Cryptocurrencies Can Never Replace Fiat – Says EU report

[patron bounty]

It is true that crypto money will not replace fiat money, but what they say is not bitcoin but the crypto made by the government uses a blockchain system.
If thousands of altcoins made by big companies can not be sold in the market and have no fans, what is the fate of altcoins made by governments that are full of rules and tax payments? Does not that sound more complicated? While bitcoin creates freedom without giving any rules to its users. Do you think the government-made altcoins will work in the market and can replace bitcoin as a means of payment?

[bitcoinking11]

Well, you can't carry cryptocurrency in your pocket like dollar, so technically it can't replace fiat currency, but online usage of it has been growing rapidly over the past one year or two and it is also getting very popular.

[Enijesiku Sulaimom]

It is 100% truth that cryptocurrency can not replace fiat, reason being that fiat is a legal tender of each country and can be use to purchase any goods in d market but crypto currency can not be use to purchase goods in all market except selected market and those market can only be a market that specifically accept crypto currency.

[crossabdd]

if the crypto currency still has a fluctuating value, I think that too. will not be able to replace fiat currency. it's not funny when someone buys a item with crypto currency ,, and after some time the price goes up because crypto currency goes up. I think this is one of the reasons crypto currency can not change the fiat currency. because most people see the crypto currency as a commodity. not currency. unless there is a regulation on the determination of the value of crypto currency. it can be thought of.

[bitfocus]

yeah, some people thought barter was great, and lastly, gold coiners never believed that people will accept parchment/paper money rejecting gold and silver

[lucy94]

they can because they are more secure and faster. These days, bitcoin transactions have become relatively more expensive (due to the high amount of transaction volumes in the network), however, they are more secure due to the complicated math algorithms behind the blockchain technology (which also makes them faster than fiat money transactions). Bitcoin is also better than cash, because it’s decentralized, and there is no speculative central authority institution or bank behind it.

[btcluisdiki]

In the current scenario and until a decade from now, I believe that crypto currency can not replace Fiat currency since crypto currency is still on the process of tuning up for a better innovation. In as much as many people would love to make it happen, I believe it will be Fiat money to dominate in the world currency but I am still optimistic that btc has that chance but not for now.

[hacking13]

Ok Ok... There are limited chances to have cryptocurrency replace fiat. I dont see it happening soon but it can happen. The world at large is moving towards a digital age. more and more means to ease operations will definitely replace the usual ones. Cant be surprised if the crypto surpasses fiat too. The government will have to really ensure that not to happen but it can happen

[micheal wang]

I am not disagreeing for a virtual currency that has a desenteralized system to replace the fiat currency, but we do have to see the conditions if it will never happen. Unless all users are aware of and receive the characteristic price of cryptocurrency is volatile. This weakness must be accepted if cryptocurrency is focused on the payment system.

[ninabobo]

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

no one can predict what will happen in the future, especially with tools such as virtual currency transactions. Crypto can be one of the most powerful alternatives in the turn of all transactions in the world. but it will take a long time, even over the next few decades.

[qwertyup23]

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

If we are going to implement the current system of bitcoin and shifting to this kind of payment, the world is relatively immature to handle such technology. Some  underdeveloped and developing countries find it very difficult to implement and advance their technology since their priorities focus on different aspects. Shifting into a digitalized form of currency would render significantly large implications as it would be costly to some.
The world is still in its embryonic stage wherein adapting this kind of system may be beneficial to the rich but chaotic to the poor countries. The economic discrepancies between developed and underdeveloped countries pose as the greatest obstacle in the development of this ideal payment.

I believe that in the future where countries would slowly shift into the digitalized world, currencies would change from the conventional fiat to the digitalized ones (can be bitcoin or can be powered by the blockchain).

[Ayohafees]

Cryptocurrency will not completely replace FIAT but to some extent there are some transaction that are better done using cryptocurrency and in that aspect is where the replacement  comes in.

[Slash61]

There is no problem for me personally that Bitcoin will never replace the fiat rather than broken on the initial draft planning that was previously wanted to be made as a legitimate means of payment when it happened then I think there is a conflict between the bank and the government, in the present position I think quite comfortable absence conflict between banks and so on, not too wise to compete with fiat.

[East2011]

I think so. Cryptocurrency will never replace fiat. Even cryptocurrency will become popular. Lets face the fact, that not all people can use it.

[rasp]

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

Seemingly, this report just acknowledged the existing state of affairs - cryptocurrency is not able to replace fiat money just because of the tradition that established hundreds of years ago.
Crypto can be just an additional method of payment unless it is widespread among all the social groups (which could happen in at least 3-5 years).

[Pab]

What for to replace.I think  country needs to have his own currency
National money is root of independence it is enough to look on countries what are using euro
Italian central bank is in fact in Frankfurt what is this .Italian gov  and Italian people would decide how to manage his money not some aliens in Frankfurt
It is only creating slavery and through manipulation there is possible to influence other country economy.Very dangerous idea
Fact is that crypto money already exist and crypto money are in use .It is similar like that coca leafs are used like a currency in Bolivia and cigarettes are money in prison.

that report is yet another report about nothing.Just to write someting about nothing to translate report on 28 languages and spend some  tax payers money
So i think it is nothing to talk about.In that case hand of market decide

 

[worldtraveller321]

In general its this. Governments will always keep their FIAT, even to just trade among nations.
But in general Crypto could become a Peer to Peer more strong, since it could prevent inflation. distribute resources more fairly.

The sources that say it will never will are from banks and govt. Just there to create fud and keep people away from Crypto. When in fact it could be a major solution to many situations over a long time

[ClaytonLWils]

Well I respect the report, But the current situation is not saying so. There is a high chance of replacing fiat by crypto, since people are now preferring crypto more than fiat. However, I think future will reflect the truth. Though fiat is something extra-ordinary for its longer run in the market.

[Phlaser]

Definitely it won't be that easy for crypto to replace fiat. It's gonna take a long while though, should such is to happen. Whether we want to believe it or not, fiat and crypto will walk side by side. We need the Fiat to spend in our daily lives.

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

[LodisMcguire]

Well i think the purpose of crypto is not to replace fiat,but to stand along side fiat as means of payment.So there's no point to talk about replacing fiat,but the probability is exist and it's true that maybe crypto will replace fiat in the far off future.