible fiat currencies to be replaced because they can work together if one isnt available or difficult to use depending on the situation .

Now we think replacing fiat with cash is impossible, but with the progress of the project continuing to improve I have no doubt that it could happen soon. Before that happens then we better focus on investing bitcoin.

The point of improvement is what we should pay attention to, if crypto is focused on increasing the interoperability and getting enough government certificates, there is a high chance that it will be one of the products that will be on par with fiat and could offer an alternative if it does well. So far, the application of crypto in the hands of users has really increased the level of interaction quite high but the interface is still just a game and investment, not linked to the role of traditional fiat, the certificate is not as complete as expected

I agree, this is the trump card of cryptocurrencies, but there will definitely not be a complete transition, the authorities do not want to lose control over finances

Not yet. The whole world is equal to the dollar, and is used to the dollar and local currencies.
I have no idea what will happen if financial systems disappear leaving only cryptocurrency, how will we determine the value of certain things in cryptocurrency?

How is it going to matter, if we have two or twenty different cryptocurrencies? In the fiat economy, there is only one reserve currency (US Dollar). So I don't think that there is a need for dozens of different cryptocurrencies. In fact I would say that one of the weaknesses I have witnessed in the cryptocurrency sector recently is the oversupply of coins. Right now, more than 10,000 different cryptocurrencies exist, and they result in dilution of the market cap for some of the good projects.

I'll tell you what happens, we will see the whole financial world collapse right in front of our eyes because cryptocurrency alone won't be able to handle the sudden vacuum in power that was in place after the fiat is gone although that's not the likely scenario to happen, most likely it will be a slow absorption until it becomes all digital.

The answer is no, what will truly replace fiat currencies are CBDC which is why China is no mad at miners in the country right now, they want to shift all attentions from crypto to CBDC to make it work in the country

It will not happen. every country will definitely continue to maintain its fiat money because fiat money is one of the symbols of the country. another reason is because fiat money in a country is already known as the only legal tender and that will never change.

fiat and cryptocurrencies will circulate together in the future.

CBDC is still a hot topic because the concept is still ambiguous, there are countries that make their currency 'digital fiat' and there are also those that make their currency 'crypto-based'. regardless of what they will use their currency for, I'm sure it won't interfere with long-standing Bitcoin and Altcoins.

When it comes to transferring money, you may notice that Bitcoin works way better than fiat currencies. When there is an increase in bit coin's exchange value, you can expect an increase in its transfer amount. But one thing is for sure; it will remain less expensive than fiat currencies.
Bitcoin is more beneficial compared to fiat money. In the upcoming days, it may also happen that the entire world may have a single currency with a uniform value. The most interesting part of bitcoin is that gradually it is becoming the global currency of the world with many beneficial features. You cannot neglect the fact that bitcoin offers more flexibility compared to the other currencies of the world.

I think that cryptocurrency and fiat currency can be used together. The feature of cryptocurrency is that fiat currency does not have, and the feature of fiat currency is that cryptocurrency does not. If there is no fiat currency, how do we buy cryptocurrency, and now various countries are launching digital fiat currency , This is actually a threat to cryptocurrency, because the government cannot control cryptocurrency. It will prohibit the use of cryptocurrency for everyone to use legal digital currency. It will be a blow to cryptocurrency at that time, but we Everyone likes to use cryptocurrency because it is relatively free, not regulated by the government, and there is no third party. Your own information will not be easily leaked, and now transaction payments are more convenient and fast

Digital fiat currency isn't much of a threat to decentralized cryptocurrencies. Digital fiat currencies are a threat to society because they undermine privacy like no tool did ever before. You can't transact anymore without the banks and the government knowing where you were at what point in time and what type of items you most likely bought. If you have to go to a pharmacy twice a week and buy something, they know you must be sick like hell. If you pay the price for a package of cigarettes and they see the exact same amount every day on your financial report, they know you are a heavy smoker.

Seriously I think cryptocurrency have different purpose which is serving and I believe fiat is also having is purpose for from my observation I don't think cryptocurrency can replace fiat because they are having different purpose and I believe fiat is also important so I don't think cryptocurrency can really replace fiat. So u don't think anybody should think cryptocurrency can replace fiat but I believe cryptocurrency is very important and people are beginning to adopt it but can't still compete with fiat.

