Bitcoin Forum

Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others.  To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins).  What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.

[One doesn't need to replace the other; they can coexist, and I think they will coexist for a long long time. And bitcoin totally replacing fiat currency is wishful thinking imo, imagine thinking that a certain country's government would allow a decentralized currency to replace their local currency. It's highly unlikely that they'd just simply bend the knee.

There are situations won't be solved by cryptocurrency if it ever replaced fiat currency. For as long as I remeber, fiat abd cryptocurrency coexist for many years now and I don't see any reason why both can't coexist. Government want to have control of such currency but in cryptocurrency it is a decentralised so it won't be possible but it may ve possible that bitcoin will become a legal tender like in el salvador.

It is just me, or are users on this forum talking about stablecoins a bit more than general? Stablecoins did not solve a problem, they only added to the cesspool of altcoins that keeps on increasing everyday. The only use I see for them is a intermediary to hedge against volatility at times of need.

Fiat based economy vs crypto based economy if you try to find some metrics on this, you would have understood your mistaken logic a long time back. Crypto is still in baby steps and is nowhere near to compete with fiat. Although we are currently seeing some countries accepting crypto as legal, it takes a lot more than that to educate and spread awareness about crypto to the general public who are comfortable with fiat.

Fiat and crypto have their pros and cons. One cannot replace the other but they will coexist.

However I do not like the fact that you equate crypto to stablecoins pegged to fiat, because the latter is not a cryptocurrency but fiat in a digital form only. Unless you broaden the definition of cryptocurrency. For me, it is a decentralized censorship resistant currency and that is bitcoin.

not gonna happen, countries today are developing their own stablecoin through CBDC. this is the path where governments are going through where cryptocurrencies are going to work along with it.

But I think there will still be a debasement of fiat when it comes to currency trading. it could be Yuan or YEN or probably in the future where BTC will be the reserve base currency.

As long as we buy our groceries with FIAT, it will never happen. FIAT is crap and evil but it is a necessary evil so far. What are going to trade your crypto against when FIAT fails anyway? Other crypto? Most of them are shit too. FIAT will become shittier and shittier but it will be around for a long time.

Well, the good part is they learned something else.
Cash is not just about having paper money, a coin, or a plastic card that you swipe away to pay for all the purchased products.
They could use the blockchain technology to enhance it and maybe make this world a better place to lessen the production of plastics and cutting trees.
We are not yet there where it is widely adopted but the hope that someone will benefit from it especially your kids is something to look forward to.

I think this topic has been discussed a lot of time and what members could do is to use the forum search tool to have a look at such topics and we will possibly see less of the repeated ones.The a answer is still the same that crypto can't replace fiat so easily as will government allow the legal tender to disappear and people lose faith in it so easily? I am not in favour of fiat myself also but still there is lot of time for this to happen in reality and till the time they can be used alternatively with more and more accepting them.

EL salvador already adopted bitcoin as legal tender meaning they can use the coin like what fiat do , but do you hear them talking about abandoning fiat?
of course no right? because they know that both can coexist in which nothing needs to be replace one.
instead they only need to use both to have better option for their people and this is what we must understand,
care nothing about USD dominance because even our local exchange has equivalent in fiat towards cryptocurrency so either USD or other fiat they are all needed in this section.

Why do you think that way? If it's evil then why are you still using it? Also, there's no such thing as necessary evil, it's all evil. Middling, lesser or necessary, they're all evil. You're one of the people that the Cracked video was parodying with their video about Cryptocurrency.

Fiat currency like USD Euro Pounds and other individual country's currency are not disappearing in a hurry because they are traditionally routed to support the country's economic development and environment. Cryptocreency are more urbanized system that is yet to be understood and adopted to the local people. Just very few understand the role of stable coins which is a new way to deal with fiat. So until that is understood properly, we can still be stalking cash inside the wallet all day long. Fiat money is not going away it is going to coexist with cryptocurrency and digital currency.

There are numerous factors that need to be taken into consideration for instance, what type of crypto are we talking about, how much government control will be placed over said crypto, will there be one crypto to rule them all or are we just gonna revert to everyone using government based crypto that, in the end, is just FIAT :) At this point, I think there needs to be coexistence and if that can be achieved, then that in itself is a huge victory for crypto. So I think we should strive for that first and foremost.

Unless fiat is actually made obsolete by crypto, I honestly find it hard to see these stablecoins go away.

People seem to still measure value in terms of fiat and this is not going to help the cause of decentralized crypto adoption in my opinion. Until people start thinking about bitcoin in terms of bitcoin, the influence of fiat will still be here.

These stablecoins are dangerous af. Many of them run on fractional reserve.

So far crypto currencies and other national currencies couldn't reduce the dominance of USD. I remember when the Euro was created many people said that it would be a new counterweight against the USD. Then when China was lowering the control of the Yuan investors again said it would be the new opposition to the USD. Both of these currencies are important but are no real threat to the USD. After the recent crypto boom investors might believe that the world could rely on them to take offer the role as world currency. In my opinion this not rely possible at the moment. USA is still the largest economy in the world and all mayor commodities and currencies are quoted in USD. For this link to be weakened we would need to sse the American economy to shrink and be surpassed by other countries like Japan and China. But this doesn't seem very realistic at the moment.

The sovereign nations would want to fully control their fiat currencies. Stablecoin doesn't give that kind of control if it is on True Blockchain or decentralized network. The Blockchain/Blockchains have to be control by them (national governments)... which is not the right kind of decentralized networks any True Cryptocurrency should be built on.


True Cryptocurrency should be independent of the system... not a good idea to compete with it.

Not yet.

Just accept that crypto and fiat will co-exist. No matter how advance the evolution of fiat, they can't remove crypto and vice versa. The future of bitcoin is undetermined but in a positive manner.

There's a lot of positive possibilities that we can see for bitcoin and I won't think about the disappearance of fiat's value. While bitcoin is deflationary, fiat has inflation.

What made you think about that? Do you think law makers around the world would like that idea? Maybe not since think about this as an alternative and its not good to compare this two since we know if government will rule the law for sure crypto will be eliminated so best to think that this two currencies could work together and they are perfectly fit as a pair in terms of trading.

Fiat is kind of a reflection of the value we put in a certain country, assets that it has under management (that includes citizen) and the total sum of its financial transactions.
Kind of a faster index than a bond and there's value in that, like with altcoins.

As for crypto vs fiat as a medium of exchange -- well a lot of countries are already working on minting their national stablecoins. So fiat basically transitions into digital and that's it.

I do not think that crypto will replace the role of currency in our daily lives but I think crypto can work together with fiat to fills our daily needs. If that can happen, many people will have a chance to make money and not just from their regular job but they can also try crypto. Maybe the government will create their own digital fiat to work with crypto and give ease to transact. As long as fiat still exists and the government is not changing its regulations, crypto will not replace fiat.

If you mean you are thinking that cryptocurrencies will replace fiat currencies in the future, then it will happen and won't at the same time. When it comes to volatile cryptocurrencies, I don't think that they will ever be able to replace fiat currencies because of their high volatility. Most governments won't be leaning towards making this happen to secure their economy. But the digital currencies that are developed by the same governments will replace fiat indeed in the future. They won't be volatile so there won't be any problem in terms of this.

I'm not sure why, but the first thing that came to mind when I read your title was an old system or old computer, because "we shouldn't change it because it's still working." It's similar to how, when it comes to government websites that are several years old, most of their supervisors will say, "Why are we going to change the system when it's still working?" It also applies here, because why change our fiat if it is still working? It is efficient and effective. We can't easily adopt in new ones because not everyone is aware of this.

Well I think we still have a long ways to go before you should consider yourself wrong in that area.  That being said I do not believe that cryptocurrency will replace fiat currency anytime soon.  I think that it will continue to work in conjunction with cryptocurrency and eventually yes, devalue fiat a bit, but I simply don't see it taking over ..maybe ever, unfortunately.

