In the next decade, BTC and digital currencies will “fully” replace fiat?

[thesmallgod]

The use case is growing everyday. I read recently that blockchain technology implementation has been a global phenomenon now with the growth increasing every day. If this continue, probably digital currency might be given a good look and most importantly, we may soon see banks accepting cryptocurrency which to me might lead to regulation with tight centralization and this is what most crypto enthusiasts does not want.  All the same, such news going a long way to tell us to keep our head straight and keep trusting in crypto because something great will happen one day.

[online73]

Hello everybody. Of course, anything could happen by 2030. But in order for the transition to cryptocurrencies to take place completely, it seems to me to be too much. Even by the next century, this is unlikely to happen. Cryptocurrencies do not bypass the Internet and uninterrupted power supply. When humanity solves this problem, by that time, most likely, they will come up with some other kind of financial structure. The most important problems at all times brought precisely the unbalanced attitude of mankind to any events or innovations. A gradual, balanced approach is needed.  Fiat money will never disappear, with a competent combination with cryptocurrency, the best financial times of humanity will come. Of course, the advent of a new approach to financial matters has already matured, because humanity is already mired in financial crises in which the poor get poorer and the rich get richer. The first countries to take cryptocurrency as a base will make a huge leap in finance. But that would completely replace fiat with a crypto, - no, this is too much.

[Sadlife]

As history tells us that new technology replaces the old. So in my opinion Bitcoin is inevitable but it will take some time until it is fully adopted. The old monetary system must be completely destroyed before Cryptocurrency can be recognize as new form of money. A global event must trigger the end of fiat like a pandemic or financial crisis.

[Tiews223]

In a new report predicting the decade of the 2020-2030s by Deutsche Bank Research, the bank says that the adoption of digital currencies is inevitable. Governments need to catch up or the backlash against fiat currencies will be too great to handle.

Deutsche Bank Research is posting its predictions for the next decade, which cryptocurrencies are expected to be a cornerstone of the economy in the world ahead of us. In a shocking admission, Deutsche Bank Research tells its readers that governments have to adapt to this inevitable reality or risk falling behind entirely.

Source link here

Okay, so this is another prediction stuff. So many individuals, companies and institutions are predicting on what is going to happen with Bitcoin and other cryptocurrencies.

Earlier, Bloomberg predicts that Bitcoin will reach $10k soon. Now, Deutsche Bank claims that within the next decade, it will be the real era of digital currencies.

It means that fiat would “finally reach its end”. As for me, I think next decade would not be enough just yet for digital currencies to fully dominate, as most banks and people from around the world still prefer fiat more than Bitcoin, etc.

Yes, all of us are free to predict about Bitcoin and other cryptocurrencies. But for me, they’re just predictions. This world is unpredictable, as what I have said over and over again in my previous posts. 

As much as bitcoins are making such progress in the past years and so many reports have said that many people already rely on technology to pay for their goods, I don’t think bitcoins will “fully” replace fiat. For one, not many countries in the world are equipped in terms of advancement in technology. Third world countries for example, although the majority of them  have touch screen phones, they are only able to use it for simple communication and little bit of entertainment. Even if these countries have access to touch screen phones, not all of them have it because their priority is to be able to get by everyday. Sometimes, having a touch screen phone is the least of their problems. Second, third world countries are more comfortable with using fiat as many of their transactions involve stores that don’t even cater to online payments. Stores along the streets, mini grocery stores, public transportation, etc. etc.

[bryant.coleman]

As history tells us that new technology replaces the old. So in my opinion Bitcoin is inevitable but it will take some time until it is fully adopted. The old monetary system must be completely destroyed before Cryptocurrency can be recognize as new form of money. A global event must trigger the end of fiat like a pandemic or financial crisis.

I agree with the first part, but not with the second. It is quite possible that the new technology may replace the old as far as the monetary system is concerned. But the replacement can only occur, if both the technologies have similarities and overlapping usage. Here, Bitcoin won't be able to replace fiat currency, because it is no longer used as a currency. It is mostly used for speculative investment purposes and using it as a payment medium is not very attractive because of the huge fees and delays in getting confirmation.

[Sapphire915]

Ten years is not enough for bitcoin and altcoins to replace fiat currency. There are many requirements that must be fulfilled before this can happen.

And I don't know where this Deutsche Bank Research made thier prediction. And this reasearch doesn't think about people who are ignorant of bitcoin / altcoins and how these people would accept bitcoin.

Exactly, mate. Bitcoin is a great form of digital currency but despite all the awesome benefits it brought us, it is still impossible for Bitcoins to replace fiat or the traditional physical currency that we used to spend. This research and prediction is so unfair to those non-users of Bitcoins and those people who doesn't any have access in the internet and absolutely not a tech savvy. There are a lot of things to consider before Bitcoins can replace fiat and Bitcoins need a lot of things to prove and show us before it became the mainstream currency in the world.

[XZERO1]

In next decade crypto will totally replace Fiat? Definitely not

Still there are tons of works to do for crypto so that masses of people start using them as one of the payment methods when they're buying stuff online or offline, cryptocurrencies should start being more newbie friendly for instance and be easier to use even for less educated crowd.

If just right now all governments started to educate people on crypto and added some basic crypto information to their schooling system, then we could consider the possibility of removing Fiat in next 10, but we all know well that's not going to happens because it's not in governments benefit to promote using crypto, since it will make it harder for t hem to track people and earn profit that they have from banks.

[angrynerd88]

I think almost cryptocurrencies direction all over the world. Rather than trusting that it would completely supplant fiat within the future, we ought to look forward on having cryptocurrency and fiat being in concordance so that things would work it well. Ready to say that cryptocurrency without a doubt is long haul but fiat has been utilized for a long time ever since which suggests it would take up a long time some time recently crypto at long last alter within the world standard. Let us bolster both continuously so that able to pick up more comfort from it.

[cabron]

I think almost cryptocurrencies direction all over the world. Rather than trusting that it would completely supplant fiat within the future, we ought to look forward on having cryptocurrency and fiat being in concordance so that things would work it well. Ready to say that cryptocurrency without a doubt is long haul but fiat has been utilized for a long time ever since which suggests it would take up a long time some time recently crypto at long last alter within the world standard. Let us bolster both continuously so that able to pick up more comfort from it.

The mobile banking had been around for years which mobile crypto wallets are also going to be utilised by cryptocurrencies. Its true that crypto has to coexist with fiat but right now its got to be digital fiat since we are all going to be cashless.