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Author Topic: Crypto replacing fiat?  (Read 6112 times)
robbietobby
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September 13, 2018, 01:49:41 AM
 #741

Actually I've tried to search the meaning of fiat (shame on me), this is as well to enlighten btc users who involves in daily activities:

Fiat currency is “legal tender” backed by a “central government.” It can take the form of physical dollars (for example paper Federal Reserve notes), or it can be represented electronically, such as with bank credit. The government controls the supply and you can pay your taxes with it.

Cryptocurrency  is not “legal tender” and it is not backed by a central government or bank (it is decentralized and global). Its form is more like bank credit sans the bank (in that it is represented digitally, but not backed by a bank or government). An algorithm controls the supply and you can’t pay your taxes with it (instead you have to pay taxes on it).

Reference: Crypto currency facts

Well I think as everybody though that this two (2) feature would co-exist one way or another as a point of improvement in the world systems' currency. The probability of gettin in their is the evolution of what we had right now. There were some instances that all of these would combine or would divide. Nobody knows specifically.
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September 14, 2018, 11:04:44 AM
 #742

It is very difficult to happen. Flat has become a very important part of our lives and some things will always be and stayed in payment in flat because the whales and the whole system needs it and wants it. Because if they replace it with crypto they don't have a control over people and money, and they want that control.

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September 14, 2018, 11:15:46 AM
 #743

Cryptocurrency has shown that they are actually better than some legal currencies although they are quite volatile. This also gives people a better view of the market. Currently, Cryptocurrency has become an alternative to cash in troubled economies.
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September 14, 2018, 11:32:43 AM
 #744

I believe that bitcoin will be difficult to replace fiat, this is because fiat transactions are faster and not dependent on internet access, besides that Fiat is also known to everyone so that it becomes easy to use compared to cryptocurrency.
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September 14, 2018, 11:55:48 AM
 #745

I believe that bitcoin will be difficult to replace fiat, this is because fiat transactions are faster and not dependent on internet access, besides that Fiat is also known to everyone so that it becomes easy to use compared to cryptocurrency.

I agree to you,it is really impossible to replace now or in the near future but the possibility is always there. Maybe in the future if our technology will develop more.
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September 14, 2018, 11:56:47 AM
 #746

i dont' know if crypto replace fiat, but i'm sure that in 10 years more and more people buy btc and crypto, because fiat money are too inflationated!!
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September 14, 2018, 12:11:28 PM
 #747

In 10 years time, crypto will completely replace fiat
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September 14, 2018, 12:26:45 PM
 #748

I think not, fiat money will never be replaced by bitcoin.
because it is the tool we use for the current exchange, bitcoin is more suitable for the investment tool.

I agree. Don't get me wrong, I am a firm believer and supported of cryptocurrencies, but on the flip-side of things, we can't disregard the fact that fiat money has been present for years. It has played a big role that really helped each country and their own business sectors grow, and so, it would be too farfetched and uncharacteristic that they would just set them aside for another currency that is at best has not proven its mettle just yet. Therefore, instead of replacing, I more so see it giving fiat money giving a run for its money by giving it good competition.

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September 14, 2018, 12:39:38 PM
 #749

I never thought this would happen, Cryptocurrency will not replace Fiat in full. Forever Fiat will still exist even though Cryptocurrency will become a currency that is widely used by many countries. Cryptocurrency is present to provide convenience, but it can only be accessed by the internet and only modern people understand it, while traditional people will still use Fiat.
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September 14, 2018, 01:13:27 PM
 #750

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 our generation time now both will exist  in the present. Fiat in physical money while crypto was in online transaction, meaning both will become helpful to every people who understand crypto and fiat of course. But for now I am a crypto fanatic where I can hade a chance to have a  fiat currency as well.

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September 14, 2018, 01:24:25 PM
 #751

For me, fiat is irreplaceable. Even in this modern or techy world, dont forget that, not everyone has the knowledge in using cryptocurrencies, especially the old ones, they prefer to use fiat than those digital ones.
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September 14, 2018, 01:26:08 PM
 #752

Maybe the bitcoin will be able to replace the fiat, but it will still take a long time and in any case it will never succeed completely.
Using bitcoin implies a technology that is unlikely to be accessible to everyone.
Fiat is very important and all people in this world really needs fiat to survive,  but i can see that in the future crypto can alse be use as currency and there is no doubt that it can replace fiat when all countries will start to support cryptocurrency.
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September 14, 2018, 01:35:02 PM
 #753

I do not see any problems in resolving crypto currency, we are too attached to fiat. Why do we consider the rate of bitcoins in dollars. Than it is stipulated. Is it not clear that if this continues, we will never go over to the crypto currency
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September 14, 2018, 02:24:08 PM
 #754

fiat still has a lot of enthusiasts and all those in their country must use fiat as a transaction and it will make bitcoin and other altcoins to compete, so there must be very important changes here

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September 14, 2018, 03:40:04 PM
 #755

I can't say that Crypto completely replaces Fiat money today. because I think, there are certainly many factors that make crypto very difficult to replace the current fiat currency. as we know, there are still many people who do not understand technology, they still depend on fiat for daily activities. and there are still many people who do not believe in crypto. they are still afraid and consider fraud. and also factors from the government, there are still many countries whose governments do not legalize cryptocurrency. because the governments cannot control crypto. so I think it will definitely take a very long time, to say that crypto really replaces fiat currency.

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September 14, 2018, 05:07:59 PM
 #756

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?
Actually, there is a big chance that cryptocurrencies especially bitcoin will replace fiat but I think it takes time to wait and happen. As you can cryptocurrencies is keep on developing so that there are tendecy that it would happen in the near future. However, we should know that it is hard to happen simply because we cannot replace our traditional money.

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September 14, 2018, 05:16:21 PM
 #757

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.   

Let's suspend disbelief and just assume that there is indeed no more fiat. The government does not necessarily have to know your current holdings. It would really depend on what crypto is given sanction by the government. It's more likely that in this scenario, the government have it's own crypto and things would just run like it used to with fiat.
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September 14, 2018, 05:31:19 PM
 #758

It's a bit unusual to imagine such a thing, so much we depend on paper money that you can touch with your hands. But it can happen and not so much to wait for - the process is already underway, and little by little cryptalts are beginning to take root in different spheres of life. In addition, the technology of blocking is closely connected with the crypto currency is also very in demand. Still it is possible to learn to earn кpиптoвaлютy - I for example participate in ico projects  Wink

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September 14, 2018, 05:48:54 PM
 #759

In 10 years time, crypto will completely replace fiat
In ten years we will also use fiat as we use it now. Crypto currency is not at all capable of replacing the usual currency, even if all states agreed to this. The Crypto currency would very quickly disregard the economy of each state, complete chaos would begin, after which people would return to the ordinary barter. However, no state will ever decide to replace the national currency of its country with the crypto currency. I am absolutely sure of this.
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September 14, 2018, 06:09:06 PM
 #760

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 my opinion it's better if bitcoin is used as a payment tool. if bitcoin replaces fiat money, the price will be more expensive, besides that people will be easier in all payments.
Bitcoin replaces fiat money will not happen in the next few years but requires a very long time.

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