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Author Topic: Crypto replacing fiat?  (Read 3473 times)
gandhe83
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July 24, 2018, 08:23:54 AM
 #41

There will be a lot of problems with crypto integration. History remembers the example. when gold was replaced with paper money (it was quite recently). People had to rebuild their minds, but we see the result. There will be a lot of problems with crypto integration. History remembers the example. when gold was replaced with paper money (it was quite recently). People had to rebuild their minds, but we see the result.
It's correct. Exactly. There will be many opinions and many issues about this issue. However, it is similar to the history of gold and cash that has been compared to each other. And now what is between Crypto and Fiat? Surely people will also understand what the outcome, what is valuable to the community that convenience will be welcomed by the community. I think we need to consider and then give our opinions.
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July 24, 2018, 08:34:09 AM
 #42

It wont happen, because fiat is our traditional currency which can be used anywhere in entire country while crypto currency will depends on the demand and supply and the value is not stable, crypto currency is not yet accepted in different businesses which only offered in limited company who are aware in this digital currency.

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July 24, 2018, 08:35:47 AM
 #43

Well, i think if crypto currency repaced fiat. We would be walking around with some sort of credit card in our hands and all transactions will be done through that. Of course we would still banking so internet access in homes are a must and everyone would have hardwares at homes or on their phones to access them. I think it would be great.

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July 24, 2018, 08:56:15 AM
 #44



I always see this to happen probably in about 25 years later, everything changes so if governments really do see blockchain to be the future technology then we may see the changes in less than 25 years. Let's say its not tether nor the XRP, maybe they will start having their own. Developers today can come out of something beyond what we can think of.

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crazymelons12
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July 24, 2018, 09:12:23 AM
 #45

Fiat currency is better if we will be talking about reliability or stability of the prices. It is hard to buy something if volatility strikes moving downward. And network is always a requirement for a transaction which means if a network is cut momentarily you will have to wait until payment will be made via a successful transaction. So this is a very big disadvantage which fiat can easily manage and cryptocurrency cannot do well. So I don't think something good is going to happen withuout fiat.
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July 24, 2018, 09:22:26 AM
 #46

Its not that easy to replace Fiat, will take long long time. most of the banks would consider crypto as their enemy

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July 24, 2018, 09:33:34 AM
 #47

In my opinion, crypto can not replace fiat.Because there are many reasons to explain this problem.But mainly rely on three main factors: lack of mercy in the scalability, stability and trust.Main So many banks have talked about the possibility of crypto replacing fiat is very low.

Deepa18dec
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July 24, 2018, 09:54:02 AM
 #48

Crypto will become more famous but it will never replace fiat because of price crypto is not uniform and I don't think it would ever be. And then there would be problem of scalability too.
uchechiboy
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July 24, 2018, 09:57:15 AM
 #49

cryptocurrency can never be replace by the flat because after the globalised cryptocurrency becomes flat .however it is similar to the history of gold .
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July 24, 2018, 10:41:33 AM
 #50

I don't see the point of focusing on something that won't ever happen and doesn't need to happen.

Who cares what fiat is doing when we can use Bitcoin right now as money already? It's people's toxic mentality that needs to change, because the less people spend their coins, the less merchant incentive there is to jump on board. In other words, people should look in the mirror and understand what the underlying problem of everything is. It's YOU.

Everything right now is in our own hands and we can make or break this ecosystem. Governments must be laughing their asses off with how people here just use crypto for speculative purposes.

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July 24, 2018, 10:47:59 AM
 #51

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.   
it is quite hard to answer that question right now because we're not seeing any perspective model of how it would look like so even a prototype of that is not even existing right now.

nl247
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July 24, 2018, 11:04:29 AM
 #52

Firstly, I really do not see the likelihood of this happening and even if it did eventually get to happen at all, I am sure by then, all the worries you have stipulated would be something each person would have gotten used to, most especially when it comes to the idea of your record being opened to the whole world knowing your worth. Do not forget though that with just a click, public addresses can be changed and do not also forget that not all cryptocurrencies are pseudo anonymous.

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July 24, 2018, 12:11:25 PM
 #53

Both have the same purpose as a currency. But I think crypto especially bitcoin cannot replace our fiat money. Yes, bitcoin can be used in paying bills, online shopping, buy loads, purchase goods and services but I am pretty sure it has limitations. Limitations in the sense that only those people who are exposed to new technologies like a computer with internet connections, smartphones, laptops and anything that can be used in online transactions are benefited if crypto replace fiat money.
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July 24, 2018, 05:25:13 PM
 #54

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.   
Firstly, I don’t see that happening and I think this will never happen. Cryptocurrencies can never replace fiat. At the most both will co-exist. If there is only one to stay then it will definitely be fiat and not crypto. Secondly, anyone cannot see you holdings of Bitcoin. Bitcoin is pseudonymous implying that only the person with whom you are transacting in Bitcoin can see your holdings and not everyone.

  

 
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July 24, 2018, 05:51:31 PM
 #55

I think it won't happen because not all of the people would understand this type of currency and those that doesn't have knowledge will be the ones who will harder to adopt it. Fiat makes our world balance while Bitcoin in the other hand makes another currency and its by form of virtual and doesn't have the qualities to be the main currency of the whole world. So having those two separate from each other will be the best possible to happen in the near future.

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July 24, 2018, 05:59:13 PM
 #56

It might happen but it might take a very long time, digital currencies continue to grow and many governments in the world begin to study the use of cryptocurrency for their people.
But, fiat money is a currency that has been used by humans for a long time, each country has its own currency and has used fiat money for all their daily needs, they will still love fiat money under any circumstances.
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July 24, 2018, 06:19:48 PM
 #57

Personally, I will never see this happen. Crypto will exist but fiat will exist as well. They will co-exist because they have different features.

We both need fiat and crypto. In my opinion, we can reap the benefits of both crypto and fiat so why any of the two should disappear?
True both are very usefull and fiat will not be replaced by any crypto money instead they will both help other to mentain each usage,,,and i beleive that really no one will be gone as youve said mate it will stay forever qnd be our forever partner.
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July 24, 2018, 06:49:40 PM
 #58

~
I believe this is the reason why the governments are pushing for the regulation of the currency because they want to know the users that uses the cryptocurrency so that they can be taxed accordingly.

If any government believes that cryptocurrency could be regulated then consider it be Hoax! You may regulate a wallet, exchange, forum, chats and take data from them but you can't regulate blockchain.

Blockchain provides such invincible technology that no outer force can harness it. Every data on blockchain is Pseudo-Anonymous. Though it could be tracked upto certain degree using Hash or Transaction ID but real identity could be easily hidden in blockchain.
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July 24, 2018, 06:54:27 PM
 #59

Cryptocurrency cannot actually replace fiat. I don't think crypto will function well like the fiat. Let fiat continue to exist. Let crypto also be in use as well.
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July 24, 2018, 08:40:44 PM
 #60

I think crypto can't replace fiat anymore, because in every countries must have their currency and that currency is backed by their goverment.
If this happen, I mean crypto has replaced the fiat I can't imagine that people who don't understand about it then it will make people do crimes to rip their asset.

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