Cryptocurrency can not replace fiat currency.

[Jorge158]

I don't think the idea behind Satoshi's creation of Bitcoin was to displace fiat totally from the system. His aim was to create a payment system which offers better and revolutionary solutions to the old ones we had. Fiat already has support of the government and used as a significant metric for measuring the economic status of a country.

[tvplus006]

Agree, it's hard to trust a currency that has no stable market, people will still choose fiat over crypto. It will be hard for them especially business owners to have a currency that can change their income due to changes of the crypto market.

Business owners will not be able to maintain their accounting records if the balance changes due to cryptocurrency volatility. In this case, it will be difficult to calculate the necessary amount for paying taxes. And if the price of cryptocurrency decreases, this can lead to a loss for the business

[DoubleEdgeEX]

The question is, is it even really necessary? It could be an alternative, a second option. Unfortunately that´s absolutely against what a FED or other fiduciary institutions are representing. A CBDC could be a third option as a compromise of states fiat money and digital currency. That would be a technologization of the already existing money, so from one angle it would eb cryptocurrency but not what Satoshi had in mind when creating Bitcoin.

[azmirihaque]

I have seen so many posts about emerging cryptocurrency, and they think that someday it will take over our current system, or it will replace our fiat currency, which is really impossible, yes cryptocurrency is such an excellent currency especially the bitcoin, cryptocurrency keeps on being more prominent and more significant. Still, I think it is not enough to replace the fiat currency. It will be hard for the government to do that.

It will be hard for us if we use our cryptocurrency as our standard currency, the volatile currency will not be useful in real life; only that money is only suitable in real life. Not all individuals are really used in technology, so how could they handle their money if they are not familiar with the technology.

There are still some rural places in this world, so it will be hard for them to adopt the new system if this will be implemented in the future, which I hope won't happen, and even those person in provinces will also get mad if those things happen.

Nothing is impossible. At the first stage of crypto invention, very few people were familiar with this currency but now millions of people of the world are now investing and making trade in this field. At a time, countries of the world directly rejected the use cryptocurrency but now many countries have already permitted it and some other countries are thinking to permit it. You should know that the bitcoin is gradually occupying the world's market and I think it will be used by most of the countries in near future. So if the countries allow to use crypto as a digital currency for all types of transactions, it will take the place of fiat money within a moment. Maximum countries of the world are now technologically developed and already they are using digital currency for transaction. As a digital currency, using crypto like fiat money is just a matter of permission of the govt. I think it will be possible soon.

[samputin]

Agree, it's hard to trust a currency that has no stable market, people will still choose fiat over crypto. It will be hard for them especially business owners to have a currency that can change their income due to changes of the crypto market.

Business owners will not be able to maintain their accounting records if the balance changes due to cryptocurrency volatility. In this case, it will be difficult to calculate the necessary amount for paying taxes. And if the price of cryptocurrency decreases, this can lead to a loss for the business

And that would be the primary reason why crypto is not yet used widely in business—the volatility.

From what I've read, for the vast majority of merchants,  crypto is something that they didn't learn to trust, plus according to Kris Marszalek, CEO, Crypto.com, "Crypro's price swings is not really conducive to merchant adoption."

However, nothing is impossible right? Who knows that in the future, merchants around the world would learn to take risks and adapt crypto payments. Or maybe crypto may even have stable price. We don't really know. It's just that, for now, crypto cannot replace fiat.

[Jorge158]

The question is, is it even really necessary? It could be an alternative, a second option. Unfortunately that´s absolutely against what a FED or other fiduciary institutions are representing. A CBDC could be a third option as a compromise of states fiat money and digital currency. That would be a technologization of the already existing money, so from one angle it would eb cryptocurrency but not what Satoshi had in mind when creating Bitcoin.

Exactly the point! Fiat has the full support of the government hence thinking or waiting for crypto to entirely displace fiat is like a chase of the wind. It is best to focus on how to increase cryptocurrency adoption by first integrating it into the payment systems in our various businesses and companies. This will raise the status of the market.

[Janation]

The question is, is it even really necessary? It could be an alternative, a second option. Unfortunately that´s absolutely against what a FED or other fiduciary institutions are representing. A CBDC could be a third option as a compromise of states fiat money and digital currency. That would be a technologization of the already existing money, so from one angle it would eb cryptocurrency but not what Satoshi had in mind when creating Bitcoin.

Exactly the point! Fiat has the full support of the government hence thinking or waiting for crypto to entirely displace fiat is like a chase of the wind. It is best to focus on how to increase cryptocurrency adoption by first integrating it into the payment systems in our various businesses and companies. This will raise the status of the market.

That is because fiat is fiat.

It is the currency used in a country, I don't think they will be letting a decentralized cryptocurrency take over the currency they can control, right? Fiat is the norm of payment in countries, the second ones are mobile wallets, mobile payments using applications, and other platforms. And I agree that we should just focus on increasing the adoption of it.

[Emitdama]

When talking about cryptocurrency you always think about bitcoin. Do not forget that stablecoins are crypto currencies as well and we are talking about them here as well. So if you want stability and not get dangerous but still want to be in the crypto world, you could perfectly accept something like USDT and people will pay that.