I believe there was a special need for this to remedy the already bad financial system of that country, (one country for now). However, I don't believe this will be a global thing. Yes, some governments might not ban the trading and acceptance of Bitcoin and other cryptocurrencies by some organization that wants to in their country but I don't believe they will do away with their national monetary system for Bitcoin. 

It was just you who think about it. I'd never find a strong reason why we have to replace fiat with cryptocurrency as in the very beginning, this was not the intention of their creation but just only to give some options.

If we think that we can save from paying taxes of having cryptos, no it's not. Maybe we can escape it by now but can't be sure a few years from now especially when the government obliges crypto holders to pay their taxes or else they will confiscate them. Just for now, we are still happy about the situation that we pay nothing for the government but in the other countries, it was already been started and that seems possible for all countries who support crypto will find no excuses but also to urge people to pay.

- Millions of eyes are on the side of bitcoin and crypto just to expect higher prices from it, prove that people just hope this high cap market will continue to drive the current values, they are not ambitious it just stops at the replacement money level that they use every day because they know a bigger opportunity awaits them. The predictions just show that crypto and bitcoin can accomplish a lot of different tasks, so people's eyes will be especially good, instead of just a virtual transaction and few people know.

Short answer: NO
Long answer: VERY POSSIBLE

The short answer is NO because fiat has been categorized by the whole world as the legal tender in our daily transactions. In order for fiat to be replaced by something different, all countries must first agree to the change and they must also view it as the main source or instrument for their transactions.

The long answer is YES because in the far future where digitalized transactions may take over, cryptocurrencies, along with the blockchain technology, is just more efficient and safe in the transactions. Having to pay digitally would be the convenient road to take in which the future may adopt.

Just imagine a situation like this. It cost a plate of chicken $20 equivalent to 0.0020btc for example, and then, you wake up one morning bitcoin double and the restaurant rule was no matter what, the cost of purchasing a plate of chicken remain 0.0020btc, that would be ridiculous cos I know much people would want to implement something like that and vice versa.
If one is selling goods and receiving cash in form payment, you would be at lost when bitcoin fall in price and if one isn't careful, you may be force to leave the market because the chance of buying more goods will be low.
Bitcoin is and will never be good for fiat replacement but perhaps for reserve.

I doubt many people buy crypto currencies because of their use cases or giving people the power or because it's decentralized. Most of them invest in crypto currencies to make short and long term profit. Once they reach their profit goal, they are going to go back to fiat. Sadly this is the truth. As long as people keep on depending on fiat currencies for everything, crypto currencies won't be able to replace them. At best we will be seeing both of the currencies being used side by side. Even if fiat gets replaced, it will be by some centralized currency.

It depends on what currencies we are talking about. If the state cryptocurrencies of central banks, then this is quite possible in some cases, and the example of China with its experiments with the national digital currency fully confirms this. However, there is absolutely no question of a complete replacement. The use of decentralized cryptocurrencies of classical bottling in their activities is inconvenient for any state that at least to some extent controls or at least tries to control its economy. And there is no need to have any illusions about this, because no mentally sane government of any sufficiently large economy will rely on a tool developed by it is unclear where and it is unclear by whom, on which there are no levers of any influence. It's just that decentralized cryptocurrencies and fiat currencies are different tools for different tasks and goals.

that's the reality at the moment. where people tend to make money from cryptocurrencies, which are considered easier and faster to make money, especially for those who are familiar with the cryptocurrency market. I think that in order to fully use crypto, the government is still rethinking the dominance of the country that has the most bitcoins, of course they are not willing to intervene with their own fiat currency

If this is the case, then the question posted by the OP should not even come to the picture. Because here the users are treating cryptocurrency as an investment asset and not as a currency. Also, none of the retail shops or supermarkets accept Bitcoin. You need to convert your BTC to gift cards, before being able to purchase from them. So the possibility of replacement of fiat doesn't even need to be considered here. But there are signs that this may change soon. For example, El Salvador recently recognized Bitcoin as a legal tender, which makes it possible to use BTC as a direct mode of payment.

Even if the world of the future is digital, this does not mean at all that it will be a cryptocurrency. Money from states or large corporations that can replace states will still exist. Cryptocurrency cannot exist alone. It can only go along with a currency that reflects the value of material values in society that are in circulation and are more stable in their price.
There are many reasons why cryptocurrency cannot replace fiat money.