It will only happen once cryptocurrency replaces fiat totally but that will be too impossible to happen for now. There are still lots of things to consider. In our current situation, most users rely on fiat for them to use cryptocurrency because not all countries accept crypto. I think it will still take a hundred years for crypto to replace fiat.

until now there are still a few countries that use bitcoin as a currency legally, and other countries have not expressed their position to use crypto. and it looks like this will happen in a long time along with its development later. but don't worry because currently bitcoin is more promising to make a profit by trading or investing, because it still has a great opportunity

Had the government had complete control over bitcoin, it would still be possible to think that bitcoin would replace fiat for countries that wanted it. The problem is that bitcoin cannot be controlled by anyone, including the government, although currently they can only regulate it. It doesn't matter if bitcoin and fiat coexist because I'm sure many people don't want fiat to be eliminated even if it is replaced with gold or other asset. Somehow I don't think the government will make bitcoin the main currency of a country unless they don't have their own fiat. I agree with mk4 because if you want the government to do it then you seem to be just daydreaming.

It won't until the use of fiat is completely obsolete, which I doubt would happen in the near to long future.

Remember that in order for fiat to become obsolete, all countries must adhere to the shift of currencies. Back in the days, barter was the main system of trading and it slowly evolved where countries used paper money to denominate a standard value of currency. If cryptocurrencies were to replace fiat, then all countries must view and accept BTC as the main standard of currency used around the world- which is nearly impossible for the time being.

Fiat will not disappear even in the near future, it will only transform into digital currency like CBDC from every country, we must consider the volatility of crypto and its disadvantages. Most people are afraid to buy crypto because of its very volatile movement and only stables coin can counter this, do you want to sleep and when you wake up all your money is down 50%? Of course not! thats why we need stable coins.   

We have discussed this topic time and again and i am surprised that some are having these doubt still. There is no way you can expect cryptocurrencies to replace fiat currencies. There might be countries that legalize BTCitcoin like El Salvador and many governments who are struggling to stay afloat due to inflation might consider accepting cryptocurrency, other than that it is just a dream that cryptocurrency will replace fiat globally, it will coexist and that is what i am expecting.

I have a feeling that some of these topics are set up with the intention of creating echo chambers.

The worst place to be deciding your own future is wearing a bucket on your head because all you will be hearing is the echoes of your words.

I hope that people research the pros and cons of investing in Bitcoin and other cryptos slowly and fully, so that they don't lose their money.

I think things like this will be very difficult and will even tend to the impossible.
because on the other hand both fiat and bitcoin I think they have something they can't do alone and they are like a symbiotic mutualism that needs each other.
I think the two will stay side by side and indeed even if you hate or don't like fiat but this will always be there and everyone will inevitably return to fiat for now, even when you convert crypto it will return to fiat

atleast it evolved and join the cryptos . theres a saying that if you cant beat them join them , its true and this is happening now in the case of fiats . there maybe lots of kinds of stable coins now but the number of cryptos are still bigger than them and we are not forced to use them .

actually it is happening already to some countries .
they are now using crypto an official currency as replacement to thier local currencies because they think it was too useless anymore .

I think this is true for now even a lot of people who switch from the work they do or those who don't have a job switch to crypto.
and it is true that until now when assuming that crypto will replace fiat it would be very difficult because both of them have their own advantages and disadvantages.
crypto will still be crypto as well as fiat which is still dominant and is still the end result of crypto today because even if we hold crypto we will not be able to release fiat because most crypto conversions will end up in fiat

At whatever point USD fails to be stable you'll see its grip loosen in the crypto community. Inflation will eventually kill USD with how its federal reserve bank continues to take on liabilities through quantitative easing. Their economy cannot sustain so much cash artificially injected. And at some point the solvency of "stablecoins" will fail too when you realize they are centralized pieces of trash, held together by assets that don't even exist.

Why are people so obsessed with crypto (bitcoin) replacing fiat currency? Do we really need them to replace fiat currency? Can't they both be used together? Bitcoin will never replace fiat currency unless somehow the government manages to make the whole bitcoin network somewhat centralized which I doubt will ever happen. At best we can see a new centralized government issued stable currency that might replace fiat.

Fiat is still needed because the stability it proportionates. I don't think humans would have life quality only dealing with volatile crypto currencies. How could anyone sleep well knowing tomorrow or in the next hour his funds may lose 50% of its currently value? Therefore, if right now there is a lot of whales trying to play with crypto prices, imagine how further they would go if the world's economy was entirely in crypto currencies. That would be an even more fragile society compared to the one we live nowadays, much more exposed to manipulation and tyranny.

The same way crypto currency protects us from the inflation and abusive governments, fiat currencies also protect us from speculators and market's volatility. Each of them has a purpose to exist and we should use both, fiat and crypto currency, in the respective situations they best fit for us fulfilling our objectives.

i don't understand why people have this kind of thinking, just because they got into crypto, now, they thought crypto can just replace fiat. let's admit the fact that fiat will still not be replaced by crypto, maybe not even in our lifetime. the adoption in crypto may grow stronger, but don't think it will replace the old financial system. the government has no full control when it comes to crypto, and that's the first consideration why it won't replace fiat.

It is impossible to expect crypto to replace fiat, the government will not allow that. Because fiat does provide many benefits for the government,
that is the reason why fiat will not be replaced. Moreover, most countries in the world still reject crypto as a means of payment, besides that there
are still very many people who do not understand crypto properly. That means that the role of fiat is still needed, and crypto should only be
an alternative to payment, that's a very realistic thing to happen in the near future.

That will happen when you'll see the price of foods/drinks in groceries in bitcoins instead of USD. Now, if you go into market, you'll find 1 liter milk for $1, the day when you'll see it's price as 0.00001 satoshi, then you can feel happy and say that crypto has replaced the fiat. But that won't happen if you mean bitcoin in this case. None government will allow any currency to become major if they don't have total control on it. What do you think, USA accepting bitcoin instead of USD and people mining bitcoins in China and Europe? (well, not china right now) The government centralized cryptocurrencies may be the future but who knows... I wouldn't be so excited, current system/model works well for the government and is still innovative (VISA/Master cards, bank transfers...)

Volatile cryptocurrencies will never be able to replace fiat currencies especially in developed countries. But governments will make their own digital currencies which will be like a stablecoin. And these digital currencies will be replacing fiat in time. Maybe things won't happen suddenly but we will start using our digital currency more than fiat day by day and the process will continue gradually.

I don't think bitcoin and cryptocurrencies will replace fiat currencies. We are looking forward to them being incorporated into our economies.

Bitcoin and cryptocurrencies will be included as means of payments in economic sectors in most countries at some point.

There is a paradox here, we are communities around the world that are already using it as a way of life and even the central power is creating regulations so that the system works when we have already verified it.

Completely eliminate is something only the obsessed fans or the blinded supporters can speak of. I guess it would be more like meeting halfway rather than one totally replacing the other. If you notice, there isn't really a takeover going on. For one, banks are not really eliminated in the face of the rising Bitcoin. As a matter of fact, they are in the process of adoption. They're even in the frontline now. So I don't think fiat is going to be replaced anytime in the next one hundred years at least. Its dynamics could change, though.

Although there has always been a hegemony of the dollar, it must be taken into account that the fiat currency with respect to crypto should not be seen as a competition of who is better, because crypto needs FIAT to establish a value in either USD, EUR In whatever way, in order to be marketed, just as gold has a value in FIAT, oil, precious stones, everything must have a value in fiat.

The usdt as well as other stablecoins are not entirely pure, they are always mixed with some crypto, when we establish for example: BTC / USD, or BTC / EUR, there if it is only with the currency, there it makes perfect sense, meanwhile. some stablecoins are being established, like the Chinese stablecoin, among others.

Maybe another century or probably when the humans become extinct, I don't think that we're going to lose our dependence on fiat, Romans and other ancient civilization used a form of fiat currency and they all collapsed as a civilization and here we are still using the same thing.

