Cryptocurrencies Will Replace Fiat in 5 Years

[CoinPowerProject]

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.

Its right but I think will use cryptocards for daily transactions. I am crypto believer also and I think that the time, when will possible to pay by card with main crypto coins will comes very soon.

[Ayiranorea]

That's too early to think about the replacement of fiat with bitcoin. Just in five years time we'll be experiencing a large scale growth in the value. This growth won't lead to the replacement or overcoming the usage of fiat. This will serve as an path for an advancement in the everyday activity and to fulfill the requirements of growing community as it is not possible to fulfill the needs with the traditional system.

[bitfocus]

No way, Crypto will replace fiat but it will take several decades. Most of the countries are still in such economic framework where the primary stage of digital transactions is still a dream. I agree with Tim Draper, cryptos will replace fiat, but it will take several decades.

[Juggy777]

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!

He's going to be fired by Jamie, is Jamie even reading this? Yes I agree with Tim it's almost a reality crypto currency are killing the market left and right. Plus even Google acknowledge that people are finding how to buy Bitcoin more than how to buy gold. People are coming wildly to Bitcoin and other crypto market and this will be a crazy years down the line. It's only a matter of time, we can see this happening right now.

[CoinPowerProject]

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.

but progress does not stand on the one spot, now exist meny new projects which allow to send crypto without fees, its the nearest future.

[CoinPowerProject]

No way, Crypto will replace fiat but it will take several decades. Most of the countries are still in such economic framework where the primary stage of digital transactions is still a dream. I agree with Tim Draper, cryptos will replace fiat, but it will take several decades.

progress is so fast, that we really dont know have it will improve in the nearest future, but I think in the many area of the economy crypto will replace fiat .

[kimochidesh]

I don't think crypto can replace totally fiat in next 2 decade. As there is alot of people in the world who are technological backward and not even have an internet connection (say Africa or rural area of south Asia). Even literacy rate is quite low.
In that scenario, saying crypto can totally replace fiat is vague statement.

[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!

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.

you can pay with banks plastic cards its globally why people can not to pay with crypto plastic card at the same time.

[johnleo]

lol, it must be a joke  , world war could make his prediction true but I don't see there will be a world war soon. . My prediction even in 10 years crypto will not replace FIAT.

[dogandogru]

To replace fiat with crypto, first thing that is most important is the people awareness and its acceptance. Right now in my country only a few people say about 4-5% have heard about crypto currency and i don't know how much among them exactly believe it!!!
So replacing Fiat with crypto is not possible for atleast next 10-15 years. It may be possible, in next five years some part of the economy may shift on crypto transaction.

[finthebar]

I believe very strongly in cryptocurrencies and the more time goes on, the more of a believer I become! However! I cannot see this happening, at least not in 5 years, I think the governments and establishment players will put up a hell of a fight before that will be allowed to happen - there is simply too much for them to lose. You can see a backlash happening in some countries, it might happen - but bit 5 years is not realistic.

[Erkallys]

Even though such claims might be still good for the moral of some people, they are obviously false, and even a great fool would realise it. In fact as long as there will be states, there will be fiat money. So except if he plans to overthrown the European Union and the United States, his claim is false.

[psibenik]

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

[dharnamonitor]

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.

Same here, I disagree on what he said because there are still countries that are poor and can't adopt those things, if you think about it can poor people use this kind of tech? What if they just wanted to buy a small amount of goods/stuff? They will be doomed by the transaction fee if they have a small amount of coins in their digital pocket additionally, the banks, there's no way banks will come into the end with just that after so many hundred, thousand years of existence haha

[Rozita]

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

I agree with you. Governments don't want to lose their control on transactions made by people. They want taxes and they also want to be able to prosecute buyers and sellers

[PORN_coin]

this is an extraordinary optimism

I think that a much longer time will be needed

[Lonsdayl]

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!

It is one more report that should call up interest to cryptocurrencies. But this words more fairy tale than reality. Too many think we don't know about bitcoin and altcoins, too many data and info about all its benefis and ploblems.

AS minimum, there won't be such count of electricity to transfer all world's money via blockchain) Sounds great, but  unrealistic.  

[Taylorw]

I don't think that it's going to be true. Crypto will never be worldwide accepted, we will still need fiat in 5 and in 50 years as well

[Nerman]

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.
 

[kilpatty]

Once my parents can go to the store and buy food without knowing how Cryptos work. That is when they will replace fiat.

Just like how most people don't understand the difference between credit and settlement networks (Credit Cards vs ACH transfer), yet they still use them on an everyday basis.

The only thing holding back Cryptos is user experience, but that's improving quickly.