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

[tbterryboy]

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.

That won’t work, there will always be fiat, unless maybe there happen to be a one government. There is no way to allocate any tax that will be paid by users of blockchain because you don’t know the location of the sender, neither do you know the location of the receiver. Bitcoin is meant to give people the control over their money which is what a few people seek, control over their money. But it all still ends in bank.

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[arinalwa]

A country always need their own currency to measure their economy strenght. I am believe fiat currency still needed even cryptocurrency mass adoption become reality. Government need fiat because its more flexible use in their own area

Fiat currency is the need of governments and when all governments in the world legalize cryptocurrency there would be no need for fiat currency because all the transactions will be made in cryptocurrency. Fiat currency as well as paper currency will be replaced by crypto. People will feel ease while using their coins directly from their blockchian wallets.

[syamster]

Future fiat is not necessary. However, at present it is really necessary, not everyone can access the internet. If you say it's not necessary then you are a visionary, do you think the world economy is as simple as a game so you can change it? Really want to eliminate fiat is a long time carefully prepared, not only to meet this, everyone's understanding must be enhanced. If the problem is as simple as you say it has come to fruition long time ago.

Well you are right to some extent, we need fiat because some people are not are of proper way of accessing digital currency, but on the other hand we must know now it is modern age where we need to groom, if we will not force people they will never learn, so I think we can live better life using digital currency, it is full of facilities and it is good to make good economical state as well.

[d1ceplayer]

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.

The traditional money will stay more important than the cryptocurrencies for many years. It will take much time to let the people understand that the digital money is something that is faster and more convenient.

One of the reasons why the traditional fiat will survive is that there is no access to internet facilities for every one. Not all out there are able to invest in cryptocurrency for so many reasons. The main being the absence of knowledge and the second the inability to take initiative to invest due to uncertainty.

Besides, cryptocurrency is not recognized every where and not by all the companies so there will still be a need to fiat and this traditional fiat will keep on running until there is a shift.

[margaret22]

It is a hard question, in one hand, I love crypto, and am against the traditional Fiat money System, as probably many of us in the community. But Fiat money has a great tradition, history, and so I do not think it would vanish any time soon.

[KingdomHearts]

I think that there is still a need for Fiat money, because not all countries and people are adapted to cashless payments.

Fiat money is needed whenever, because not every country has technological advances that support the use of digital currencies. The main requirement is the existence of a strong and stable internet network. Without it, the use of digital money is impossible. Then human resources must understand technology. If people are still stupid, they certainly cannot use digital money.

Hearing this, not only a crypto user but a an ordinary person will also think that before the birth of crypto world there were fiat currencies and still fiat currencies are having strong position which are using in our daily life in every market place.

We can never neglect fiat currency from our life as governments have made this good system for people which has its own benefits. On the other hand, modernism has great impact on humans life only if one start thinking to become a part of this great system.

[Ourplealis]

I think that there is still a need for Fiat money, because not all countries and people are adapted to cashless payments.

Ask a thousand of random people what they know about the cryptocurrencies. I bet, maybe 20 of them or even less will give you the right answer. Most of us still believe in fiat more than in the crypto.

Till date fiat currency is necessary for a country because without fiat currency a government cannot run. But I am sure after taking over the market by cryptocurrency the role of fiat will finish and governments will no more need for fiat currency. All the transactions make by big companies and government departments in fiat currency will be replaced by cryptocurrency.

[Apes]

Cryptocurrency transactions are very difficult to replace fiat in daily use. because cryptocurrencies in use needs internet online and electronic based. not all regions can reach this transaction. the assumption that crypto will go global in my opinion is totally wrong. Cryptocurrencies in my opinion are only  alternative part of money use .

[raidarksword]

Fiat currencies is the widely used by everyone because it is easy and convenient. It is the first tool to exchange and buy goods to any establishments and it is surely necessary to us all. Hence bitcoin are popular nowadays but there are still limits of where it can go because not all people are tech savvy to use crypto currency as tool for payment. It may take a long while before crypto currency will be widely used to all and we are willing to wait for that moment to come.

[Marcelle7]

Even if the cryptocurrency are very popular, but we can not totally replace fiat currencies ,beccause cryptocurrency has limitations of places where it is to used where there is internet access , it can not ve used to places where there is no internet access ,so fiat is still can be used as medium of exchange.

Yeah you are right but I think that if the government accept cryptocurrency and legalize it they can control it and also 20se it for their transactions. In the future I think there would be no need for fiat currency. There will be only one currency in the world and that will be crypto currency and bitcoin will be the mainstream in the future in the globe.

[CrazeCoinz]

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

Yeah I agree on you mate, as in the future we still have fiat as the government will not allow them to be out of the control on their economy and we still have no real solutions on how to control the volatility of cryptocurrency if this will be our future currency.

[horrifiedx1]

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

Yeah I agree on you mate, as in the future we still have fiat as the government will not allow them to be out of the control on their economy and we still have no real solutions on how to control the volatility of cryptocurrency if this will be our future currency.

i think the volatility of BTC, is unique to traders. and i think government will not replace fiat currency, for various reasons. of course if it is not ready and replaced it will cause economic turmoil in the country

[UNOE]

I don't think that world really needs fiat currencies. I would rather like to see currencies backed by gold again or backed by Bitcoin.
But if you ask me do we need some sort of physical currencies I would say yes.

[jbarcenas18]

I do believe that fiat currencies are necessary in the world because each fiat currency of every country has uniqueness and it represents the culture, tradition and history of a country.

[yvesp110]

I do believe that fiat currencies are necessary in the world because each fiat currency of every country has uniqueness and it represents the culture, tradition and history of a country.

We need the benefits not the history, people in several countries are living very bad life only because  have no good source of earning but bitcoin is being a good source of earning for a lot of people all of us are getting income only because of crypto currency, according to me we need crypto currency the most because we can do everything with crypto currency that we are doing fiat,

[DAVETUN]

Fiat will still remain relevant for a long while, Bitcoin is meant to be a digital currency that can only be access through the internet facility, which is yet to be available in all cities globally, also base on the volatile nature of Bitcoin using it as a currency without fiat has a limitation as it can only be use by the literate who can operate the laptop or phone.

[yitzjoe]

times and human needs are determinants of where crypto or fiat will be useless.
first humans do barter to get what they want and then evolve on fiat. Fiat is seen as having a better value at that time and finally how to barter becomes obsolete.
currently crypto appears and will it replace fiat? human beings who will answer it again will crypto be better in giving value, is crypto more useful for their activities? and many questions that must be answered

[MintCondition]

Fiat will still remain relevant for a long while, Bitcoin is meant to be a digital currency that can only be access through the internet facility, which is yet to be available in all cities globally, also base on the volatile nature of Bitcoin using it as a currency without fiat has a limitation as it can only be use by the literate who can operate the laptop or phone.

Fiat is a identification also of each country, it is necessary in ever transactions as well on determining the country economic situation. It is unreplaceable.

[DisWhale]

Fiat is necessary because it is the simplest way of making payment by the least educated ones in our societies. Cryptocurrency offers incredible features and services for purchase of goods and services yet the ideology is revolutionary which will take some time to gain complete roots as the people learn its concepts gradually.

[cryptoalfs76]

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 could definetly say yes, that fiat currency are very important into this world because everythings you want to buy or needs of life  fiat are always exist in order to provide everything what we needs,otherwise crypto is an alternate of paper money  into this modern technology,in order to create a cashless society  and make the billing transaction easier,but as of now thats not all country are using of this,fiat currency are best option that we needed.