I think people switch from they do or trying to do a job in crypto is because they want to have additional income. In this situation, while we are still in the pandemic and many people have lost their job, they need money to survive and they see crypto as something and offers a new thing that can help them earn money. So they are trying to invest in crypto or do crypto trading and earn money by coincidentally.

Yes, crypto will still be crypto and fiat will still be fiat. It would be better if crypto could live besides fiat and help people have another way to make money. I think that will be a win-win solution for people and for the government that is still not accepting crypto, they will see the advantages of crypto even if they do not like it because there are El Salvador that already approve and agree crypto to be used in their daily lives.

Expecting fiat to disappear was a rather dumb expectation in hindsight.  Bitcoin is practically unusable as a currency because of it's absolute failure to hold a steady value.  If it was a viable currency the concept of stablecoins would never have arisen.  Stablecoins arose to do the one thing bitcoin will never be able to do- hold a predictable value, which is the most important aspect of a currency.

But for me its always alive because theres a different uses to us in online and offline transactions. I agree with you that can only be a maybe. We know that every government need fiat thats why they are still exist.  For author thats why there are more stable coins like usdt , busd and many more is because they need to control there assets to avoid big losses.  Thats why they need to use this kind of fiat based coins.

Yeah it's still a long long way to go, bitcoin just created 12 years ago while fiat has been there for centuries. Moreover right now people are buying bitcoin are not for transaction purpose but for investment purpose. The fee of cryptocurrency transaction gets high when the network is crowd, just imagine if right now all people on the world using crypto transaction there will be a monster fee. This cryptocurrency system should be adjusted and developed more to make it world currency at it will need long way to go

Personally, I think it’s high time that you all stop all these comparisons. Whatever you want to make use of just make use of that and don’t feel that others are going to do the same thing just because you are doing it. If what is working for you is Bitcoin and other cryptocurrencies then you should stick to it and not waiting for when others will start making use of faith, you just have to start doing your thing and not wait for others. And effort has decided that Fiat is the best for them then they are also going to continue with that both of these things can coexist. We don’t have to eliminate one before the other turn is east, both of them can be there.

There are transactions I make and how prefer to use Fiat for it and there are also the ones I would be making and we feel that making use of crypto currency would be best option for me, so it all depends on you.

It is evil because it constantly loses its value. The interest rates are not high enough and you get punished for holding FIAT.


There is a balance in the universe. Without darkness, there can be no light. It is an equation.


No.

The I believe, the I thought, in some people they fight to be right and I do not know why in the case of the dollar each one dreams the same, the idea that the bitcoin or any crypto will sentence the death of the dollar, but curiously something that was thought was not going to happen so fast, and it turns out that today they have the dollar and bitcoin coexisting in a legal ecosystem.

Role of fiat is to give power to nations, do not assume that it is to keep people going as a medium because it hasn't been that for a long time. We have been trading digits on banks for a long time, money itself is not needed, it could be anything, you could write in "14 chickens" on your bank account all we care at this point instead money and everything could be priced like that, "an apple worths 0.1 chicken sir" in a grocery store type of deal.

Hence, I would say that money is not the medium for giving or taking. It is however obvious that governments need to keep their power via making their fiat powerful against other nations, and crypto can't do that for them hence why fiat will never disappear.

Role of fiat won't disappear in the short or within specific time period. I don't think there is possibility for crypto dominant economy around the globe. The adoption rate compared to the past have increased a lot, but this at any point hasn't lowered the fiat usage around. This means people are looking for an alternative, but not moving towards cryptocurrency leaving fiat.

Another thing, the day when people start using cryptocurrency for anything and everything we can think of fiat currency disappearance.

For as long as our current government structure remains the same, fiat currencies will always exist and will always be protected. Bitcoin, or any other cryptocurrency for the matter, will never replace fiat in the world's stage since one is as flexible as it can be, and its specifications can be altered at any time whereas the other is bound by lots of limitations which isn't suitable for tending the economy. What's happening currently is that the governments are trying to integrate some aspects of cryptocurrencies in fiat, to make it even more flexible and to adapt to changes that are happening in the economy.

Exactly the fiat has been around for many years fiat's use of cryptocurrencies since the introduction of the currency has led people to invest in cryptocurrencies for higher profits, but many have stopped investing in higher fees when prices fall. It takes a long time to replace crypto against fiat currency it is possible to stop using crypto if you want, but fiat must continue to live a normal life fiat's circulation will never end.

What's wrong with stablecoins?

I think that intrinsically they are serving a valuable purpose which is bridging the gap between the fiat economy and the crypto economy.

Until the crypto space evolves to the point that it is self sufficient we will always need stablecoins around, unfortunately. And peaceful coexistence of cryptos with fiat is honestly not a bad outcome either.

You are knowledgeable about "paper" money in ancient Rome. ;D Honestly, this is not the first time I am surprised at your erudition. Again, your double logic. So when using fiat, all civilizations must collapse? Well, your knowledge is just at the level of God.
And if on the subject, then I do not think that there is a need for complete eradication of Fiat. Correct recognition of bitcoin by countries, without all sorts of obstacles, would be an ideal solution for the existence of both currencies.

Did the Gold replaced existence of Fiat ever? Though Fiat got regulated way later than gold and precious diamonds then also Fiat was the one who dominated the world since ages now. The very first quality of Fiat is its easy trade and value that it carries.

BTC is just measured in terms of Fiat for easiness of trade. You can’t just say someone I’m giving you 1000 satoshi and you give me a chocolate bar because no one would understand what’s it’s worth or whether the chocolate bar is 1000 satoshi worth (example).

So you simply measure it in USD or whatever currency your country carries. It’s factual stuff and they should coexist all the time.

Replacing entire Fiat system with crypto currencies is different topic and we already know opinion about it since long. It’s just impossible due to various crypto limitations. (Supply, regulations, the way it works etc. )

Will not this be a welcoming move from governments planning to make their own crypto currency which is stable and brings value to their coin like USDT? However, this will split the number of users to their own stable coins and I feel the current circulation rate of stable coin will go down. But number of users will increase from each country, I mean, we might have more investors from each country.

Probably never, the scenario you are describing is probably the best possible one for bitcoin, and the only way for this to happen is if a massive crisis appeared and people went through incredible suffering and they woke up to the fact that fiat currencies caused the crisis and from that moment on decide to use bitcoin.

But it is very unlikely that things will turn out that way as governments can manipulate the media to spread lies and put the blame elsewhere, so I think that for the foreseeable future we need to get used to the idea that fiat will be around for a long time.

I do not think that it will be even like gold vs fiat neither. Gold is still used but fiat beat gold a hell lot more, we have so much more fiat in the world than gold right now since everyone moved away from the gold standard. Now I believe that the same can't happen for crypto vs fiat, fiat is too big to be beaten like that by crypto. Sure we can beat gold as well, that seems like a logical argument to be made and I believe it will happen one day.

Gold total marketcap is like 10 trillion at best right? Even at 20 trillion, we are going to see crypto to be much bigger, maybe even bitcoin alone be much bigger, just not right now but in 10-20 years bitcoin could have a bigger marketcap than gold.

Fiat will always be in the picture no matter what. And even if bitcoin will create massive adoption in some countries, but it will never replace fiat from being a global currency. And if things get worse because of the inflation caused by fiat, i know the government will definitely create their own digital currency that is fully backed by them because as much as they can, they will never let a decentralized currency rule over fiat. Bitcoin might be coexist with fiat in the future but it will never replace fiat for sure.