Well, it's a good thing crypto dominance isn't dependent on just one country. When satoshi created bitcoin, he wanted it to be open and owned by plenty of people - this is as a bid of putting monetary value in the hands of people (the community) and so far so good, I'd say that we're very close to reaching that goal. Government have to realize that there's no way one country will gain overall dominance over bitcoin since its an open protocol. Their best bet would be to launch their own current-wide cryptos but we all know people aren't ready to participate in such since the end game would always be to inflate and mint more supply later for the 1% to continue staying rich.

Exactly the Point. This is why it will be almost impossible to use Bitcoin or cryptocurrencies generally for purchases like Fiat is used and from your example, it wouldn't be easy for the restaurant to keep changing the amount of Bitcoin from say the 0.0020btc to a 0.0010btc because the price went up, so you might just end up paying more with you BTC for that same item because Bitcoins price went up.

Judging from developments, I think crypto can be a substitute for fiat money where fiat is the basis of the value of crypto itself, but prohibitions in some countries can hinder the process, because one country has its own fiat characteristics and usd is the world currency

I think bitcoin and fiat currency will go hand in hand, and it's hard for bitcoin to replace fiat money even though the possibility exists.

the two currencies, both digital and fiat money, in my opinion have similarities, both are acceptable to the public because they have a function as a transaction tool in making payments and purchasing goods and services, fiat currency has value and is trusted as a medium of exchange because it is issued by the government while digital money apart from being an investment tool, digital money can also be used as a transaction tool even though it is not issued by the government, but in this case of course there are many policies from the government that prohibit the use of digital currency as a transaction tool and one of them is the nature of digital currency which is not limited and cannot be controlled by the government, however, along with technological advances in today's modern era, of course, one day the government will be able to accept digital currency as a substitute for fiat currency or the currency we usually use today, because currency digital has b many advantages both in terms of transaction speed, security and ease of storage.

I think that cryptocurrencies are not to replace fiat money. It's not their main goal. They are a great alternative way to use and invest into. And as they are volatile, it's really difficult to see them being the world currency or the main currency of a country. And I'm pretty sure that they will stay like this in the future also.

Yes, indeed Bitcoin and cryptocurrencies will not replace fiat. However, Bitcoin and cryptocurrencies will not be like this forever, because every time Bitcoin and cryptocurrencies experience development which is a progressive rate of a powerful but not well-known technology.
I support Bitcoin to be more powerful, and cryptocurrencies are starting to become a mainstream payment tool, at least as an alternative payment gateway for those who want their privacy to be maintained.

Even though the digital era is growing, and online payment systems are increasing, it seems that cryptocurrency will not be able to completely replace fiat, but only as an alternative to payments. Yes, it is true, regulatory constraints are obstacles, but it is the right of every country to maintain its economic sovereignty. e-money can also be effective in online transactions.
but lately, there are several countries that have had a discourse to create their own cryptocurrency. I don't know if it's just a rumor or a plan to deal with digitalization and the rapid development of technology.
what is clear, cryptocurrency and fiat have their respective advantages, there is no need to debate which one will lead in the future. whatever is important is that we can use it comfortably.

Digital currencies can also be issued by the states themselves, which these states have recently been using very well and are looking for new options ;) Whether the states will want such a competitor as digital cryptocurrencies is a very big question, because there are a lot of pitfalls, for example, about the level of emission. No offense, as the head of state, you would like to influence the inflation rate in your state and somehow try to influence it. Now imagine when there are guys from a foreign state who are trying to influence this... Personally, if I were the head of this state, I would think about it a little... And even more so about the displacement of the national currency by some competitor...

That's right. everyone comes to cryptocurrency looking for profit and get rich quick.I don't think it's entirely good that crypto will replace fiat.It would be great for the government to accept cryptocurrencies, both co-exist and use together.

People should think that this type of crypto is not just Bitcoin, there are thousands of types of crypto circulating in the market today, why should people think crypto should replace as fiat currency, think logically, how can thousands of fish in the sea be made into meat.

Crypto is still crypto, it's just used as a medium of exchange that is measured by the value of fiat currency in each country such as Bitcoin etc.

