Crypto VS national currency

[South Park]

Bitcoin and dollar cannot collaborate with each other and neither bitcoin is anywhere near to digital dollar. Both are fundamentally different. One is Decentralized and the other one is full centralized in control of US Government. Although these days we compare bitcoin value in dollars but that day is near when there will be only bitcoins and no USD.

It is true that they are different but that is precisely why both of them can exist, both will have different functions for people, fiat will still be the predominant form of money but bitcoin will make big progress and the governments will have simply two options to try to resist bitcoin or to realize it is inevitable the adoption of bitcoin and then they decide to do the same.

[paruru123]

I do not think that's possible, because the nature of bitcoin is not real and intangible that's the problem.

[SistaFista]

This wont happen, and at the moment, people can really buy coffees with bitcoin, but it is not easy to find a store that really accepts bitcoin or any other cryptocurrency at this moment.

[Anaviscacam]

nope cryptocurrency cannot replace fiat money. government cannot take tax on crypto while they can take it in fiat. crypto price is volatile and not ideal for business. it can be use in business but there is a risk of your business being bankrupt. fiat and crypto are a good combination and they will do very well.

[aitrading]

It sounds cool. But we need more time for adoption

[bettercrypto]

Whether cryptocurrency and fiat currency are different in structure, features and identity. In my opinion, they have the same utility. If we will think of it, money and crypto are needed by our economy. There are some instances that cryptocurrency can do that fiat can't or vice versa. We should not degrade fiat just because there is an existence of cryptocurrency. Remember, our economy becomes undesirable without fiat.

[Radio-Active]

I found this expression on the news channel about the crypto currency: "Anyone who will try  to buy coffee for cash in 2023, runs the risk of causing laughter from the seller, that he does not use crypto currency."
how do you think, is it realistic? Can a crypto currency replace national  money?
I think that it's possible, but it will take more time.

Don't worry about future, crypto will need more time to be used by peoples as a national or even international currency in the world.
first they need to fixing their value on fiat. Value of crpytocurrency is volatile for now.
You can buy 1 cup of coffee now and 2 cups after next months with the same amount of bitcoin.

[Ambrosius]

I do not know, I think the possibility is very small because nowadays many parties are against bitcoin. If the government cons of bitcoin then how bitcoin can materialize into the national currency. In this case the role of government is very important

[qwertyup23]

To end this forever-ending conversation and debate, here are the requisites of a national currency and let us compare if cryptocurrencies possess such characteristics:

• Generally accepted in the world - The legalization of a currency must be accepted throughout the world as it can be used as a form of legal tender;
• Price Consistency - The price of a currency must be stable in order to prevent its value from occurring inflation to a country;
• Scarce supply - The supply must be limited, in relevance to price consistency to prevent hyperinflation;
• Value - The value of the currency must be backed upon something like gold as every country has their gold supply which determines the value of their respective currency;
• History - Currency has been existing ever since time immemorial. It started on the barter system of payment until it slowly evolved into a currency for uniformity and standards; and
• Tangible - Currencies must be relatively tangible in order to prevent abuses happening. Though this characteristic may be subject to debates, the long-tradition of having a tangible currency has been existing throughout.

For cryptocurrencies, its decentralized and volatile nature make it a difficult candidate in order to be a currency. No government institution also has a control over its regulation and development which explains on why its value is very volatile. Lastly, there exists an economic discrepancy between developed, developing and underdeveloped countries. For them to embrace an electric payment system, they are obliged to improve their system which I believe that underdeveloped countries have their hierarchy of needs to prioritize.

[Powerpuff]

The value of cryptocurrency is still calculated in FIAT. Crypto would have to come a long way as an “alternative to cash” to receive more adoption. It’s likely that it’ll remain dependent on FIAT money for it to have a market value calculated.

[jitenrajput]

I found this expression on the news channel about the crypto currency: "Anyone who will try  to buy coffee for cash in 2023, runs the risk of causing laughter from the seller, that he does not use crypto currency."
how do you think, is it realistic? Can a crypto currency replace national  money?
I think that it's possible, but it will take more time.

This expression can be true if we have a stable version of cryptocurrencies. With current volatility, it is difficult to use as a national currency. I've a better explanation here.

[sabihanazir]

They are extra comfy because of the complex math algorithms behind the blockchain technology (which additionally makes them faster than fiat money transactions). Bitcoin is also higher than cash, as it’s decentralized, and there may be no speculative crucial authority institution or financial institution in the back of it.

[criss ronaldo]

It's impossible because national currency cannot replaced because it's the used money by every people in a country and also because bitcoin is a digital currency. It can be use in a country but will not replace national currency.

[victorski]

I think that for the beginning crypto have no need to fight this national currencies, it will just step by step replace it slightly

[tokenomics]

We are in an era where in mostly everything is run and use the power of technology, so as the cryptocurrencies. Becoming the national money is not far from happening. Yes it may be volatile, but it shows progression each year. And it this continues, the possibility of it is a big chance.

[aces777]

Lol, this is BS. Yes crypto currencies would be mainstream by then but saying that the person not using crypto currency for buying coffee will be laughed on is just over estimating the adoption rate of crypto currencies. Crypto currencies are still far away from being widely adopted and trying to predict the future this way isn't going to help.

[rumexx]

That will be an awesome experience for the crypto family. It is possible for this to happen based on the popularity and massive adoption of the cryptocurrency by business people. Once any of these large online outlet like Alibaba and Amazon adopts and  accepts crypto.  

[sonofliberty]

Not everyone is ready for such dramatic change because a national currency is the first payment method and people got used to it so switching to the cryptocurrency may take a while or happen only partially.

[Jpja]

I think this is a completely unrealistic prospect. National governments would simply not allow such a situation. Besides, bitcoin and aiat money have completely different functions. With the arrival of institutional investors, these differences will be felt more and more.

[roshanface123]

Crypto will never replace national currency,it never gonna happen. But there is a chance to replace national currency in to cards like debit and credit cards. In 2023 we will use only cards ,we can make shopping in a card swipe.