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Author Topic: Crypto replacing fiat?  (Read 6211 times)
Bakemat
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July 26, 2018, 03:27:19 PM
 #121

Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.   

Cryptocurrency will be replacing fiat in the future only if the government are going to allow it to happen but aside from that, people will still continue to use fiat since not everyone is capable of earning bitcoins.


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July 26, 2018, 03:52:49 PM
 #122

I do not believe that bitcoin can completely destroy paper money.  If we have a technology that can accept payment without electricity, then there is still such a possibility.
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July 26, 2018, 04:08:14 PM
 #123

Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.   

No, I believe that the cryptocurrency will not be able to completely replace Fiat money. I am sure that the cryptocurrency will replace all non-cash money. All virtual money will become crypto-currencies and crypto-money. This is the peculiarity of this modern asset in the 21st century.

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July 26, 2018, 04:13:50 PM
 #124

never, ever forever fiat will remain the official payment currency of the whole world.
and will remain a bitcoin digital currency as an investment and not as a payment currency.
the reason is very easy, where maybe 21.000.000 bitcoin is shared for the whole world.
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July 26, 2018, 04:16:53 PM
 #125

this will happen in the near future but not now.
replacing FIAT will be a not so easy thing to do.
we need to develop more.
there are so many people who are not connected into internet.
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July 26, 2018, 04:46:07 PM
 #126

Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.   
crypto will not replace fiat and vice versa.
because they have different functions and ways of working, fiat as payment currency and bitcoin as investment assets.
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July 26, 2018, 07:55:26 PM
 #127

It will never happen in the future because cryptocurrency and fiat money have their own roles that cannot be replaced. That thought is merely fantasy and unlikely to happen.


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July 26, 2018, 08:07:36 PM
 #128

I think Cryptocurrency is very difficult to replace fiat money because Addiction to cryptocurrency is dependent on the Internet, and imagine if the Internet connection in one country is decided, what happens to the financial transactions in that country? Because the Internet bandwidth is controlled by some developed countries, developing countries are particularly vulnerable to countries that hold bandwidth.
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July 26, 2018, 08:10:34 PM
 #129

I think they would have new blockchains private. People will be forced to be under a ponzi scheme where  only governments can see your holdings. This is just one example. It's an alternative to something that exists already with fiat.
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July 26, 2018, 08:27:14 PM
 #130

Getting into cryptocurrency is more like being open source. You have to be a free mind you cannot keep secrets, for example, suppose you have a bad habit and you have to pay to buy that service or product. Let's take you like smoking and you have to pay with cryptocurrency so everyone around the world will see the transaction you do. This will increase the productivity of the companies by taking the market stat just like a Facebook date but it will reduce your privacy a lot but it will improve the transactions. So you have to decide you need secure payments are less privacy.
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July 26, 2018, 08:39:12 PM
 #131

It will never happen in the future because cryptocurrency and fiat money have their own roles that cannot be replaced. That thought is merely fantasy and unlikely to happen.


Fiat is shit and because of that only we people are categorize in rich and poor country and people in all this world. You should agree the bitcoin will be replace the fiat cash forever with in some years so we need to wait and watch the what marketplace value seems better.

Reserve banks which are all owned by the private companies need to erase from this work to work better.



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zero9119
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July 26, 2018, 09:17:32 PM
 #132

It will never happen in the future because cryptocurrency and fiat money have their own roles that cannot be replaced. That thought is merely fantasy and unlikely to happen.
I also think that cryptocurrency was created not for the purpose of replacing the currency fiat but that it has its own mission in each and every field. Forming too many coins today is also a great barrier to making crypto very difficult to replace the currency fiat to become the common currency of the world.
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July 26, 2018, 10:54:18 PM
 #133

Getting into cryptocurrency is more like being open source. You have to be a free mind you cannot keep secrets, for example, suppose you have a bad habit and you have to pay to buy that service or product. Let's take you like smoking and you have to pay with cryptocurrency so everyone around the world will see the transaction you do. This will increase the productivity of the companies by taking the market stat just like a Facebook date but it will reduce your privacy a lot but it will improve the transactions. So you have to decide you need secure payments are less privacy.
It's not all that bad. If you need privacy you can choose to mix your coins and spend the 'clean' coins to not disclose your personal information, or make use of an altcoin such as Monero.

The majority of the payments and transfers of value with Bitcoin are not related to anything requiring a higher level of privacy, so that makes privacy less of a thing for most people. Privacy is a niche 'product' currently.

I think it will be taken more seriously in the coming years, but that all depends on how the average person is looking at his privacy, and more importantly, how much he values his privacy. Time will tell.

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July 27, 2018, 09:52:36 AM
 #134

It is unlikely that fiat is now considered to be the most liquid, there will not be any coins that can replace them in the present and in the future.
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July 29, 2018, 10:37:22 AM
 #135

Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.   

I think as technology brings a lot of changes. What you’re saying will not be a problem. Technology will prepare people for it. Just like how you use your debit card or credit card, later on it will be better than that.

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July 29, 2018, 11:47:38 AM
 #136

I do not think that's possible. fiat currency is the fundamental of a country that is very important in the eyes of the world and is a symbol of the country's economic power. so the fiat currency will remain and the digital currency will be the option to transact.

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July 29, 2018, 11:50:48 AM
 #137

We are trading cryptos for goods currently. Usually digital goods but there re. If you have some at the moment, and you like to trade it for any good, why not. Its just like using your FIAT money to buy it. If we should all anticipate that ETH will rise and so we won't trade It for anything, then how is it going to rise.
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July 29, 2018, 01:50:51 PM
 #138

Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.   

Surely this will eventually happen, cryptocurrency can't be fully centralized like fiat money and can't be issued in enormous quantity like fiat money.
Most every state worldwide is living in HUGE debts due to they take money from 3rd parties and promise to return it with %, but it's impossible to return % because this money simply just don't exists, so they have to take new debt to cover the previous, and this goes on and on.
Eventually this system will fail, and many people will suffer worldwide, of course not the bankers who will take money from 3rd parties and will never return them.
Looks like this situation will happen sooner as we all might expect, we are facing history changes in financial industry right now, in my view.
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July 29, 2018, 01:56:25 PM
 #139

crypto and fiat all have their strengths as well as they will have their own characteristics and it will support each other as well as serve the need of circulation of goods as well as it gives us many choices than
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July 29, 2018, 01:58:49 PM
 #140

Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.   

There's no reason to expect that anyone would be able to tell which address belongs to a particular person. Additionally, most people will have their holdings dispersed among hundreds or perhaps thousands of addresses. Lastly, this isn't likely to happen anyway, so it's kind of a moot issue. Crypto is not going to replace fiat, it's just not viable as a currency.
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