Are FIAT Currencies Facing an Extinction Level Event?

[Malsetid]

The automobile obsoleted the horse and buggy as a means of daily transport. Email obsoleted the old snail mail system as a means of written correspondence.

Are fiat currencies at risk of being replaced by Bitcoin and other cryptocurrencies? And if so, how soon?

I don't think it would be the same with currencies though. We've also seen upgrades with the xurrent fiat system but the basic cincept is still there. I dont think thr world is prepared to go full digital when it comes to monetary systems. It still would be the same currency for a long tjme but with advancements and im seing here that the role of cryptocurrencies would nit be to replace fiat but to support it as backup or an option for people who have access to it

[cryp24x]

Fiat and bitcoin still consider as different money.

Fiat is currency and bitcoin is investment like gold , etc. The advantage for bitcoin is they have value like fiat so people can use bitcoin like fiat
Some country still block bitcoin , makes their popularity difficult to grow exponentially but since I trust bitcoin, doesn't mean it impossible to happen

They are both currency and they function as currency, they are both being traded except the other one is decentralized and driven by speculation.  I do  believe that fiat currencies are facing extinction but not soon.  It will take long years before electronic money take over.

[Raimonn]

I think that fiat will not on extinction, but governs could change to digital fiat in some years. Bitcoin can't be manipulated by governments, they will try to create digital coins under its control (not decentralized, and that they could change).

[gabmen]

I think that fiat will not on extinction, but governs could change to digital fiat in some years. Bitcoin can't be manipulated by governments, they will try to create digital coins under its control (not decentralized, and that they could change).

Yeah i thinks its more likely even that bitcoin would be extinguished before fiat ever could be. The fact that fiat is controlled by governments and big banks pretty much assures us that no other currency now or probably in the future could challenge fiat's supremacy

[kryptqnick]

I think there is some difference between horse-car and fiat-bitcoin situations. Horse is obviously worse than a car, because you can only travel alone with a horse and you have no shelter in case of bad weather. Fiat has inevitable inflation and bitcoin doesn't. However, bitcoin is not and can not really be regulated by any government, whereas people mostly prefer some guarantees and stability instead of anarchy.

[Seansky]

I think there is some difference between horse-car and fiat-bitcoin situations. Horse is obviously worse than a car, because you can only travel alone with a horse and you have no shelter in case of bad weather. Fiat has inevitable inflation and bitcoin doesn't. However, bitcoin is not and can not really be regulated by any government, whereas people mostly prefer some guarantees and stability instead of anarchy.

I agree with you also, I don't believe that fiat is already on an extinction level yet. Many still use it today in transactions to pay for goods and services that they need in their everyday life. Fiat is still needed to survive in this world so its not on an extinction level yet. Before it happen, there might be a crypto currency that is made by the governments to replace fiat and that crypto-currency is centralized I think.

[funkenstein]

I think there is some difference between horse-car and fiat-bitcoin situations. Horse is obviously worse than a car, because you can only travel alone with a horse and you have no shelter in case of bad weather. Fiat has inevitable inflation and bitcoin doesn't. However, bitcoin is not and can not really be regulated by any government, whereas people mostly prefer some guarantees and stability instead of anarchy.

Actually you got it reversed.  It's fiat that can't be regulated, as it is issued in private -- this means nobody really knows how much is issued / printed.  Corruption is inevitable.  Public coins like bitcoin on the other hand - are regulated perfectly and can have the regulation verified by any participant. 

[funkenstein]

I think that fiat will not on extinction, but governs could change to digital fiat in some years. Bitcoin can't be manipulated by governments, they will try to create digital coins under its control (not decentralized, and that they could change).

Yeah i thinks its more likely even that bitcoin would be extinguished before fiat ever could be. The fact that fiat is controlled by governments and big banks pretty much assures us that no other currency now or probably in the future could challenge fiat's supremacy

Lol let me get this straight..  the fact that some people who call themselves "governments" or "banks" also claim to have some modicum of control over the issuance of a no-cost private issued note --  is an assurance that nothing will challenge it?  By the same logic, I claim to control all snails.  Therefore nobody will be faster than a snail.