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

[markstivn98]

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.

Yes offcourse . Evolution dominates all spheres of life. But that needs Internet everywhere.

[Irvinn]

If you are thinking of total digitization of payment method than it will take 4-5 decade or more  but till that time fiat will be used for various physical transaction.not everyone is educated and have knowledge of digital currency ,it will take good amount of time when majority of population will be educated and will have digital hardware wallet like system for day today purchases but it will be difficult to implement it.

Do you think it could be possible to move from fiat to digital money in 4 or 5 year? First off, humanity and economy should ready for it. We need more years than you predict and during this time adoption will improve slowly. Do not think someone can run away from this, eveybody will have to use crypto when the time comes.

The common currency of states will not disappear anywhere in a hundred years. Cryptocurrency will not be able to replace the national money of the states, it has not been created for this and is not capable of it. On the other hand, a significant proportion of people simply do not want to switch to its use. However, the most important thing is that no state will ever give up its national money and will not switch to the use of cryptocurrency as the main type of currency. Therefore, all these arguments are useless.

[poldanmig]

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

everything can happen and no one can know for sure the development of crypto currencies and fiat currencies even though perhaps as the development of the fiat currency will adopt an economic system used by crypto currencies

[Genemind]

If cryptocurrency will be considered as a medium of exchange in the future, which I think is more likely to happen, then cryptocurrency will be really important in the world. As we know, people wants to live life conveniently and everyone wants everything to work fast and easy. Cryptocurrency is one of the best solution to it.

[fauzan Ichsan]

If cryptocurrency will be considered as a medium of exchange in the future, which I think is more likely to happen, then cryptocurrency will be really important in the world. As we know, people wants to live life conveniently and everyone wants everything to work fast and easy. Cryptocurrency is one of the best solution to it.

different from me, I think cash is still very much needed later, imagine if the internet channel is disrupted, is there no economic transaction at that time. of course both will side by side, complement each other

[kamilah147]

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

in my opinion someday the government will adopt a system with an economy that uses crypto currencies and that will change the physical and work systems of fiat currencies.

[microbb8]

If the state cannot control the crypto process, they will never approve of crypto.

[slocker]

If the state cannot control the crypto process, they will never approve of crypto.

This dont need to be referred to crypto. Believe that some day in future will be witnessing something similar. We will have some sort of cash or credit and it will be unique for all world. This is probably what some considering and maybe test in some high security environment, cuz they were some rumors on internet that major banks are concluding test on there own blockchain technology. SO think this is possible and in this case dont think it will be crypto involved or maybe it will be.

[akram143]

Yes definitely they are necessary for the people who are in the non technological situation because if any type of Technology will develop there are some people don't know about the current situation in the technical things so far them with oven Atlee need the normal currency also.

[BeGoods]

If you are thinking of total digitization of payment method than it will take 4-5 decade or more  but till that time fiat will be used for various physical transaction.not everyone is educated and have knowledge of digital currency ,it will take good amount of time when majority of population will be educated and will have digital hardware wallet like system for day today purchases but it will be difficult to implement it.

4 to 5 decades is a long time for the transform of fiat currency into crypto currencies. It may take maximum 10 years in which we can shift from fiat to crypto. Once the crypto currencies become popular, the education and hardware will not be hindrance anymore.

I think so, we know that the development of technology is moving very fast, computers have evolved into laptops in a short span of time, cellphones have switched to smartphones in a few years, as well as digital currencies, I think technology development will happen faster than we can imagined

[bce]

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

in my opinion someday the government will adopt a system with an economy that uses crypto currencies and that will change the physical and work systems of fiat currencies.

I think that even though all the systems were changed using crypto, for me the paper money will not be removed at any time. because for each country the paper money is very valuable. so removing paper money is not a good way.

[Btchunter3333]

Will not be necessary but if governments not want to give up to fiat money they will keep it and will use it for many many years from now on, maybe because they can control more than crypto.

[gowobonyok]

I think 50 years from now, paper money can be eliminated. because that would be a useless stack, so everyone can move to transactions using crypto. and does not leave any marks.

[AjithBtc]

Even the grown countries of the world hasn't begun to go completely on digital payments through e-wallets and other advancements. Even the technology adoptive people at some instance use fiat which is no more an exception. People continue to use and fiat is a must unlike the growth with the technology and digital currencies adoption.

[ajaymukund]

 they will not be able to manage all and tax on the daily trading volume of investors. This is a decentralized market and it is very difficult to control.
I think fiat money will still exist in the future because the forex market is still many times bigger than the crypto market.
Besides, fiat money is also related to inflation and politics. it creates jobs for strategic and financial planners.

[logicgate]

I think 50 years from now, paper money can be eliminated. because that would be a useless stack, so everyone can move to transactions using crypto. and does not leave any marks.

  Not on 50 years but I am sure with 10 years crypto currency will replace the fait, people will not use fait as we can do everything with help of crypto currency that we are having and working with the help of fiat, gradually crypto currency is ruling over the market as currency, as investment and best friend of people who live busy life, enjoys online shopping.

[Argoo]

If you are thinking of total digitization of payment method than it will take 4-5 decade or more  but till that time fiat will be used for various physical transaction.not everyone is educated and have knowledge of digital currency ,it will take good amount of time when majority of population will be educated and will have digital hardware wallet like system for day today purchases but it will be difficult to implement it.

4 to 5 decades is a long time for the transform of fiat currency into crypto currencies. It may take maximum 10 years in which we can shift from fiat to crypto. Once the crypto currencies become popular, the education and hardware will not be hindrance anymore.

National money of the states will not disappear neither in a hundred, nor in two hundred years. Don't be so naive. As long as there are different states with different conflicting interests and there will be economic, political and military conflicts in the world, until then every state will have its own currency. So it was, is and always will be. If you believe that in a few decades world peace will come, which has not yet existed on the planet since the appearance of the first human civilization, then this is a very bold and stupid statement.

[hipSter]

In different times fiat means different things. 2000 years ago it was coins, 400 years ago till previous century - paper and now it is bytes of information.

[Kimonoe]

If you are thinking of total digitization of payment method than it will take 4-5 decade or more  but till that time fiat will be used for various physical transaction.not everyone is educated and have knowledge of digital currency ,it will take good amount of time when majority of population will be educated and will have digital hardware wallet like system for day today purchases but it will be difficult to implement it.

4 to 5 decades is a long time for the transform of fiat currency into crypto currencies. It may take maximum 10 years in which we can shift from fiat to crypto. Once the crypto currencies become popular, the education and hardware will not be hindrance anymore.

National money of the states will not disappear neither in a hundred, nor in two hundred years. Don't be so naive. As long as there are different states with different conflicting interests and there will be economic, political and military conflicts in the world, until then every state will have its own currency. So it was, is and always will be. If you believe that in a few decades world peace will come, which has not yet existed on the planet since the appearance of the first human civilization, then this is a very bold and stupid statement.

I agree, I think some of our successors will still get fiat currency, and are still feasible to use. I think crypto will only be a complement to fiat currencies, as an alternative means of payment

[zemper]

they will not be able to manage all and tax on the daily trading volume of investors. This is a decentralized market and it is very difficult to control.
I think fiat money will still exist in the future because the forex market is still many times bigger than the crypto market.
Besides, fiat money is also related to inflation and politics. it creates jobs for strategic and financial planners.

Exactly. Fiat currencies is a good instrument of governmental control. So that governments won't accept and allow to use decentralized, anonymous mediums of exchange as primary.