For me, I don't have a strong reason that crypto will be turned into fiat, what's happening now is better than what hasn't happened yet.

there is not and will not happen, in all countries in the world using one currency/crypto/Bitcoin, and it will not happen that one country uses many currencies with hundreds of crypto types, impossible.

I don't think so. Because government maybe not want anything disrupt their fiat, maybe in future if people force them to use crypto instead of fiat, Government will do something that maybe can made us really hard to use our crypto like maybe made it illegal and closed every centralized exchange, although there are a lot of decentralized exchange, not resist that user of centralized exchange will get disruption because they usually use centralized exchanges.

I really don't understand what you're saying, because basically the global currency used today is usd and we can't ignore it let alone replace it with bitcoin.
and besides that if you look at bitcoin's fluctuating attitude at least we should be able to think of a solution when the price of bitcoin goes up or down because this is very risky when bitcoin is used as a substitute for fiat in the future this will be a problem which I think will take a very long time to be resolved and this requires a lot of sacrifice

No, no and no! BIG NO! Cryptocurrencies aren't that decentralized anymore and a lot of regulations are set on them and more comes as time goes. Also, people don't invest in them because of how innovative they are and the last price history and it's action to certain "Tweets" proves that. People invest in cryptocurrencies blindly, follow someone's advice that you can get rich by buying bitcoin or following someone's tweets that promise them that they'll rise the price (and yeah, I mean Elon Musk).

Bitcoins won't replace the fiats, the government will never/ever lose control on the money and its supply/circulation. And why will they replace fiat? You can easily use visa/master card, amex, union pay, etc, you can easily send/receive money online via regular bank transfer or via neobank. Fiat is digitalized and very comfortable to use. If there is any crypto offered by the government, it will be under their control too.

Disagree with your view. Already El Salvador has made Bitcoin as the legal tender. It is not necessary for Bitcoin to replace fiat, as they can exist side-by-side. But theoretically, it is possible for Bitcoin to replace fiat currency in a legal way. However, it should be noted that El Salvador didn't had a national currency since 2001 (they were using the US Dollar for most purposes, while the Salvadoran Colon existed only in documents). However, I have heard that Panama is also considering to make Bitcoin as the legal tender (along with their national currency - Panamanian Balboa).

Cryptocurrency current feature review, I don't think cryptocurrency is going to take the place of fiat currencies. Because the monetary system and monetary policy of a country play a special role for the government to run a state. As a result, it is very difficult and almost impossible for a government to run a country using cryptocurrency as a currency. The value of a country's currency is determined by its prosperity and natural resources, it is not possible by cryptocurrency. Moreover, due to the volatility of cryptocurrency prices and its complete reliance on technology, it may not be acceptable to everyone. So I don't think cryptocurrency can take the place of fiat currencies.

like the other thing, like can government replace 'analog stuff' to 'digital stuff'? they can implement if government help weaker to improve their life, teach them the different about this and this. its take time, but slowly will give good impact.
so, crypro cant replace if our mindset always thing that bitcoin is for investment. if user want to work together as team, and want to go to rimland, introduce to people who dont know about it, slowly, people will replace. notes, not all people will do it.

Everything you mentioned as an advantage is not the case at the moment. If we deny the truth, we'll only do harm to the development process and progress of cryptocurrencies. The fact of the matter for now is that the safest cryptos we have are not faster and not cheaper in many cases, depending on the areas you want to transact from and to. The transaction capacity still is the big bottleneck that needs to be solved in order for crypto to be competitive in terms of speed and cost.

Nothing is impossible in this world, in the past when digital money was first discovered, many people thought pessimistically that digital money could develop, the fact is that currently digital money transactions are bigger than cash, bitcoin and crypto have a good chance to be a solution to replace fiat .

Both currencies has their different functions and I don't think it will be so easy for bitcoin to replace cash because there are lots of obstacles involved, firstly the government which are against bitcoin won't accept bitcoin taking over it's local currency because their local currency is just like it's identity and also it's pride as a country, and there are many more reasons to why bitcoin will find it difficult to replace cash.

Whatever the reason, fiat, physical currencies are still influential and are still very much sought after and used in society. Btc will not be able to replace them, they have their own values ​​and functions. Not easily then can replace it.

