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Author Topic: In the future, will fiat currencies be necessary in the world?  (Read 10944 times)
chickenado
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October 23, 2018, 10:33:15 PM
 #501

Currencies of individual states will exist until the need for them disappears. And this will be decided in all cases by the representative bodies of these states. The need for national money may disappear when uniting the economic and financial systems of different countries as it was done in the European Union. In all other cases, the currency of individual states will exist as long as the state exists.
In depends on how the state recognize a certain currency that circulates the entire nation. Somehow it cannot eliminate the usage of fiat money system, because it's very necessary specially it's a usual mode of payment used on both local and international transactions. Digital only exist with cryptocurrency patronizers but not the whole world.
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October 23, 2018, 10:46:45 PM
 #502

The term digital currency has existed before ten years, but it has to travel long to reach the entire population. Right now what we have as user base is very low compared to the fiat. People were much attached to it, and the same will make fiat currency usage continue forever even when there is increasing digit currency usage on the other side.

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October 24, 2018, 12:49:17 AM
 #503

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October 24, 2018, 01:24:40 AM
 #504

It is always necessary because it shows the inflation and economic situation of a country. fiat money is not only used for payment, it is also used in many fields such as economics and politics. You will see a poor country as its currency always loses its value over time and developed countries have always kept the value of fiat over the years. That is the nature of fiat money and it is very important.

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October 24, 2018, 06:29:15 AM
 #505

Yes, I believe it is. People need it rather exchanging goods by another goods. But it was only convenient when digital still did not exist but now bitcoin is now here, maybe they still have a place and necessary for some community.
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October 24, 2018, 06:37:58 AM
 #506

In the future, fiat is not necessary. However, this future needs a very long time. The replacement of fiat has to be united among nations, which is really hard because the economy between the nations is so great. "Bitcoin replaces fiat", we say it is easy but when we do it is really hard.
It is not as hard as much you stated but it is wholly depending on governments if they unite to replace it then there is nothing which can stop this replacement of fiat into crypto. But yes, you stated very well according to the current conditions as we know that many countries are against the crypto coins which are illegal for them and this will take a long time to unite nations or governments on this replacement.

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October 24, 2018, 07:04:21 AM
 #507

Even with the growth of crypto, I think it can not replace paper money. All governments in countries want to control their economies, if a society has only crypto money, how can they manage it? Moreover, in rural and remote areas where internet and computer are not available, paper money is still the most affordable.
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October 24, 2018, 08:11:11 AM
 #508

This is very necessary. The legal currency is a good future for the cryptocurrency. The emergence of stable currency is the bridge between the cryptocurrency and the banking industry.

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October 26, 2018, 06:32:22 AM
 #509

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.
Well yes. I do believe that Fiat currency is necessary in the world. As it's a currency that is most accepted all over the world and has the highest number of users all over the world. And still most of the people don't even know what cryptocurrencies are. So yes I do believe that Fiat currency is necessary for world.

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October 26, 2018, 06:39:35 AM
 #510

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.
At this point they are because the popularity of the crypto coins reaches 1-2% from the world population so there is a lot of work to do. When the altcoins will be popular and it will be used on regular bases each day then we can say that there is no need any more for fiat coins.

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October 26, 2018, 06:42:35 AM
 #511

if one day everything is done with crypto then fiat will disappear. if all countries in the world have agreed that the use of crypto as a currency is more useful, more efficient, more convenient, safer and so on there is the end of fiat

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October 26, 2018, 06:49:04 AM
 #512

It is essential to have fiat currencies because we don't know whether will become major currencies but in some countries, most of the people depend on the fiat currency because they don't even have a proper internet connection. Cryptocurrencies are very good to use but for small scale industries it is impossible to sustain with the fiat currency.

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Commotheon
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October 26, 2018, 07:58:04 AM
 #513

Currencies of individual states will exist until the need for them disappears. And this will be decided in all cases by the representative bodies of these states. The need for national money may disappear when uniting the economic and financial systems of different countries as it was done in the European Union. In all other cases, the currency of individual states will exist as long as the state exists.
Fiat is to much necessary for country's economy but people aren't understanding it they're keep using bitcoin and cryptocurrencies.
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October 26, 2018, 08:15:23 AM
 #514

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.
Well yes. I do believe that Fiat currency is necessary in the world. As it's a currency that is most accepted all over the world and has the highest number of users all over the world. And still most of the people don't even know what cryptocurrencies are. So yes I do believe that Fiat currency is necessary for world.
fiat currency would not replace by any cryptocurrency even its already implemented and adopted in any stores in all the world.fiat currency represent government's ability in their skill to manage country.

domarakooth
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October 27, 2018, 05:41:30 AM
 #515

Currencies of individual states will exist until the need for them disappears. And this will be decided in all cases by the representative bodies of these states. The need for national money may disappear when uniting the economic and financial systems of different countries as it was done in the European Union. In all other cases, the currency of individual states will exist as long as the state exists.
We should aware them that if we don't use fiat we won't give any tax and it can bring the economy down.
EllenSmith
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October 27, 2018, 08:12:10 AM
 #516

For my understanding, fiat currencies always play an important role in the world. It helps the world run smoothly and limits the money laundering and criminal ( like cryptocurrency)
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October 27, 2018, 08:49:07 AM
 #517

Yes, there is a need for fiat currency. Because it is very important for us and necessary. Without this, many criminal acts will happen. There are many people who do not understand anything other than fiat currency. Cause they can use fiat currency very comfortably.

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Levious
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October 27, 2018, 09:09:35 AM
 #518

This is crucial. The fiat currency is the bridge between cryptocurrency and cash. The gradual increase in fiat currency is the recognition of the future of cryptocurrency.

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October 27, 2018, 12:43:01 PM
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 #519

Fiat currency is currency that has been legal by some government that is not backed by a physical commodity such as Gold or Silver or Oil for example. The value of fiat money,  can be USD or EURO or GBP or something else. There is always a certain relationship between fiat currency and Gold and other valuable materials. So in some world you need some material mostly for all countries in the world is GOLD to be backed up for fiat. So this opens many other questions is it good or bad to have fiat as prime or to change to crypto and blockachain technology.

Some many believe that fiat currency system is the best option. International adoption has taken place for a number of reasons. What is the reason for this, some say that is obvious one and that is GOLD is something that will run out eventually and paper money wont. Then for what is good fiat. For one thing, it allows governments to provide stimulus, take on debt and provide investment. That is main purpose and relationship between Fiat currency and Gold.

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October 27, 2018, 01:02:03 PM
 #520

Fiat currency is very significant in today's world. It has established an important role in different transactions ariund the world. Replacing fiat currency by cryptocurrency is still far frim reality. Cryptocurrency hasn't been that reliable in terms of consistency and security.
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