So it will be more likely that fiat exist along with crypto, and this will give more freedom to people whatever currency they want to use although at the end of the day, fiat will always be the center of finance system. If we are dreaming that bitcoin or any kind of crypto would make it either 10 or 20 years from now, though we know no one holds the future, but i prefer to be more realistic and that crypto will only be more good for an investment, making it as a global currency might be too far from possibility.

the main reason that is still the strongest reason to this day.
because indeed they have actually reached a dead end in thinking about whether they can survive or not in the midst of this pandemic because most people have lost their livelihood at this time and inevitably have to find other ways to survive.
even though crypto is full of risks but it is better when they are willing to try and learn this properly.

this is true, but maybe there are several reasons that are still being debated to this day because basically this crypto is decentralized where things like this really clash with fiat which is indeed centralized.
when these two currencies are in one country automatically its citizens will be able to have options in their exchange.
and I'm sure most of these people will use crypto instead of fiat because apart from having no intermediaries in it they can also reduce a little commission from their exchange tax in contrast to fiat which is still quite large compared to crypto.
maybe this reason still confuses the government because indeed when they use crypto all forms of transactions of their citizens will be very difficult to verify and there is no authority for them to regulate this.

Nothing should replace each other and nothing should take precedence over each other. let them continue to develop according to their times and respect people who are still peaceful using fiat money for buying and selling basic food items. We just need to give each other support (even though the government doesn't agree much with crypto). But let that be the case, we must not have views that undermine the market economy. So far the involvement of cryptocurrencies has helped a lot of middle class people (like me) and it is clearly felt. But bankers see this as a threat.

I don't know the opposition and the regime may have 1000 of ways to eliminate crypto, but they can't.

They need to coexist right now when the world is heavily dependent on the existence of fiat. It has so much power over everything that to completely strip it away would cause massive societal collapse and utter chaos. They say good things come to those who wait, and that's basically the virtue that cryptocurrencies are letting us know. The road ahead isn't going to get any longer and wider so why don't we make the most out of our steps to ensure that we are on the right way? It's all there is to it really. Sure things might get tedious at times but there's so much potential in this venture you can't just drop it off and leave without regrets. I still think cryptocurrencies could in the future supersede fiat but just not in a drastic and flamboyant manner. The process will be gradual and people will slowly gravitate towards much convenient options than fiat. People naturally are attracted to progress and technology and seeing that cryptocurrencies are quite the piece of tech themselves, people will inevitably choose it over fiat over the course of time. What happens with USD is still up for debate but with the ever rapidly surmounting value decrease caused by inflation, we might not see dollars in the future the way we see them right now.

Well you are right, over time all will gradually be friendly to digital technology. However, it is possible because of the sophistication and sophistication of technology, it is clear that a person reaches a saturation point and there is no end to technological developments that are increasingly the latest and greatest. A person may decide to give up everything technological and return to a more natural life, and be closer to nature. All have the same 50:50 probability. Because nothing is certain in this world, if everything reaches a saturation point, then returning to the initial stage is the main choice. Having a plan B to survive in the ancient world is an education to survive with nature.

Hopefully the third world war doesn't really happen, because of course we all return to an era where we can interact with each other virtually.

instead of thinking about things like that why don't we think about how to maximize these two technologies to make changes to the economy that we have.
I think that would be more useful than thinking about things that would never happen.
crypto and fiat until now are like water and oil because they will never merge with each other, but if we examine further, they are actually like a mutualistic symbiosis that really needs each other.
Although it is not realized by many parties but they have advantages and disadvantages of each.

I think that it is difficult for cryptocurrencies to replace fiat currencies because most countries are still fighting and banning Bitcoin and other currencies, Blockchain technology is still far from the minds of these countries and governments, perhaps in the future when these governments understand this mighty technology that we find all our dealings in our daily lives based on cryptocurrencies.  ::)

Not going to happen now countries are developing their own stablecoins through CBDC and they will use it as their own managed currency. But personally I don't like about the strict regulation of fiat all of which is within their framework and without my privacy or financial freedom, from the moment I arrived at the BTC cryptocurrency I was feel real ownership of your own property.

Must Fiat currencies stop to exist before you know that Bitcoin and other cryptocurrencies are doing well? Fiat currencies will continue to stay, and there will also be crypto currency. None of them has to be stopped come it's just whatever you want to make use of you simply should be going for that.

Yes; there are now USDT, and other stable coins that are everywhere in the market. They’re all tagged to the US dollar, and their prices are stable, but these are cryptocurrencies and they are not U.S. dollar except that they are all tagged to it.

I don't think the fiat's role will disappear just because crypto is booming. Both fiat and crypto can coexist without having to be constantly pitted from each other. Crypto can thrive without eliminating and replacing the position of the USD. In addition, I don't think that the government will really allow cryptocurrency to dominate since it is a decentralized asset. Although right now, it is very evident in the exchanger and trading platforms that USD is becoming a coin as well. As a matter of fact, USD is the usual conversion of most coins if users were to trade their tokens or sell them. Crypto can be an alternative but will not totally replace the role of currency in each country. The central organization and the government, in general, were to decide whether they would honor the legality and the usage of crypto in their place. Hence, what you are asking is close to impossible since the government does not want something they can't control nor manipulate.

Here you need to understand that stablecoins are not cryptocurrencies. This is the same fiat, only digitized, that is, national currencies that work more efficiently. Therefore, fiat will not disappear anywhere, and the states themselves will never allow this. Cryptocurrencies only have the ability to coexist with the currencies of states. El Salvador appears to be more the exception than the logical development of the world of finance. It takes more time to draw conclusions in this direction.

will not happen . each country has their own currency. and why would they want to use something that is not stable for their economy? and banking still requires physical money. which is not criteria in crypto . they can exist together in a country and not replace one another.

That could happen in the future.  I think Only if there is a fully legal accepted cryptocurrency standard in the world.  It will be an established quantifier that will allow 1:1 symmetric stable coin exchanges located on any blockchain platform.  At that point, I think fiat will be slowly erased from everyone's influence and memory in the crypto space.  More importantly, what conditions will the crypto ATM infrastructure or station meet and how long it will take.

Fiat is something I do not mind, people consider fiat is the bad thing but the reality is that fiat is not bad at all, not in its own way or just the logic of it. What is bad is the fact that we have a very terrible system in place that makes fiat be used horribly. In fact if the whole world was filled with "kind" people then we would definitely see fiat be used in great way as well.

Imagine a world where every person who has fiat helps the one that doesn't, every poor person lifted, every community improved, the whole world living in a situation where there are no poor people, no homeless person, no starving person, no uneducated person, no sick person that can't go to hospital. It would be filled with very happy people all around the world getting everything they want, BUT that can't happen because humans are greedy in nature, yet the reason is not fiat, it is the people who use fiat that way.

100% it's not going to happen because peoples not understanding ground realities and spreading feud physical money is must for every country, and they are not going to leave this. After the recent crypto boom, investors might believe that the world is going to be having on them to take offer the role as world currency. In my opinion, this not possible at the moment. Fiat money is not going away, it is going to exist with cryptocurrency and digital currency. Around the world, where crypto is not in circulation, fiat is able to use stable currency.

The FIAT money wasn't designed to replace gold, it's just a representative of value. It's like a way to propve that you own an exact amount of Gold. The comparison with bitcoin isn't that reliable in this case because bitcoin also wasn't designed to replace old forms of money .

It's almost impossible to replace all the money on Earth by bitcoin or by any other currency. Several factors cause the fact that bitcoin a virtual store of value and can co-exist with other forms of money as a permanent store of value .

It is better you do not get your hopes too high about this happening in the future, while many of those that came early to the market and adopted bitcoin have had a similar dream the truth is that was not a goal of satoshi, satoshi created bitcoin in order to help you to truly own your money and become your own bank by not relying on a third party to approve your payment, satoshi succeed since you can already do that and the dead of fiat currencies is not really needed.

Crypto is still at a very early stage, because it is still very new to people who know nothing about it and are being scammed easily by masterminds. First, they need to be taught about what it is, how is it used, how is it exchanged, how to keep it secure, how to maintain security through privacy key, etc.

