Crypto replacing fiat?

[Friskaadew]

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 not a good thing for btc to replace fiat completely, because in my opinion it's better at this time where fiat is used for real-world payments, and cryptocurrency or btc is used for payments in the digital world, and of course with different rules. because it would be very difficult to really replace fiat as a payment instrument in the real world but it takes hundreds of years in my opinion CMIIW

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[elwiswoodie]

the benefits obtained are that everyone who knows technology and transacts more often will be easier, faster, safer and cheaper when they make a transaction
the disadvantage of cryptocurrency is that, depending on internet connection, where in developing countries, not all regions cover their internet needs, so that people who are not reached by an internet connection will naturally experience an inhibition in terms of cryptocurrency development
better, cryptocurrency exists and co-exist with fiat, so people can make transactions according to their needs

[Luke_Turner]

If anyone can see how much coins you have then of course it will be very dangerous, don't you think? It will be like an open season for thieves if anyone can easily see how much you are holding, making you vulnerable to scamming and hacking. I think I'd rather stick with the existence of fiat. At least with fiat and crypto both existing, I could keep both my money safe and away from prying eyes and potential thieves.

[vhns222]

It cant happened at once but step by step first crytpo will be next to fiat as a = payment method then, with time crypto would replace it, not so fast but we would see that.

[Chrisjay29]

I think today crypto cant replace fiat. Because lot of people still dont know about crypto but maybe someday crypto will be replace fiat. Because in the future there will be a cashless society just a electronic money or blockchain

[rosesocola]

Crypto is a breakthrough and innovative, electronic money that provides technology and operations models, creating breakthroughs for the entire industry, including monetary policy and financial stability. The widespread use of digital money is the use of DLT to manage liquid trading platforms, including services such as electronic payments, wallets, transactional solutions and mining.That's the reason Crypto replacing fiat.

[Uhde]

i think it is still very early. and traditional ways are still much more trustable for regular people. there are still not enough people that believe in crypto market. but i am sure that in long term after 5 10 years maybe this kind of ideas will be spoken even on tvs.

[denuhaqiqi]

crypto indeed gives us the ease of transacting with various people in various parts of the world. but to replace fiat, I think it's very difficult. although crypto can overcome some deficiencies of fiat, it doesn't mean that crypto doesn't have flaws. a real problem, how do you as a seller of goods determine the price of an item using the value of a very volatile crypto currency? it will be easier to determine the price of an item using fiat. nothing is perfect from a technological development.

[Zackgeno96]

Crypto does have the potential but currently no. It will take the coins a good number of years to do so. However, the coins bring forward a great prospect of a digital, cashless society but they are too volatile right now. One needs a strong currency for a stable economy.
Another fact is the coins decentralised nature. The fact that they are not bound to any rules and regulations is threatening. Also, many of the cryptos are still under a bubble which can burst any time.
Coins like Bitcoin and Ethereum do have the potential and are heading towards being a mainstream currency.

[SpringfieldM1A]

crypto indeed gives us the ease of transacting with various people in various parts of the world. but to replace fiat, I think it's very difficult. although crypto can overcome some deficiencies of fiat, it doesn't mean that crypto doesn't have flaws. a real problem, how do you as a seller of goods determine the price of an item using the value of a very volatile crypto currency? it will be easier to determine the price of an item using fiat. nothing is perfect from a technological development.

you are absolutely right. I was thinking the same. Fiat has a stable value which helps us to determine the value of goods and properties. while crypto is very volatile. for example if we say a Mobile phone price is 1 Eth when the ETH value is $200 but if the Eth value suddenly drop to $100 or increase to $500 then it'll be hard for both seller and buyers. that is where we need Fiat.

[mcTether]

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.   

There is no point in crypto replacing fiat. Fiat still has a more advantage than crypto for easy payment or instant payments during shopping and purchases.

[tegacoll86]

Although it will never replace fiat, it can peacefully coexist with the traditional money. I suppose that those people that stay online most of the time would prefer to use exactly the cryptocurrency.

