Cryptocurrencies Will Replace Fiat in 5 Years

[CoinPowerProject]

In five years time, fiat currencies are no longer going to have any use as cryptocurrencies replace them. That’s according to venture capital investor Tim Draper.

At the WebSummit conference in Lisbon, Portugal, Draper was speaking with Forbes. Expressing his views on where he sees the digital currency market, he said:
In five years, if you try to use fiat currency they will laugh at you. Bitcoin and other cryptocurriences will be so relevant … there will be no reason to have the fiat currencies.

It is reality!

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[soham]

I disagree with Tim's statement here for one main reasons. Let me explain my point of views here. The first road block is the decentralization. A government may adopt crypto currency to be used on their soil, but they will never want it to replace their own fiat. They will receive strong push from the commercial banks for that because if fiat becomes obsolete, banks will become irrelevant. A majority of the industries are funded by banks so if banks become irrelevant, industries will be doomed, mainly the production sector. So government may adopt the cryptos but by not replacing fiat. They can co exist for sure.

I am crypto believer so I want cryptos to be adopted worldwide by the governments. But till the time governments can't trace or control the crypto currency, they won't be interested in supporting it. So what I see after 5 years is that, people will not use hard cold cash, instead they will use their bank cards for daily transactions. We will see an exponential increase in the usage of plastic money like debit or credit cards, but cryptos replacing fiat, is not gonna happen in next few decades. It will just become more adopted but can't replace fiat.

[CryptoLD]

You have no idea about how powerful are country controlled moneys, just be realistic this will never happen in 5 years.

[ajqjjj]

In five years time, fiat currencies are no longer going to have any use as cryptocurrencies replace them. That’s according to venture capital investor Tim Draper.

At the WebSummit conference in Lisbon, Portugal, Draper was speaking with Forbes. Expressing his views on where he sees the digital currency market, he said:
In five years, if you try to use fiat currency they will laugh at you. Bitcoin and other cryptocurriences will be so relevant … there will be no reason to have the fiat currencies.

It is reality!

cryptocurrency will not replace fiat in 5 years. Most of the countries are not developing that much knowledge in cryptocurrency. But currently some of the countries are legalized in cryptocurrency. So it is not completely changed in future. Digital currencies available in all countries. But cryptocurrency is not possible in some country.

[wilberthh]

To say that cryptocurrencies will replace flat is a bit too much don't u think? Well without a doubt crypto is awesome for payment but don't forget when u sending those "cryptos" for payment, u have fees to pay. I know this fee won't bother rich man but not all of people is rich. You won't want to buy 4$ food with 2-3$ fees or more.

[hahahafr]

But there is still a long path to recover, it is almost impossible to replace fiat in just five years, banks will never dissappear from here and this is something that you should always think about.
Fiat is unreplaceable, no matter what, as long as people and banks, and of course, the powerful people who have all the money wealthy doesnt want bitcoin on their path, fiat will still be on here.
We are nothing to the governments, and we can not decide how long it will take to replace fiat, or banks.

[radjie]

I am less updated about the economy of other countries. In my country in the next 5 years fiat money will still be used. because my country is the 3rd country on earth whose technological infrastructure is still uneven, part of which is not affordable technology, so they can not use digital money yet.

[kiwasmose]

Another Lisbon agreement. I hope this is going faster. People around the world have been exploiting paper money for hundreds of years. I'm very confident about the future of bitcoin and other virtual currencies!

[Shreek]

I agree with your statement, that the next 5 years crypucurrency will replace the fiat.
but I will slightly correct your statement, the next 5 years is a short time, I see from various challenges that can hinder it, that maybe not all countries will be like that, just some countries just like japan, USA. then what about developing countries and even countries left behind?

[rjbtc2017]

Do you think the Government will let it happen? No., though i respect Mr. Tim Draper but He is speculating too much. If Tim Draper's statement will become a reality, Regulation will be tightened just like how the Government Regulates the Fiat which will be more hard for the Commmunity to follow and that's for sure. The Anonymity and Security of using Cryptocurrency will not exists before of tightened regulation. In my opinion, Let Fiat exists and should not be replaceable by any CryptoCurrency, and Let Cryptocurrency be regulated and be an another option as a type of Payment.