There are many online educators available and even offline through various courses in schools and universities, but people are not getting the right direction to move towards. Before you expect crypto to replace fiat, why not educate yourself and others about it? It will polish your knowledge while sharing it with others.

If you are still thinking that fiat will be eliminated soon and that crypto will be a global currency, that is still too far from reality. They might coexist in the future, as well as crypto can be integrated in bank's transactions, but crypto will never replace fiat. People might be amaze thinking how bitcoin can be a good currency but when it comes bitcoin as the only legal tender in different countries, big adjustments will definitely arise. So let's just be contented having them both. I guess it will even create a harmonious relation between fiat and crypto and the people will definitely love using them both.

The world economy is a fairly organized process under the control of the state bodies of the leading states, therefore, it is rather naive and far-sighted to hope that these states will withdraw themselves and happily switch to decentralized cryptocurrencies. At best, we expect the parallel existence of fiat currencies in digital format and partly based on blockchain, as well as decentralized cryptocurrencies, mostly as a speculative asset, a means of accumulation. I still don't want to think about the bad scenario of a total ban, because there is a great hope that the governments of the states will have the prudence to leave their citizens the opportunity to play with their own financial independence ;)

Fiat wont be gone.Period.

We arent talking about which coin would be gone and which coin would remain yet basically these two things would simply exist on this market and would serve out different purpose.

Decentralized vs Centralized and at least people do have their own choice on which one they would tend to engage on.Role of fiat would exist and stay no matter what as long
government exist then they cant just let things like that to happen.It is impossible even into my own dreams so better cross out this possibility.

One is better than the other on different purposes. When you eliminate the usage of USD (it can be the traditional one or the stablecoin) there arises the trading difficulty. Majority of the users make trading against the stablecoin and rarely against other cryptocurrencies. Everything has got a reason/need. In terms of usage the USDT and other stablecoins aren't used much on physical stores or on any online stores. Now or then, the cryptomarket will coexist with the traditional system and won't intend to replace fiat.

Exactly. As long as the government still backed fiat, then it will have no chances for crypto to dethrone it. IMO, instead of wishing fiat to be replace by crypto, why don't we'll just hope for them both. I think it will be of great advantage for crypto and fiat enthusiasts that they will no longer choose which one to use because they are free to use both. We always dream of bitcoin to be a good currency in the future, yes it will surely happen but hoping beyond that is already a fantasy. I mean let's be practical here. No matter how high the price of bitcoin or even how many countries will backed bitcoin, as long as it remains to be decentralized, then it will never be accepted by the government.

To put it into perspective, you could ask when is the role of fiat going to disappear versus gold. As you can see, it is not going to happen. A legal tender is the currency in which taxes and payments can be legally settled in a country. No state is going to voluntarily decide to fully give away their monetary policies just because bitcoin is cool (not even El Salvador has btc only as tender).

I guess fiat being gone is not something that is completely possible. Sure it could be used a lot less but just like you said we peg crypto against something and we use it. That means crypto could grow a lot larger, and I mean like a lot, I mean like bitcoin could be one million dollars per bitcoin type of level and I would not be shocked. However at the end of the day if you are not spending it and calculating based on bitcoin itself and still calculate how much it equals in fiat then you are not going to see much change in crypto.

Fiat will get weaken, even USD gets weakened every year by the politicians and their horrible fiscal responsibility (both democrat AND republican) but crypto would make it faster. Being bigger and being better are different things, fiat is too big, it is much bigger and it is not even remotely close to each other, but it is not better.

You are right that there are many types of stablecoins out there already like the ones you said.
To answer your question into whether crypto will replace the role of fiat currency, try to answer this one first.
- How much of the world's population right now have access into crypto?

If you have an answer to that one then you will know the answer into whether it will replace fiat. You are asking this question because you yourself are involved into crypto for a long time and to think that it will replace fiat currency? A currency that has been there for just 12 years will replace it? Not all of the people worldwide have access into crypto and in fact, there are a portion of people in the world that has no access to smartphones or whatever technology that it needs to access cryptocurrency.

On the other hand, crypto and fiat can exists at the same time so why the thinking of "Bitcoin will replace fiat in the future" and the like? I don't get the idea with this TBH because at first place, crypto isn't created to replace fiat.

Since the beginning of creation bitcoin was not intended to replace current currencies including fiat, so forever it will not be able to replace them in this life.
it's too high risk when they replace currencies, especially fiat and it's enough like this bitcoin only needs recognition and trust regardless of legal payments or not it depends on the policies of each government because the authority is in them and when it is decided to be a legal payment ( not a substitute) means they are ready with the consequences.

We have to  face the realty that the fiat  that are issued by the government will never be replaced, as long as government exist so will the fiat, and for that reason all these coins that are based on USD, are nothing but stable coins that just exist to make it easier and more relatable to sue crypto, we have to take in consideration that there are a lot of people who prefer to use fiat, and there is a lot of people who invest in crypto just for the profit and don't care about its nature, so i don't think that it would be replaced.

I don't think the market is ready to phase out fiat yet.  At least until there is a stable coin that has a 1:1 exchange rate to usd and can be decentralized or mined without depending on any CEX exchange.  However, p2p fiat is expanding the popularity of bitcoin and crypto, which will be good for the market before the world is ready to accept bitcoin as I guess legal - new forms of payment are enacted

Indeed, one should not even hope that cryptocurrency will ever replace the national money of states. Cryptocurrency is not intended for this. It was created only as an alternative to the currently existing payment system, as a payment system that does not lend itself to inflation and practically does not depend on the traditional currencies of states. On the other hand, states will not abandon their national currencies, since they are directly linked to their economies. In addition, states have sufficient coercive means to prevent such a substitution, even if it were possible.

Human nature my friend. People tend to assume that a new thing in the market will always replace the old thing, on the contrary, if both have different uses, they usually conexist - something that humans are not "comfortable" with - it explains majority of the power struggles and reasons why wars have happened over centuries.

The living proof is right under their nose. In today's world, they are both being used together. What better proof does anybody need?

That much centralization is beyond imagination. Very less likely to happen.

If they use stablecoins to run their fiat in the form of digital currency, then the situation also remains same. Just the coins you carried in your purse is now in the blockchain. Stablecoins dont equate to bitcoin in any aspect.

Fiat will never be replace by any currency as long as it is backed by the government. Crypto i think is not also created to compete or reach to the point of replacing fiat because the government won't definitely allow that. A decentralized crypto will only be good as an investment, having it as a currency will make it more complicated just like what El Salvador had experienced. Although in the long run, bitcoin became a legal tender but we should not expect that it will also accepted by other country's government, unless if the government alone had already invested in crypto secretly.

right, of course the government does not want to lose its control over the economy in its country. and of course we don't know in the future even though technological developments continue to increase and I think fiat will still exist. I think crypto being an alternative means of payment is already a good achievement

To eliminate the role of fiat of course it will take a long time, this is because there are many things that need to be improved from crypto, such as the rules for making crypto, currently anyone is free to make crypto so it is widely used to carry out fraudulent projects and I hope that strict regulations will be implemented soon.

Even for me, needless to say but having crypto in the future being accepted as a payment method to co exist with fiat in our own country is already good enough. There's no need to dream bitcoin replacing fiat because that will always be a dream. The people are now used to fiat even with its continuous inflation. And as long as the government remained hesitant to crypto, then even using it as a reserved currency will definitely take a long process before it can be realized. But somehow, crypto will certainly stop the inflation once it will be utilize.

Talking about replacing fiat money with cryptocurrencies is like discussing what will happen in the next century. Bitcoin is a decade old but still in its infancy stage especially in the developing countries. Only a small percentage of the population know about it and owns a bit. Still, there is so much to learn specially for non tech-savvy on how to purchase, sell and keep track of bitcoin. Perhaps, in the many years to come, eventually, all the people will be crypto ready but right now lets wait for it to grow and mature.

