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Author Topic: Please, we should not totally eliminate fiat currency  (Read 5189 times)
Cripinggedang
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August 31, 2018, 05:42:18 PM
 #41

that's for sure bro. we cannot eliminate fiat currency for now because not all people who can accept the existence of the krypto currency. maybe in the future it can happen
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August 31, 2018, 06:51:29 PM
 #42

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated.

You mean, "some people"

But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.

humm, in my country no one uses crypto to buy anything, to be more direct, more than 80% or even 90% of people in my country have never heard of cryptos. I believe that 200 years from now all the countries of the world will adopt a single currency. it's a matter of time for this to happen

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August 31, 2018, 08:44:15 PM
 #43

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.

Yes. You are right about that. Do not worry. As of now, cryptocurrency can not replace physical money because their has an advantage and disadvantage if physical money will vanish. Personally, I am not agree in a cashless society. It is a brilliant idea to have acashless society but lets consider the other people who did not know the technology and just like what you said the rural areas without a signal.

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August 31, 2018, 09:26:41 PM
 #44

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.

It will not happened even for a decade. Don't worry.

Most people here just expecting too much without looking at the reality and the massive effect of it.

Crypto will grow more but fiat will still be there.
But it is also only a matter of time before there's access to internet and terminals in shops with paypass option everywhere. As more people join the net, cryptos will become more and more useful. Fiat must go away eventually, just as it was created at a specific point of time not that long ago. The idea of not backing up the main currency and allowing potentially infinite supply was doomed at the very beginning. It's just that people couldn't find a better solution back then. As now we have it with a way of predicting the amount and mining coins gradually, we are bound to adopt it.

Having internet is not the only key for these.

We have lots of things to consider and believed me, bitcoin will not solved all the problem. It's easy to say some solutions but in reality it's hard to implement. For fiat to be eliminated, it needs a global push. When I say global, it must be "all countries". Different countries have different approach about cryptos and no way all of them will have a same stand about cryptos even for many years to come.

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August 31, 2018, 11:03:28 PM
 #45

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.

I don't think that it's up to us whether fiat will ever be replaced completely by bitcoin or not. I think that it's rather unlikely that it will ever happen, considering that as long as the government is functional, there will most likely be a fiat currency which is used within the jurisdiction of them.

What you raise is an interesting point. However, the fact is that even in rural areas now, internet connections are abundant. And don't forget the fact that bitcoin can be accessed using just a phone with no internet access in the most extreme cases as well, there are various services that do this.

I think that the major issue that these rural population face is not really not having an internet connection at all. They are underbanked, or unbanked, due to their physical distances from banks. Bitcoin can really be of help here, in fact, by offering a way for them to save and transact with the rest of the world.

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September 01, 2018, 02:50:03 AM
 #46

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.



Almost 90 percent users for each country to declared eliminating fiat currency but for this situation now people are not totally unite and not actually decide on what the best for currency use. Its a long long time to when did it happen so we have no worry about this fiat money will continue support and provide  fiat currency for crypto currency user.   
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September 01, 2018, 03:17:05 AM
 #47

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.

Yes it's true some people have posted about eliminating fiat, but those are 1% of the entire community, I do not share their views, and it'll never happen. It's pertinent to remember that fiat can be printed, and is practically unlimited, however bitcoins on the other hand is not. One can do odd jobs, and earn fiat however bitcoins is not affordable by all, also it's not easy to earn them. One of the biggest obstacles in enforcing cryptos for all is, that not all governments welcome it and hence this idea of eliminating of fiat can never take place.

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September 01, 2018, 03:33:51 AM
 #48

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.

Yes it's true some people have posted about eliminating fiat, but those are 1% of the entire community, I do not share their views, and it'll never happen. It's pertinent to remember that fiat can be printed, and is practically unlimited, however bitcoins on the other hand is not. One can do odd jobs, and earn fiat however bitcoins is not affordable by all, also it's not easy to earn them. One of the biggest obstacles in enforcing cryptos for all is, that not all governments welcome it and hence this idea of eliminating of fiat can never take place.
i think the fiat currency will remain solid until now. we hear a lot of the news because we are active in the bitcoin forum. whereas in this forum, the community is only slightly compared to the total world population. so realistically, it's still a long time for bitcoin to dominate

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September 01, 2018, 03:48:16 AM
 #49

It would really be difficult to remove fiat money because this is where users or consumers feel the security of ownership.














