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Author Topic: Crypto replacing fiat?  (Read 4553 times)
airdrop21
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July 25, 2018, 04:25:47 AM
 #81

Very possible.
Life and everything else will be as normal. Look around, we dont use cash as much anymore. What we use nowaday are just "credits" and they are all virtual. If bitcoin become that fiat thing, it wont alter anything in our daily lives.
We will still buy, sell, trade, get paid and everything else with bitcoin. Just like how we get credited into our credit card today. Again, we dont receive cash anymore. Those are all virtual credits. Bitcoin is also virtual so it should work the same way.

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July 25, 2018, 04:26:04 AM
 #82

I think fiat cannot be replaced entirely unless the seamless access to cryptocurrency can be attained. That means access to crypto can be easily attained by ALL citizens may it be rich or poor. The only thing I can think of this happening is if we all have implanted chips in our limbs. And that's a lot of red tape to go through.

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July 25, 2018, 04:34:24 AM
 #83

Aside from the obvious buffed up security once crypto currency actually replace fiat. We shoukd also have a system where in people could easily transfer and recieve token. The internet would hav to accessible to everyone and everyone must have a card or a phone of some sort so transactions are done smoothly. But try to imagine a chip or implant to ourselves so we can just tap otnor something.

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July 25, 2018, 04:59:10 AM
 #84

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 have faith in crypto but I am not sure if it can replace fiat. Crypto would be an issue because of its volatility. Aside from that, I don’t think government will adopt crypto. The government always wanted to be in control while crypto is designed to be decentralized.
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July 25, 2018, 05:01:24 AM
 #85

Maybe it will happen soon that cryptocurrency coins will use as replacement to fiat, but it is beyond strong and total implementation with the assistance and the power of government leaders, and I think if that truely happen soon there is also conflict between synchronize system of implementations from different nations because of different economic status.

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July 25, 2018, 09:40:42 AM
 #86

There is no such thing as a crypto that can replace fiat. Currently, only a few countries accept BTCs in paying for goods and services. The use of BTCs for this purpose is more difficult to manage than fiat.

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July 25, 2018, 11:31:45 AM
 #87

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.   
Crypto is well-known rapidly developing trend in the world, bad we are having the fiat currency working for so many years that I'm not thinking that bitcoin would be successful to replace existing system in few years from now.

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July 25, 2018, 11:57:23 AM
 #88

In this era of Globalization every industry developed but still we use fiat money,There is need of crypto to replace the fiat because people want to change and easy safe way of financial activities.Cryptocurrency is big revolution it made possible to make transactions globally on just fingertips.

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July 25, 2018, 01:16:37 PM
 #89

I think it's been a long time before it happens, Since bitcoin and crypto currrency today should be developed first and have stable platforms. Currently the crypto currency is used only for investment and asset storage. But maybe in the next few years it will be available for our transactions

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July 25, 2018, 01:28:53 PM
 #90

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.   
Unlikely to happen it's clearly impossible. BTC is a just crypto it's just a wallet that contains real money but with numbers that doesn't need physical appearance. This process is called converting BTC is a complex service which allows you to send direct money to other person untraceably. Without fiat BTC is nothing.

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July 25, 2018, 01:54:47 PM
 #91

There is no chance for them to track you as long as you are using decentralised wallet but if you want to choose centralized then that is voluntary act and it is you who give an access to them  to track you. But I think there is no reason to be bother because our technology as time passing by is becoming more advance so there will be a system that will protect the crypto holders to make their identity confidential.

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July 25, 2018, 02:14:58 PM
 #92

I think it's been a long time before it happens, Since bitcoin and crypto currrency today should be developed first and have stable platforms. Currently the crypto currency is used only for investment and asset storage. But maybe in the next few years it will be available for our transactions
The problem isn't really with the platforms (networks) but more the mentality of most people here. If your only incentive to use crypto is to make profit, you won't ever bother to use it as currency.

It could be that fiat works perfectly fine the way they use it and they see no reason to use something different, or they don't know what Bitcoin is actually meant to change. I think both options play a role of importance here.

Most people in well developed countries don't transact much other than locally where fiat is doing a pretty decent job already. There is basically no incentive for them to use an alternative.

It will be difficult to get them on board. The other group needs education.

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July 25, 2018, 02:18:46 PM
 #93

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 it's a pretty good idea, but I think the use of digital money will be more effective for large transactions or purchases and we will still need fiat money to buy or pay for small things like tip money, or buy snacks at the store . Besides the use of digital money also requires gadgets in transactions, I know this is a problem that is not important but can be imagined if bad things happen to your gadget when you want to pay.

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July 25, 2018, 02:19:54 PM
 #94

Nope. This won't happen. Fiat will always remain number one choice in terms of bills payment. Nothing can actually completely replace it. Not even cryptocurrencies. Cryptos can just be an alternative to transactions.
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July 25, 2018, 02:31:16 PM
 #95

This is cryptocurrency, from the word itself "Crypto" which means hidden or secret. If Government really did replace their fiat and make cryptocurrency their official money, then they wouldn't be able to track the owners now. I do not see this happening in the future though because cryptocurrency is still not viable to be a feasible currency for the whole world, it still has many flaws which needed to be taken care of first. If the government can't cryptocurrency holders, then no one can. Also, Governments wants control in everything which doesn't suit cryptocurrency.
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July 25, 2018, 02:39:54 PM
 #96

Well, what will happen will be that we will use cryptos to perform transactions either. So in that case, you'll have cryptos that can make you travel, you'll have cryptos that can make you pay bill, you'll have cryptos that can make you buy food and drinks, amd so much more. So the world won't change, everything will be the same but our payment system will rather change.

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July 25, 2018, 02:42:14 PM
 #97

It will not make a lot of sense if everything is now based on cryptocurrency, there is a huge role fiats play in our current economic models through the central banks,also crypto will be difficult to some persons

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July 25, 2018, 02:43:39 PM
 #98

Cryptocurrency also has some hurdles to clear before it can be more widely adopted as a standard means of payment. The main obstacle is identified as being the volatility that some cryptocurrencies exhibit since the valuation of most cryptocurrencies is supposedly not “well anchored”.
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July 25, 2018, 02:45:57 PM
 #99

First things first, we know full well that not all people can't acquire cryptocurrencies and doesn't have the ability to understand the underlying technology behind it. Moreover, some people barely have the capability to earn fiat for themselves so you do the Math if ever we convert entirely to crypto. Another one is that, the usage of crypto is still unstable and most people use it to gain profits by trading or selling them.

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July 25, 2018, 03:03:17 PM
 #100

The government will never let crypto replace fiat.  Most crypto are decentralized.  This would lessen the control of their country. perhaps in the future they would only accept crypto in parallel with fiat with some rules for crypto.

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