Cryptocurrencies Can Never Replace Fiat – Says EU report

[bitterguy28]

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

Obviously that's true but do not understand stemate the capability of bitcoin as currency because have a change to replace fiat money in the near future 10 to 20 year from are have future development for bitcoin most strong and stable currency.

[sieemma]

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.

You are right but one thing that you said which caught my attention is that fiat is a legal tender. What is the meaning of "legal" as used here?
I think if crypto is accepted by governments, then it will be called legal as you used. They are making it look illegal but it is a human who makes things legal or illegal.

[dreamhouse]

Cryptocurrency will probably not completely replace fiat, but does it matter? does credit card replace the fiat? does it affect that credit card become a very popular way of payment?

[Vickyrichy]

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 believe the main idea for the creation of cryptocurrency was not to come and replace fiat. Cryptocurrency was developed with an idea of making transaction of funds to any part of the world easier, simple and fast. This was developed to create a decentralized ecosystem with no one controlling the amount of funds sent on this ecosystem.

[Hatuferu]

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.

You are right but one thing that you said which caught my attention is that fiat is a legal tender. What is the meaning of "legal" as used here?
I think if crypto is accepted by governments, then it will be called legal as you used. They are making it look illegal but it is a human who makes things legal or illegal.

I also believe that cryptocurrency does not intend to replace fiat because they are really different.While crypto is decentralized,fiat currency is a centralized one that is fully controlled by the government.Cryptocurrency is just an alternative form of payment system which by now is only accepted in few market shops unlike fiat currency that is accepted in worldwide stores.

[Firefox07]

Cryptocurrency is not known by every people in this world. And not all people have gadget and internet access. So i think this are the reason why cryptocurrency will never ever replace fiat.

[Lakash]

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

Cryptocurrency cannot replace fiat currency since not everybody is using it. It will never replace fiat currency. There are a couple of people who are bringing it down. Fiat currency has established it’s roots and is very well backed by different agencies.

[IamKnowledge]

Fiat currency is centralized and its operations are strictly regulated by the government but cryptocurrecies are decentralised online money. The aim of crptocurriencies was not to replace fiat money, so do not espect that.

[Btcmicel]

Fiat currency is centralized and its operations are strictly regulated by the government but cryptocurrecies are decentralised online money. The aim of crptocurriencies was not to replace fiat money, so do not espect that.

We can't say the future by this time because cryptocurrency started all over the world. Althrough there are some countries banned it but  we can hide that many accept it. That is a good sign for better future with cryptocurrency.

[Trangngu]

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 think it is hard for Bitcoin to convert into fiat money. These two currencies are two opposites with completely different properties and it is difficult for these two to become 1. Bitcoin is free while fiat is under the management and distribution of the state. Then Bitcoin has high intensity and fluctuation intensity and fiat is very stable and grows or drops below 10%

[entrepmind23]

Cryptocurrency is not known by every people in this world. And not all people have gadget and internet access. So i think this are the reason why cryptocurrency will never ever replace fiat.

There is limited accessibility when it comes to digital currency hence the reason why it cannot replace fiat currency. Some people would not be able to use it if they have problems even with electricity. Regarding the internet connection though, there are some projects that aims to let the people still use cryptocurrencies without having an internet connection and by using SMS so maybe it would be possible but then if there is no electricity in that place then that would be a problem.

We can't say the future by this time because cryptocurrency started all over the world. Althrough there are some countries banned it but  we can hide that many accept it. That is a good sign for better future with cryptocurrency.

There may be a mass adoption that would happen in the future but still I don't think the government would allow a decentralized cryptocurrency to become a legal tender and if ever the governments would have a consensus in accepting it then it would be accepted as a an alternative payment option and not as a replacement for fiat.

[chenczane]

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

That is a fact for me. Crypto currency cannot replace fiat even in the future. I am a crypto lover but also, I am thinking what is happening in my environment. Crypto can be used in a developed country, but how about a third world country? How about the poor people, can they provide a device and an internet connection? Because crypto transaction can be made thru this.

[135cc]

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, we have to admit that its true, crypto can never replace fiat. But, on the other side, crypto can be a powerful alternative for our financial life.

[bootlace]

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.

I agree with you. It will be a new level of development. But it is very hard to involve it into our life. Government want to sell all the real money in their pockets.

[wantjokull]

Well we dont need expert advice to know that how shit the current system is and its not going to accept the crypto currencies. To be more or less precise, our system is way lot away from accepting something like bitcoin. They don't want this kind of a good virus to come into their system and take over the fiat. I guess its impossible to take over because there are too many flaws in the bitcoin usage. We know very well it cant handle the transaction properly when it comes to the heavy transfers and stuff. Im sure small example like waiting for your coffee until it gets cold and your transfer becomes successful would be the best to explain this situation.

[marcosfx]

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, it is fair enough. I can agree on that the cryptocurrency is the way they are right now cannot replace the fiat, because they are still not stable enough to became a payment method.

[zxl912157]

I am absolutely right tap Cryptocurrency stand also there must be a comparison or an opponent of sales there purchases.

Cryptocurrency X Fiat
Fiat X Cryptocurrency

Cryptoccurency X Gold
Gold X Cryptoccurency

But if we trade with gold may be long when there is trade between countries, then make digital gold Like Bitcoin and other Altcoins it.

[Generaldiscussion]

Why not ? Why cryptocurrencies never can replace fiat ? Cryptocurrencies is more convenient and helpful for people to use.

[kent47400]

can't replace because cryptocurrency also needs FIAT referrals as price comparison.
if the cryptocurrency is independent, the capitalist value will be small, just like Bitcoin when it costs $ 1 USD.

then the cryptocurrency will continue to run side by side with FIAT and it is the best one on the road.

[Roberttran]

Yes. I also think cryptocurrency can not replace fiat in the future. both coexist in parallel. crypto and fiat each have advantages and uses in each situation, human needs. And one thing is for sure, governments will not let that happen.