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Author Topic: Crypto replacing fiat?  (Read 3061 times)
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September 12, 2018, 12:04:39 PM
 #741

maybe this will be very difficult and requires a long time and process for crypto currency replacing fiat currency, considering that in terms of infrastructure there are still many countries that have not supported this, especially in terms of legality / law because many countries are afraid to use crypto currencies as a transaction tool, it is indicated that it can make the fiat currency exchange rate weaken and have no price anymore. This will lead to an economic crisis.

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September 12, 2018, 01:19:26 PM
 #742

One day it will do that, surely. This process may take really long but no doubts that it will happen, fiat isn't suitable for 21st century.

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September 12, 2018, 02:01:31 PM
 #743

Do you like fiat or crypto? I like fiat and dollars because I want to have a more convenient and diversified exchange of goods if I can trade two
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September 12, 2018, 07:00:26 PM
 #744

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 my opinion there's no impossible things that happened in this world because of changes of our new technology. We are engaging in high tech experiment and maybe the evolution of money can be true because of changes. Digital money currency will soon replace fiat money as part of innovatios.


I don't believe that crypto will replace fiat money. The goals of crypto are completely different, and crypto has a small share in the economy. The world economy is too dependent on fiat money controlled by governments and financial institutions to make it happen.
No I do not think so that this can ever happen even in the future.It is nearly next to impossible.All the people depend upon Fiat currency for the day to day transactions.Fiat currency is accepted internationally and it is also backed by the central banks and government.On the other hand cryptocurrencies are banned and are decentralized.They are also very volatile and hence risky.They need some information and basic knowledge to get operated.

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September 12, 2018, 07:45:28 PM
 #745

In all honesty, crypto cannot actually completely replace fiat. It might lead to total crisis and possible shut down of economic activities in some places with poor electricity especially in the poorer countries.
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September 12, 2018, 08:22:54 PM
 #746

In all honesty, crypto cannot actually completely replace fiat. It might lead to total crisis and possible shut down of economic activities in some places with poor electricity especially in the poorer countries.
Bitcoin serves as just a tool or alternative way to fiat but not to replace, at least not too soon that is why we need to keep informing the public as crypto serves as multi function, an alternative way as well as an investment.

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September 12, 2018, 10:19:12 PM
 #747

Crypto currency will never replace fiat. So only those who do not understand the fundamentals of the economy can argue. No government will ever decide to replace its national money with a decentralized crypto currency. Such a decision would be disastrous for any state. National money is always tied to the economy of its state, otherwise it can not be. Decentralized crypto currency has no state of its issuance, is not secured by anything, has great volatility in the price and is almost impossible to control by the state. These and other reasons will not allow the national currency to be replaced by a crypto currency.

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September 12, 2018, 11:35:08 PM
 #748

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 a long run crypto will replaced fiat money. I know many of us think that this could not be happened but as what we have see and observe there's is nothing imposible in this world,  And I believe the evolutions, because our world has engaging now in inovations in a high tech creations because we are now in millennial time.
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September 13, 2018, 01:20:19 AM
 #749

maybe this will be very difficult and requires a long time and process for crypto currency replacing fiat currency, considering that in terms of infrastructure there are still many countries that have not supported this, especially in terms of legality / law because many countries are afraid to use crypto currencies as a transaction tool, it is indicated that it can make the fiat currency exchange rate weaken and have no price anymore. This will lead to an economic crisis.
In my opinion Thats not gonna happen, fiat will not ever be my replAced by crypto. I think bitcoin will become a legit currency  but not to the point that bitcoin will replace fiat. Because we all know that not all the country will accept bitcoin.

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September 13, 2018, 01:39:44 AM
 #750

In my opinion. crypto will continue to co-exist with fiat currencies in the economy in all countries. crypto will be the currency to facilitate all economic activities in the world that are financial technology. and crypto can be used as a general trading commodity and crypto can be accepted in all countries.

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September 13, 2018, 01:49:41 AM
 #751

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
 #752

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
 #753

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
 #754

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
 #755

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
 #756

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
 #757

In 10 years time, crypto will completely replace fiat
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September 14, 2018, 12:26:45 PM
 #758

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
 #759

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
 #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 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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