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Author Topic: Crypto replacing fiat?  (Read 6211 times)
RedzoneASE
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August 18, 2018, 01:41:27 AM
 #501

In my views cryptocurrency replacing fiat is not to realistic. If we consider how much time we could fully develop cryptocurrency then we could say it would take a decades or more for it to be accomplished.

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August 18, 2018, 02:41:02 AM
 #502

I believe so that crypto will indeed replace fiat money. We are now on advance society and digital money is more advance money so it will one day replace fiat.
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August 18, 2018, 02:49:01 AM
 #503

I think crypto wull never replaced fiat,first it will due a long term process before it will implement ,those who has no knowledge about cryptocurrency,it will hard for them to understand and use it.I think crypto is only for payment system this will surely happens in future.
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August 18, 2018, 05:48:44 AM
 #504

Fiat will never be replaced by cryptos, it can be used as an alternative way of payment and in other transactions but fiat currencies will always be used no matter how many countries and people accept cryptos. First of all, fiat currencies are used in different countries where governments can track and trace its distribution, while cryptocurrencies on the other hand, is decentralized and csn't be controlled by government. They can't put tax to those people who have cryptos in their wallet. Government will never allow cryptos to take over the world, not unless they can have total access to these cryptos.

Most government do not want fiat replaced by crypto because government and central banks can not control crypto supply. In few advance country, bitcoin can used for payment but its hard to replace fiat for transaction as long bitcoin transaction take long time for confirmation

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August 18, 2018, 05:58:55 AM
 #505

I really do not see a future where Crypto replaces Fiat. Honestly, such a future is not desirable. Even if it was desirable, quite a number of factors will not permit it to happen. I think the first major factor is government. Governments will never allow the eradication of Fiat currency. The eradication of Fiat will also mean the eradication of central banks. And this will mean complete loss of economic control by the government. I don't see any government letting this happen. Unless of course digital currencies will cease to be the way they are presently and face some really stiff regulation.
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August 18, 2018, 06:41:38 AM
 #506

Fiat will never be replaced by cryptos, it can be used as an alternative way of payment and in other transactions but fiat currencies will always be used no matter how many countries and people accept cryptos. First of all, fiat currencies are used in different countries where governments can track and trace its distribution, while cryptocurrencies on the other hand, is decentralized and csn't be controlled by government. They can't put tax to those people who have cryptos in their wallet. Government will never allow cryptos to take over the world, not unless they can have total access to these cryptos.

Most government do not want fiat replaced by crypto because government and central banks can not control crypto supply. In few advance country, bitcoin can used for payment but its hard to replace fiat for transaction as long bitcoin transaction take long time for confirmation
You're right, I think most governments that support this development only support in the digital world. it was not supported to replace fiat currency. well, but I think we really need that, because I think bitcoin will disrupt the economic system if bitcoin replaces fiat.

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August 18, 2018, 07:11:40 AM
 #507

If crypto usage continues to increase then I am sure that someday crypto will soon replace fiat, this is because crypto transactions are easier, cheaper and certainly safer than fiat transactions.
Is it really the case, though? When sending money, it's not really "easier" since both bank transfer and bitcoin transfer can be easily done with your fingertips. They both have mobile apps. I wouldn't say it's "cheaper" since bank transfer doesn't have fees as long as you are using the same bank, at least that's the case in my bank or in my country. Both are safe for transacting as well.

In real life, it's easy to take out a fiat out of your pocket and hand it to the seller and it is to take out your smartphone, open your data connection, scan a QR code, and send the money. They are both easy. For the fees, paying with fiat has zero fees and paying with bitcoin has, but it's so insubstantial that it's almost zero dollars.

The safety is where they aren't a tie. Let's say when you were taking out your fiat from your wallet, your wallet got stolen. It's okay since you can always just bring enough money to survive the day. You can bring as little as possible and wallets cost about 2$. But let's say while paying with your smartphone, your phone got stolen. Even when the bitcoins there is very little, the phone itself is very expensive and is pretty much what the snatcher is after.

But if you're saying "safety" as in "security" when sending the money.. Who got harmed by simply handing over a fiat? And who got hacked by simply scanning a QR code and sending money? Both are secured.

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August 18, 2018, 07:33:23 AM
 #508

Crypto replacing fiat will never and ever be possible. Wr got to have separation of powers here. If it happens so,most people will be attached easily because the current amount you have in your wallet is publicly known.

Aside from that, i have a strong belief that it near impossible to have fiat replaced by crypto because in the first place, the downside of crypto being unable to be use  when there is no internet connection can raise concerns before that ever happened because how can you buy food to eat when you're hungry when there is no internet connection at all?

