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

[Btcepenbob]

Yes ofcourse, it is already part of our life. This is the most common form of payment we have made. From the generations in the past it becomes a significant figure of trading.

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[Eigig]

Fiat currencies are necessary in the world, for crypto now is not yet ready to be worldwide currency because there are many countries that are not in favor of cryptocurrency , so fiat money is still needed for the medium of exchange in the market.

[airdrophunter]

Yes they are very necessary because fiat currency is already used by people as means of buying products before the birth of cryptocurrencies. Imagine those poor people and are not able to reach the cryptwowrld because of lack of means of communication in their area.

[Comino]

It will take a long time to change from fiat into digital currency and therefore fiat will stay much needed. First, think, what percentage of population now uses crypto? Also, how will countries with poor economies do that - either mine or purchase, arrange wallets, use the internet..
Yes, for sure, there are much less cash operations nowadays, but that does not eliminate fiat currencies.

[mikan111]

The use of money has evolved through history and FIAT money is just one of the last evolutionary phase of money.
"Representative money has now been replaced by fiat money. Fiat is the Latin word for "let it be done." Money is now given value by a government fiat or decree. In other words, enforceable legal tender laws were made. By law, the refusal of "legal tender" money in favor of some other form of payment is illegal."
Through FIAT money the government exercised its power and planned development of the economy and of course manipulates the market.
It is obvious that it will never give up the resource in achieving the rule over the population.
FIAT money is not necessary, and it is mainly the source of many accidents in the economy, but as I said, how can someone give up the greatest tool of control.

[AllCryptoplus]

Fiat currencies are still very necessary. The world cannot leave without fiat. Not everyone can access cryptocurrency as not everyone has internet facilities.

[glorybtc]

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

I think that is true, the government cannot regulate cryptocurrency, so if the government uses crypto in its economy, then the state of the economy will fully follow the cryptocurrency fluctuations and its very dangerous for its economy

[KKH84]

For the time being, it is clear that fiat money is very necessary, but in my view fiat money, which has many shortcomings, especially because of centralized banknotes, is easily exposed to inflation, I hope in the future, crypto will be able to replace the role of fiat money even though it has to go through the process which is long.

[ss890]

As of now fiat currencies are still necessary in the world because it is the usual currency and if time will come cryptocurrency will be implemented and accepted and use all over the world ,but still fiat currency could still be of use, for the reason that there are places which are not yet digital access or internet acessessibility.

Yes.You have your point too.It's not easy to replace fiat currency with cryptocurrency because there are some people particularly living in the provinces who don't even know what cryptocurrency is since they have no internet connections in their area.Fiat currency will still be of high necessity for them.

It’s not just about the internet but many more things around the world. First of all for using the crypto currency it’s not necessary to have the internet connection or even the electricity because you can just carry the printed private keys or barcodes which contains info about the wallet containing specific amount of BTC and that you can trade with anyone. Well that’s too deep I know but was just making the point.

Next thing is, crypto currency are not having the ability to replace fiat because of its insufficencies and less popularity. It won’t replace it because people won’t accept it on mass scale.

[Baekhyun]

I think fiat money will always be used even though crypto dominance continues to grow, the fact is that some regions do not fully have the same level of technological progress, even in some places, the distribution of internet facilities has not been evenly distributed.
Another reason is that the government cannot fully trust the decentralization system, this will make the national economy out of control.

[Hell-raiser]

The use of money has evolved through history and FIAT money is just one of the last evolutionary phase of money.
"Representative money has now been replaced by fiat money. Fiat is the Latin word for "let it be done." Money is now given value by a government fiat or decree. In other words, enforceable legal tender laws were made. By law, the refusal of "legal tender" money in favor of some other form of payment is illegal."

What "legal tender laws" do you refer to in your post precisely? Did you actually read any of these laws? There are many jurisdictions and many laws that describe the notion of legal tender. If we take the US as an example, legal tender means that the US government agrees to accept the US dollars as a payment for all public debts such as taxes, fees, penalties, and so on. In other words, it is not binding on anyone except public institutions nor is it illegal to decline payment in "legal tender" for anyone other than these institutions. That means that private companies or particular individuals can refuse to take your dollars and you can't force them to accept your money just because you "think" they should.

