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

[BorisVirla]

We will always pay and buy something, so we need a means of exchange.

[brukva]

Currency is always needed and better if it is not one.

[tulezua]

No cash is the future, a cashless society is likely to start in 2022. We should look at the new era. Countries are ready to enter the cashless era, using only mobile payments and cards, such as Sweden, the United States, the United Kingdom, and Korea ....

[Kamote_1102]

Of Course, Fiat is still necessary. If it's not necessary anymore, then it should have been gone by now. even though the blockchain technology is now existing. and there's a digital currency that we can use over the Internet, the World is still run by fiat. so for me, it's still necessary.

[Cliparts]

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.

It was the most common way of payment but now it is not like this, it is modern age where all of us need to have something modernized and well developed which is now a day digital money, as we can buy all kind of goods with it and we can earn high amount of profit as well, it is rising in price now but having lots of money, holding it for years will give no change but only risk so for me fiat money has no worth as compare to digital money.

[pokang13]

Of course it is necessary.Without fiat currencies, we cannot buy things we need everyday to sustain us.We are also using it for payment.Though are people who are not into crypto yet and they prefer fiat.

[richmcrich]

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 you wouldn’t need fiat if the world reaches a level where you will have to replace your hands and legs with robotic ones lol… what are you even thinking? If fiat isn’t necessary then why are you still using it? In case you don’t know, when they talk about digitization they don’t really mean crypto, they actually mean easier ways to make use of fiat and with the help of technology we have been able to achieve all those. This time around you don’t need to go to banks anymore, most of the times, cause mostly all you want to do can be done with your phone

[NGOCDIEP]

I think it's still necessary because Fiat has contributed a lot to a country, fiat symbolizes currencies in various countries. Although crypto actually provides convenience, fiat is still needed because in this world there are still many poor people who do not have technology.

[yonjitsu]

I think yes because not all people are in favor of bitcoin and cryptocurrency as means of payment to buy goods or pay for servicese. On the other hand, with the downside of crypto for being unusable during offline can give some people valid reason for them to use fiat currency rather than using the technologically advanced cryptos.

[andriw]

I might think differently, it might still needed in functionall form but for physically form of paper and metal might not be needed, just changing the nature from physical to digital or electronic, such as using a debit or credit card.

[resty]

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.

Fiat money is our main type of currency but of course because of hi-technology come up the lifestyle  of people must be followed because almost all things in world are operated by hi-technology from transportation in the land up to the sky so all things in the world are start in low quality it means from fiat money we have to changed into Cypto Currency. but we still need fiat money while crypto currency are not yet  available.

[Crypto24hrs]

The next question that will help us is can everyone in the world use digital currency including the edged and the illiterate class? i ques the honest answer should be no hence to some extent we need fiat currency.

[pinoyden]

lol . what kind of question is this ?

Of course yes. Fiats currency or money , is verry essential and necesary to use since it is the first known legal currency before other payment method exists .

Fiats are verry important and should not be questioned by any other means .

Without fiat , do you think your so called cryptocurrency will have thier own value ? no right ?

fiats will always remain the number currency because majority of people will still stick using it , as it is more easier than cryptos and other medium .

[UchihaRukawa]

I think, fiat money are created only because it is much more convenient than our older system of paying which is trading goods, people find a way to be able to do an easier transaction and that is by fiat or cash, they find it very useful and easier that is why they have decided to use it word wide, I think that is gonna be the way cryptocurrency will enter the transaction system, because it is easier and more convenient when it comes to transaction.

[syaripudin]

in financial terms, of course crypto currencies will provide more convenience in all forms of transactions, but to change fiat currencies into crypto currencies globally, I think that is not as easy as imagined. because for now there aren't many people from all walks of life who can fully understand crypto currencies. and this needs to be socialized that requires a lot of time to be realized for the wider community.

[ameliana]

maybe effective for developed countries that are very familiar with the internet, but developing countries and so on will experience difficulties, especially the role of their government in educating them. Fiat is still the most important, but crypto can be guided from now on to be actively traded, the government does not have to give up because crypto will be the answer to a more efficient budget.

[Nahl]

If in the future digital era dominated people life then gradually fiat will be eliminated and for the exact example that i heard China has been starting it that people at there currently not necessary to bringing money if they want to buy daily life that they can use digital money and scanned their smartphone for every transactions and following it too i think it will comes that fiat eventually will be eliminated by digital money someday

[el kaka22]

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.

Obviously not ready. Considering the fact that due to its deflationary characteristics, a lot of people still prefer to keep hoarding what they have than spending it and that is one thing that would be a lot difficult when coming to terms with the idea of its currency usage making it impactful.

For now, I know things may change eventually, but we are not yet even close to it, and even if crypto becomes a more deserving or interesting space to use as means of payment, it still does not mean it would rid fiat completely since not everyone will have access or will be willing to want to stress themselves to the level of utilizing the space and would rather stick with fiat, most especially in countries that are less developed.

[Epimetheus]

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

Fiat currency are as much as need like crypto currency. crypto currency are not a stable currency and fiat currency is the base of any currency system. Cryptocurrency is not globally accepted and its is only use digitally. But their are many places in the earth where Internet is not present, because of this cryptocurrency at that place is not usable. Cryptocurrency is a complex digital currency because of this many people still doesn't believe on this. Where as fiat currency are simple to use and everyone know about it. In many Place and country cryptocurrency is not directly  use. It is converted into fiat currency then it is used. So fiat  currency is a necessary to the world economy.

[F_Ivanov1993_]

There must be one currency in all countries, so that there are no discrepancies in the price.  It will greatly simplify your life.