Are FIAT Currencies Facing an Extinction Level Event?

[MicroGuy]

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?

[piloder]

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

I don't think we will see this happening anytime soon and as future is quite unpredictable anything can happen like another new form of currency may challenge cryptocurrencies/bitcoin or law makers try to ban use of bitcoin completely due to its increasing number of criminal use.

Fiat currencies are one of the source of profit for banks by manipulating price and supply, so i don't think they will allow bitcoin to replace their income source.  

[Yakamoto]

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?

No, right now they are pretty far from any sort of extinction level event.

The closest they have ever been to becoming extinct has been the prevalence of Bitcoin, and to be honest it's not even that big compared to the huge power structure of fiat currencies.

The closest replacement time is something like 20 years (if you're generous), assuming growth rates are the same for Bitcoin.

[pooya87]

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?

well if bitcoin or any other cryptocurrencies become as efficient and easy to use as fiat then yeah, it is possible to replace fiat.
but for now because they are as efficient (for example the limited number of transactions bitcoin can handle) and also because they are decentralized and that is a big problem for government to let it happen, i say it is hard for them to replace fiat and make it extinct.

[Immakillya]

I believe fiat can never be die or extinct. Thats not gonna happen. In terms of stabilty. Fiat is more stable than bitcoin. We all know that. Imagine if bitcoin is our main currency. Decrease and increase of price happens to often. What will happen to economy? Bitcoin is for investment. And not a main currency of a country.

[dunfida]

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?

This thing wont really happen at all even thinking that sooner we would have cashless society but bitcoin will surely remain on its place and cant really be considered to be the main currency of the future.Extinction of fiat wont happen as long there are governments would able to backed it up.

[davis196]

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?

The fiat money might be replaced by some personal bio data like fingerprints or technologies that scan the human eye.
Maybe the cryptosurrency developers will embrace such technologies too.

[n0ne]

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?

Soon or later fiat won't get replaced by the bitcoin or other digital currencies. The better part is that email and other innovations reduced the work force with its acceptance in a short, at the same postal services still in use. The same is with our bitcoin its getting acceptance little by little and even if the digitization happens it functions as a alternative. 

[Amph]

In some country with poor economy that is certain but i bet they will be replaced mostly with an enchaned fiat system than bitcoin, like a centralized blockchain that reduce their cost

since bitcoin is not contorlled i highly doubt any government will ever allow it as a main currency, but only as a side one

[NorrisK]

Fiat in its physical form is already slowly disappearing. Card transactions are rising, as well as NFC payments through mobile devices.

The system behind fiat is a different beat ofcourse. It will only be replaced when the governments decide to and if it takes the form of a cryptocurrency, you can bet it is a centralized one.

[ralle14]

I believe fiat can never be die or extinct.

Fiat can die but now is not the right time, change will come to make a replacement fiat in the future.

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

There's tons of payment services supported by fiat so it's hard to say that fiat is at risked of getting replaced.

[BlockEye]

Fiat in its physical form is already slowly disappearing. Card transactions are rising, as well as NFC payments through mobile devices.

The system behind fiat is a different beat ofcourse. It will only be replaced when the governments decide to and if it takes the form of a cryptocurrency, you can bet it is a centralized one.

Yeah. I notice that.. I seldom used physical money in my wallet as of now because it is annoying to carry in my pocket especially coins. I'm just using my atm card on paying bills and buying on shopping malls or online store.  But i'm not agree that physical will be abolish and just replace it by cryptocurrency. There is a lot of risk in crypto world and i'm afraid to lose all my money when i'm sleeping just because i have weak password. 

[Herbert2020]

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?

well automobile didn't put horses out of business the first day it came out, it was first a big thing that needed to be started with a turning of a handle in front of the car and it was a slow vehicle at first. the same as any other technology it takes time to become more advanced and get adopted.

and the least thing we can expect is the extinction of the current form of fiat.

[Mikkiun]

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 think Fiat is useful for our life at the present but Bitcoin or other cryptocurrencies are increasingly dominant in purchase, investment and exchange of goods. Bitcoin is not popular as like as fiat in the world but it will become central digital currency in the near future.

[Jet Cash]

Taditional money exchange systems were replaced long ago. The current fiat system is based on virtual currencies with no PoS or PoW basis.
The initiative now is to remove cash, and to promote the electronic recording and transfer of fiat currencies. The systems already exists, but there are likely to be some slight changes and enhancements.

The real question is - can governments ban cash? If they do, what will replace it? precious metal coins are one alternative that is re-emerging. Bitcoin is another. It is likely that other cryptocurrencies will gain popularity as they try to block cash transactions.

[Xester]

Fiat currencies will not face an extinction level. It can never be replaced by cryptocurrencies. I am not against cryptocurrencies but fiat currencies is controlled by the government and they will not allow it to perish since it is the life force of the society. Instead of cryptocurrencies replacing fiat currencies it is the fiat currency that is going digital using blockchain technology.

[szpalata]

Unless the whole world adapts a single fiat currency I doubt it's extinction, even though cryptocurrencies are evolving by the day. The worst that could happen to fiat is promotion of cashless society by respective governments around the world which would restrict us to use electronic forms of fiat.

[rivoke]

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

[ChrisPop]

I believe that the fiat currencies will be replaced by digital currencies but I not very soon as people are used to using paper money and a lot of people don't even know about cryptos yet so I would estimate that in 10-20 years the crypto-currencies will be used more than fiat,but the complet replacement of fiat could only happen in more than 50 years in my opinion.

[Juggy777]

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?

Your linking up of the things that were replaced are nice but to link this with the extinction of Fiat is way to big. Don't get me wrong, I love btc, the power of the btc is amazing and it makes Fiat look obsolete but there's just one small problem, Fiat is unlimited Bitcoin isn't. Fiat every one btc few have, normally btc is exchanged for Fiat and very less other way round. For btc to be supreme we would have to make it unlimited and every one has to be owning it, which as we know is not going to happen so I don't think Fiat will ever be obsolete.