Are FIAT Currencies Facing an Extinction Level Event?

[qiwoman2]

Fiat will never die because governments and big corporations like the banks can't and won't allow themselves to fal, BUT Bitcoin is gaining more momentum so that will just give BTC an edge and a way for people to guard their wealth as a safe haven in the future, a bit like gold.

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[Karpeles]

Some people with power wants to abolish cash and use only digital money, so they will have total control of people's finances, but it still is far away from being reality, because still several people don't use digital money, either because they don't have bank accounts or because they don't know how to use computer(elder people etc)

[erickkyut]

FIAT have proven its worth ever since the civilization began. I mean there was no FIAT before and people are only using barter but since FIAT was invented, the trading became easier. The last time I know wherein there was a FIAT extinction was centuries ago. I just read those on some history books.

[nelson4lov]

FIAT have proven its worth ever since the civilization began. I mean there was no FIAT before and people are only using barter but since FIAT was invented, the trading became easier. The last time I know wherein there was a FIAT extinction was centuries ago. I just read those on some history books.

Fiat are centralized currencies, I know that. But FIAT can't go extinct. Regardless of the fact that Bitcoin makes things easy, You can't just leave Fiat out. So No, FIAT will still be around even If all countries legalize Bitcoin.

[iram3130]

People nowadays are giving more preference to the digital and cryptocurrencies. But there is no way that Fiat currencies will face an extinction level event. Mainly because fiats are centralized and governments need them in order to run. Do you have any idea as how many countries are still unknown with even digital currency.? So the extinction level event is yet far in the future.

[xuan87]

It won't be happening, fiat is really important for a country, it is the pillar of economy, without fiat the country economic can be struggle, bitcoin and other digital currency is only can be used as sub currency, and if a country rely too much on internet for payment it can be dangerous

[jtipt]

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

Nah, no where in near future. I think fiat are safe for another decade or two even after that its hard to say if cryptos or bitcoin would take over the whole economy and right now the threat to fiat is almost negligible(comparing to what is needed for fiat to get extinct).

[mrjoy15]

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?

There no possibility at all.FIAT currencies will be safe and must be dominated in near future such as bitcoins that dominated other crypto currencies.Fiat currency has a long history,we can't imagine one day long without FIAT currencies.Any government don't support bitcoin instead of Fiat currencies while FIAT are one of the best source of profit and so more source of income.

[savioroshan]

Bitcoin is not a threat to any of the fiat currency.First of all bitcoin is not considered as a legal currency in many parts of the world. What to say, many of the population in the world haven't heard about this digital currency. So how bitcoin can cause a threat to any fiat currency. By chance if bitcoin rise up then governments will regulate it's usage. Because if everyone starts using bitcoin then government won't get any tax. If government doesn't get tax, it will affect the proper functioning of government which in turn will affect the economic condition of whole country. Governments Won't wait to happen that situation. before that itself they will regulate it's usage or may ban it. So in anyway it's not a threat to any fiat currencies.

[webtricks]

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?

Certainly not!
Fait currency of a country is regulated by Central Bank of the country. It is backed by reserves. Every country adopt different methods of reserves like'Minimum Reserve Requirement' etc.
Every country works hard to develop its own economy through strengthening its currency. No country gonna adopt Bitcoin as its main currency else it will blow its economy!

[Carmen_Sandiego]

It won't be happening, fiat is really important for a country, it is the pillar of economy, without fiat the country economic can be struggle, bitcoin and other digital currency is only can be used as sub currency, and if a country rely too much on internet for payment it can be dangerous

Probably not something that is going to happen in this decade, and perhaps not even in the next decade... but in the long run, the tendency is for fiat currencies to lose their value, as governments that are controlling these currencies make decisions based on individual interests, and people suffer the consequences of this by using a weak and centralized currency.

[YuginKadoya]

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 bitcoin would replace Fiat any time soon cause there are still a lot of number of people that are using fiat that cryptocurrencies, but there are a possibility that Cryptocurrency can become a replacement for the fiat but bitcoin would just become a sub and other countries would introduce their own altcoins that represent their country, well let's just see what awaits us in the near future.

