Cryptocurrencies Can Never Replace Fiat – Says EU report

[Duzter]

Fiat is something beyond innovation. It is all about the the historical existence, and the same has got the support of government. Bitcoin doesn't have the historical survival, it is all about the innovation. If this has got support from government same as fiat now bitcoin could have reached next level of growth and usage.

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[INAQAMAQQU]

For now, i think crypto cannot change the fiat but in the future, nobody knows what will happen because of the advantage of technology.

[LoyceMobile]

Interesting! Not the report, not the conclusion, but the fact that they actually feel the need to write a report on this subject! That can only mean crypto is something they fear is going to be very big!

I guess the conclusion was set up front, as I can't imagine they would publish the report if the conclusion would be for crypto to overtake fiat.

[acheampong64]

The EU said this in the beginning of the year and said they shall conduct a review and well, I think that's why they're saying Cryptos are not a threat to the fiat. Anyways, my hope is that they don't put strict regulations on cryptos.

[Project xupporter]

Cryptocurrency is in the early age, it may be too early to predictvif it will be a replacement to FIAT. But in the real fact, if cryptocurrency is going to replace FIAT it is not going to be total replacement because there are still some functions FIAT serves that cryptocurrency can't.

[12tribes]

Lets face the fact. The arrival of the mobile phones did not completely eliminate the landlines. The White house still use landlines,, so does the Kremlin and the Knesset. other nations still use it. The mobile phones and land lines complement each other.
The bitcoin will complement the fiat and just as the mobile phones have taken a major share of the telecommunications market so will crypto. Forget it, in the next 10 years the fiat strength will further reduce and likely diminish by a good fraction.

[nioctiB#1]

Why should cryptocurrency replace fiat if they can both coexist at the same time? We all know that it is far from happening. It is because cryptocurrencies are not stable when it comes to price which will be hard for people to use it as a currency. But if a government will create its own cryptocurrency it will either be backed by a commodity or the local fiat currency to be more stable so there is still no chance of replacing it.

[Argoo]

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has come up with a report on cryptocurrency entitled “Virtual currencies and central bank’s monetary policy: challenges ahead”. The finding of reports shows that cryptocurrency will not replace fiat currency, even in the long term. https://bit.ly/2NeLgLr

States will never agree that a decentralized crypto currency will replace their national money. Even their own centralized crypto currency is also unlikely to replace fiat, most likely all these types of crypto currency will only go along with national paper money. Decentralized crypto currency can not be controlled by the state and is very volatile in price. These two factors will never allow any state to agree to replace this crypto currency with its own money. Apart from these, there are other factors of economic and political plan as to why this can not happen.

[KeijiN]

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has come up with a report on cryptocurrency entitled “Virtual currencies and central bank’s monetary policy: challenges ahead”. The finding of reports shows that cryptocurrency will not replace fiat currency, even in the long term. https://bit.ly/2NeLgLr

It is fair enough I can accept and agree on that because cryptocurrencies the way they are right now can not replace the fiat,  they need to be changed and regulated, become more stable.

[VitKoyn]

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has come up with a report on cryptocurrency entitled “Virtual currencies and central bank’s monetary policy: challenges ahead”. The finding of reports shows that cryptocurrency will not replace fiat currency, even in the long term. https://bit.ly/2NeLgLr

I also think the same way but only for all existing cryptocurrency that is not issued by any government cannot replace fiat, while I think that there are chances that fiat currency can be replaced by a cryptocurrency made by the government but should more likely work as an alternative. The reason why cryptocurrencies like Bitcoin might not have a chance to replace fiat is because of decentralization and the highly volatile price, and we all know that governments wants to control everything especially when it comes to money. Btw why is the link of your source should be shortened? lol

[onemoretime8520]

if we have a look at the evolution of money we clearly can see that things said once that are impossible to be achieved are used today like paying with only smartphones or cards, so never say never.

[r32godzilla]

Yes crypto currencies have their own limitations of being able to work only online,limited supply,not being supported by governments,etc.Most of the crypto currencies would be used as a pump and dump coin and bitcoin might get used as a payment currency but only to some extent.

[Lucifers]

no one knows how the future crypto currency. because it could be that the crypto currency replaces some of the famous currencies as you say euro. we can see from the price of the worthless bitcoin to be expensive as it is today. which we need only time whether the crypto currency will replace multiple currencies or not.

[gasparyu]

i thinkit is too early to say what can happen. cryptocurrencies are still young and we just have too see what lies in the future.

[andika2018]

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has come up with a report on cryptocurrency entitled “Virtual currencies and central bank’s monetary policy: challenges ahead”. The finding of reports shows that cryptocurrency will not replace fiat currency, even in the long term. https://bit.ly/2NeLgLr

As far I know, bitcoin created not for replacing fiat money. Bitcoin created system to disrupt banking system. Fiat currency must be still exist in next few years because for some peoples its more convenience and more flexible.
But i am believe in many years to comes, peoples will using bitcoin for their transaction because its more safe and its peer to peer transaction

[maivui5411241@gmail.com]

This is a tough move to show that Europe is still afraid of Bitcoin. Bitcoin or Cryptocurrencies want to do something special maybe for a very long time to be able to see

[PROFIT_REVIEW]

If they think about this and say it all the time, it means that it frightens them and means that all the same, crypto currency can replace fiat money. In my opinion, they just want to convince people that this is not possible.

[rumexx]

They are right crypto cannot replace fiat money because for official transaction only fiat money will be used for international transaction. Let us look at this scenario where there is international transaction between two countries and one is crypto compliance and the other is not. The only way forward is fiat money.

[webcomsystem]

I am not agree with this as the cryptocurrency is growing so fast. So it is truly possible that it can be the money of the future.

[Nilda]

Can’t we all just get along? Why is there a need for something working to be replaced? Bitcoin and fiat money can coexist. Period.