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August 18, 2018, 08:18:18 AM
 #509

It will make us no longer worried about inflation so the tendency to choose altcoin or bitcoin to replace fiat as a valuable asset when we see currency fluctuations and other uncertainties, That's why altcoin buyers are increasing
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August 18, 2018, 08:23:54 AM
 #510

Ctyptos can not replace fiat money totally, inthe highly urbanized city and places cryptos can replace fiat but for places where there is not enough internet connection cryptos can not replaces the old fiat money, it will still continue to be used in this area.
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August 18, 2018, 08:44:28 AM
 #511

That will never gonna happen, crypto replacing fiat money is just a dream and we have to face the reality that it is very impossible for that to happen. Fiat is what we use for so many years and it is important for on everybody else's lives. The fact that crypto is only use with the help of the internet and you we can only do transactions online but not all people has an access through the internet that is why Fiat is important to many people. Crypto will exist together with Fiat but it never replace it.
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August 18, 2018, 08:49:18 AM
 #512

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.   
This would be impossible since it is so hard to use just crypto alone without the aid of the centralized currency or the fiat money. As we all know that there are raw materials to be exchange and crypto is not necessary for this since the raw materials like fruits and vegetables coming from the mountain are being grown from the farmers which could not access internet. There is literally a slight chance of these guys to have a good internet connection therefore crypto will not going to replace fiat.

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August 18, 2018, 09:06:38 AM
 #513

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?

I agree with this since we cannot force everyone to be involved in this community if they dont see the potential that this may happened within their systems and I think will cut the idea of making this crysptoccurency which we called Bitcoin as a universal currency of fiat, due to the fact that not everyone has the capability to accept this in their country which lead them to banned bitcoin.

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August 18, 2018, 09:12:00 AM
 #514

Any of these two have their own feautures and they should co-exist. I see no reaason that fiat disapper in the future.
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August 18, 2018, 09:25:23 AM
 #515

Maybe in the future but not anytime soon. Technology has overcome the age of currency, no one knew gold will be replaced with paper, though Gold still hold its value, it is no longer accepted as a currency. Crypto may replace fiat but it may not be even called a crypto in the future, there may be a single digital currency one day that may be used as a global currency and it may not be associated with blockchain at all. Think of all the possibilities, we're still in the early stages of digitalizing every asset we own. It will still take 10 years before we see huge results. So yes, imo, one day maybe digital currency or crypto may replace fiat.
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August 18, 2018, 09:41:27 AM
 #516

Crypto will never replace fiat, it’s impossible. There are just too many things in this world that can’t be done without fiat, and there are influencers who won’t allow crypto to replace fiat because they need it.
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August 18, 2018, 02:16:11 PM
 #517

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.
You're definitely correct with what you said will happen if crypto currency take replace fiat because the people will that the government have fail us so many time so people will longer vote or trust the government. Besides, the national currency which carry symbolic sign of countries will worth nothing and this is the reason why the government are against crypto currency whenever they are still in office.

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August 18, 2018, 02:22:06 PM
 #518

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.   
We are all looking forward to that kind of system in the future but we should first see the pros and cons of having crypto as the currency of everyone. It may still take time before that happens since crypto was already banned in some countries. Having crypto as our currency can only do two things to us, make things better or worse.

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August 18, 2018, 02:48:12 PM
 #519

now is the digital era so many countries have applied digital money / e-money, but unfortunately still not using the blockchain system so it still can not be called cryptocurrency, because it is still centralized. I think if all fiat is replaced with cryptocurrency then transacation between countries will be more efficient. however, this is unlikely because each country has a central bank that has the right to monopolize fiat money use policy
The acceptance of people on crpytocurrency as a new form of currency in transaction is a good start for the development and the improvement of the system of cryptocurrency in terms of its market and the block where people could chose to have transaction that is base on cryptocurrency for better and faster transaction that would definitely help the development of the cryptocurrency itself.


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August 18, 2018, 03:28:33 PM
 #520

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 thinks we create an imaginary vision towards the future of  digital currency system through our mind,and i thinks all this become possible if crypto become regulated and legalized that's all your question can be answered but in the situation thats maybe can anyone can see your asset when you using the public ledger,i thinks everythings have its limits in order to become regulated and by this situation i thinks its private and no one can see our holding investment.
Yes that is not so easy that crypto will replace fiat currency so easily. No doubt that it will effect fiat and will surely reduce the use of fiat by the people, but still I do not think that it can totally replace fiat. I think that fiat and crypto currencies will go side by side for a long time.

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