Some jurisdictions have explicit laws which specifically allow to decline payment in certain situations. For example, you may not be able to pay with high-denomination banknotes for things like a bus fare.

[jambul_kribo]

I think fiat money will always be used even though crypto dominance continues to grow, the fact is that some regions do not fully have the same level of technological progress, even in some places, the distribution of internet facilities has not been evenly distributed.
Another reason is that the government cannot fully trust the decentralization system, this will make the national economy out of control.

no one could replace fiat money with any cryptocurrency or others.fiat backed by gold , so this is not fiat value represent gold value too.although we know too, for each bitcoin need high cost to mining.

[Xardasim]

It would be much better to replace the paper currency with cryptocurrency at the moment. But, for this, all payment systems have to be changed. The reason for not accepting the crypto currency is the fear of the states. Because, crypto gives people the freedom they want.

[hacekd]

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.

of course, all this time we use money as a medium of exchange for the products we want and need both goods and services. In the world of the economy, the exchange tool has several other names, namely the medium of exchange, and that is the characteristic of each country. If it is associated with crypto, there may be a little discussion.

[iMark]

As of now fiat currencies are still necessary in the world because it is the usual currency and if time will come cryptocurrency will be implemented and accepted and use all over the world ,but still fiat currency could still be of use, for the reason that there are places which are not yet digital access or internet acessessibility.

Yes.You have your point too.It's not easy to replace fiat currency with cryptocurrency because there are some people particularly living in the provinces who don't even know what cryptocurrency is since they have no internet connections in their area.Fiat currency will still be of high necessity for them.

Thats the point! not all people can use bitcoin because of the limitations of many things, and there are many other reasons that Fiat will never be replaced, the government will certainly never allow that to happen right, it has been stated in their law that they will always maintain their local currency

[Bitkoyns]

fiat currency has a good role in everyday transaction of the people specially those people who were living in the rural areas and for me it will never behind in cryptocurrency fiat currency will still exist in the everyday lives of the people.

[BartS]

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.

Your reasoning is sound but that is precisely why fiat currencies are not going to disappear, governments love to tax you without having to pass a law for that to happen, that is why the governments love printing money so much, they get all the benefits of taxation, they can tax your wealth and not only your income, and they can do it in a way that not many people realize what is happening, so governments need fiat currency and if they need it they are going to keep pushing it so people keep using it.

[best ever]

However the country gets developed, there is a need for the use of physical currency, because each and everyone won't find convenient with cryptocurrency. Another thing everyone will not be educated, so it is hard to expect each and everyone using cryptocurrencies even in the long run. So physical currency is a must.

The traditional money will always live. Even when the cryptocurrency becomes more popular, the society will need fiat. I believe that the crypto and paper money will coexist.

[Himanshu111]

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.

Your reasoning is sound but that is precisely why fiat currencies are not going to disappear, governments love to tax you without having to pass a law for that to happen, that is why the governments love printing money so much, they get all the benefits of taxation, they can tax your wealth and not only your income, and they can do it in a way that not many people realize what is happening, so governments need fiat currency and if they need it they are going to keep pushing it so people keep using it.

Yes these fiat currencies are very necessary in the world.Fiat currencies are being used from traditional time period and by each and every person in the world.Fiat currencies are internationally approved and all the transactions are done by fiat currencies only.Digital currencies require internet connection to get operated and this is not possible in every corner of the world.Digital currencies also require some basic knowledge and are a bit complex.

[Impulseboy]

For now fiat currency is necessary in the world because it is what everyone is using. In the future, I think that the need for fiat will be less and less, but I also believe that crypto alone may not be able to eliminate fiat altogether. It is highly possible that those two may simply learn to exist along with the other. After all, not all country in the world even have internet so they will still use fiat, right?