Fiat and crypto currencies both are in our benefit but crypto are best as investment source for us as well as its friction-less transaction made it our first choice these days but only investors can understand this, other people will use the same fiat currency. So, both the currencies are helping us out and we will have a bright future if we accentuate on both as investment as well as payment mode.

The cryptocurrency can be the best investment (in a case when you buy the best tokens and Bitcoins) but it will never replace fiat. People will use paper money for long.

I don't think it would happen because the price is decreasing the market is loosing its price. Also there are many haters who don't want to see bitcoin to rise. Government are also involve and banks are taking action.

[YinShuiSiYuan]

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?

in my opinion, everything can happen and everything is possible if the development of technology and the development of the era requires currencies that are the same as cryptocurrencies, surely fiat currencies will be replaced

Crypto will not be able to replace fiat for a long time. The entire economy in the world is based on fiat money, and cryptocurrencies are still developing and are a small part of the economy. High price volatility and other factors affect the ability to increase participation in the economy at the expense of fiat money.

[ayesha703]

There square measure a lot of individuals WHO suppose that governments eventually can move from victimization act to using crypto like we have a tendency to all follow and like here on the forum, however, it will not happen as a result of it's entirely out of their management. Governments can move from act to their own centrally controlled digital currency and yeas that will escort the government-controlled "track and trace" system we do not like. This has not been a simple task in any respect and can't be as a result of we have a tendency to square measure all petrified of such amendment and conjointly the advanced nature of victimization cryptocurrency is another nice deterrent for folks to maneuver into cryptocurrency. If we will create cryptocurrency usage terribly straightforward and on one platform, everything will be through with speed, we'll bite by bit win this battle. except for currently, we have a tendency to still got to do a lot of before we will replace act with cryptocurrency.

[zero9119]

I think it is very unlikely that replacing crypto with fiat is a good thing because people are confident in using fiat and to change that completely is not easy. Crypto and fiat can all co-exist to help balance the financial markets. Replacing fiat is not required at this time.

[darkphoenix2610]

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?

in my opinion, everything can happen and everything is possible if the development of technology and the development of the era requires currencies that are the same as cryptocurrencies, surely fiat currencies will be replaced

Crypto will not be able to replace fiat for a long time. The entire economy in the world is based on fiat money, and cryptocurrencies are still developing and are a small part of the economy. High price volatility and other factors affect the ability to increase participation in the economy at the expense of fiat money.

I think it will have more time for that to happen, It is a long run for crypto currencies to replace fiat, It is true that it will depends on the economy of the country, I think it will be on 5-10 years before the crypto currencies will replace fiat.

[Farma]

I think it is very unlikely that replacing crypto with fiat is a good thing because people are confident in using fiat and to change that completely is not easy. Crypto and fiat can all co-exist to help balance the financial markets. Replacing fiat is not required at this time.

even now it is very difficult to see that happening. so many types of crypto at the moment, and the most certain thing is the price is very unstable. the price changes sometimes so far in a short time. moreover not everyone accepts it. well, because crypto still doesn't meet the requirements to replace money.

[darkr]

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 not a good thing for btc to replace fiat completely, because in my opinion it's better at this time where fiat is used for real-world payments, and cryptocurrency or btc is used for payments in the digital world, and of course with different rules. because it would be very difficult to really replace fiat as a payment instrument in the real world but it takes hundreds of years in my opinion CMIIW

Do not worry - it cannot happen ever. It is absolutely impossible for most people to use digital money. They simply do not ever open the Internet and know cash only.

[Rustamm]

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.   

Cryptocurrency will never replace fiat. It is unreal and not necessary. A common currency will always be in demand and we cannot do without it. Yes, and it makes no sense to remove the usual currency, it is better to use the advantages of cryptocurrency and ordinary currency.
In addition, the cryptocurrency is generally not able to replace the national money, since the cryptocurrency has no relation to the economy of a particular state. She can only walk in parallel with the national money.

[jjohnathn]

Fiat is more able to survive because fiat gets support from the government, crypto is very fluctuating so it will make people choose fiat to become a currency.

Seriously it will never happen crypto can't replace the fiat.It will remain Internet's currency not global currency. Both fiat and crypto are required in order to improve economy.