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Author Topic: Crypto replacing fiat?  (Read 4579 times)
Athanasios Motok
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August 09, 2018, 09:23:59 PM
 #361

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.   

You of course fantasize!
First, bitcoin will not be able to replace Fiat money completely. It will be able to replace the maximum non-cash payment and credit cards.
Secondly, many people will be against to remove Fiat money, for them it is not convenient.
Third, many countries create their own cryptocurrency, which will be partially Fiat, since not all segments of the society are able to accept cashless payments in crypto-coins.

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August 09, 2018, 09:37:20 PM
 #362

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.   

Hiding identity : If you don't specify your identity, nobody can't know who you are. Also, there are mixers, you can eliminate tracks. Only numbers and words.
Paying minimum fee : Without cryptocurrency you have to pay a lot of money to Banks for sending money. The fee increases according to the location.
Speeder transactions : Today for sending money to remote places you have to go bank and receiver should wait at least 15 minutes.

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August 09, 2018, 11:58:26 PM
 #363

I doubt if crypto can actually replace fiat. It may not be possible because fiat is supported by the governments but crypto is not. That i think is the only difference.

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August 10, 2018, 12:45:03 AM
 #364

If crypto currency manage to replace fiat currency which we know that is unlikely to happen. Crypto would rise and reach an exceeding high price value when it became a main stream currency and it would increase the number of wealthy crypto users. But some problems may arise like scarcity, rules and regulations and taxes.

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August 10, 2018, 06:17:05 AM
 #365

For cryptocurrencies to replace Fiat money, this will require a lot of time and people's understanding that we can control financial flows well and not depend on state institutions, many mentality will need to be changed.

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August 10, 2018, 06:25:58 AM
 #366

In the past the people were paid in cash or fiat money while now the big business accept bitcoin and crypto for making business deal so we can say that it is the currency which is used for payment through out the world and through this currency big purchases like for jet also paid.

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August 10, 2018, 11:34:07 AM
 #367

Although some goverment or company in the world do not approve the Crypto but in think in the near future, it will be accepted and replace the role of fiat in the economy or banking. It is the same as the card was replaced the cash in the past.


It does not seem quite certain that crypto will take over the role of Fiat. Governments or banks have no interest in the widespread use of crypto. Blockchain probably will use the transaction, leaving crypto somewhere on the sidelines.
Oh no, I think they do, but it is crypto that they control that they want to support. I am observing the development here with great interest, and the question of crypto (in some form) replacing fiat has been the most interesting crypto-related questions to me for a long time. For instance, what about the trend to replace cash with banking services, like contactless payments, that my country is a leader of. Is there a nieche for crypto too?

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August 10, 2018, 12:07:34 PM
 #368

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.   

Not a single chance. It will become something huge and people may use it a lot more frequent than how they see it but it will not replace it at all. It is basically what it is right now.
It will be exactly what it is right now but it will be used by more population, which is not enough to make people forget fiat. Even though we all have cards and debits and all that we still use cash sometimes which means it will take a lot of time before we can even be in discussion of replacing cards.

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August 10, 2018, 12:14:32 PM
 #369

Crypto will coexist with fiat, imagine life without cash and having to pay everything through crypto viewable on a public blockchain.
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August 10, 2018, 03:21:53 PM
 #370

Although some goverment or company in the world do not approve the Crypto but in think in the near future, it will be accepted and replace the role of fiat in the economy or banking. It is the same as the card was replaced the cash in the past.


It does not seem quite certain that crypto will take over the role of Fiat. Governments or banks have no interest in the widespread use of crypto. Blockchain probably will use the transaction, leaving crypto somewhere on the sidelines.
Oh no, I think they do, but it is crypto that they control that they want to support. I am observing the development here with great interest, and the question of crypto (in some form) replacing fiat has been the most interesting crypto-related questions to me for a long time. For instance, what about the trend to replace cash with banking services, like contactless payments, that my country is a leader of. Is there a nieche for crypto too?

Well government interest is there but that not enough to pick btc over a system that has been used for the longest time and has been the backbone of basically anything financial. And interest doesn't always amount to positive outlook towards btc since many goverments don't see it in a positive light. The journey of btc to mass acceptance is still fsr from midway so thinking about it replacing fiat is a way too premature.

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August 10, 2018, 03:38:40 PM
 #371

Crypto will coexist with fiat, imagine life without cash and having to pay everything through crypto viewable on a public blockchain.

Yes fiat currencies will remain where it is and soon cyptocurrencies will be use as what fiat do. I am hoping this will come true soon and a lot of us will be surely using this and will give us good profit.

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August 10, 2018, 03:47:24 PM
 #372

Although crypto use is increasingly massive and growing, but I am sure that fiat will continue to survive, this is because fiat is fully protected by the government, even disrupting fiat will make the government do everything to protect fiat.

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August 10, 2018, 03:48:48 PM
 #373

Crypto will coexist with fiat, imagine life without cash and having to pay everything through crypto viewable on a public blockchain.

Yes fiat currencies will remain where it is and soon cyptocurrencies will be use as what fiat do. I am hoping this will come true soon and a lot of us will be surely using this and will give us good profit.
well, of course this is very difficult to do, because basically a country will be legal if they also have a currency or fiat which is their symbol. even though it's in the form of crypto, I think the name must be the same. I know so many people who want this, but I think it's very difficult to happen.

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August 10, 2018, 03:57:13 PM
 #374

Crypto will coexist with fiat, imagine life without cash and having to pay everything through crypto viewable on a public blockchain.

Yes fiat currencies will remain where it is and soon cyptocurrencies will be use as what fiat do. I am hoping this will come true soon and a lot of us will be surely using this and will give us good profit.

We hope that, in fact many things can be more useful in crypto and fiat cannot be done, this is what makes me invest crypto because I believe in the future.

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August 10, 2018, 06:34:44 PM
 #375

Firstly, it is to be shown that governments allow the victory of cryptocurrencies.
In any case, before these become common use it will still take a very long time, and there will always be a large chunk of the population that will prefer paper money.

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August 11, 2018, 07:23:18 AM
 #376

Cryptos haven't replaced the fiat yet and it won't in future too as many economies have declared it as an illegal tender. Without complete support and consistent flow cryto cant replace the fiat . Hope you got me! Wink
It is not yet even possible so soon. I think that it will take a lot of time, no doubt that even now in some place prefer to use bitcoin, but they are still using it as optional and not for everything they want. Therefore I think that it will take a lot of time when bitcoin will become so popular to use for everything instead of fiat currency.

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August 11, 2018, 11:09:08 PM
 #377

There are still too many problems to solve, and in any case the number of bitcoin users is still too limited.
Perhaps, when there is real regulation, we can speak of substitution, but for the moment it is only science fiction.

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August 12, 2018, 01:20:53 AM
 #378

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.   

Correct this is why KYC is dangerous.  Once they place you to your wallet address you are under the worst tax enslavement system man has ever seen.  A technological trap tracking everything.  This is why I plead for people not to participate in KYC. 

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August 12, 2018, 01:49:03 AM
 #379

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 believe cryptocurrency can't replace fiat because the purpose of crypto is for investment only and is dependent on digital network to perform any transactions while fiat can be used anytime regardless of internet connection.
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August 12, 2018, 02:10:11 AM
 #380

The advent of cryptocurrency could be the beginning of a new way to exchange value. This development can easily be associated with how email disrupted the post office. Email broke the post office’s value chain system since it introduced a new order where you could send a letter without a stamp. Similarly, cryptocurrency enables you to send or receive money without an intermediary. This bank-less system will ultimately do away with banks.
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