Cryptocurrencies Can Never Replace Fiat – Says EU report

[nicktalman93]

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

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[Mandoy]

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

Well this is a fact but they have missed something very important and that is a government owned cryptocurrency. A fiat currency in digital form, a government cryptocurrency using the blockchain system. Though they may not foresee it but time will come that peoples mindset will also evolve even the way they will view a currency and thus the new generation of politicians will establish such feat.

[Indamuck]

Crypto can't replace fiat because it is leaps and bounds above fiat money.  Fiat money has a centralized authority that can print more money digitally with a click of a button or physically.  With true cryptocurrency like bitcoin  everything is guided by math.  We know the exact inflation rates, total supply, etc.  I wouldn't take advice from the government as they stand to lose a lot from fiat money being overtake.

[CostaCoin]

Im okay with crypto never completely replace fiat. Crypto will continue to be stronger, while at the same time fiat will becoming weaker, then they will print more fiat which will depreciate it more. People that are in crypto now will be extremely rich, and i have a sense that the people that involved in crypto now have a better view of how they want the world to look like in the future!

[nikki4]

Well, as for my own opinion, I also didn't think that the crypto currency will be able to permanently remove or overtake the fiat money. Well, government will not approve of this. I can sense that maybe in the near future those country that don't recognize crypto currency may allow it but they will not allow crypto to take over. Because we all know that most crypto currencies like Bitcoin is decentralize and the government will not be able to control it.

[sabrikks]

Well it's true, crypto cannot replace fiat at least not anytime soon, people have faith in fiat and some how holding a piece of paper in their pocket make them more comfortable then holding digits in their online wallets

[BrewMaster]

i don't think the intention was ever to replace fiat! fiat can always exist and bitcoin can always exist alongside it as a strong global and decentralized currency. it is like saying USD will never replace JPY! that is obvious! they fulfill different roles.

ps. post the direct link there is no reason for shorting it!

[jseverson]

I don't disagree with that assessment. I've always though of Bitcoin as an alternative that everyone could use, not something that everyone should use. I don't think Satoshi ever envisioned it as a global replacement either, given his white paper's goal of eliminating third party processors and the fees that come with them. It also has to be noted that the economic system will need a complete overhaul for cryptos to take over because it simply won't work otherwise.

Fiat is better in some cases, and cryptos are better in some cases. They can serve as complementary pieces to each other and I believe they will in the future.

[boyshx]

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

We dont even need to read any suggestions or need to know about what the economic committee says about it because the most simplest fact is, crypto currencies are volatile, they are not designed for the purpose of replacing the fiat curries but they are meant for the easier peer to peer transaction with at most security and safety of funds. That was all about the creation of blockchain and the bitcoin currency. If you look at it with that vision then yes everything is hot success in the crypto world BUT now if you want go and envision the replacement of fiat with it, then surely it will fail.  

[basyang]

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

Well, in my opinion, cryptocurrency can never really replace fiat. why? Because fiat is a traditional money and all people are used to it and also for sure the government will against to it. Maybe we can use cryptocurren y just like other currency existing in the market today and that has potential or way that many people could used it legally. I believe Cryptocurrency will be successful in the near future we will claimed it.

[Wyne]

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

Well, I think the result of their theory is still unripe and it is too early to conclude that cryptocurrency will not replace flat currency in the future.  If we trace the history of money, during their time nobody expects that gold with truly intrinsic value will gonna replaced by paper money as a mode of the transaction but it does, and it happens and everybody is using it now.  In relation with this, maybe during our time, researches and studies might results that money will never be replaced by cryptocurrency in the future but as the time goes by and technology continue to grow, it is no doubt that it is still possible that cryptocurrency will replace flat.

[kier010]

cryptocurrency cannot replace fiat but it can also be alternative to fiat. if we can use fiat and crypto at the same time it would be best.

[sakahayang]

For me no problem Cryptocurrency can not replace the important FIat Crypto can generate profits for me.
The news reported that they feared cryptocurrency would impede the monopoly of the central bank, that's all they always feared. competition does make people do any way to win.

[KimmyF]

I definitely think that the different crypto currencies and even Bitcoin will not be able to replace the fiat currencies. Why? Because I definitely guess that the government will not be able to approve it most especially that crpyto currencies are decentralized like Bitcoin. But I can see that as the time goes by, the crypto currency communit will become more popular.

[Saritelli]

It will not replace it, because cryptocurrency is better than paper money in principle. In fact, no reports can give an accurate forecast and therefore there is no point in taking them into account. This is only a forecast.

[BQ]

the EU won't be around when this happens, which doesn't say much considering how it's cracking apart already.
the fiat system lost it's real purpose when it deattached from the gold standard! surely there'll be a replacement, maybe not crypto(why not?) but something..

[mmo_online_1981]

There is no guarantee 100%, but digital money is only suitable for online payments! Cash is always needed for social development!
Bitcoin and altcoin will be considered currencies. Need more time!

[bellamente]

Than electronic money Is Visa or MasterCard a better cryptocurrency?

The EU authorities are stupid and fearful, so they do not recognize bitcoin

[carlisle1]

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 what i am believing that theres no need for replacements,because even in the future we will be needing paper bills for transaction,because the world will always rely on electricity and upon this there will be a need for offline transaction anf in this way fiats would be the material to use.

So this is true,that fiats will remain forever with crypto

[Lazada]

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 a thing that is happening right now and we will never know what will happen in the future.
Supposedly when a technology progresses then digitization is the best option.
With the digitization of currency then everything will be much better.
Yes that the government is still afraid, they are afraid of the movement of digital currency that is still uncontrolled with stable,