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Author Topic: Will governments create their own cryptocurrency that will replace fiat?  (Read 6569 times)
Nahl
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November 24, 2016, 02:46:51 PM
 #21

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar,  etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?
i wouldn't life for the next 100 years and i can't imagine what happening to the world at that year but maybe global economic will be change and after seeing the success of bitcoin each countries will tempted to makes their own cryptocurrency so i think that would be very possible and as long as there is good benefit for many people probably that would happening

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November 24, 2016, 02:53:23 PM
 #22

No, they won't replace their own currency, but use blockchain technology for their fiat instead.
Then, bank will also use blockchain which is more efficient  Roll Eyes

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November 24, 2016, 03:04:14 PM
 #23

No, they won't replace their own currency, but use blockchain technology for their fiat instead.
Then, bank will also use blockchain which is more efficient  Roll Eyes

I think for the future every government will create a mix of fiat and cryptocurrency. As we seen already less and less paper money are in circulation, I think they will follow what is the best and evolve with the technology. I think fiat can't disappear completely because we need to have money to pay cash for certain thing on the street.

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November 24, 2016, 03:12:17 PM
 #24

No, they won't replace their own currency, but use blockchain technology for their fiat instead.
Then, bank will also use blockchain which is more efficient  Roll Eyes
that's right much better not not to change the way its been there so people will not having any problem continuing using
the currency but instead much better to adopt the blockchain system to make it much easier transaction.

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November 24, 2016, 03:21:32 PM
 #25

No, they won't replace their own currency, but use blockchain technology for their fiat instead.
Then, bank will also use blockchain which is more efficient  Roll Eyes
that's right much better not not to change the way its been there so people will not having any problem continuing using
the currency but instead much better to adopt the blockchain system to make it much easier transaction.

I agree with you mate. It would be chaotic for countries who will replace their own currency because it will make their people suffer and their market will go down rock bottom.

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November 24, 2016, 03:55:03 PM
 #26

Interesting topic,  If the cryptocurrencies take over the paper money then there is a possibility that the government wil make their own cryptocurency . Since almost everything is getting digitalized, it's no wonder that money can also be .

But for people to get used or to adapt quickly, The process must be taken bit by bit .  So bitcoin must be known by a vast majority of people first .  I'm afraid that I'm no longer in this world when that time comes .

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November 24, 2016, 04:06:21 PM
 #27

Government may think about upgrading their existing banking system but i still doubt many will be using blockchain tech to do this or even if they implement blockchain technology their network will be centralized. Also obviously those systems/tokens will be backed by real fiat or by gold just like how fiat currencies are backed currently.

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November 24, 2016, 04:13:14 PM
 #28

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar,  etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?

Any currency controlled by a government would be the same as fiat, the difference between crypto currencies and fiat is that fiat is controlled by the authorities while crypto currencies are mostly anonymous as they are not under control of any government, even if governments make their own crypto currencies there usage will be the same as fiat as they will be under their control which wont make them any different from the recent monetary system of the world.


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November 24, 2016, 04:16:22 PM
 #29

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar,  etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?

most likely
for example is Sweden they are creating there own crypto in past 10 years they reduce usage of paper money by 40% and they are going in this direction of creading some coin that will be used in Sweden only at least for now

if this comes ok or with good result think that some other countries or government will use this model for them or they will create something else

I think Sweden was just quick to move into digital currency, and not crypto, but yeah I read also they're planning to just go all out and put paper fiat into extinction. Their citizens are already so used to it that it doesn't seem very far away in the future.

How quickly digital will replace paper actually just really relies on how soon and cheaply ppl can access tech. You'd be surprised to learn that digital currency is booming in East Africa (using mobile phone SMS) simply because anyone with a 20-yr old nokia can access that technology.

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November 24, 2016, 04:26:23 PM
 #30

They are working at it right now. As other have mentioned, I think countries like Sweden will be the first countries to introduce centralized, closed source digital currencies as they get rid of physical cash, so no more coins and paper bills, only a digital coin that is 100% controlled by government.

