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

[rasulibragimavic]

If you think logically then no they do not need a cashless payment more advanced and convenient. whether you're Fiat money or crypto-currency !

[beerlover]

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.

Allowing blockchain technology and the government inculcating it into the system does not mean it would end up decentralized, and I do not see any reason why government will not want to be threading this path in the long run. The idea of giving up control as a result of decentralization is the main threat that is being posed to the government.

In a case where we get to use it an adopt it normally, and the government could find a way to regulate it without any serious challenge or threat posing situations, I guess we can see fiats not being necessary eventually. However, this is just one big assumption considering where the government of each country stands presently.

[Indrawan77]

If you want to switch fiat to crypto, it's possible but the crypto must be treat like fiat, it should be centralised and need kyc, which will be more complicated, the government can collect the tax in crypto form if the government know who is the owner of the coin, I think its a bad idea to used crypto as main currency, it will put the country in a lot of risks

[Siren]

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.

You have mentioned all the characteristics and functions of cryptocurrency and thats very true because crypto can act as money in digital form.

But you forgot to tell us what about the volatility of this currencies?how can anyone prevent this from lowering the value of their funds if ever they accept this into reality without paper money?

[minhkhoa]

Fiat money is a form of payment that is officially accepted to pay public or private debt or to meet the financial obligations of a regional law. In general, the term refers to a national currency, such as banknotes or coins, other than credit lines, checks, or cards. The creditor is obliged to accept fiat money to pay for a debt. Fiat can only be licensed by a competent national authority, such as the US Treasury Department in the United States and the Royal Canadian Mint. The legislation that binds the currency indicates the importance of establishing fiscal policies in many countries.

[lovemachine]

If you want to switch fiat to crypto, it's possible but the crypto must be treat like fiat, it should be centralised and need kyc, which will be more complicated, the government can collect the tax in crypto form if the government know who is the owner of the coin, I think its a bad idea to used crypto as main currency, it will put the country in a lot of risks

Hey! What you are saying it is great, but what is the reason for such a switch? I don't think that governments are ready to work with crypto instead of fiat money. Moreover, fiat money give them several tools to manage economics. For example, interest rates, money supply etc. By increasing the emission, by lowering rates or by QE programms, central banks stimulate business activity. I can't see such a possibility when using Bitcoin, for example, as the emission is limited and the very crypto is out of reach for central banks

[lovemachine]

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.

Allowing blockchain technology and the government inculcating it into the system does not mean it would end up decentralized, and I do not see any reason why government will not want to be threading this path in the long run. The idea of giving up control as a result of decentralization is the main threat that is being posed to the government.

In a case where we get to use it an adopt it normally, and the government could find a way to regulate it without any serious challenge or threat posing situations, I guess we can see fiats not being necessary eventually. However, this is just one big assumption considering where the government of each country stands presently.

Yep, we have two sides of a coin here. However, if we talk about centralization and total control over cryptos, we break the main rule of any crypto as they were designed to be decentralized and uncontrolled by governments.

[Incodium Coin]

Given the risks involved, l don't see a total switch to digital money anytime soon. Besides, an increasing acceptance of digital money comes with some compromises. The government in South Korea demanded that crypto accounts not be anonymous, but use actual name. This will facilitate taxation, and trace corruption. These and a number of measures will be taken by governments around the world. Besides, do you see the internet connectivity rate being 100% all around the world? What of those places without access, how do they functions?

[renz0]

Absolutely yes. Not all people know how to use crypto, credit or debit cards in purchasing goods or services especially the children and the old ones. Besides, cryptocurrency is not fully established yet or even if it is established fully, it can never replace our fiat currency. It remains a digital money used in an online transaction only. To under developing countries, this might not be applicable.

[Karakas]

Fiat currency is still needed, but the more advanced digital currency technology, the fiat money will be a bit of an interest, but fiat currency will not become extinct

[Martha_Ferris]

This discussion has been coming up everywhere recently. Although,I do not support the phasing out of the Fiat currency, I can't really find a point to back its existence. But I still think it's asking too much. Even if cryptocurrencies would replace Fiat, it would take a lot of time. But before than happens, some things must be taken care of. Take for example the volatility of cryptocurrencies. Such variable makes it too difficult to be made a major means of exchange. This is only one of the issues that I have in mind.

[Shimmiry]

Cryptocurrencies certainly offer some advantages that are absent with fiats, however, fiats play another role for government as it is a tool to control the supply of money and as such control the economy, that will be difficult to replace with crypto in the future

Got a point. The thing here is the government in which they mainly concerned the usage of fiat currency in which they can control. Unlike in cryptocurrency which they do not have the power to rule over because of its system. But crypto is much functionable in both rich and poor. Unlike in fiat. Crypto will be the new face of currency.

[Lexurdania]

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 think fiat money still needed. Its take long time for cryptocurrency replace fiat money, most peoples still dont know about cryptocurrency and beside that internet infrastructure still not good in several country

[musharaf]

Fiat money is the need for smooth life and it is important in the present world i like to use crypto for online purposes but here in our country bitcoin is not used every where so for me the use of crypto is for few uses and i can use fiat for other purposes.

[ucingucingan]

I think fiat currency is still very much needed in the world considering that not all regions, communities, and governments in the world accept crypto currencies as a transaction tool they are not ready in various ways including in terms of technology they cannot adjust to the resources they have, then In legal terms, they are not ready to make a legal umbrella for crypto currency transactions

[nabinkhadka]

I think at the present day fiat in necessary in the world. Lets suppose when we move to mass adoption for block chain based crypto currencies , to address the number of people who are unaware about these types of currencies we will need fiat.

[deloreswest]

Yes everything could be tracked via blockchain an when every transactions are using blockchain technology fiat would not be necessary cause we do have a better way to do transaction by using cryptocurrency.

[privedvelosiped]

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.

A very interesting point of view on your currency. However, I will say this. It takes several years to realize all this. Very many countries, such as America, China, Russia will not soon move to such a system. Como it would not be beneficial. In General, your idea is interesting, but it takes many years to implement it.

[carlisle1]

Fiat will always be necessary to the world,together with electronic money.this two will help each other to provide what the worlds need

Fiat has been tested for how long period of time,while virtual money was just here for only 10-15 years so please never compared the two because they are two different thing that has single purpose and that is to serve the people

[tayogpanganiban]

Yes.Same with cryptocurrency.They are necessary in the world because we use it to sustain our needs and use it un businesses, banks, hospitals, school, and so on.Others are not into digital money and they still prefer fiat.