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

[ngusmin]

Fiat is very necessary because fiat is a payment medium, and every country has it as a national currency. Fiat has been used for a long time and people use it as a means of payment and as a measure of wealth.

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[NH]

fiat can be important think, to decide crypto price. but if government change fiat into crypto, it mean they must create their own token like fiat. i mean when you convert bitcoin to local crypto, its like you convert to fiat. so every country have different price.

[Harrisonimo]

In my own opinion, I do think the fiat currency can't be totally eradicated/submerged. Reasons being that  no matter the high levels of development or sophisticated technology, there will still be areas where these developments won't reach. And they still will have contact with themselves making use of the fiats for themselves and also having its equivalent if the needed arises to transact with the digital currencies.

[Akpuv]

I believe the fiat currencies will be of continuous need. This is because Bitcoin cannot penetrate remote locations or places that are not yet civilized enough.

[jademaxsuy]

We can dream about crytpo words without money but we all understand that not pissible at least 100 years more)

It could take a long time before one could realize and trust the digital currencies to perform the exchanges of goods, product and services. As we all know that fiat money being printed or made is just a representation of the economies value of that certain country. So, if that country is rich then probably the value of their fiat money is high and it is the opposite when the economy of that country is poor. However, in specifications regards to how fiat money being made is through the materials itself being made. The higher the value of the money, the better materials being used that corresponds to the value of fiat money.

[East2011]

Fiat currencies is more convenient to use. Especially for the poor people who don't know what crypto is and don't have internet. The use of crypto's will be very unfair for them.

[EdenHazard]

Still, fiat currency is very essential in local areas because still, they don't believe in cashless transactions. Yes, fiat currency is the necessary requirement even though cryptocurrencies exist because cryptocurrency cannot be controlled by the government sectors.

People will always need the paper money as it is very simple to buy/sell things with it. To deal with the cryptocurrencies, you need the internet connection at least.

You only need a smartphone to do payment with cryptocurrency, there is no need to take a money paper on your pocket, I think it's more simple to be compared use money fiat. And might, if payment system use cryptocurrency has been cut-and-dried and almost merchant allowing cryptocurrency as a tool for the transaction then there will be an innovation where payments using cryptocurrency doesn't need an internet connection, can be replaced with a barcode or the other.

[Cofee.BLUE]

In our present era it is necessary because the old banking system has not yet accepted it due to its innovative technology their having a hard time in accepting it because that would mean that they've admitted defeat and prove that digital currencies are better and our current commerce isn't prepared for online payment yet.

Yes, we all need traditional money. Unfortunately, the mankind will not survive without fiat. the banking system is very strong. However, the cryptos will be used as well.

No doubt fiat currency is very essential on our daily living however cryptocurrencies can really help us transacting globally with anonymity on our persinality more safe and secured, fast and reliable. I think cryptocurrency is important too since we are heading in a semi-cashless society.

[Nick Abimanyu]

If we study more deeply, it turns out that all fiat currencies have no price not much different from money which is in children's toys. But what makes it different is because there's legal support from the government. So that the paper currency becomes has a price and can be accepted by its users.

[LeepNetwork]

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 doubt fiat money will go away, but I do think crypto is undoubtedly the next step in the natural evolution of money as we know it.

[Pattart]

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's not even about taxation. States can not physically go to the calculations in the cryptocurrency, for this decentralized cryptocurrency has too many shortcomings and, above all, greater volatility. On the other hand, a part of the population of any country simply does not want to switch to the use of non-cash money, and even more so cryptocurrency, the use of which requires certain knowledge and practical skills.

Of course, fiat currency is really necessary in the world because it is more convenience to used as payment especially in small store and it also used for any payment because it is the only currency that accept. While cryptocurrency is good for transaction in shopping in some site because it is fast to used, im short it is cashless which is good now to our society because most people are using credit and debit card which is cashless.