Bitcoin is our only savior from that nightmare.
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November 24, 2016, 04:53:37 PM
 #31

In my own opinion i think they can not change or replace our fiat if they are make a crypto currency.. because i think if they are make a crypto currency it is just for alternative use just like bitcoin. fiat is already a money that they can also use for online shopping so i think they will not make new crypto currency because we have already have fiat..
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November 24, 2016, 05:49:29 PM
 #32

In my own opinion i think they can not change or replace our fiat if they are make a crypto currency.. because i think if they are make a crypto currency it is just for alternative use just like bitcoin. fiat is already a money that they can also use for online shopping so i think they will not make new crypto currency because we have already have fiat..
I agree with you, I think you are right and I think in daily life cryptocurrency can walk together with fiat, cryptocurrency can become alternative for fiat. in my opinion, not necessary cryptocurrency to replaced or change fiat.
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November 24, 2016, 06:19:35 PM
 #33


Governments will not try to replace fiat with digital currency similar to our bitcoin. I believe they might have plans of converting the traditional fiat in the digital form. This will just similar to the cashless system and the governments hold the central authority and control.

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November 25, 2016, 04:19:09 AM
 #34

Exactly my view, because the UK government has plans already to make its citizens cashless spenders by 2017 - they will spend digital pounds sterling.
Now I am thinking they might create a blockchain for GBP instead of adopting BTC.

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November 25, 2016, 05:58:22 AM
 #35

Exactly my view, because the UK government has plans already to make its citizens cashless spenders by 2017 - they will spend digital pounds sterling.
Now I am thinking they might create a blockchain for GBP instead of adopting BTC.
They might be looking as well of using bitcoin, it will help them to take away inflation. Let's put our money so we can benefits from our deposits and not big businessmen.

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November 25, 2016, 06:27:26 AM
 #36

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar,  etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?
I don't think so that the government will create their own cryptocurrency just to replace fiat. They have already the currency which is fiat, I think they will just improve and develop it. The money in the future will still works how it works now.

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November 25, 2016, 04:50:54 PM
 #37

They are working at it right now. As other have mentioned, I think countries like Sweden will be the first countries to introduce centralized, closed source digital currencies as they get rid of physical cash, so no more coins and paper bills, only a digital coin that is 100% controlled by government.

Bitcoin is our only savior from that nightmare.

We all know the cost to keep such coins safe, we had already able to see the hackers skills over some exchanges, the current bank system has issues that give hackers acess, even if a country think about a crypto coin who will support them? I mean which would be the beneficts of hold a crypto coin of Sweden or any other country? Knowing banks and politicians would have plenty control to make the coin up and down? For what i believe if they make such crypto they would be recognizing bitcoin and others crypto coins as well as currencie, and how they would compete with bitcoin a decentralized coin with huge sucess and potencial, they should take the blockchain technology for save milions of dollars into fees, this can change the current financial problem, just taking lower fees.


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November 25, 2016, 05:06:56 PM
 #38

They will never let bitcoin shine, its going to be the biggest war on currency ever seen. All the big countries will have their own electronic fiat currency that is closed source and it will be centralized and controlled, and probably attached to all social media to get support from all the common idiots out there that don't know anything. This is what scares me. People is stupid enough to ignore bitcoin and accept the closed source governemnt version.
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November 25, 2016, 05:29:55 PM
 #39

In the next 100 years, do you think Governments will create their own cryptocurrency or digital currency that will replace fiat currency, i.e. coins, paper money, the paper dollar,  etc.?

If it does happen, will it be like bitcoin or will it still represent gold like how today's money works?
They'll try, but it will fail miserably.

If anything they'll just digitize what they currently have and add things on to it as it progressively becomes more and more digitalized. There isn't a reason for them to design a new system when the current one they have works fine for what they need. If they needed something more, they would have changed it up sooner rather than later.
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November 25, 2016, 07:03:29 PM
 #40

I heard the news that Sweden is now planning a transition to cryptocurrency. I don't think this will really replace all the money in 100 years. Maybe it is just because now there are many old people still using cash and stuff. On the other side, we do see that even now people mostly don't use cash. They use credit cards, so it must be natural for them to switch to cryptocurrencies then.

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