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

[mia khalifa]

yes of course fiat is very important and very necessary for some countries and it will not be lost because this fiat is still a lot of use, and many ancient people who are not familiar with technology still use fiat.

[VanityWallets2015]

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 fiat currencies aren't necessary in the modern world but in those countries that are under developed or are developing should need the paper money as they don't have reliable internet and many people there are homeless and poor which can't even afford even 2 meals in a day, so how can they transact with blockchain and internet. Also the micro payments for purchasing goods is a big deal currently as many a times payment also reach $1 per transaction, so how can poor people afford this.

[canej]

Crypto-currencies in their actual form are not able to displace the fiat money. The answer to the question of whether their dominance is possible in the future remains open. It depends entirely on the level of popularization and diffusion of technologies, as well as on how the new financial instrument will be adjusted to the practical needs of users.

[ganlianshifu1]

Currency is a quantifiable indicator of social power. Money is the "universal medium of human communication!"
Banknotes of no value depend on government credit as a guarantee!

[MoonLouis]

In the future, I think that there will be no more fiat currency. Instead of that, people will use digital currency more

[PlusOne88]

Considering that the world is changing, it could or may happen that fiat will be just a collectible. I believe that someday it might be gone. Yet for cryptocurrency to take over is something which I think is yet too far from happening. The reason is very simple. Cryptocurrency in its current state today cannot be controlled by the government. So it would appear to be like a one currency for the world and this could only happen if there would be one unified government which in our case may be far from happening. Cryptocurrency however may have a chance to be in the circulation given if the government itself will create for themselves and it will be just like a digital version of money. Which is not greatly affected by the change of demands but by what the government has set for it in terms of value.

[tuhnupeppu]

In my opinion, no. If cryptocurrencies are able to replace fiat currency then the answer is no. But for that to happen a lot of other things to need to happen. Cryptocurrencies need to be way more stable than fiat currency. I think that is one of the biggest issue and why it will be necessary to have fiat currency in the meantime.

[traderethereum]

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.

Yes, as long as people still using fiat to buy something, then fiat still exist and necessary for every people in all country. But I imagine that in the future, which all people are using digital in our real life, and they already know digital money, maybe it's only a few people that using fiat and the other people only collecting fiat as they collection because, with the digital money, their life becomes simple.

[redsun114]

Absolutely yes because we can make our day to day living by means of our national currency even in travel of different countries. What we really expect to crypto is to earn from it and converted into our real fiat for our future use.

Fiat currencies are very necessary for us because its importance is meaningful from every side in every field of our life. We are dealing with money in every area as you will see millions of businesses around yourself that will need money from you if you desire for something to get it for anything you need so you will use fiat currencies. On the other hand we have new modern system but it will not work everywhere so you will need to use fiat.

[ibrar.noman]

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.

it is not backed by a physical commodity Those who advocate for a gold or similar standard often use the argument that fiat currencies are not  really worth anything, since there isnt anything tangible that underpins its value. That's really not a very accurate description of a fiat currency, versus a gold standard. Simply put, the value of any currency, whether a commodity or a fiat currency, is only relative to what people think it's worth

[Allura74]

Crypto-currencies in their actual form are not able to displace the fiat money. The answer to the question of whether their dominance is possible in the future remains open. It depends entirely on the level of popularization and diffusion of technologies, as well as on how the new financial instrument will be adjusted to the practical needs of users.

Fiat is very necessary and as a traditional mode of payment to easily purchase goods and services because it serves as a walk in transaction and still very popular popular compared to electronics transaction, but time comes when the world reach on the edge digital era and I believe that time fiat will slowly disappear and all transaction will be done electronically.

[Sarastiche]

Fiat is still quit necessary, as digital currency still have some factors that still make fiat relevant, presently you cannot have access to digital currency without the Internet, also the volatile nature of Bitcoin and other Altcoin always create fear in the mind of lots of people, therefore it will take a while before fiat can go into extinction and this will be base on government globally legalizing the cryptocurrency platform.

[manfredmann]

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?

Yes still has a big reason for it. As we all know that having a crypto does not guarantee that you will going to complete transaction easily. There are some factors in the transaction that only fiat money could do better than cryptocurrency. Like in those who are living in mountain area probably does not know how to use crypto and never had the internet. Aside from that if your gadget will broken down you cannot use your crypto anymore since digital wallet needs a digital gadgets. Aside from that during natural calamities where one could not access power or electricity could not do a transaction in the market for basic needs or for buying food and fiat still works best on this situation

[zero9119]

If not necessary, fiat currency can not survive the last time. Existing fiat currencies are having some inadequacies but I believe the complete replacement of fiat currency in the world is unlikely.

[PeachPam]

As we already knew, Cryptocurrencies give us some advantages and it is considered to be better than fiats. But fiats play an important role to control the supply of money and control the economy all over the world. That is the reason why bitcoin is hard to replace fiat in the future

[congresowoman]

For me Fiat currencies are still necessary. Even though this form of money is in old form still it is not that obsolete. Many people will still prefer to transact with fiat simply because they have confidence in a money that they can physically touch. On the other hand, digital money are a thing to people with definite knowledge of digital transactions

[Getcoinsite]

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.

Being said ,fiats will stand when cryptocurrency is not available,like for example that electricity is not available,or the internet provider then what would be to use?Isn't fiats?So theres no way that this paper money will be thrown and abandoned because without this cryptocurrency will never be successful .i have been thinking about this for long and i know that this is impossible to becomes reality

[patarfweefwee]

Fiat has been with us as long as there was trade. It is a very convenient way of exchanging goods and services than barter. If and when crypto currency becomes big and the norm, I still think that people might still use fiat as a form of untraceable transaction. Maybe for malicious purposes but that is what they'll use.

[jonatuzc]

Absolutely yes because we can make our day to day living by means of our national currency even in travel of different countries. What we really expect to crypto is to earn from it and converted into our real fiat for our future use.

There are certain aspects of life that could not be changed and an olden economic system is one of them. As long as your economy does not allow the crypto, you cannot use it. However, I believe in near future, you might be able to use crypto by booking a ticket or while traveling since the system gets upgraded.

In daily life, while making ordinary transaction, you might not feel the need to use cryptocurrency if fiat can do the job. However there are so many possibilities in the current market.

[demonz666]

Of course the fiat currency is still needed by the world. because of the total population of the world population only 51% can access the rest of the internet and do not get internet access.
so that fiat money will remain. and now there are still many countries that reject cryptocurrency as a currency and payment instrument. but if the technology advances 10 or 20 years, it is possible that the cryptocurrency will replace fiat.
I took information from the website m.liputan6.com