In the future, will fiat currencies be necessary in the world?

[boled]

Of course. Fiat becomes a physical payment instrument. although crypto currencies are growing rapidly, but don't forget that crypto currencies have value because there is fiat money. Fiat indirectly becomes a crypto value gauge.

[1714904028]

1714904028

[1714904028]

1714904028

[1714904028]

1714904028

[hildacitra]

Many people speculate to answer this question because most of them tend to have similar reason that is the legalization of blockchain itself. Many country will not let and legalize it as the official digital fiat because it has a lot of risks. We know that government is the authority of fiat/conventional currency, in other hands, crypto is decentralized system of money industry. It is the opposite of fiat currency.

[pitiflin]

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.

If crytpo is decentralized, and if all the governments use it, doesn't it mean, all economies are one? 

Switching from fiat to crypto would fuck everything up, in a good and bad way. And a lot of things can go from bad to worse, I don't really see good things happening. People can do so much corruption and so many things, which blockchain will have the record of, but will not have the record of the person behind it. Honestly, fiat is better. Crypto as good as it maybe, its not good enough for the entire world. Think about it. Just don't arrive at immediate conclusions. There are millions of repercussions and one benefit.

[Traderbtcc]

For now, I would say fiat currencies are necessary for the finance world. While blockchain and Cryptocurrencies are pushing for the era of digitalisation of finance, the current Cryptocurrencies system is not up to par, no offense. We would need to get a more scalability blockchain which can operate at a global scale. We also need near instant / zero fees transactions. Until then, we can enjoy the best of both worlds

[leeheidrick]

Only the best fiat money for cryptocurrency, without fiat money will be difficult for cryptocurrency to become legitimate in the world, because there are some countries that still prohibit cryotocurrency from replacing payments, so I think fiat money will continue to be needed in the future.

[ultimo5]

Yes,  It's need it. The real economy is linked to fiat.
and The real economy is driven by countries.
If fiat disappears from the ecosystem, Breaking borders will cause great confusion.
but There will be a new ecosystem in the direction what people want.
That's bitcoin, ethereum, eos and ...

[Aleth]

As of the moment yes, because everything still depends on it including crypto currency. It will lessen its worth when it will be cashless world already.

[TranTrongit]

I think fiat is necessary for the world. because fiat is stable. Crypto too many inadequacies need to be resolved as the price fluctuations are too large, manipulating the market and many places in the world are not connected to the internet. crypto can not be used.

[ronics]

for me a fiat is really available for the whole world because the fiat called is best and stable at all. If you think there are so many crypts you should pay attention when price changes are sometimes big, manipulation in a market and many places in the world have no internet connection and can not use crypto.

[Deepa18dec]

World can't run properly without fiat. If you don't believe it then read about the evolution of currency and the problems faced before the fiat. A good medium of exchange is always. You can't pay a small vendor in bitcoin from whome you are buying vegetables and fruits, he'll need fiat. Fiat is necessary for the world and nothing can replace it, especially not cryptocurrency.

[magneto]

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.

The thing is that governments will be unwilling to give up their control over the economy that easily and letting its citizens just used decentralised cryptocurrencies to conduct their transactions instead.

Hence, it's very likely that fiat currencies will continue to exist, as long as the government and central banks exist. They will always want to keep a hand on the economy.

An economy purely run on cryptocurrencies without a central bank can definitely be done. However, the question is whether it would realistically happen. And right now, chances are that in the future we'll see fiat continue to exist. Even if the government decides to shift to cryptocurrencies, it will be in the form of a centralised crypto that they can adjust the supply of.

[arpon11]

The fiat currency is not necessary to used and we can do without fiat if the blockchain technology is well developed.  Bitcoin can play the role of fiat in all setting of economic and if we should be truth to ourself governments are not going to used bitcoin as they cannot control it.

[jhony525525]

Yes it is real that fiat money is also very important and it is necessary for the world i feel happy when i realize that both crypto and fiat money goes together and fiat money can be use by every one so every one addicted to fiat money while it is liquid asset too.

[hahay]

Fiat currencies are more important and indeed necessary in the world and in the future, I don't think that cryptocurrency can have something that makes it a major currency in the whole world. Cryptocurrency does have its own advantages, but on the other hand cryptocurrency also has many shortcomings. Although in the future it may be that the crypto exchange rate will be more stable, but only by having a stable exchange rate I don't think it will be enough for Crypto to become the main currency in the world.

[Bumblecoin]

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.

Maybe in the the future, fiat money will not be needed anymore. Technology is progressing rapidly and the way of life of the people as well. Thus, includes crypto currency.

[Rahman11]

I think at present modern world deserve digital currency then paper money, Paper money can go along with digital money, because always everything does not fit all the way.

[pelipurlara]

for now, fiat is still needed in the world, fiat currency can function as a backup if there is chaos in the internet globally, because digital currency is very dependent on an internet connection

[Bonpay]

As far as there is no good alternative to fiat, it is still necessary. Moreover, the most people support fiat and don't believe that cryptocurrencies are able to replace it even in the long-term. So, the answer would be "yes"

[Kakawate]

In my opinion, fiat currency is here and necessary because they came first before cryptocurrency, as we remember the worlds first mode of payment is through barter or trade of goods, but it gradually changed up to what we are using today which is fiat or paper money, this is because of the word convinience, it is to give or provide convinience to people, now that our world is changing rapidly and is headed to a more advance and modern era, we need a better way of doing transactions or payments, and that is where cryptocurrency comes in. Fiat is necessary today, but maybe not as necessary tomorrow.

[Tory-Tory]

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.

I can not imagine the future without fiat money. There are such retail points of trade where it is impossible to pay by card. And in such points the terminal for reading the crypto currency will never be installed.