[Kprawn]

I think electronic payment options as a whole, are placing Fiat currencies under pressure. How many people in 1st world countries still draw

cash to make payments? I think Crypto currencies will possibly grab a big percentage of the online payment market, because it has the

improved security over centralized services. { That is to say, once Bitcoin are used without 3rd party services } The 3rd world countries

might replace Fiat currencies because it is cheaper. { Minting and printing money is expensive } 

[ebliever]

Because Fiat currencies, by definition of being "fiat" are unbacked by anything but government edict, they are always vulnerable to a population choosing something with more durable value. The whole reason governments gravitated to Fiat was to enable them to manage and manipulate the currency to achieve political ends. Typically that means supporting inflationary trends so that governments can run deficits, buying votes in the short term by placing future generations (who have no vote) in debt slavery.

The average person doesn't like this, even if their understanding is vague. So yes, a real alternative to fiat currency does serve as an existential threat to fiat currency. HOWEVER, the alternative has to be flatly superior in every way that matters for fiat to be at risk of extinction. Current Bitcoin and cryptocurrency in general exhibit several advantages, but others remain as open issues. To wit:

1. Ease of use. Crypto payments must be as easy as swiping a credit card or counting out cash, with none of this public key copy-and-paste nonsense.
2. Security. Bitcoin as a system is very secure. Bitcoin wallets and online services, not so much. Fiat suffers the same problem but has an infrastructure of insurance (FDIC) and so on to mitigate this problem.
3. Right mix of Privacy, Audibility and Traceability. People need privacy in a way the open bitcoin blockchain precisely lacks, and we need the ability to track down thieves that is also lacking. Auditability is ultimately important not just to businesses but also to governments and to honest individuals (who would like to be able to prove their financial health and/or tax compliance on occasion). While these seem like conflicting goals, progress in altcoins like Zcash is showing that it may be possible to have much better solutions than we have now.
4. Transaction capacity. Enough said.
More would be added for a complete list (widespread adoption, better tools to prevent erroneous AND irreversible transactions, etc.)

I'm hopeful these can be solved, but it will not happen overnight. So fiat has a little breathing room. But it may be extinct in the time of my grandchildren if these problems are solved.

[CraigWrightBTC]

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?

20-30 years ago the internet was something hard to been used on real life and right now every where the internet can be used just on smartphone, it is same with digital coins. Today digital coins are hard to be used for daily transaction, sometime digital coins can be used with easy on real life and replace fiat currencies on 20-30 years later.

[Loganota]

Maybe, if people lose their fear of technology, yes. While it is convenient for people to use fiat money they will continue to use it. Here in Brazil people are afraid to use internet banking. 

[soham]

The evolution of email and public transport has no relation with the current economic situation. Fiat can't be replaced by any crypto currency only because they are not governed by any central authority.

However, some government s can adopt the blockchain technology for future need of money but they will be restricted to that country. It will not become an international currency.

[RoommateAgreement]

no they are not because apart from a amall portion of bitcoin users, nobody else in the world thinks about using anything other than fiat currency. even most bitcoin users are just using bitcoin as investment and nothing more than that.
this is sad but true

[noormcs5]

Fiat will never die because governments and big corporations like the banks can't and won't allow themselves to fal, BUT Bitcoin is gaining more momentum so that will just give BTC an edge and a way for people to guard their wealth as a safe haven in the future, a bit like gold.

A decade before no one can even think that fiat has any threat of losing value to digital currency and now we see the current situation.  People still think that Fiat can never die but who knows in the next 10 years there shall be no fiat. I just cannot rule out this thing that fiat cant die, It CAN 

[neochiny]

Nope. Not yet. I honestly can't see it happening anytime soon.

I know that in some countries people are more and more dependent on cards and that digital currencies
are gaining some ground. But, it's nowhere near the point where it could take fiat's place.

For me, I use Bitcoin but still prefer using cash when buying/paying for things offline. It's just more convenient in my area, and cheaper too.(fees, interest, charges, etc)