Crypto replacing fiat?

[khimer_rangers]

fiat was replaced by cryptocurrency, I think it's difficult, because fiat comes from government regulations or laws, fiat does not have a limited amount of inventory can be made according to the country's economic decisions and needs is inversely proportional to cryptocurrency, and the most common problem is remote cryptocurrency  from stable which clearly affects the economy of the community.

[seraph_the_wise]

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.   

While it is certainly possible that will happen in the future, the question how will we get there?
From a non-investment perspective, lets focus on 4 main issues:
1) Lack of volatility
3) Acceptance by businesses
2) Acceptance by users
4) Non-interference by governments

1) Lack of volatility is a no-brainer for any successful crypto to be a reliable means of exchange in regions with economic stability and banking.
Sure, we have stablecoins (fiat-backed, gold-backed, basket-backed, algorithmic) serving as a bridge for exchanges, but at present none have enough scale to replace a regular fiat currency (liquidity-wise) nor have the transparent governance mechanisms to resist systemic shocks (trust-wise). Libra, if it works as envisioned might actually work on this front.
2) Use and acceptance by businesses (merchants) is quite a crucial factor often overlooked by our community. P2P transactions, volume and liquidity are great, but if no outlet accepts it, you still need to convert through an intermediary. Payment provider integration is likely to be the case forward here, as accepting on-chain payment is not cost-effective nor scalable to multiple chains (plus connecting to exchange to manage balance sheet).  It needs to happen at scale, ruling out small shops as enablers of scale and entering the territory of medium-to-large business. At that level the bottleneck to decision-making process is compliance department and top management. A compelling business reason needs to be presented why they should integrate a new provider, with expected revenue increase. The best way forward here is to support a crypto-payment provider that provides the best service and helping them grow. This can be done by constantly nagging your favourite business to integrate provider XYX (not a specific currency like BTC). This will be a long-term effort and the community really needs to step up on this.
3) This ties in with the previous one. If a business adopts a new payment provider and sees no usage, they will drop it and mark it as a failed experiment. Usage by mainstream users is crucial, generating "sales" volume that can maintain the option compelling. Having a great UX and consumer-friendly is also key here (think of PayPal and their refund protection. If I get scammed I want to contact someone and get my money back. If this is not possible, I'm gonna leave a bad review on the merchant and we all know business LOVE bad reviews).
4) This one is the one we can least influence, but quite important for business acceptance. If governments pass regulation clarifying their stance on cryptoassets (not all are made alike), especially payment-oriented tokens and corresponding tax treatments, this will gradually erase the negative ecosystem connotations and decrease risk of adopting new technology.

Just my 2 cents  Might be wrong though 

[pimchanbuabueng]

Chances of that is very far away from the reality so far.

[Janation]

I don't think the cryptocurrency will eventually replace the fiat. The digital things are digital and can be created from nothing and can be destroyed with no reason.

Who thinks that it will be replaced in the future? Me, I don't think so.

It is true that I like to use some of my cryptocurrencies most of the time but I don't think it will be used as a currency, it will stay as it is even in the future. Some countries may create their own cryptos but not replacing their fiats since there are still a lot of other things they should develop and improve other than cryptocurrencies.

[Findingnemo]

Chances of that is very far away from the reality so far.

No one ever though that internet will be everything in 2010.

No one ever thought that earth is circle.

No one ever thought that we can make flights until it becomes happened.

Same can be known only after it replaced.

[jakoylantern]

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.   

For me, its way to long to make crypto replacing fiat, Yes let assume that all government sees that advantage and capability of cryptocurrency but this government sector will just allow cryptos to their state and will not take to much action on it. The different nation has different problem and priorities, and I think they need to much effort to make it possible that crypto will replace fiat. Also, I feel that they will just create their own crypto and will not replace their currency/fiat.

[Tylev]

Chances of that is very far away from the reality so far.

