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Author Topic: Crypto replacing fiat?  (Read 3317 times)
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July 24, 2018, 09:10:16 PM
 #61

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.  

In that situation bitcoin users are really In favor on that, but disadvantage for those people who doesn't know what Is crypto, especially In cryptocurrency. And government can able to manage the cryptoworld since It is become a centralized. But in my opinion, I think Its Impossible to be happen.

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July 24, 2018, 09:11:07 PM
 #62

Who do you think is behind Bitcoin?  They will for sure replace fiat with digital currency so they can watch every transaction on the block chain.  You realize you are tax cattle right?  Anyone who does not use the dollar gets bombed.  Bitcoin comes out and the us govt is cool with it?  Yeah right.  They are behind it.  
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July 24, 2018, 09:14:29 PM
 #63

No I don not think that cryptocurrency can replace fiat currency in the future.

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July 24, 2018, 09:18:49 PM
 #64

If we imagine a situation in which crypto completely replaces fiat, then it will take years to realize this. the world began to develop faster of course, but Fiat firmly rooted in the minds of people and it will not go away quickly.

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July 24, 2018, 09:56:09 PM
 #65

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.   
Maybe it will happen on the upcomming future since crypto now are very popular it will be possible that fiat will replace crypto.
I don't think it will happen this days, for sure that it will happen but it will in the next coming decades and not by this time, it is too early to predict this time and to tell that, when we have seen that little by little those countries who banned it will eventually adopt this then for sure that it will also happen.

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July 24, 2018, 10:27:41 PM
 #66

I don't see the possibility of crypto replacing fiat now and in future. But even though it does, there won't be much problem as, there will be more flexibility in operation of crypto
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July 24, 2018, 10:50:04 PM
 #67

It seems unlikely that such a scenario will take place. I don't think governments will allow such a structure that they can't control, they can make their own digital currency in future, but that's gonna be much different from current fiat currencies.

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July 24, 2018, 10:56:42 PM
 #68

there is no better turnover other than trading a BTC or it can also be with ETH and sometimes this can also be a state asset that is the best of any kind ..

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July 24, 2018, 11:01:10 PM
 #69

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.   

Maybe this will be happen in the city only and not in the entire country , there are country that have a cashless city or cashless society and that means people living in that particular city will not using Fiat money , instead they are using electronic money but not crypto.
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July 24, 2018, 11:01:19 PM
 #70

Others are too general for this discussion, there's already a reminder that only lack of "what if" but it's obvious OP said that what if crypto's already replaced fiat.

So stop saying, "I don't think this is possible" just answer his question.

how life will be and what are the problems we are gonna face and the immediate effects of it.   
Life will be faster, transactions will be automated and faster. This is the basic effect of technology.

The problem that we may face is there will be people who can't adopt this easily. That's the only problem that I can see if it will all go for digital currencies.

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July 24, 2018, 11:11:55 PM
 #71

It seems unlikely that such a scenario will take place. I don't think governments will allow such a structure that they can't control, they can make their own digital currency in future, but that's gonna be much different from current fiat currencies.

No, actually it could be the same or they could stay with the credit and debit card system. Just a card and no papers.
This will be a problem with the poor side though.
They will be forced to have an account in the bank and deposit some money if they need to transact something.

If digital currency is what they will create then it might just be the same as fiat. Just made it online. Same as USDT, something like that.

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July 24, 2018, 11:12:46 PM
 #72

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 seems unlikely that such a scenario will take place. I don't think governments will allow such a structure that they can't control, they can make their own digital currency in future, but that's gonna be much different from current fiat currencies.


As the years grow old their is nothing imposible in this world. Maybe by the next coming years digital money cryptocurrencies will replace fiat money. Cryptocurrencies is just like our high tech gadgets. Before many people did not believe that it would happend. And now we are using it, So I beleived that crypto will replace fiat and its not hard for the people to adopt this new technology.
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July 24, 2018, 11:42:25 PM
 #73

For crypto to completely replace fiat, the world needs to have an overwhelming increase in literacy rate. Some people on this forum are yet to catch a full grasp of how crypto actually works. How are other people who cannot read or write going to adapt? Also, we need to have a remarkable internet speed to serve the world's growing population since cryptocurrencies are the "money of the internet".
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July 24, 2018, 11:45:59 PM
 #74

It seems unlikely that such a scenario will take place. I don't think governments will allow such a structure that they can't control, they can make their own digital currency in future, but that's gonna be much different from current fiat currencies.

No, actually it could be the same or they could stay with the credit and debit card system. Just a card and no papers.
This will be a problem with the poor side though.
They will be forced to have an account in the bank and deposit some money if they need to transact something.

If digital currency is what they will create then it might just be the same as fiat. Just made it online. Same as USDT, something like that.

Actually, credit card only system seems pretty dystopian to me. That would basically mean that governments would be able to track absolutely all transactions. With paper money poor people still get a chance to earn for a living at a highly regulated market (minimum wage, licensing and etc.). With paper money abolished that would be a hell for them. Luckily, crypto can solve that problem.

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July 25, 2018, 12:07:38 AM
 #75

There are so many possibilities in here if the cryptocurrency will remove or replaced FIAT currency there are some people that doesn't want to use it because they don't know. There are some good deeds it can provide like the faster transactions to any people who use it. But before that happen for sure it will gonna be world discuss.
There will be a huge debate about this thing for sure, and I know this will not happen easily. I actually don't see cryptos to replace fiat, if that is the case cryptos will become more centralize so for me its not a good idea to replace fiat. Better to make a healthy competition with it and let people decide on what to use base on their liquidity.
i agree. It is better than letting the ones with the positions decide what we will have to use aas a currency. It will also be fun if only it will have a healthy competition, and it is also expected that it will be really a lomg process and has so long debate regarding this issues  and how will they implement it, if it will be authorized.

  
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July 25, 2018, 01:17:22 AM
 #76

whatever happens, bitcoin will never replace fiat money. it is impossible for a currency to be legalized by the state and become a symbol of the country's economy to be replaced by bitcoin which is actually a digital currency that is circulating in general and does not belong to a particular country or company.

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July 25, 2018, 01:40:38 AM
 #77

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.   


Like what other said its so impossible for crypto to replace fiat first things fiat has a historical value in any country, government are againts to cryptocurrency but whatever happen its all depend on them, lets ride with the situation as easy as you imagine.




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resty
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July 25, 2018, 03:02:24 AM
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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.   



That scenario is like a an insisting holdup of fiat money in real life. forced to kill to the victim because of not given all the things that they want like fiat money that is also happening to us if all our information from our ledger is on a public viewing we have nothing to do this unless we gonna far from them.

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July 25, 2018, 03:12:58 AM
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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.   


Like what other said its so impossible for crypto to replace fiat first things fiat has a historical value in any country, government are againts to cryptocurrency but whatever happen its all depend on them, lets ride with the situation as easy as you imagine.

Well fiat started out somewhere and probably replaced a more prevalent barter system back then. The problem is that barter system and fiat both deal with physical exchange. And we know there are transactions that require physical exchanges. Crypto may well be a major form of currency but there'll be aspects wherein it's limited to the digital world.

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July 25, 2018, 04:17:08 AM
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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.   

As far as I can tell. Cryptocurrency will never replace the native currency of one country. Cryptocurrency is good for digital stores or online stores. But if you think it is possible, no its not, because many countries are used fiat currency in their transaction. Although cryptocurrency is convenient to used because you only have your phone wherever you are you can  still buy things thru digital wallet but in reality most people are still choose to have physical money in ther hand because it is very safe and you can kept it in every pockets of your bags or clothes.

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