I do not get why people do not understand that bitcoin and fiat can used together. Can you trade them between each other? You could give dollars and get crypto or you could give crypto and get dollars right? We are doing that right now. Do you spend crypto to buy something? I have been spending crypto to get so many things, especially for talent as well because people accept to get paid in crypto and I can get their services.

This is why I believe that we are in a situation where we are making crypto payments easily. This is why I believe that we should not be forgetting that crypto is something that we could use with fiat without a problem. Yes, it is not so much yet, it is going to need to grow a lot more and eventually it is going to happen and I do not know when that will happen but I know that it is dual right now and could continue like this in the future.

lol but it's true :D
even though instead of bothering to talk about things that will never end when talking about bitcoin and fiat and the advantages and disadvantages of each, I think it would be wiser if we use these two types of currencies to support the life we live.
because indeed, when talking about bitcoin and fiat, they will always have their own opinions, whether they support the change or indeed those who support bitcoin as a payment option only.

Why would fiat disappear, and more importantly why would an objectively inferior currency like bitcoin replace it?
Bitcoin is practically unusable as a currency over any period of time because of it's absolute failure to hold a steady value. People rail on the USD for depreciating slowly but predictably, but think that something you won't know the value of tomorrow is somehow a better system? It's completely idiotic. If bitcoin was a viable currency, the concept of stablecoins would never have arisen. Stablecoins arose to do the one thing bitcoin will never be able to do- hold a predictable value, which is the most important aspect of a currency.

even though a country makes its own crypto and the value of its currency is the same as the country's fiat currency it seems that digital currency cannot replace fiat currency. Fiat money has been a part of society for a long time so it is very difficult to replace fiat currency with digital currency as a whole.

Well indeed many people have thought or predicted about this, but here we see that ordinary currencies have absolutely become the hallmark of each country, which I think will be difficult to be replaced by new currencies, such as cryptocurrencies that only exist in the internet (not in physical form), where people must first need an internet connection.
This will be complement only, due to its advantages that so far has been proven to provide to push the human financial side.

Fiat currency will never be vanished just because crypto is now in picture of a certain country's economy this is impossible because not all of the constituents of a country could afford to have a gadget or simply there were have a certain portion of a country's population that could not easily adopt the fast changing technology. If ever fiat money like for example USD will be converted into digital money then it would simply look like a stable coin like USDT and even let's think this way to other fiat currency if same scenario happen.

I'm not sure why there should be only one that accepts both fiat and cryptocurrencies. Many people continue to use the traditional method, which is fiat and, of course, far safer than crypto when dealing with large sums of money. There is no need for fiat currency to vanish in this society simply because cryptocurrency exists; they can both exist and be used by different people. Because your experiences and rewards from crypto aren't the same as those of others, it means that some people still prefer to use traditional methods over new.

Yeah right, after all it is just money, both can be use for payments and a store of value. The only difference is that cryptocurrencies is a digital currency, intangible, exist virtually while fiat money is the real world money. Right now, we used the fiat money to buy crypto so they should co exist. Still, the bitcoin supply has not reach its cap, lets just wait what will happen in the future.

So, if fiat is to be eliminated, then what is going to be used in place of USD?? It’s not bad that we have the USD, cryptocurrencies are calculated based on their value against USD or other conventional currencies that we have in the world. If you’re to remove them, then what are you going to use when calculating or comparing the value of other currencies and assets? You’re free to make use of any currency you want to use, whether it is fiat or crypto, and both of them can coexist. So, I don’t think that something like this what you should be worrying yourself about.

In the near future, this will definitely not threaten us and the fiat system will continue to function as before in the usual mode, helping the economy to function, as well as helping the state to effectively influence the processes in the economy. Also, I don't see any reason to replace fiat currencies with cryptocurrencies yet, because this will all create chaos, and it seems that no one wants to live in conditions of chaos and financial collapse. But the mutual coexistence of fiat currencies and cryptocurrencies is quite possible and to some extent useful, because it's no secret that ordinary citizens are separated from the financial and stock system by various barriers, and cryptocurrencies help to remove some of these barriers for ordinary citizens.

Faith currency has been in existence for a long time know I do believe you are aware and there is no way Bitcoin or crypto currency can any way eliminate it completely, and if you are waiting to to see a day such will happen then you will continue to wait till eternity because it will not come to pass. The measurements of Bitcoin and crypto currency generally are all on the faith currency and that was why they have values, for without faith currency, crypto currency will have no values quotes me any where brother.

Actually Fiat currencies have their role and also crypto has its own role, I don't think fiat can be taking over by cryptocurrency completely, because there are still restrictions about crypto in some countries, and also to a layman that only knows fiat for transaction, it will look very difficult for them to accept crypto as mode of exchange. Government bodies like CBN will also not make that happen as they will still want to be I control of many transactions,  but cryptocurrency gives us the control of our entire assets. I belive cryptocurrency will do it best but can't take over fiat completely.

It is not even a crypto then. It is a digital version of the fiat, therefore this should not be the point of discussion.

People are making this mistake of considering country-based cryptocurrency to be new thing. In fact it is nothing different from fiat.

If there is not application of decentralization and censorship-resistance there is no meaning of buying that asset as compared to buying bitcoin.

Though the current generation tends to put crypto as a store of value more than mode of payment. This comes from the rise in price due to speculation. I agree that supply and demand play a role but there should be a balance between using it as currency and storing it.

Bitcoin reaching it max supply does not change anything. Those who believe in the use of crypto and have applications for its advantages will continue using it. Fiat will co-exist because not every person will be able to use or own crypto.

If you ask if cryptocurrencies can replace fiat money.
If I answered under government rules in the country I live in, cryptocurrencies would not be able to replace fiat money.
The government still sets fiat currency as a legitimate means of payment and does not support cryto currency as a means of payment.
The government only allows cryptocurrencies to be an investment and insists that if there are losses and bad things happen to users, the government does not want to be held responsible.
All risks are borne by the user.
With these regulations, I just hope that cryptocurrencies and fiat currencies can develop side by side well in the future, making it easier for users.

That should have been the case but here in my country bitcoin is not recognized as legitimate currency yet and no merchants accept bitcoin as payment. But since my country has embraced cryptos and installed a reliable platform that protects crypto customers and also encourages bitcoin uptake, then it becomes easy for us to invest and make money with bitcoin.

Bitcoin popularity are growing everyday and more investors are betting that it will become mainstream asset in the future and they begin to stockpile bitcoin. And global crypto adoption has taken off and some countries may likely to follow El Salvador to declare bitcoin as legal tender though there are also some countries banning it. But still there are billions of people in the world and bitcoin has a limited supply, what will happen then? How can you say that it does not change everything? 

Indeed, i totally agree with you. Fiat will exist no matter what. Crypto can't replace it's role. Every country has its own decisions, regulations and rights to choose.
 
Right now fiat currency has its superiority against crypto because honestly fiat is needed in our daily lives to buy food and pay water and electric bills. Also to our other needs like in case of an emergency, not all hospitals accepts crypto for payment, they prefer fiat.

However, i also thought that crypto and fiat would work together in the future too.

So we need to change governments and maybe new governments can/will adopt the new and improved system, crypto?!

Bitcoin needed a breakthrough, and entry point, call it as you like, to this world! To be recognized Bitcoin needed some value in fiat, and Bitcoin got that years ago! What happened after is that Bitcoin is taking more and more from fiat, add other alts to that, crypto world is growing for years, but what do you all think where it's growing? Who suffers from that growth?

Before everything else, crypto and fiat are two different systems! I see crypto as an advanced system, that can make some changes, in other to that it must grow, to grow it will take more and more from fiat, and when crypto grows enough, and I am sure it will, fiat (and all digital versions) will become obsolete!

We can't change governments because only the government itself holds the power to control the country. We, as civillians cannot just make decisions to change the government and tell them to make a new one, with new regulations and rules.