You can call crypto better for currencies and spending, but within a country we must follow the existing rules and the government requires that fiat money be used as the main currency for shopping and so on, from that we cannot do treason by replacing fiat officialy, after all, Fiat isn't too old-fashioned there are many types of cashless from fiat like credit cards..

[dongyi17]

economic world now a days.. are becoming innovative, they became adaptable to what is new, useful, convenient and profitable, while there's still fiat all over the world slowly there learning and open to new challenges and new things to try to, such is bitcoin and they find more easy and secure and can be useful anywhere...soon those fiat become digita.l

[nguli]

yes of course this fiat currency is very important for the world because without this fiat currency it seems that it will make a lot of people who already have old age who want to be reacted to be very difficult.

[liseff3]

of course fiat is necessary. because fiat is more or less safer currency comparing with other alternative currencies such as crypto currencies. they are mostly backed by governments and also easy way to make payments.

They will certainly support it, because fiat currency's a pride product which they created themselves.

Of course. Fiat becomes a physical payment instrument. although crypto currencies are growing rapidly, but don't forget that crypto currencies have value because there is fiat money. Fiat indirectly becomes a crypto value gauge.

Of course. Fiat becomes a physical payment instrument. although crypto currencies are growing rapidly, but don't forget that crypto currencies have value because there is fiat money.

It seems that you don't understand with what is called the market law. Remember, every commodity including the cryptocurrency becomes valuable because of the trustworthiness of its users. By buying, then demand will be created and at the same time will trigger the rising price of the crypto currency.

[Sama517]

Yes definitely. The Fiat are as important as the cryptocurrencies. If you take away the fiat, the world economy may destabilize. Every commodity is pegged to one government fiat currency or the other.

[hicies]

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.

If fiat currency isn’t necessary then why are you still using it cause I’m very sure that you still make use of your country’s currency. Fiat is necessary and we need it more than we need cryptocurrency. Cryptocurrency doesn’t have physical and it can never have cause it wasn’t meant to be used physically, just to be used digitally. So we still need fiat currency and it’s very important.

[Twentyonepaylots]

The more regulations are imposed, the less decentralized the system becomes.

If you avoid dealing with centralized services you won't have to suffer from anything, but people as convenience hungry as they are, will always rely on centralized services to take care of storage.

You shouldn't forget that most people aren't capable of managing their own wealth, which is why they will always rely on banks. Benefit of that is also that their wealth is insured up to a certain amount in case the bank implodes.

What insurance is there with crypto if you mess up? Losing funds in this case means losing funds for ever. For that reason I do understand why people will always keep using fiat and banks.

And yes people can receive salaries in crypto, but what if the value falls and the receiver starts to suffer? They can even sue their employer if the value falls down there minimum wage.

If the employer is clear with its terms for payments in Bitcoin and the employee agrees with all these terms, there is no one he/she can sue.

   One should note that, Crypto Currency is not yet totally accepted globally, the need for FIAT is still there, we have limited Crypto Currency Digital transaction in the market, a lot of Government and  Business Financial Institution is studying the entry of Crypto Digital Transaction into the main stream Market,this is the issue on Regulation,  so, the use of FIAT is very much important not unless the total acceptance on the use of Crypto Digital Transaction into the market.

[denuhaqiqi]

In my opinion, cryptocurrency in some aspects is indeed better than fiat, but that does not mean that cryptocurrency can replace fiat. Cryptocurrency is similar to a currency but not a real currency, because to be a currency must meet several main criteria. Cryptocurrency is only an exchanger, the rest we still have to use legal fiat in the country where we live to make a sale and purchase transaction. All types of crypto currencies will not really be real currencies, but can be a strong alternative asset.

[contactmike1]

What do you think about regions without internet? What if your telefon is off and you don't have connection to internet,especially in other country? Crypto is really good, but our society isn't that advanced and some parts of the world remain in the past. Probably in 10 years something will change current situation, but at the moment total fiat replacement isn't possible. A lot of things should be regulated, new laws should be added and so on

[normanz]

Fiat is needed because fiat is a national currency and every country has it. I think fiat will last a long time to be used as a medium of exchange.