Cryptocurrency as our Fiat

[coinplus]

Honestly, making crypto currency as a fiat is not a bad idea but have this as the sole currency that exist in the country is not yet that possible. I think crytp currencies has a lot more to build and establish before it will happen but if crypto currencies would be another option for us to pay our liabilities and buy some assets, then it will be more possible and easier to accept.

Right, there are still a lot of things we need to solve before we even think of get there and what we will end up seeing for now is just going to be some few usages by the lovers of crypto.

Things cannot remain the same and a lot will change most especially in how we use, pay and interact speedily in the crypto world when it comes to payment which would make it awesome to use, and that may get us closer, but for now, the real fiats, will definitely be something that would be in existence.

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[Kevin77]

It would be amazing, but the price of at least one crypto should somehow stabilize for this to happen. No trader will accept on the daily basis something fluctuating 20% from day to day.

Those fluctuations are pretty huge and for sure, just like you said, this is something that cannot even make cryptocurrency being used as fiat work. It is an uncontrolled environment and this fluctuation even though can be good in a way when it is increasing but not decreasing for most people especially when it is not a small level of increase.

Nevertheless, when things change and we get to see real life usage, then probably, we may end up getting to that stage gradually but not completely.

[prtty2gal2]

Do You think that at some point in our society, Cryptocurrency will be our daily fiat and be an essential part of our economy? Can you cite your ideas on how Cryptocurrency change our Fiat?

It will be in the future plan of bitcoin but if your asking if it's essential part of currency then we can contribute but issuing taxes on bitcoin. There's a cons about bitcoin coz it will be used by illegal activities

Even before the invention of bitcoin, corruption was there. People were involved in illegal activities with the help of traditional currencies, so it is a very lame excuse to reject bitcoin as a national currency or replacement of fiat. As far as taxes are concerned, there are many people who are not paying taxes even when they have all property in the form of traditional cash or gold etc. so this again is a lame excuse.

[raven7886]

I dont think that's possible and for a number of reasons why. First is that cryptocurrency's value is ever changing, flactuating from time to time which is definitely going to be a problem for the economy considering that the government will constantly adjust expenses and taxes just to balance things out. Second is that the majority of the country's population arent aware of what cryptocurrencies are and the only solution for that is to teach cryptocurrencies in schools at an early age. The third reason why cryptocurrencies cant possibly be our fiat is that not all of the people within the society are exposed to technology and that cryptocurrencies are only limited to those who are able to gain access in the net.

Yea, fluctuations and the high level of volatility is one thing that does not make it realistic for now, but I still have the feelings that this would change. However, you raised some valid points and most especially the last ones.

A lot of people are still limited to technology and find it very hard to even adapt to it and such people will find it hard to even adapt to the usage of cryptocurrency, but it is the world, and things change over the years, just that some of us may not experience them.

[grandbrad02]

Cryptos being unregulated, this can never happen as governments would definitely lose their power and control.

Yeah, money is everything. If the goverment lose their power in currecy they will lose their power to control the society.

[batang_bitcoin]

Do You think that at some point in our society, Cryptocurrency will be our daily fiat and be an essential part of our economy? Can you cite your ideas on how Cryptocurrency change our Fiat?

I don't think this is possible to happen. Government will never give a single back up to cryptocurrencies. They are decentralized and there's no way for us to make it as our fiat as a nation but for being in the community or living in crypto community we can deal and have sometime to use this as medium for buying things online although there are countries that aren't recognizing bitcoin/crypto.

[masterchief001]

Cryptos being unregulated, this can never happen as governments would definitely lose their power and control.

Yeah, money is everything. If the goverment lose their power in currecy they will lose their power to control the society.

No, I think cryptocurrency has no effect on the government. Therefore, they do not need to manage it. But if they can manage it, it will become a powerful resource for the economic development of their country.

[richardsNY]

No, I think cryptocurrency has no effect on the government. Therefore, they do not need to manage it. But if they can manage it, it will become a powerful resource for the economic development of their country.

Of course their main priority is to control its people. If governments weren't interested in control at all, people would be able to use Bitcoin everywhere in the world without authorities putting harsh penalties on whatever sort of usage. That's why I am sure they can't wait to pump their own centralized crypto currency into the economy to make their people even bigger slaves. It's more centralized than fiat will ever be, which is the massive danger people seem to discard here. What's all the convenience it offers worth when you have to lose even more of your own dignity? People should think wisely before wishing for something....

[negamus]

Do You think that at some point in our society, Cryptocurrency will be our daily fiat and be an essential part of our economy? Can you cite your ideas on how Cryptocurrency change our Fiat?

It would only change or replace that once that the LN gets implemented, with the actual fees it would be almost impossible to implement it as a new normal currency just to replace fiat.

[error08]

Do You think that at some point in our society, Cryptocurrency will be our daily fiat and be an essential part of our economy? Can you cite your ideas on how Cryptocurrency change our Fiat?

I'm not sure of it as bitcoin struggle to reach scale solution, this problem has been discussing for years but can't be solved so far.
Bitcoin as medium of exchange or means of payment can be achieved if scale problem already solved and the governments legalized bitcoin as legal payment method such as in Japan and Belarus, in these countries people can easily spend bitcoin everywhere, even to pay bills as well.

[umbara ardian]

just a little clarity. that cryptocurrency can not replace the fiat money as a whole. cryptocurrency only plays a role facilitate the transaction easily and facilitate the online payment tool.

[Supercrypt]

Do You think that at some point in our society, Cryptocurrency will be our daily fiat and be an essential part of our economy? Can you cite your ideas on how Cryptocurrency change our Fiat?

With such a crazy high transaction fee and delay confirmation time....Considering BTC as FIAT is just a nightmare. Lets understand it one example...after buying essentials from a local grocery store worth $10000 and want to pay through BTC but this transaction will cost me $200-250 which is crazy. So using BTC as FIAt now is not practically feasible at this point of time.

Nightmare is an understatement. I recently needed to make a quick transaction so as to do some few trades and even with the high transaction fees that I paid which as far as I am concerned is high enough, and it is not small, but still it took days before my transaction could get confirmed.

So, you are right, using as FIAT is something that just cannot work out at least for now until when we see the scaling solution solved and then see how things would end up as.