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

[redsun114]

Depends on the point of view. Perhaps for the real functioning of the world economy, Fiat is no longer so necessary as before. However, for the public consciousness, traditional currencies are still of great importance.

Well it is not so necessary for a country to have fiat like take examples of countries like Venezuela where the transactions happen via the mobile phones that is the mobile money and the economy is working.

It is rather helping the government refrain from the printing of excess money that reduces the value of the currency and hence reduce the purchasing power of the currency. This situation normally leads to a high exchange rate which is not good for the economy. Besides, crypto might be the international currency only if all the countries around the world start accepting it.

[1714862731]

1714862731

[dowellness]

fiat currencies still necessary in every country because people still use fiat to buy anything. but fiat currency slowly has to turn into digital payment because we see some apps offering us to deposit some amount of money to them so we can use it to pay for something we buy without using fiat. and I think in the future, the fiat will still exist but there are many options of the payment which comes from the digital payment like I said.

Fiat currencies playing a main part in our lives. Of course without fiat everything will me vanished. We need fiat currencies in order to control our economy and people.

[julzcoinbit]

Depends on the point of view. Perhaps for the real functioning of the world economy, Fiat is no longer so necessary as before. However, for the public consciousness, traditional currencies are still of great importance.

Well it is not so necessary for a country to have fiat like take examples of countries like Venezuela where the transactions happen via the mobile phones that is the mobile money and the economy is working.

It is rather helping the government refrain from the printing of excess money that reduces the value of the currency and hence reduce the purchasing power of the currency. This situation normally leads to a high exchange rate which is not good for the economy. Besides, crypto might be the international currency only if all the countries around the world start accepting it.

You can say it into a country that has a high in economy where as adopting the  innovation of technology as well, just like the country you had mentioned, but in some countries were still in crisis, I mean in third world countries fiat currency is still for them because some of them are not educated and don't have any idae about the existing evolution of technology right now.

[Howits]

fiat currencies still necessary in every country because people still use fiat to buy anything. but fiat currency slowly has to turn into digital payment because we see some apps offering us to deposit some amount of money to them so we can use it to pay for something we buy without using fiat. and I think in the future, the fiat will still exist but there are many options of the payment which comes from the digital payment like I said.

Also fiat also involve with country's development. If you're thinking to replace fiat with bitcoin then its impossible.

[Janation]

fiat currencies still necessary in every country because people still use fiat to buy anything. but fiat currency slowly has to turn into digital payment because we see some apps offering us to deposit some amount of money to them so we can use it to pay for something we buy without using fiat. and I think in the future, the fiat will still exist but there are many options of the payment which comes from the digital payment like I said.

Also fiat also involve with country's development. If you're thinking to replace fiat with bitcoin then its impossible.

Government can still use cryptocurrencies to replace the fiat, but we are talking about a lot of years from now, maybe a century or a millennium, we don't know. What we all know is that the future is pointing towards to these technologies started by the solution of double spending made by Satoshi Nakamoto in the past of cryptocurrencies in which is called the Blockchain.

Fiat currencies are still necessary in the world, there are no other way to pay now without these fiats. I mean yes, you have your mobile applications or cards;ATMs or Credits but I don't think they would be able to give it a load without fiat. Without fiat, we will still be using other things we can trade with the same value, and that is bad.

[kobecury]

My opinion is that in the post-dollar era, the solution that would spontaneously emerge if people were free, would be to use crypto-currencies for payments and precious metals for (cash) savings. Simply because they are the single most competitive answer to both of those needs.

[Papaczed]

fiat currencies still necessary in every country because people still use fiat to buy anything. but fiat currency slowly has to turn into digital payment because we see some apps offering us to deposit some amount of money to them so we can use it to pay for something we buy without using fiat. and I think in the future, the fiat will still exist but there are many options of the payment which comes from the digital payment like I said.

Also fiat also involve with country's development. If you're thinking to replace fiat with bitcoin then its impossible.

Government can still use cryptocurrencies to replace the fiat, but we are talking about a lot of years from now, maybe a century or a millennium, we don't know. What we all know is that the future is pointing towards to these technologies started by the solution of double spending made by Satoshi Nakamoto in the past of cryptocurrencies in which is called the Blockchain.

Fiat currencies are still necessary in the world, there are no other way to pay now without these fiats. I mean yes, you have your mobile applications or cards;ATMs or Credits but I don't think they would be able to give it a load without fiat. Without fiat, we will still be using other things we can trade with the same value, and that is bad.

Yes of course. Fiat money is very necessary in the world. No matter how cryptocurrency become popular and become so useful it couldn’t totally replace the fiat money. Fiat money couldn’t totally be eliminated just because something new came up.

[teosanru]

Obviously. Do you want to go back to a world where barter system was in place? No, right?
Fiat currencies are the best way to carry out transactions. You don't have to worry about network, connectivity or own a device.
Just give your money and buy whatever you want.

[myown2cents]

At the current stage of development, Fiat is absolutely necessary. Perhaps for the real functioning of the economy, Fiat is not needed, but the consciousness of most people is still very attached to the Fiat. So it was with the first paper money, then with electronic payments.

