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Author Topic: Crypto replacing fiat?  (Read 6112 times)
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August 19, 2018, 05:48:24 AM
 #541

Crypto should not replace Fiat, it should become a separate currency.
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August 19, 2018, 05:53:31 AM
 #542

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.   

One of the best possibilities in the near future. But as far as we can see, and just for my own opinion, I think it will never happen. Yes we may end up liking this scenarion but cryptocurrencies can not replace fiat money since fiats are part of the huge success of the world's economy.
not only economic success, I think Fiat is also a symbol of a country's currency, so the state and fiat cannot be separated. well, so many reasons underlying why bitcoin cannot replace fiat.

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August 19, 2018, 09:20:20 AM
 #543

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.   

If we transaction on merchant with crypto, merchant must be keep our transaction record and hiding our wallet address. I think its just a minor problem that should not worry. Crypto need long time to replace fiat because many government still not accepting crypto for payment

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August 19, 2018, 09:37:14 AM
 #544

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 think the main problem we face is robber will disappear and hacker will increase. Transaction will much easier thanks to that, we not need to afraid losing our real wallet again but we should pay attention to your private key.

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August 19, 2018, 04:14:34 PM
 #545

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 think in 5-10 years in the shops no one will even take fiat money. After the next global financial crisis, the majority will go to the blockchain and cryptocurrency.
And about tracking, there are such services as cryptomixers and they will come to a new level of anonymity.
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August 19, 2018, 04:58:45 PM
 #546

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 think in 5-10 years in the shops no one will even take fiat money. After the next global financial crisis, the majority will go to the blockchain and cryptocurrency.
And about tracking, there are such services as cryptomixers and they will come to a new level of anonymity.
I also feel like that, 5-10 years later the people will use crypto as means of payment replacing fiat,
now has not happened because many people who have not known about crypto.

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August 19, 2018, 05:08:10 PM
 #547

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 think in 5-10 years in the shops no one will even take fiat money. After the next global financial crisis, the majority will go to the blockchain and cryptocurrency.
And about tracking, there are such services as cryptomixers and they will come to a new level of anonymity.

fiat will adjust to full adaptation to crypto/altcoin currencies.

This potential is very large, where many countries cannot bear the influence of usd in suppressing global currencies so they will definitely think of more prospective alternatives such as bitcoin.

the possibility is that there is a shift in the conversion center of the USD and finally many countries believe in the conversion of bitcoin. But this can only happen in digital transactions because it is very difficult to change the mindset to release the physical currency entirely as a transaction tool.

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August 19, 2018, 05:34:08 PM
 #548

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 imposible for cryptocurrency to replace fiat because it is still not legalized by other countries and for now cryptocurrencies has a low price in the market. It will take a long time for cryptocurrency be replacing fiat because for now not everyone are using and investing in cryptocurrency.
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August 19, 2018, 08:48:41 PM
 #549

I'm seeing that scenario that bitcoin will replace fiat in the far future. Uts because the technology on earth was growing very fast. People may think that bitcoin is less hassle than fiat that you bring every where putting in your wallet.
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August 19, 2018, 11:26:18 PM
 #550

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.  
Well you have a good point but i think replacing fiat is okay because crypto is for the future of this world so when crypto completely replace fiat it will be a good news because we can now used our crypto as our currency and that is the main goal of cryptocurrency
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August 19, 2018, 11:32:46 PM
 #551

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.   
Cryptocurrencies are not having a stable market value due to market volatility so in the first place, replacing fiat which is supported by different countries as the medium of payment, is really impossible st thid point. But if it would happen, equality in the world market will not be met by cryptos due to changes everytime on their market price.



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August 20, 2018, 01:34:43 AM
 #552

Yes crypto is for sure replacing fiat.  Do you not find it odd the world governments are doing nothing to stop this rival to their fiat empire?  This is the new government money.  Your alive during the transition. 

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August 20, 2018, 02:12:04 AM
 #553

I think it's impossible. because fiat will continue to exist
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August 20, 2018, 06:19:46 AM
 #554

Although crypto usage continues to increase, but I am sure that this will never be able to replace fiat, maybe both will go together so that crypto's presence is complementary to the existing transaction system.
No doubt, at the present moment bitcoin and all the crypto currencies are not being used as currency. People do not understand its importance and facilities very well but developed countries have accepted it already. Their citizens are enjoying purchases and payments in it to some extent. One day in the future, bitcoin will replace paper money.

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micleeiu398
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August 20, 2018, 06:46:55 AM
 #555

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.
Those countries in which crypto currencies are allowed like USA or Canada, it means the government of these two states have legalized digital coins and as far as the google articles go, citizens of such states are already using bitcoin in payments to some extent. It is just a matter of time before bitcoin and altcoins are accepted as medium of exchange worldwide.

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August 20, 2018, 06:52:15 AM
 #556

I think it is not possible to replace the fiat with the cryptocurrency because cryptocurrency is very new to fiat world and it is not recognized by the governments. Still, there are many people who don't have a strong belief on Bitcoin because it is completely digital currency and that to online currency.
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August 20, 2018, 06:59:40 AM
 #557

I think that in the future, governments will replace fiat to crypto because of its usability in terms of efficiency.  People will not bother hoarding fiat and put them into banks because it is dragging or storing them in your secret vaults. With cryptos, you can buy anything you want with only the use of technology, example gadgets like smartphones. Governments will surely see the good side in using this cryptos and I think major changes will happen sometime in the future.
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August 20, 2018, 09:58:34 AM
 #558

Yes crypto is for sure replacing fiat.  Do you not find it odd the world governments are doing nothing to stop this rival to their fiat empire?  This is the new government money.  Your alive during the transition. 
I think they are doing nothing about the rise of cryptocurrency because if they are to do something, it will only make people know about bitcoin even more. It's called the Streisand effect (read more) For example, them banning bitcoins or any crypto-related site in your country's ISPs (i.e. making all crypto sites inaccessible) will only raise more attention to the topic. There will be viral articles talking about it and people will ask themselves, "What is this cryptocurrency thing and why does the government doesn't want us to see it?" Hence, they are going to research about it.

People like being involved in something that's a little bit underground. So once crypto sites are banned in your ISP, you're going to use a VPN just to access the crypto sites. A normal individual will feel "cool" or whatever and do a further research about crypto. It's a lot more engaging now that it's not allowed.

tl;dr: They are preventing a phenomenon called the "Streisand effect". (read more)

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chomli
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August 20, 2018, 10:03:07 AM
 #559

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's not really viable due to the third world sector n the historical occurrences in the banking industry during the colonization Era
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August 20, 2018, 10:15:18 AM
 #560

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