This is not far from reality, but generally unrealistic. I am completely sure that no state will ever abandon its national money and will not switch to settlements exclusively in cryptocurrency. The national money of any state is an integral part of this state. The economy of any state can effectively develop only when there will be a circulation of national money and goods. Cryptocurrency does not have such a function, because it does not have levers of interaction with the state economy. Cryptocurrency can benefit the state’s economy when it walks in society at the same time as national currencies.

[Polo7]

Cryptocurrency is a asset.
How it can replace fiat?
Only the stable coins can replace the fiat currency.



This debt based currency is best way to keep economy up and running.




Bitcoin and Gold have Zero value!



Gold and Bitcoin are nothing without fiat currency.
Im sure the Fiat currency like we have Today the debt based currency will stay for long time...


The New Era Will be Stable Coins.

[kennen1113]

If cryprto successfuly replaces fiat i doubt there would be any problems as you are speculating right now and nobody can trace to you your amount of holdings of Bitcoin or Ethereum. Remember the blockchain technology though transparent is also anonymous in its transactions. I really can't wait to see this day you know, When crypto finally replaces fiat currency.

I think the same thing. of course, when this happens, other problems will arise. for now, I think crypto is not ready to replace fiat, because basically, people are still using fiat until now. but, the world starts to change slowly, we don't know whether this technology will replace the existing economic system or not, but the potential is there.

Well, I don't see the potential here, crypto technology is probably a trend with many features and utilities but somewhere in this world, we can realize this technology is really only suitable for some groups of people, the rest is very difficult to contact and adapt to this technology. Besides, crypto is still a very hot item and the government is afraid of collisions, many consequences that the government cannot predict from this technology, so the way to crypto can replace the position of the fiat and get acceptance from the world community, it's too small

[wildey]

Well, I don't see the potential here, crypto technology is probably a trend with many features and utilities but somewhere in this world, we can realize this technology is really only suitable for some groups of people, the rest is very difficult to contact and adapt to this technology. Besides, crypto is still a very hot item and the government is afraid of collisions, many consequences that the government cannot predict from this technology, so the way to crypto can replace the position of the fiat and get acceptance from the world community, it's too small

I know that enough problems will be predicted when crypto replaces Fiat. in terms of potential, I think crypto does have the potential for it. we know that quite a lot of electronic payment instruments are replacing fiat at the moment, I think that crypto can be like that.

In addition, although many reject the use of crypto as a transaction tool, many governments support the development of crypto as technological development. however, people nowadays sometimes use crypto as a transaction tool.

Well, I only see the potential, whether it will succeed or not in the future, and I also realize the various contradictions about this.

[jeraldskie11]

I also don't believe that cryptocurrencies will replace fiat. Let us say that cryptocurrencies can be use now in our country for buying any things. But fiat is always there, government accustomed of using fiat and regulating it.

[travwill]

In order for everyone to find out how much money is in your wallet, you must first disclose your identity and the wallet associated with it, so I do not see a problem in this.
I don’t see the future where there is only cryptocurrency, because some projects are simply not needed, some may turn out to be fraudulent schemes,
or just be caught in something that will lead to a drop in the price of this coin.
Which will remain for people who have most of the savings in this coin ?
It is very dangerous. And most importantly, the market is excessively volatile, this has led and will lead to hard falls. Nobody wants his assets to decrease by 90%, the expectation that they will ever grow back turns into torture. Imagine how many people have been waiting for the return of Bitcoin to the mark of 20,000 and the growth of altcoins with it since the end of 2017.

[koura_cc]

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.   

Fiat and crypto should coexist. Maybe not governments but a lot of people are prepared to embrace crypto and fiat simultaneously. To move completely to crypto certain conditions must be met, like ensure internet access to anyone from anywhere in the world. Sadly, this is still an unrealistic proposition and many people without an internet connection wouldn't be able to pay or make transactions at all.

