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Author Topic: Are fiat currencies necessary in the world?  (Read 1674 times)
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September 07, 2018, 08:17:24 AM
 #201

FIAT currencies are only needed by governments because they can print as they want.

The "people" don't need FIAT, I think we will be moving to a world where we trade things for other things (goods or services) and crypto is going to make this happen.
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September 07, 2018, 08:44:36 AM
 #202

Ah the wonders of having a unified currency all across the globe. No more exchange rates that is a pain when travelling to other countries. But it's a very long wait still since fiat is still king when it comes to accessibility. Ease of use trumps anything else.

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September 07, 2018, 08:54:32 AM
 #203

As of the moment, yes it is, we can say that it is not necessary when everything is in digital ang cashless but for not many people are not yet familiar with digital money due to the fact that they don't have gadgets to use and inyernet not accessible to their places. It i still need more time to be a cashless society.

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September 07, 2018, 04:22:52 PM
 #204

We will always pay and buy something, so we need a means of exchange.
And that medium of exchange will be bitcoin, I really think that cryptocurrencies and fiat are going to coexist in the future, some people are very stubborn and are going to keep using the currency printed by the government even if that means that they lose everything but people like us who knows very well what is happening will only use bitcoin as a medium of exchange, in fact even right now I am avoiding using fiat as much as I can and I'm sure that in less than a decade I will be able to avoid fiat completely.


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September 07, 2018, 04:49:08 PM
 #205

Of course, at the moment without the fiat there is no escape, because still few people are able to use virtual currencies and they are not universally recognized. Even if we will currently moving to virtual currencies, we will need to fully train all people how to use them, and this will take years, during this time people will have problems with using virtual currencies, which nobody needs, so the fiat is now very need and in demand.

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September 07, 2018, 04:58:17 PM
 #206

FIAT currencies are only needed by governments because they can print as they want.

What? Dont you know that there are still regulations to ve followed on how much and when will you print money? They don't just print money, if they do that their country's money will be at risk.

The "people" don't need FIAT, I think we will be moving to a world where we trade things for other things (goods or services) and crypto is going to make this happen.

People still need fiat, without thesw fiat Bitcoin and other crypto cyrrencies will not have any value. And what are you saying about the world is moving to trading things? That is in the past, our ancestors done that and that is the start of the business so even without crypto currency, it already happened.

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September 07, 2018, 05:08:36 PM
 #207

Fiat currencies definitely aren't necessary, there is an increasing trend towards digitization of currency, and blockchain based currencies are just the next generation of this. The problem is that Bitcoin came out, and everybody treated it as the successor to fiat currency, rather than an incremental improvement on digital currencies such as Paypal and Skrill. I think that if Bitcoin was never invented, but somebody like Paypal had implemented a blockchain technology first, then we wouldn't be in the rivalry scenario that we're in now.
Yes the truth is the thing that makes me invest in bitcoin cause the blockchain technology. Fiat is not important and we do already find the better way for transaction. Using cryptocurrency is more secure, trustable and also it can fight money laundry really good.

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September 07, 2018, 05:43:47 PM
 #208

Fiat currencies are very necessary in this current world of cryptocurrency. I give all the due priority to fiat and other currencies we use to trade with. Like fiat the more.
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September 07, 2018, 05:55:24 PM
Merited by Fatanut (1)
 #209

We will always pay and buy something, so we need a means of exchange.
And that medium of exchange will be bitcoin, I really think that cryptocurrencies and fiat are going to coexist in the future, some people are very stubborn and are going to keep using the currency printed by the government even if that means that they lose everything but people like us who knows very well what is happening will only use bitcoin as a medium of exchange, in fact even right now I am avoiding using fiat as much as I can and I'm sure that in less than a decade I will be able to avoid fiat completely.

How many merchants, sellers and producers are actually using Bitcoin or any other coin as a means of exchange right now? No one, in fact, at least not in any significant degree. And the explanation is simple, all these people need a stable currency but since the modern economy is not stable by any measure or in any frame of reference, it needs fiat with its built-in mechanic of automatically regulating and adjusting the money supply according to the needs of the economy, so that it would be dynamically stable (like a roly-poly). This supply includes not only money itself as we are used to think of it but also other highly liquid instruments which are effectively money derivatives and can function as money, while being created and destroyed on the fly as required by market participants and economic entities like banks. 

Now imagine what catastrophic meltdown is going to happen if Bitcoin, by some magic or miracle, becomes the only medium of exchange in the whole world. It will wreak total havoc through the economies. It is definitely not about some people being very stubborn or anything like that. Fiat is in fact the only viable option to keep economies ticking, whether you or someone else like it or not.
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September 07, 2018, 06:28:51 PM
 #210

Fiat in my opinion will continue to be in use worldwide. The world may not completely be able to do without the fiat since crypto cannot be easily accessible in very remote places or rural settlements.

