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Author Topic: Crypto replacing fiat?  (Read 4553 times)
CptWhsikeyjack
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July 23, 2018, 05:04:53 PM
#1

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.   
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July 23, 2018, 05:13:48 PM
#2

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?

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July 23, 2018, 05:21:44 PM
#3

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?

There are hundred of threads discussing this. You can search Economics section and get answer to it.

Quote
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.   

Even if everyone start using crypto, it is not possible that whole of your money could be tracked. You can send Bitcoin (let say) to someone and the other person can send you Bitcoins on your new wallet, whole money is revolved. This is what Bitcoin mixers do. It is impossible to track which address is owned by whom unless you using some centralized wallet service like Coinbase. As far as you create new address for receiving every payment and own private key of those addresses, no one can know how much you hold.

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July 23, 2018, 05:40:50 PM
#4

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.
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July 23, 2018, 06:16:03 PM
#5

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.

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July 23, 2018, 06:21:31 PM
#6

This has not been an easy task at all and cannot be because we are all afraid of such change and also the complex nature of using cryptocurrency is another great deterrent for people to move into cryptocurrency. If we can make cryptocurrency usage very easy and on a single platform,everything can be done with speed,we will gradually win this battle.But for now we still need to do more before we can replace fiat with cryptocurrency.
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July 23, 2018, 06:36:08 PM
#7

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?

There are hundred of threads discussing this. You can search Economics section and get answer to it.

Quote
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.   

Even if everyone start using crypto, it is not possible that whole of your money could be tracked. You can send Bitcoin (let say) to someone and the other person can send you Bitcoins on your new wallet, whole money is revolved. This is what Bitcoin mixers do. It is impossible to track which address is owned by whom unless you using some centralized wallet service like Coinbase. As far as you create new address for receiving every payment and own private key of those addresses, no one can know how much you hold.

I believe this is the reason why the governments are pushing for the regulation of the currency because they want to know the users that uses the cryptocurrency so that they can be taxed accordingly.



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July 23, 2018, 07:25:38 PM
#8

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

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July 23, 2018, 07:29:17 PM
#9

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.



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July 23, 2018, 07:33:12 PM
#10

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 you shouldn't worry, crypto will not replace fiat, definitely. Probably we will have only digital money in the future, but i don't think that it will be crypto currencies. Most likely it will be wire transfers, credit cards and maybe something else + crypto, but not only crypto. Crypto and fiat money can co-exist and thrive in parallel and all parties will be happy.

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July 23, 2018, 08:29:08 PM
#11

in reality, crypto is giving a thought for fiat believers how the digital network can rule the world of cryptocurrencies
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July 23, 2018, 08:41:09 PM
#12

I don't believe crypto will replace fiat. I would have love a situation whereby both will be used simultaneously. I guess it is best that way.

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July 23, 2018, 08:50:23 PM
#13


If the above should happen it den means that government will loose control of their economy into the hands of crypto wales and that doesn't sound possible however i foresee a time when most countries will use crypto side by side with fiat currency.
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July 23, 2018, 09:38:50 PM
#14

In my views,  I think there is a possibility that it could happen in the near future but definitely not on this early stage.  Each country has it's own fiat currency representing in that particular country's economy and visible for the people that they can hold as their possession. Perhaps,  each country might as well convert the existing fiat into digital in the coming years to come if the existing crypto market will be more popular than ever.
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July 23, 2018, 09:40:08 PM
#15

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.


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Himanshu111
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July 23, 2018, 10:03:55 PM
#16

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.
I think this can happen but will take a lot of time.For this to happen,the cryptocurrencies should be used by all the people of the world and cryptocurrencies should be internationally accepted.Some countries are now supporting cryptocurrencies too.The transactions also are fast and easy through the cryptocurrencies.Taxes can also be avoided and the user gets full amounts of profit returns.Cryptocurrencies just require an internet connection to get operated.
Erul13
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July 23, 2018, 10:48:28 PM
#17

may not replace fiat, but there will be a method of payment using crypto. because we know not all around the world who know about crypto. perhaps in developed and developing countries may happen but fiat is not possible to replace.
Btcmicel
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July 23, 2018, 11:01:06 PM
#18

may not replace fiat, but there will be a method of payment using crypto. because we know not all around the world who know about crypto. perhaps in developed and developing countries may happen but fiat is not possible to replace.

Crypo replacing fiat is difficult to happen because many place all over the world no internet connection. Although it will happen if we upgrade our system but i think it is a long long process to persue.
randyboy
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July 23, 2018, 11:06:02 PM
#19

I don't know it will gonna happen because their are many poor country that didn't use crypto they using fiat ever since so there are not possibilities that crypto will replace fiat because fiat is the original currency.

richminded
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July 23, 2018, 11:14:15 PM
#20

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.

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