What do you mean by "real functioning of the economy"? It is generally accepted that any advanced economy, where advanced is anything beyond a simple subsistence economy, money is a must-have, as it were. In a subsistence economy you don't really need money and can get along with barter as it doesn't introduce division of labor other than hunting, gathering, and agriculture. Anything else needs money, and modern economies need fiat as money because money based on hard assets will be ineffective in so complex economies.

The "built-in mechanic" of fiat regulating itself is a complete fantasy. Central banks and governments set interest rates, expand the money supply, established the rules of FRB, create bailouts, maintain liquidity, etc. There is nothing "built-in", nor "automatic".
Of course all of the features you mention can be implemented in cryptocurrency, as well.

You may need to finish school, really. And learn about the forms in which money exists today. Central banks and governments on their own can't "expand the money supply" as it will only cause inflation, price inflation. Hint, you may want to read about endogenous money supply.

Yeah fiat currency is very necessary for a government and for the people. Most businessmen are using fiat currency for their transactions. It will be there although cryptocurrency takeover the market in the future. After a long time when all the people in the world will use only cryptocurrency for their daily needs and for their transactions crypto may takeover fiat currency.

[policeoo]

The future will bring us so many changes. We are looking forward to crypto currencies and their influence. I think they are very welcome in our lives. Many people disagree because they are afraid that they can't be controlled, banks have control over our lives and with crypto currencies and their fast transactions, there will be no need for middlemen, fast transactions and moment trading will be our future.

[Tramle091296]

Fiat is always be important for every nation because fiat is number one needed in most of the countries all of their money people uses it for purchasing products. But fiat needed also to make a change because of the Cryptocurrency that existed now. some our replacing their money because they saw an potential on how will benefits it on everyday live. But fiat is always be a superior currency in the world.

[manismanja]

it looks like fiat is still very much needed by fiat because it is very familiar among the community and there are many people who use fiat to make existing payments so that payment can be very easy to do using fiat because fiat is still widely used for many people.

[btcjocan]

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 still necessary for me because this is the most convenient way of paying goods  and can be accepted anywhere.When this new innovation BTC would be more develop i think there were alot of people adopt and used it.

[Crypto Girl]

Like for example I want to buy  a single cupcake on the street worth of 1 usd but need pay 1 usd more for the fee? Or receive my paycheck this afternoon with bitcoin and wake up the next day just to find out my money decrease from 5k usd to 4k cause market volatility? At this moment I think we still need fiat money. Until there some cryptocurrency that solves the problem about confirmation time, fee, and stable price.

IMO, if we want a stable one then why don't we use USDT? Though it doesn't backed by anything and so other cryptos neither bitcoin? So yeah why not if our concern is volatility? Personally, usdt is quite enough to be a currency and leave bitcoin as a pure asset.
Crypto replacing fiat will be a big leap in humanity as it will revolutionize the payment system yet this will be a long process so I'm just looking forward in crypto as an additional mode of payment like why fight over fiat if we can add cryptos, isn't it?

[Nasty23]

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 still necessary for me because this is the most convenient way of paying goods  and can be accepted anywhere.When this new innovation BTC would be more develop i think there were alot of people adopt and used it.

Yes I also think that fiat is still necessary because fiat can be used anywhere and can be done easily on which it doesn't need any internet connection to be send and received from the other people and also fiat are the most easiest way in the mode of payment in the different countries. Cryptocurrency and the fiat currency are both good when they are doing their own roles in the community based on their different functions so that the people can be choose freely for what they want and they can be used it easily.

[charlemagne_15]

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.

I oppose to your idea. In my opinion, I think fiat currency is necessary. Let say that bitcoin or other cryptocurrency is really helpful today but we cannot change the fact that fiat is more appropriate currency to use in everyday life. It is still better if we can hold our money rather than stocking it in some devices or apps. Although, bitcoin can help us in everyday life still we cannot be sure in digital currency so basically, fiat is a need.

[slocker]

Believed or not money is something that is needed no matter where you go. It something that is necessary every day. Reason for this are many, but mostly all really on money as some sort of emergency fund. Its something that is driven this world off course before crypto is developed. Thinking like this many are still in fiat rather then crypto mostly cuz they dont understand or they are scared of it. Many think that if they have multiple income will be happy but looking in crypto world you can make it faster with good investment.

[Silberman]

It is necessary for the governments, fiat currency from the very beginning has been just a way to trick the population out of their gold, then governments discovered that they could print as much money as they could with almost no consequences, with the problem that if they printed too much of it too fast eventually the fiat currency will crash, this is why they do not like bitcoin they cannot print as much of it as they want.

[nokat]

Fiat currencies are very necessary in everyday life. I do invest much into fiat currencies and an also in cryptocurrencies but I do like fiat currencies more than cryptocurrencies because I use to grade with them the more.

[davit putra]

Fiat has become a part of our lives for transaction tools, and I think fiat will continue to be used in the future, and because fiat is regulated by the government it is likely that fiat will continue to survive.