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September 07, 2018, 08:49:19 PM
 #211

Fiat in my opinion will continue to be in use worldwide. The world may not completely be able to do without the fiat since crypto cannot be easily accessible in very remote places or rural settlements.

that is certainly, if fiat currencies are needed throughout the world, because the fiat currency is the currency used in everyday activities, so it is needed by many people, of course.

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September 07, 2018, 09:25:44 PM
 #212

Based on my own opinion, fiat currencies are necessarry in the world. Beacause we all know that not all people had their knowledge on how to use digital currencies especially the elder ones. They need the fiat towards the money whos in our gadgets.
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September 08, 2018, 12:43:52 AM
 #213

Paper money need by government and most people. Not many people understand about cryptocurrency and not many place having good internet infrastructure. Paper money for some people and in some place more flexible and easy to use.

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September 08, 2018, 10:02:58 AM
 #214

Fiat currency is for positive necessary for our each day transactions.it is the maximum depended on and safest manner to do our transactions.it may used in a mall and even in a small shop wherein we don't have net connectivity for virtual transactions.So yes fiat foreign money is essential inside the world.
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September 13, 2018, 07:47:01 AM
 #215

Fiat is in material form is going to be irrelevant in a few years even if Lil Pump still likes big stacks ! We'll still have "government money" but it will be digital as many countries are developing their cryptos. So fiat will likely continue to exist while loosing a lot of influence over Bitcoin and others and fiat will become crypto based.
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September 14, 2018, 06:07:35 AM
 #216

Of course, at the moment without the fiat there is no escape, because still few people are able to use virtual currencies and they are not universally recognized. Even if we will currently moving to virtual currencies, we will need to fully train all people how to use them, and this will take years, during this time people will have problems with using virtual currencies, which nobody needs, so the fiat is now very need and in demand.
Yeah, we can not ignore its importance and role in our lives as it helps us in almost in everything related to money, buying selling, payment as salary, aids, other related funds for many things helping us to work out in our lives. No matter how much banks are making it unfavorable a little bit as they have high transaction fee and interest rate on loans are making it difficult for us to proceed for but we do that in order to make things easy for us.

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September 14, 2018, 08:04:52 AM
 #217

In other words, the modern global economy, given its complexity and the level of interdependency between its parts, simply cannot function on hard currencies as they will wreak havoc in financial settlements throughout the world if we assume for a moment they get introduced again.
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September 14, 2018, 08:15:18 AM
 #218

Fiat currency is essential in this world because there are many small-scale industries which will help them to use the fiat currency for their transactions. FOr online transaction, we need to have a fiat currency whereas cryptocurrency completely digital asset which we cannot easily do transaction completely in online.

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September 14, 2018, 08:27:21 AM
 #219

Fiat currency is essential in this world because there are many small-scale industries which will help them to use the fiat currency for their transactions. FOr online transaction, we need to have a fiat currency whereas cryptocurrency completely digital asset which we cannot easily do transaction completely in online.
Its the basic, having fiatis the traditional way of transacting payments or having currencies. Bitcoin is another way that sure soon will be developed and distinguished by many countries once proven safe and beneficial.

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September 14, 2018, 09:57:27 AM
 #220

in the future, will there really be a need for fiat currency? Government can collect taxes in crypto, determine how to allocate it, and spend it in crypto. Ppl can receive salaries and do all commerce using crypto. Loans can be done in crypto. Fundraising can be in crypto. Sure, problems have to be worked out in terms of scalability, does it have to be completely decentralized, etc, the value has to become more stable. But theoretically, is there any reason to have fiat in the future?

It has been established that governments can now do taxation without representation by printing more money (which is a tax on everyone holding the currency), instead of trying to get a bill passed that allows it to increase the tax rate. With crypto this would be no more. All increased taxation would have to pass a vote.

From an economic standpoint, the idea that a country can stimulate its economy by adjusting interest rates is tenuous. There is just as strong an argument that lowering interest rates has caused speculation and bubbles, with calamitous results. In a crypto market economy, capital will flow from where it is needed less to where it is needed more.

Well, right now, I would say that fiat money is necessary because they are the declared and recognized legal tender and bills that governments in their own locals transact with. People are also more accustomed in the dealing with fiat rather than other means, which maybe be popular in their own right, like credit cards. Also, the acceptance that is being shown by people from different ages are more widely recognized in terms of fiat money rather than other means. Therefore, in the line of business, it is still the better asset to have and to deal with.

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