However, other than that i thought you are also right about fiat and other digitals will become obselete. Crypto can make changes in many years to come but we don't really know what will happen in the future. We wouldn't know because what if there are technical changes too that can affect crypto to breakdown?. We should all consider that because we are not living in the future to know such things.

I also wanted to add that i still think that fiat still has its superiority towards crypto. Most people join cypto to earn fiat and we all know that, they needed it for them to support themselves in many ways.

A recurring topic indeed. No, fiat will not disappear since no government will allow a distributed decentralised system to take over their instruments of monetary policy. They are quite trigger happy to print money before elections and they are perfectly positioned to choose the legal tender that they consider more interesting for controlling the economy.

It is sad that such a powerful instrument is being used irresponsibly in many cases and, in may, with pure incompetence. 

And they should really be realizing on what they are talking about fiat on being replaced? Havent they considered nor even think that there's government who

would be the one will really be against with that idea on letting crypto to take over on everything in terms of financial system and other connected to it.
We do just know on how much they do hate up on things that they couldn't control.

We shouldn't not really believe on things about on this one.

There are always people who have a simplified picture of the world and who think that a couple of steps can destroy the entire existing system and build a new system on new principles, much more equitable than the existing one. To their great regret, life constantly refutes such judgments and most often it is even good that such a thing does not find real implementation, because usually destruction leads to chaos and loss of control over the state system. The fiat system is well-developed enough, it is effective enough to replace it with some other system, therefore, with proper application, it is not in danger. The most important thing is to avoid strategic miscalculations and use this system correctly, because if something is done wrong, it does not mean that the system itself is to blame.

each country is certainly competing to get a strong position among the currencies of other countries and of course with control from the government. to lose control and leave fiat, I feel it is also unlikely that this will happen, especially since the currency in each country is different, and it becomes a pride for a country, except for countries whose currency becomes worthless.

Well, in the not too distant future you will be able to buy food and anything that has to do with goods and services with BTC, in fact FIAT money always needs to exist, it is our benchmark to give value to BTC.

I think that FIAT money will also be used to go the Blockchain path, as CHINA is doing, they already manage their currency or digital stablecoin without any problem, and in some news many countries are working on their model and project of digital money or stablecoin, as well as many are considering having BTC as legal tender, just as El Salvador is doing.

In addition to pride, it is a well-established payment method and means of payment for all since our currency was first introduced. I agree with you that it is extremely difficult because our currency is well-established, which means that it is fully functional and has no flaws; all that is needed are new innovations. I believe it is preferable to use cryptocurrency as a secondary payment method because it is extremely useful to us, rather than replacing fiat currency, which is not a good idea.

That would be unlikely. Both crypto and fiat can coexist as they have different real use case functions. Fiat cannot be replaced and is here to stay. Crypto can be used as alternative payment option for goods and services. Yes USDT is a stablecoin, but it’s still a cryptocurrency.

I still need fiat and still need bank service to make deposit to the exchange as well as to withdraw my profit from the exchange to my bank account. Fiat will still be needed and will always coexist with crypto in countries that do not legalize bitcoin as a mean of payment. This situation can last longer until the government legalizes bitcoin as a means of payment so that the dominance of the use of fiat as a mean of payment will decrease.

Regardless of whether I like the fiat centralization and banking system, I still have to use it because I don't want to violate the rules that have been set by the government of my country. Bitcoin or cryptocurrency will be a payment alternative in the dim in countries that do not legalize it as a mean of payment.

I think to the best of my knowledge that the role of fiat currency won't stop to influence crypto as fiat money came into existence before crypto and has greater value for the time being.
We still have Many countries that haven't accepted bitcoin and other cryptos as a medium of exchange yet,recently diverse seminars have been held in many interior countries to be able to convince peeps from nooks and crannies  of the whole world to buy and trade bitcoin and other crytos; these is the main reason why we have free airdrop links all over the internet,so peeps could gain free and easy access just to buy their interest.
Sorry for going off topic a bit

True, although the volume of crypto transactions continues to increase and currently reaches more than $ 140 billion per day but I'm sure it will never replace the function of fiat, maybe the influence of fiat will continue to decrease and switch to crypto but I believe fiat will always exist and last forever.

As long as there are countries and central banks, fiat will continue to survive, even though we are crypto lovers but I never thought that the presence of crypto would eliminate fiat, moreover crypto is very dependent on the internet so that if there is an internet problem it will make people unable to transact.

Yes, the existence of the national currency of states will depend not on the popularity and liquidity of the cryptocurrency, but primarily on the position of states and their bodies. And the states themselves will not make such a decision. El Salvador is an exception so far, but there were specific conditions and the absence of its own currency. And it is still too early to talk about the success of using bitcoin as a national means of payment.
The most likely and optimal for cryptocurrency will be parallel circulation along with the currencies of states. She shouldn't count on more.

I think you have given the reason that one will not give way for the other but to compliment and work different. If there are bad network, it will surely affect cryptocurrency transaction and then fiat operation can be relied on. The most beneficial of this is the people who no longer wait and get frustrated when the transaction for one fails. I have watched the frustration when btc transaction fee is very high and that discouraged many investors with the transaction.

If there is one thing i don't like to eliminate from most proposed or projected ideas is the possibility of it happening but this one, a crypto system completely eliminating and replacing fiat, i doubt its possible.  Fiat doesn't just stand as a medium of exchange but then, it serves as a nation's national symbol. One thing that crypto is not prepared or can't be because, it would be bringing some centralization into the system.
The best we could hope for is crypto and fiat to work in along side each other. Besides, as it is now, its been one way treasure the crypto value and its working quite fine.

I agree that there is a good chance of crypto not being that much of a problem for fiat. However that is not because you need fiat and banks and all that, that is because governments have guns. That is literally the only reason, they have guns and they have power. If governments didn't had soldiers and police to control everyone then we would have riots everywhere so it is good that they have it, but it also keeps the profit to them and doesn't allow anything to change which means we can't be getting away from fiat anytime soon.

As long they do exist then there's no way for fiat to cease to exist or would be replaced by crypto anytime soon that why you shouldnt really be boosted up with that kind of mentality or presumption
for it to happen because it wont no matter how crypto will really fly colors in the future but still fiat would be number 1 option.It is just really good to look on crypto to be a good alternative
but going for it to be the mainstream then it is really having that 0% chance to happen.Lets just accept the fact that it cant really be replacen.

The opportunity for crypto to replace fiat is indeed impossible, because after all the existence of fiat is needed by the majority of people.
Since most countries in the world still prohibit using crypto as payment, therefore how will crypto replace fiat if the government still limits
the use of crypto. I think Satoshi Nakamoto also created Bitcoin not to replace fiat, but as a payment alternative. So we really have to
think realistically, that crypto and fiat will co-exist. So we all have to accept the fact that fiat is irreplaceable, so we should be grateful
at least we can still use crypto as a digital asset, and most importantly we can still feel the benefits of cryptocurrency.

During the period of human development, the form of money is constantly changing to adapt to the constantly changing society and economy. Cash or fiat money (coins, banknotes, etc.) is a means of payment used for thousands of years. However, the role of cash is gradually being replaced by other forms of electronic payment.
More and more countries around the world are embracing the trend of using digital currency. The most popular cryptocurrency in the world today is Bitcoin. It can be exchanged, traded directly without going through a financial intermediary, the transactions are done instantly & anonymously. However, they are rarely used in traditional trading operations because their value is volatile and easily adjusted based on the number of users. Despite thriving and holding a lot of potential, this digital currency has not been welcomed in many countries because of its ability to be difficult to control.
If in the past, credit cards and bank cards were outstanding spending tools of consumers thanks to their security and convenience, today electronic wallets integrated in smartphones dominate. position. With outstanding features such as instant transactions and efficient financial management, it is not difficult to predict that this digital wallet will soon become the payment technology of the future.

Fiat currency and cryptocurrency can exist at the same time.
Cryptocurrencies have high volatility and their prices are constantly changing. And some countries have not yet accepted bitcoin payments, and they are more accustomed to using fiat currencies in daily life.

