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Author Topic: Crypto replacing fiat?  (Read 4579 times)
BitcoinTurk
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August 16, 2018, 02:48:51 PM
 #461

Although it is unlikely that such a situation will occur in the near future, I think it is possible to realize this in the coming years. Even if the transition is not complete, countries may market digital versions of their existing money, and cash usage over time can be completely abolished. Of course, if this happens, this market will be affected because if all states start accepting crypt money as an official currency then regulation will also be necessary. That is why I think it is very unlikely that there will be such a situation in the near future, but I think that it will be considered in every detail in the long term and that the use of cash will end in the future. Of course, estimating time will not be easy, but I am not likely to see it happen in the next 20 years.

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mr.nby
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August 16, 2018, 02:52:47 PM
 #462

Crypto will be an alternative to fiat money. It does not seem that it could completely replace fiat. There are too many restrictions for now. It is more likely to use blockchain technology for bank transfers.
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August 16, 2018, 08:17:19 PM
 #463

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.  

Most Fiat currencies already exist in digital form, I guess. So the digital aspect  is not a reason they would be replaced by Cryptocurrency? Except maybe people want decentralized currencies to escape censorship or takeover of their finances by governments.
If what you mean is replacement of physical cash,  they already plan to achieve it with their Cashless society.
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August 16, 2018, 08:35:56 PM
 #464

Maybe one day the cryptocurrencies really will replace the fiat, but it would be such a huge revolution that I do not think it's possible in the short term: there are still too many steps to take.
But one day, who knows ...

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August 17, 2018, 06:22:42 AM
 #465


But we got to admin, more and more people are not very trusting to their government and banking system these days due to what had happen in the past like in Greece or worse was what had happened in Zimbabwe. Venezuela and some developing countries where there political meltdown is about to spread, the citizens in these countries are likely to be interested in BTC to store their wealth which is why they foresee bitcoin as the future. Fiat isn't going away though.
The reason behind the fact that people will still need real money is that they can use their instruments of fiscal and monetary policies to control inflation and unemployment. The policies built around the fiat system and made that way and can solve the problems by increasing or decreasing the supply of money in printed form into the economy. Crypto alone is alone and will not be able to assist the users in that way.
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August 17, 2018, 06:27:56 AM
 #466

There are a lot of people who think that governments eventually will move from using FIAT to
using crypto like we all follow and like here on the forum, but it wont happen because it is totally
out of their control.

Governments will move from FIAT to their own centrally controlled digital currency and yeas that
will come with the government controlled "track and trace" system we dont like.

Governments won't move to using cryptocurrencies. But it is still possible that people will move to using cryptocurrencies and fiat will just have a role in taxation and other government aspects. That is still a long, long time away,in my opinion.

That's right. Governments won't move to using cryptocurrencies. I agree with comment of you.
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August 17, 2018, 06:59:12 AM
 #467

I can give several reasons why cryptocurrencies will never replace fiat. There is not up to 10% probability of this happening. Cryptocurrencies are getting better and famous but its operations are quite different from fiat. Fiat will always remain fiat.
Fiat currency is benefiting government in numerous ways and that is the reason that cryptocurrency can not do more for governments in many ways. Government has hold over fiat but not on cryptocurrency which is the biggest reason why crypto can not replace fiat. However cryptocurrencies especially the Bitcoin contributes more to economy that is why most developed countries are using it for the progress of economy.
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August 17, 2018, 07:56:04 AM
 #468

It still depend on the government or monetary authorities if they like the idea of decentralized cryptocurrency replacing centralized fiat in the future. The majority of the people in this present generation may not welcome yet this kind of currency because they are still used to fiat. Maybe in the next generation when all system are digitalized and people are already well-verse in internet, cashless society will eventually take over.

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trauchot
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August 17, 2018, 08:07:46 AM
 #469

I think it will be much easier to work with cryptocurrency than with fiat, we will not need to forever convert currency in real time and it can be done in the Internet, also if anonymity would be saved it would be a huge plus, but this is unfortunately impossible. Similarly, transactions related with cryptocurrency are much faster and safer.

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August 17, 2018, 08:12:50 AM
 #470

From paper fiat money to digital fiat money, it took around 12 years, we couldn't expect 12 years ago.
So I believe crypto money will replace digital fiat money, although the crypto money is various -- some decentralized, some still centralized. But all will use blockchain technology to record.
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August 17, 2018, 08:33:58 AM
 #471

Well, for me it’s hard to say what is going to happen if cryptocurrency will replace fiat. But I have another question: why do you think that cryptocurrency and common money can’t co-exist? To be honest, I don’t think that crypto will fully replace fiat. But it’s also truth that I can’t be sure about it.
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August 17, 2018, 08:42:33 AM
 #472

Cryptocurrency can grow very fast and strong, however, so that crypto can be traditionally fiat currency is very unlikely. People still use traditional currency for a very long time
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August 17, 2018, 09:07:24 AM
 #473

I used to think that bitcoin would be able to replace Fiat, now it does not.
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August 17, 2018, 09:16:36 AM
 #474

Crypto can have many advantages over conventional currency systems, however, crypto cannot completely replace fiat money, in everyday life, there is always a lot of demand for traditional money.
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August 17, 2018, 09:28:03 AM
 #475

Crypto can have many advantages over conventional currency systems, however, crypto cannot completely replace fiat money, in everyday life, there is always a lot of demand for traditional money.
crypto can have a lot of users, and it can be used for a country, but I think a country will not change the currency they have with bitcoin. besides, bitcoin also has values that are difficult to guess, and change very quickly.

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August 17, 2018, 09:32:55 AM
 #476

The idea is very costly, but it is not practical, there are a large number of people who do not know about cryptocurrency, many still think that crypto is not safe. There will never be 100% of all people believe in crypto.
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August 17, 2018, 10:05:42 AM
 #477

If the code really can replace the fiat I think it will not be sustainable, people will no longer believe in government, the government will always seek to manage people, social disorder will happen, this is not good.
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August 17, 2018, 10:18:15 AM
 #478

Crypto can have many advantages over conventional currency systems, however, crypto cannot completely replace fiat money, in everyday life, there is always a lot of demand for traditional money.
crypto can have a lot of users, and it can be used for a country, but I think a country will not change the currency they have with bitcoin. besides, bitcoin also has values that are difficult to guess, and change very quickly.
they need to regulate cryptocurrency first.but in my opinion it never can change fiat with cryptocurrency.each fiat printed it need gold as the guarantee.this think can not crypto currency do.

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August 17, 2018, 10:24:21 AM
 #479

it is not possible, fiat will remain a currency that will continue to exist anytime and will not be replaced by anything including crypto because crypto requires internet access and fiat does not need it all, so everyone will still use fiat
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August 17, 2018, 10:25:51 AM
 #480

As the crypto replaced fiat, perhaps the government had complete control over the cryptocurrency. People will have to pay taxes for their virtual currency, the cryptocurrency market will become boring and slow growth.
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