Cryptocurrencies Will Replace Fiat in 5 Years

[RudeeTam]

It is possible! But I would wager that in order to maintain their own economy, countries will adopt the blockchain technology and create their own coin for their own country. This way, governments will still have some control like regulations. Coin conversions will simply be interchain exchanges.

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[Kriptex]

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'm sorry, but this is impossible. Fiat currency will maintain its supremacy and never gonna be defeated by cryptocurrencies, I'm saying this as a big fan of all the coins and blockchain.

[Kelvinid]

I think this will not happen. First there are to many billionaires that will disagree with this idea. Billionaires are to influencial that they will ask our government to avoid these from happening. Also not all people are open to this idea not every country has an internet connection and not everyone has a device that can access crypto.
 

I agree.We may say that cryptocurrencies are popular to almost all of the countries but replacing fiat with it would may be impossible i think.Cryptocurrencies are not yet totally adapted by the government unlike fiat currencies who had already strong foundation and a strong bond between the people and the government.And people would still prefer to use paper money than cryptocurrency because they are used to before they were born.

[marky89]

It is possible! But I would wager that in order to maintain their own economy, countries will adopt the blockchain technology and create their own coin for their own country. This way, governments will still have some control like regulations. Coin conversions will simply be interchain exchanges.

Functionally, that is no different than the current system of fiat money. That's the whole point of the proposed "Crypto-Ruble" (Russia) and "Crypto-Yuan" (China). They might be moving tokens onto a "blockchain," but it's still the same dirty old fiat money, with no limit on money printing. They are trying to trick people into thinking this economic transformation is about "blockchain technology" when it is really about financial sovereignty and decentralized money.

I think fiat will always have a place. Governments and tax agencies simply will not accept payment in currencies other than the government owned currency. I don't think that will change ever

That's my view. Governments would need to be completely abolished for fiat money to disappear. Governments can simply require debts and taxes to be paid in fiat money, forcing you to trade/sell assets for it.

[West0813]

I don't think it will happen. Do you think the government will agree that the fiat will replace by cryptocurrency. There are so many thing to consider before it will happen. Like the poor how can day adopt to this changes.

[schaituch007]

i think so these cannot replacefiat currencies

[luxcoin]

Everyone can only hope that happen!
It will be so difficult that fiat disappear totally anyway in such sort time..

Both curriecies in my opinion will live together in same time.

[Silenox]

To destroy the fiduciary have to destroy governments, it will not be in 5 years, but in a few decades.

[Paranuatu]

why would I need to have my simple grocery shop transaction verified by mining rigs in Russian and China?

[salihno71]

No this will not happen. At least not in 5 years. It would take a lot of fundamental changes and i think it's simply not doable in such a short period.

[Weldeynnee]

5 years is a short time. But within 10-20 years it is quite realistic

[FameBroker]

It depends in which country. If the government of some country issued their own national cryptocurrency maybe yes. But there would still be a lot of problems. Can you imagine how difficult it would be for someone who doesn't know anything about cryptocurrencies, and maybe doesn't even like them to start using them on a regular bases? And in some countries there are people who don't even have regular access to the internet.

Saying cryptocurrencies will replace fiat money is a very big statement to make.

[AmXProX]

As I own a bitcoin this kind of topic is a music to my ears and would really love this to happen in 5 years, but the big question is will that crypto currency be bitcoin or just a crypto currency that every government will create just for the sake of using a crypto currency instead of a physical money? What will the difference be with the existing one?

[sofi@]

I don't think bitcoin will ever replace fiat although there is a big chance that bitcoin will be consider a legal currency but maybe just an additional currency and not to replace or eliminate other currencies because of the fact that there is limited supply of bitcoin that will make it impossible for it to sustain the demand of the world unless only few or certain country will take bitcoin as their main currency but so far that's impossible for now.

[maydna]

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!

if everything is set up, i think we can see crypto currencies will replace fiat and its not take too long to see this. the main problem is not every country is ready for the infrastructure that will back up crypto currencies itself and they need to build some properties to support it. there are many things that we need to prepare before crypto currencies can replace fiat and i don't think that the government will giving approve with easy before they understand about crypto currencies world.

[leex1528]

Lol no.  This is just not going to happen. 

In 5 years it might be considered an actual currency(Probably not though) but it won't even be close to replacing fiat, that is about 150 years away, unless the coin doesn't make it that long then of course it never will replace fiat.

[Opquar]

why would I need to have my simple grocery shop transaction verified by mining rigs in Russian and China?

If confirmation is fast and cheap, why not? Bitcoin was always meant to be usable this way. The problem is cheap transactions are not fast, and fast transactions are not cheap.

[BettingTips]

It's too early for this case. In my opinion it'll take at least 10 or 20 years for cryptocurrency to replace fiat totally worldwide cause to replace fiat Bitcoin need to be legalized but there are a lot of problems that make Bitcoin still not legalized yet so I think 5 years is not enough for Bitcoin to be able to replace fiat.

[CodyAlfaridzi]

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!

That won't happen. He's right on cryptocurrency will be so relevant, though, but not to the point of replacing fiat completely. Not in 5 years.

I'm sure most cryptocurrency enthusiast also shares the same optimism as him on this matter. But replacing fiat, an official currency of a country, won't happen when crypto is not even regulated yet pretty much everywhere in the world. I understand that he probably just exaggerating on this.

What will happen in 5 years, instead of replacing fiat, is crypto getting somewhat regulated. Regulation is not a 100% good thing for us. Some country may regulate it loosely, supporting and paving the way for crypto and blockchain development. While the other ones will regulate it strictly and limiting development of cryptocurrency. Let's see how it unfolds in the coming year.

[BossMacko]

I am not sure about this, To replace the Flat by the cryptocurrencies all people should be using crypto but you can only use crypto if you have internet if that is the case. What will happen to the poor people who cannot afford buying gadgets and internet? They won't be able to buy foods because there are no flat money anymore. This is still impossible to happen.