[tungaqhd]

In order for everyone to find out how much money is in your wallet, you must first disclose your identity and the wallet associated with it, so I do not see a problem in this.
I don’t see the future where there is only cryptocurrency, because some projects are simply not needed, some may turn out to be fraudulent schemes,
or just be caught in something that will lead to a drop in the price of this coin.
Which will remain for people who have most of the savings in this coin ?
It is very dangerous. And most importantly, the market is excessively volatile, this has led and will lead to hard falls. Nobody wants his assets to decrease by 90%, the expectation that they will ever grow back turns into torture. Imagine how many people have been waiting for the return of Bitcoin to the mark of 20,000 and the growth of altcoins with it since the end of 2017.

Indeed, we simply need to look at a series of developing projects in this market, compare the value each month, sometimes we see the times when the value is at its peak, sometimes it will is the despair of investors, crypto has a very fast fluctuation rate, holding crypto is similar to holding bubbles, we cannot know when it will fly or explode. And back to fiat, this tool is for us to use every day, it does not move beyond any control, crypto want replacement is one thing that will be rejected immediately from the community

[seanskie18]

I don't think so, that crypto can replace fiat because the original currency is fiat and many people used fiat ever since that's why it's difficult to happen.

[BennyK]

Cryptocurrency does not intend to replace fiat. Cryptocurrency was designed to bring financial independence to its users thus it takes the power of control the governments have over the financial transactions of the people and gives it back to the people. Since the fiat has got the full support of the governments, it will be very difficult for cryptocurrency to replace it. Both will rather coexists as the governments cannot stop cryptocurrency as well.

[Janation]

I don't think so, that crypto can replace fiat because the original currency is fiat and many people used fiat ever since that's why it's difficult to happen.

But the world is changing, the time is passing by so fast and technologies are being developed every day.

We don't know what might happen, all we know is that it will not stop, it will continue to flourish and all we can say is that it will not replace crypto, for now.

Maybe in the next years we are already seeing news or hearing rumors about it happenning.

[Dr.Osh]

I also don't believe that cryptocurrencies will replace fiat. Let us say that cryptocurrencies can be use now in our country for buying any things. But fiat is always there, government accustomed of using fiat and regulating it.

indeed it is very difficult to happen. after all, if that happens, one of the problems we face is that it depends on the internet. That will make transactions made in difficult areas of the internet network will make it hampered. besides, in the security system, I think it's quite risky, especially if we store all our assets on the hard wallet. if it's gone, then it's very difficult to return it, or even it can't.

[fiulpro]

I don't think cryptocurrencies can ever replace Fiat since you should understand that until and unless cryptocurrencies are stable + widely accepted they cannot be used for daily activities also at the same time you cannot use it offline...
And if they are too stable to even lure in investors then there will be no point in having them .. They will be same as Fiat .

[Polo7]

I don't think so, that crypto can replace fiat because the original currency is fiat and many people used fiat ever since that's why it's difficult to happen.

Fiat currency comes from DEBT
Debt is liability, responsebility.

The Debt Gives value to Every dollar or Euro.


Now Let's Say we Don't have debt, and You are Federal reserv or Central bank, You need to provide your currency to People to use it.

So how u gona do that?
You print money, Right?  But how do You Know how much?  Let's Say the population in Country is
900.mil so will You print half like a 450.mil?
That means half People must be in absalout Poverty!! 
Right You print 800.mil. It means 100mil. People must be in absalout Poverty!

So You print exacly 900 mil. Or more  So then If Everybody Will have enough money or more then the money Will have no value!

Debt is Liability so the debt intrest Will make People to pay Back more then they Got... So Principal plus interest,  so People Will start fighting with other People in order to pay Back loan that what Gives value Now to Fiat!




Cryptocurrency... Is debt free, then it Can be Only with value When its less then People.

In this Case the cryptocurrency Can be Only currency in the World When are Only  rich and poor!

The Debt is Only factor what Will let Everybody to feel rich buy the things what they Can't afford.


If the cryptocurrency Will be world currency we Will have full communism Regime or Even totalitarism of fullest