It is not something used for thousands of years, up until very recently in human existence (last 100-150 years) we didn't even have proper banknotes that we used. Sure there were some rich people who hold bank notes instead of banknotes, stating that they had money in the vaults, but that wasn't everyone, that was the very rich that had excess to put in vaults.

Most people used coins actually, not crypto coins of course lol, but regular coins. So actually coins is the most common thing in the world of currency, banknotes has very little existence that nobody really consider, eventually we got back to coins again, only this time it was digital coins and not hand held ones.

Yes, this silly talk about the possible replacement of fiat with cryptocurrency has been going on for several years now. So far we have not seen any prerequisites for this. These are just the fantasies of people who have little idea of how the state and its economy work. Such a replacement is not even possible in principle and never. Even if it were possible, states will never allow it.

why bother if they can coexist and complement each other, where if we want bitcoin to replace fiat currency it is just an illusion that is uncertain.
because there are many situations that bitcoin and other crypto can't completely solve, if we look at fiat currency it's so complicated in circulation that sometimes the impact of printing money can result in inflation.
different from crypto
here I conclude in my life, as long as we buy food with fiat and if we have bitcoin and want to spend it must be exchanged for fiat
then one thing  impossible if fiat will lose to crypto

Actually I don't think that cryptocurrencies will replace fiat money in the nearest future. There are still too many people who don't believe in crypto and don't know how to use them. What is more, government can't control crypto and that's why they don't really want it to develop as this way they will lose control over people finances.

As far as I know, in the monetary system, there is only one legal medium of exchange as an indicator of the world economy.  Currently, fiat as a determinant of a country experiencing good or bad economic conditions.  If coexist then, Bitcoin is not as a medium of exchange but an asset only.  2 If the types of money given are different, the recipient will have difficulty determining the value because both have their respective values.

To be honest, i don't think it can happen. For payment itself, no need to change fiat into crypto but fiat to digital fiat is already enough. Maybe stablecoin i think will remains as an assets when people want to save their fiat into crypto blockchain maybe to use cryptocurrency features which fiat don't have.

even for a longer time it will be very difficult even though crypto is increasingly known to people but on the other hand fiat is still very strong and is still used by most people.
In my country, fiat is still very vital and still dominates compared to crypto.
and i never thought that crypto would replace fiat one day but to coexist it is very possible.

Exactly. The use of fiat will never be extinct as majority of the people would still prefer to use a currency that is backed by government. Crypto may gain lot of users in the years to come as its adoption has been massive too but in the long run, it cannot replace the role of fiat. Crypto has a big chance to be a currency in the future, but never to replace fiat, but to coexist with it. And when that happens, banks too will start to accept crypto transactions so they can address the needs of bitcoin users, and not just on fiat users alone.

At present, the daily use of fiat currency to pay more than the use of cryptocurrency to pay. People are still accustomed to using legal currency for payment. In the future, the government may issue its own digital currency, and the legal currency will not disappear.

Will the use of fiat ever disappear?
Does it even necessarily have to disappear completely, can't both coexist???
They are so many factors as to why fiat will not be completely wiped.
Some minor purchases can be done using FIAT majority of persons are still in doubt about crypto and no matter how global crypto tend to become, irrespective of the acceptability, they'll still be those person who will not know how to operate it.

If we take a step towards adoption, we will be able to completely eradicate the use of fiat but given that banks and other financial institutions has interests that's going to be gone when fiat is eradicated, to be honest I think it's quite an impossible feat given that the influence of these institutions are so big that trying to fight them head on will be a losing battle. Fiat will be gone if we support politicians and law makers that have principles and can't be bought by money.

because from the start they have been associated with the government, indirectly they will definitely continue to exist and it is true that some people will continue to use this because they believe in the government and on the other hand it is something that is safe to use.
Btc's opportunity is indeed very large to become a currency but it is only as an option and most allow them to coexist not replace.

Majority of us would still entrust the government no matter what when it comes to things and we've been used to it and we've been relying on it since from the beginning which it is really hard to believe on that fiat would
just disappear just like that which is really that impossible even though how much crypto will fly with colors in the future but it wont really be enough that it could remove out fiat on existence
We would rather see both things in the future which it would most likely to happen.

Both are irreplaceable the both serve their own function differently in as much as we all desire to go anonymous and decentralized. At some point centralization is needed to keep track of financial movement across and within boundaries to help fight against money laundering and cyber attackers

because it's a provision goverment and nothing will change things like this. bitcoin will grow rapidly with massive adoption in various countries but on the other hand fiat will still be strong because there are backups from the government that cannot be separated from it.
not just for now, for next year maybe even forever it will be like that

Both traditional fiat and cryptocurrency have got its own good and bad. It is upto the user how things were used on need with respect to time. Fiat gives the ease of access in all means through its wider acceptance availability. Bitcoin on the other hand have got limited usage access and acceptance as currency. This situation will change, but until then the place is occupied by fiat. In my understanding crypto and fiat will coexist without any form of replacement.

because with the guarantee of a sense of security that they feel over the government, they actually do things like that, until in the end everyone becomes accustomed to it and this behavior continues to happen from generation to generation to this day.
In fact, the decision is certain that even though crypto will continue to grow, beating fiat and making fiat non-existent is a difficult thing and even tends to be impossible to do.
So, in my opinion, when everything is like a hope that never ends, why do you have to insist on eliminating it, just make them both in the same position regardless of choosing which one is the best, it's each other's choice later

that is already happening, fiat and crypto co-existing today. no need to aim for replacement of fiat as it may not happen in our lifetime. just be grateful that crypto is expanding its scope in the community. so don't know why people are aiming the fiat to disappear because it won't.
a large population are still relying on fiat and traditional banking system and a lot of them will not touch crypto.

In the same way I think, because I start from the main premise which is:

1.-Fiat Money = Money, Bitcoin = Money
2.-Bitcoin needs Fiat money to be able to give it a value and under which, it can be negotiated.
3.-Fiat money is needed for many people to understand the value of BTC and thus understand its price.

All these premises are necessary to be able to establish that there is no sense in choosing which is better, both are needed, that each one has advantages that people must take advantage of according to their convenience.

Nope, that ain't going to happen. And as far as the government's concern fiats will exist, they will continue to produce and print local fiats depending on their GDP and because crypto is decentralized they won't allow crypto to be their main currency and subtitute their local money. Example, bitcoin and fiat can exist side by side with different valuec and usage. Mainly bitcoin is a crypto currency to be used as a medium of payment online but now it's widely used as an investment due to it's value. While there are still more people who prefer to use fiats in-order to buy certain things.
But this may change in the coming years as crypto continues to amazed more and more people about its objective.

Actally I blieve we still have a long ways to go some time recently you ought to consider yourself off-base in that range. It being said I don't accept that cryptocurrency will supplant fiat cash anytime before long. I think that it'll proceed to work in conjunction with cryptocurrency and in the long run yes, cheapen fiat a bit, but I basically do not see it taking over,the future of crypto is shinning and conceivable to run the show universally.

Cryptocurrency cannot replace fiat. It was created to be an alternative to fiat, not to replace it. Therefore, it must coexist with the national currencies of states. In addition, for this to happen, an appropriate decision by the highest bodies of state power is necessary, as was the case in El Salvador. This is the only case so far, but even here bitcoin did not replace fiat, there was simply no national currency in El Salvador.

It needs to be accepted as an alternative currency in all countries

it will be sooner or later

Yes to me its likely possible but not in this present dispensation, maybe generations to come which would have been on a long run, then the whole world would have been developed, civilized and digitized, a time where technological advancement would have been achieved everywhere, and the world economy would have attain unism, robots and technological devices will be use in performing  operations like war, house chores, messengers, driving, flying, teaching and agricultural activities while buying and selling are no more in fiat but programmed on robotic devices among others.