All we need is a payment method, a system where it is easy and quick for the buyer and seller to exchange USDT very easily, plus we also need that payment method company to increase adoption of USDT spending by going around marketing it like crazy, at first it would cost them a ton of money but if they can spend tens of millions of dollars for a long time while racking up debt like crazy, in the end they will have tens of thousands of places using their payment method to exchange money which would make them cash forever.

[geyayy]

The question is, is it even really necessary? It could be an alternative, a second option. Unfortunately that´s absolutely against what a FED or other fiduciary institutions are representing. A CBDC could be a third option as a compromise of states fiat money and digital currency. That would be a technologization of the already existing money, so from one angle it would eb cryptocurrency but not what Satoshi had in mind when creating Bitcoin.

Exactly the point! Fiat has the full support of the government hence thinking or waiting for crypto to entirely displace fiat is like a chase of the wind. It is best to focus on how to increase cryptocurrency adoption by first integrating it into the payment systems in our various businesses and companies. This will raise the status of the market.

That is because fiat is fiat.

It is the currency used in a country, I don't think they will be letting a decentralized cryptocurrency take over the currency they can control, right? Fiat is the norm of payment in countries, the second ones are mobile wallets, mobile payments using applications, and other platforms. And I agree that we should just focus on increasing the adoption of it.

I agree with you, sir. But in our country, I really think that cryptocurrency can't replace fiat. The mere fact that somebody is explaining something about crypto world they can not accept it. Usually they will ignore the good sides on go on with "it's a scam". Having a fellow countrymen who can't accept and doesn't have the means, this will not be implemented.

[Negotiation]

well,  volatility can be avoided and one thing that can make it possible is every country should create their own crypto under the power of the government. Without its guidance I doubt fiat will be annihilated.

If the demand for fiat currency is much lower than that of crypto then fiat will lose its existence and its use will be greatly reduced But the demand for crypto will increase as it is not owned by any government here and its use is widespread. The front will improve further However, cryptocurrency cannot replace fiat Fiat is the stable currency it is managed by the government.

[Janation]

The question is, is it even really necessary? It could be an alternative, a second option. Unfortunately that´s absolutely against what a FED or other fiduciary institutions are representing. A CBDC could be a third option as a compromise of states fiat money and digital currency. That would be a technologization of the already existing money, so from one angle it would eb cryptocurrency but not what Satoshi had in mind when creating Bitcoin.

Exactly the point! Fiat has the full support of the government hence thinking or waiting for crypto to entirely displace fiat is like a chase of the wind. It is best to focus on how to increase cryptocurrency adoption by first integrating it into the payment systems in our various businesses and companies. This will raise the status of the market.

That is because fiat is fiat.

It is the currency used in a country, I don't think they will be letting a decentralized cryptocurrency take over the currency they can control, right? Fiat is the norm of payment in countries, the second ones are mobile wallets, mobile payments using applications, and other platforms. And I agree that we should just focus on increasing the adoption of it.

I agree with you, sir. But in our country, I really think that cryptocurrency can't replace fiat. The mere fact that somebody is explaining something about crypto world they can not accept it. Usually they will ignore the good sides on go on with "it's a scam". Having a fellow countrymen who can't accept and doesn't have the means, this will not be implemented.

That is the same in our country.

Since there are a lot of news surrounding around cryptocurrencies especially Bitcoin being used to scam people, they tend to think that it is only used that way. And since that is the inly news we hear from it, they will obviosuly think that it is a scam. That is the reason why I am not opening that I am a user of crypto, I just answer questions when they ask me.

[Abiky]

And that would be the primary reason why crypto is not yet used widely in business—the volatility.

From what I've read, for the vast majority of merchants,  crypto is something that they didn't learn to trust, plus according to Kris Marszalek, CEO, Crypto.com, "Crypro's price swings is not really conducive to merchant adoption."

However, nothing is impossible right? Who knows that in the future, merchants around the world would learn to take risks and adapt crypto payments. Or maybe crypto may even have stable price. We don't really know. It's just that, for now, crypto cannot replace fiat.

Agree. Crypto's biggest issue is volatility. Unstable prices on the market makes it more suitable as a store of value than digital cash. It's no wonder why serious merchants and businesses alike have accepted Fiat on top of crypto. Losses or gains can be reflected in a blink of an eye due to the uncertain nature of crypto. I believe that stablecoins are a more suitable replacement of Fiat, although some of them are linked to real USD reserves. Depending on the blockchain network they're based on, their fees could be extremely high or dirt cheap. Speed is also an important factor to consider here. Since Fiat is instant, stable, and reliable, it'll be actively used in the mainstream world for a very long time.

Nonetheless, no one knows what will happen in the future. With a friendly regulatory environment for the crypto/Blockchain industry, we could see the "impossible" someday. I'd expect Bitcoin and other major cryptocurrencies to have a stable price relative to Fiat to serve as a viable alternative to the world's monetary system. Only then, people will be able to use crypto more thoroughly as they would with Fiat. Considering that both ends are distinct from one another (either centralized or decentralized), it looks likely that they'll survive for a very long time. People will have a choice between crypto or Fiat for mainstream payments. The diversity of assets is what makes our world a better place. There's really isn't a dominant form of money, since each asset has its respective value/use cases in the mainstream world. Hence, neither crypto will replace Fiat or vice-versa. Just my opinion