[Flagship11]

Bold statement and while i dont disagree, i dont think either will replace the other in 5 years. I am guessing more like 20 + years but who knows

[playadelucas]

In certain area in Mexico there is one dissident  currency called TUMIN, people use it to buy and sale in the comunity except gas and electricity. I wonder if it can become a crypto since it is used regularly.

[tomahawk9]

In five years time, fiat currencies are no longer going to have any use as cryptocurrencies replace them. That’s according to venture capital investor Tim Draper.

At the WebSummit conference in Lisbon, Portugal, Draper was speaking with Forbes. Expressing his views on where he sees the digital currency market, he said:
In five years, if you try to use fiat currency they will laugh at you. Bitcoin and other cryptocurriences will be so relevant … there will be no reason to have the fiat currencies.

It is reality!

As much as I would like to see this one day, I don't think it's gonna happen in 5 years, maybe 20 or 30 years from now we will see a mainstream adoption in some countries. But honestly, the goverment will not allow to have a decentralized system replace fiat currency (especially if they can't profit from it), Central Banks will do everything they can to stop cryptocurrencies from going mainstream (they need to keep their fiat ponzi alive no matter what), and without regulations, the use of cryptocurrency in the economy of any country could have catastrophic results.
I can see cryptos becoming a method of payment in some countries, but replacing fiat in such a short time? its just impossible.

[Lm2e4]

In five years time, fiat currencies are no longer going to have any use as cryptocurrencies replace them. That’s according to venture capital investor Tim Draper.

At the WebSummit conference in Lisbon, Portugal, Draper was speaking with Forbes. Expressing his views on where he sees the digital currency market, he said:
In five years, if you try to use fiat currency they will laugh at you. Bitcoin and other cryptocurriences will be so relevant … there will be no reason to have the fiat currencies.

It is reality!

Well maybe he's right but I think it will still depends on the country. Some country are now being so delayed on technology development and were lucky that we are not. In my country development is not that quick compared to America, China etc. technologies but we are not being that so late on it still. So I guess before that happened in my country maybe 8-10 years from now. Not that yet too far from evolution.  

[sandaru]

I think that we have many more years to wait that to be happened. Because, still there are large number of poor counties in the world which are having areas without even internet connections.

[Murloc]

In five years, if you try to use fiat currency they will laugh at you. Bitcoin and other cryptocurriences will be so relevant … there will be no reason to have the fiat currencies.

It is reality!

Nope, it looks more like a joke. Implementing cryptocurrencies to the economy of a real country is very risky from the political and economical side also there is no crypto that realy suitable for it. It may take decades to implement cryptos to the normal daily usage.

[Nawaytes]

No, five years later FIAT currency will still exist, and I don't agree with him.
How can he say that fiat money will be replaced by crypto within 5 years? while the bank has been prepared to deal with blockchain and cryptocurrency.
And you know? not everyone in the world has used cryptocurrency for their savings.

[howard.ashoul]

Not a chance!

FIAT will be there forever. Crypto could take it's share, but it can't replace FIAT.

[LTCendmanagement]

If your prediction in the next 5 years bitcoin will replace the fiat, maybe you're too fast. It could happen tens of years, but seen from virtual money enthusiasts, it could happen the next 20 years.

[LogitechMouse]

In five years time, fiat currencies are no longer going to have any use as cryptocurrencies replace them. That’s according to venture capital investor Tim Draper.

At the WebSummit conference in Lisbon, Portugal, Draper was speaking with Forbes. Expressing his views on where he sees the digital currency market, he said:
In five years, if you try to use fiat currency they will laugh at you. Bitcoin and other cryptocurriences will be so relevant … there will be no reason to have the fiat currencies.

It is reality!

I disagree with his statement because of some reasons. One is bitcoin is not well knowned in some of the countries in the world. Next is bitcoin has been banned with some of the countries. If you think of it, if crypto will replace fiat what will be their currency if fiat will be gone. And some parts of the countries don't have internet connection. How can they pay if fiat money will be gone? FIAT is very hard to replace since we have been using it for many years already so i DISAGREE with his statement.