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Author Topic: Crypto replacing fiat?  (Read 6211 times)
amber deposit
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August 13, 2018, 02:43:46 PM
 #401

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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August 13, 2018, 03:34:51 PM
 #402

Personally, this is the thing that never happens.





I think there are some good deeds that can be given like faster transactions to anyone who uses them. But before that happens, surely this will be a world discussion.
There are so many possibilities here if the cryptocurrency will remove or change the FIAT currency there are some people who don't want to use it because they don't know.
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August 13, 2018, 03:56:43 PM
 #403

The main problem is - governments. Governments control fiat currencies. They use central banks to issue or destroy money out of thin air, using what is known as monetary policy to exert economic influence. They also dictate how fiat currencies can be transferred, enabling them to track currency movement etc. Governments won't prevent it, because they don't have access to cryptocurrencies. (my opinion)
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August 14, 2018, 05:49:52 AM
 #404

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 don't think this will happen. because in almost all countries no one agrees with crypto and only recognizes limited digital investment assets.
if that happens a country must eliminate the currency in the country itself and replace it with bitcoin.
but I am very sure that no country will agree with all this.
Or maybe for some time they can run parallel, like in Japan? They say in Japan Bitcoin was accepted last year as an officail currency next to Japanese jen.
Till now I have reached to a conclusion that for everything in this life, there are two type of supporters. One, who want things to be fine at different moments while others are the extremer’s. The later ones are most dangerous. They don’t let their mind at cool and relax conditions. So if you think these two, bitcoin and fiat, can’t just live accompanied, don’t be extremist.

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August 14, 2018, 05:59:38 AM
 #405

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.   
for me it will not happen anymore because cryptocurrency is not a stable currency it is always changing because this is a type of investing and  if you enter a lot of fiat money with a low price you will get a triple of your fiat if the crypto pump!
kate.poisonglen
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August 14, 2018, 07:02:51 AM
 #406

Cryptos will never fully replace fiat.
During the dotcom bubble in the beginning of 2000s everyone was talking about the internet fully replacing traditional means of communication.
Now the internet peacefully co-exists with usual mail, phones, telegraph, etc.

The same fate awaits cryptos. They will be implemented in those areas of life where they are truly needed and co-exist with bank cards and cash.

Also, with the current state of cryptos, mass adoption is not likely due to the network limitations.
7-8 TPS on bitcoin network, 15-19 on Ethereum, 47,000+ on VISA.
(https://pbs.twimg.com/media/Djm0457VsAAwZ9I.jpg)

EOS has good chances with its current maximum of 3,700+ (http://eosnetworkmonitor.io/). But the price volatility is still a huge stop-factor.

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August 14, 2018, 07:24:26 AM
 #407

I don't think crypto adoption will get to that level. I rather believe that it's possible for them to complement each other but to totally replace paper money is not possible. Secondly, some service providers allows you to generate a new wallet address, so tracking is definitely could be avoided.

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August 14, 2018, 07:40:29 AM
 #408

Surely the crypto are destined to win, but before replacing the cash it will still take a long time: to use the crypto we need a technology that not all have, and  for many people cash is still the main monetary base.
We'll see what happens.

It can replace fiat partly, especially in most of the online operations. In real life, fiat will be welcomed more than the cryptocurrency - when you use traditional money, no Internet connection is needed.
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August 14, 2018, 10:29:27 AM
 #409

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.   
Bitcoin is not going to replace fiat. If such a thing should happen then we are going to find it very difficult to cope with it. There are lots of people who don’t make use of internet, and lots of them that don’t have device like smartphone and computer.

So how exactly are you going to give money to those people. Fiat is here for us both physically, offline and online, there are banks and they all have mobile banking apps to make transaction and paying of bills quick and easy.

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aditasetia123
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August 14, 2018, 10:37:40 AM
 #410

Surely the crypto are destined to win, but before replacing the cash it will still take a long time: to use the crypto we need a technology that not all have, and  for many people cash is still the main monetary base.
We'll see what happens.

It can replace fiat partly, especially in most of the online operations. In real life, fiat will be welcomed more than the cryptocurrency - when you use traditional money, no Internet connection is needed.
that is right, for online usage such as for payment in online shop it can do.but in daily transaction it need long time to acceptable.regulation and legalization for goverment be main issue right now.and most of them still restric bitcoin as dailiy payment.

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Dimon8
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August 14, 2018, 11:10:13 AM
 #411

It is possible that in the future, which we do not see, this will happen. But it will be a smooth transition, which will take some time to be painless. There is a process of global globalization, and the transition to crypto-currencies will be beneficial to the world government.
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August 14, 2018, 11:13:26 AM
 #412

personally I do not believe that crypto will not replace fiat, in a country it needs a physical non-digital currency because many small people do not understand crypto development

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August 14, 2018, 11:40:51 AM
 #413

Paper money by itself is short-lived, so it is natural that they will be replaced by a certain replacement of the monetary equivalent. It is possible that it is precisely the crypto currency prepared for this role, the role of world money.
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August 14, 2018, 12:02:36 PM
 #414

I am not sure that cryptocurrencies will never replace the FIAT currency for any reason FIAT will remain the main currency used by humans in the world.

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August 14, 2018, 12:24:18 PM
 #415

To be honest, i am not believe that crypto will replace fiat. Because Fiat will be the main currency use in the world market. Besides, a country needs real fiats or non-digital currency for daily living.
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August 14, 2018, 12:29:33 PM
 #416

Fiat is a currency, used and control by the government globally in several countries base on there economic factor, I do not see crypto replacing fiat as it is a different sector with a technological backing compare to fiat which is a currency legally backed up by a law in several countries.
Well lets not close this discussion. We can see the positive effect of using bitcoin. We can not really say that the only function of bitcoin or the crypto is to serve as an investment. There are establishments who are accepting bitcoin as a form of payment. Therefore bitcoin is slowly adopted and functioning as a currency. Well who knows what might happen next.
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August 14, 2018, 12:29:51 PM
 #417

The problem is the safety of our account, i believe when crypto replace fiat it means the value will be more stable and the transaction could be fast as fast using debit card. But the security of our account is so vunerable, or maybe there will be a wallet that cant be hacked.

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August 14, 2018, 01:56:57 PM
 #418

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.  

Fiat being replaced by crypto is hard to imagine. I think it is impossible to happen for a reason that not all the people will approve it particularly the officials. Also, if ever it will happen, the safety of our account and money will be at risk due to the vulnerability of its. Another one, people will have a hard time understanding and accessing bitcoin because not all of us are techy.

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August 14, 2018, 03:21:27 PM
 #419

Crypto if the time it will be legit ,it will not totally replace fiat money, it will just go with fiat money, because cryptos are only used to places where enough power supply and adequate supply of internet connection, but to the places where power supply is scarce and internet connection is limited then fiat money is still be usrful as a medium of exchange,
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August 14, 2018, 03:25:34 PM
 #420

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.

Exactly. Crypto currency is not yet in a position to outshine fiat because of so many reasons besides internet connection. There are many things that you do with the fiat or paper money that crypto is not possible to carry out.
Certain policies made to control inflation and unemployment are build around fiat and can only be used as long as we have fiat working in banks. If fiat is outshines by cryptocurrencies, the system will change and in the presence of crypt which is not a fiat, the policies would simply fail to work.
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