What you're describing isn't any different from electronic payments as they currently are.  You don't even need a digital currency.  There's no reason to suspect that a digital currency though would allow the government to know what specific items you're purchasing though, just like the current digital payment systems don't provide that information.  That concern is overblown, but I agree a digital currency is a potential nightmare for consumers because of the extra power it grants the government over the economy.

right, not easy to replace fiat, let alone btc. Currently, although there are countries that have legalized it, there are still many countries that have not been able to follow it. country is a parameter about the future of bitcoin, because this is where any regulations must be obeyed

Legalizing bitcoin for legal payments is not as easy as turning the palm of the hand even though the country of Salvador as the first pioneer country to legalize bitcoin, the purpose of legalizing bitcoin is because 70 percent of the population there does not have a bank account and other things are considered important because bitcoin is integrated globally.

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*reference from google source search

I have to agree with this one, the volatility of the market is going to be really bad if we were to use it as a currency but in the hypothetical situation that there's no existing fiat currency, I think that we will be able to stabilize or remove the volatility altogether because there's no trading happening that can cause the sudden change in supply and demand.

I don't think that cryptocurrencies can replace fiat money in the future. And they have no such aim to do so either. Cryptocurrencies are good alternatives to fiat. Their field of usage is not much widespread for now and they are one of the good options to invest into. And I think that it will go on like this forever unless the market is gone forever.

Alright, let's assume you go to a store and a certain bottle of well known cheap whiskey has a certain price. You go to that store seven days a week and buy that bottle, most of the time between 6 and 7 pm. Maybe you add some other stuff that has a price everyone could pretty easily identify. Now you ask your bank for a loan. Don't you think they might have a clue because of your spending habits? What if you attend a "certain" doctor three times a week and you pay privately? Do you think the doctor has a hidden company on the Cayman Islands such that nobody knows you are visiting that doctor three times a week when the transaction with all details shows up on our account every single time? No, it will say "Doctor Smith bla bla bla". What about paying in a whorehouse? Or going into a pub more often than the average person, paying your bill with digital money there? Or you frequently have to pay a lawyer, anything wrong with you? Are you a criminal? Should I go on? I know I am mentioning stuff that might reveal so called "weaknesses" of some people. But as long as they don't harm anyone when they drink 7 bottles whiskey a week and have usually been paying back reliably, are you sure that insurance companies and banks won't use that data?

with a fluctuating nature, it will be very difficult for crypto if it is used as a substitute for fiat. even if many countries adopt crypto and legalize it, fiat will still be the main means of payment and crypto will remain an alternative both now and in the future.
this is certainly not without reason referring to the volatile system that exists in crypto, it will be very difficult for us to regulate the price because by the nature of crypto it is difficult to guess other than that a transition like this at least needs to be thought about carefully because the majority of people today are still many. who likes fiat and it will be very difficult to change this habit

What you say is true and we don't need to cover up that cryptocurrency wallets are still not completely secure,
whether it's the negligence of the user or not, this is certainly an important issue so that security can be improved again,
and I'm not sure cryptocurrency can replace fiat currency

Cryptocurrency is unstable. If you use cryptocurrency as work compensation, you can accept payment of 1,000 in the first month, 2,000 in the second month, and 500 in the third month. Do you pay 5000 for the fourth month? (Although it is a bit exaggerated, the price of cryptocurrency fluctuates up and down)
The government will not accept a currency that cannot be controlled as legal tender.
When the price of encrypted currency stabilizes in the future, it may develop into legal currency, but it is impossible to achieve it at present.

I personally think that cryptocurrency will not replace currency.
The most important basis of the legal currency we currently use is stability, while Bitcoin has no value stability. Only stability can be widely recognized. Once unstable, it will inevitably cause people to panic. From this perspective, it is difficult to replace legal currency.
In addition, the circulation of Bitcoin is 21 million, and there will be no additional issuance after the issuance. If the world widely recognizes Bitcoin and uses Bitcoin as legal currency, then there will be more and more consensus that Bitcoin will continue to rise, just like the current gold, as long as the total amount does not increase significantly, then there will be no inflation.
So Bitcoin, to a certain extent, can resist inflation, but it has no meaning for money. Because the value of currency lies in its ability to dynamically adapt to changes in the economy.