 

 

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Ridwan Fauzi
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September 01, 2018, 04:03:15 AM
 #50

For those who have big ambitions to replace fiat currency by cryptocurrency are those who are already uncomfortable with the use of fiat currency they are more interested in using cryptocurrency as a transaction system. But of course, I don't agree with that a bit because I really need fiat currency for my daily life. Until now, cryptocurrency is still an illegal currency for use in my country. So, I only use cryptocurrency as a system to get profit either through trading or investment.

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September 01, 2018, 07:32:28 AM
 #51

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.
We can not stop the use of ordinary national currencies of different states. Such a decision can only be made by the state itself. And the state will never take such a decision, because its money interacts with the economy of this state. In addition, there will always be a certain part of society that does not want to switch to non-cash forms of payment or crypto-ala due to various reasons.

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September 01, 2018, 08:16:34 AM
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 #52

FIAT currency cannot be replaced fully by bitcoin and crypto because  it offers society
a chance to progress through debt. Bitcoin cannot create a debt system like FIAT.

Everyone wants to progress in life whether they want to be self employed or want to
work for someone else. This puts certain demands on a persons financial situation
by way of food, clothing, education, transport and housing.

Everyone speculates to try and progress and we speculate with other peoples money
which the banks issue as loans. As we progress we are able to repay those loans and
avail of more and so on and so on.

Of course it goes wrong sometimes but that is a seperate discussion but Bitcoin cannot
offer this system i just explained so i am happy to use the fiat system for one aspect
of my financial life but bitcoin is truly a seperate part of my life

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September 01, 2018, 08:43:46 AM
 #53

Will it be possible at all to eliminate fiat totally? I don't think so because cryptocurrency and fiat moves hand in hand. I personally like making purchases with fiat curr ncies more than cryptocurrencies.

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September 01, 2018, 09:03:35 AM
 #54

FIAT currency cannot be replaced fully by bitcoin and crypto because  it offers society
a chance to progress through debt. Bitcoin cannot create a debt system like FIAT.

Everyone wants to progress in life whether they want to be self employed or want to
work for someone else. This puts certain demands on a persons financial situation
by way of food, clothing, education, transport and housing.

Everyone speculates to try and progress and we speculate with other peoples money
which the banks issue as loans. As we progress we are able to repay those loans and
avail of more and so on and so on.

Of course it goes wrong sometimes but that is a seperate discussion but Bitcoin cannot
offer this system i just explained so i am happy to use the fiat system for one aspect
of my financial life but bitcoin is truly a seperate part of my life
At first I thought you were talking about the government being able to pay the nation's debts by printing more fiat. So I thought yeah, bitcoin can't do that since we can't just create more bitcoins out of thin air or simply print it. It has to be mined or bought. But your point went on about progression in a person's life and you started talking about loan. In issuing loans, the blockchain system surely doesn't have that. But fiat system doesn't have that to. It's the banks that issues the loans, not the system of fiat itself. It's not in its nature as both bitcoin and fiat are just mediums for transacting. In fiat, there's an institution that offers the loan (not fiat system itself) which is the bank. We can have the same thing with bitcoin. We can have an institution that grants loans as well and it's probably going to be banks again. It's just a different currency.

I think that the major issue that these rural population face is not really not having an internet connection at all. They are underbanked, or unbanked, due to their physical distances from banks. Bitcoin can really be of help here, in fact, by offering a way for them to save and transact with the rest of the world.
I don't think that's true at all. I live in a rather isolated province, rural area, and we still have multiple banks in here. There are also small scale banks that offers loans. In case of sending money, there are multiple ways that you can transfer money to another person now. Even small general stores are offering this service as it can easily be done with a phone and the phone doesn't have to connect to the Internet.

Also that begs the question, "Will the person he's transacting to is using bitcoin?" which begs the question "Will he be able to use it to do transactions with other people?" At the end of the day, the bitcoin has to be converted into fiat so we can use it to buy something. We're just still not at that point that goods can be bought using cryptocurrency, there's just not enough users.

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September 01, 2018, 09:23:38 AM
 #55

People wanting to get rid of fiat are keyboard warriors not understanding how everything works.

If you're so into Bitcoin, why would you even bother caring about fiat? Just keep using Bitcoin and ignore fiat where possible. Problem solved.

Fiat, regardless of how bad people think it is, does a way better job being money than crypto currencies do right now. People can keep hyping up crypto as much as they want, but they are either ignorant or just want to hardcore shill their investment. I personally think the latter is more likely since this whole space is filled with get rich quick noobs.

People should have an option to switch between currencies depending on which one is the most useful in a certain situation. In some cases that will be fiat, and in some cases Bitcoin.

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September 01, 2018, 02:06:11 PM
 #56

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.
may be what we are talking about right now is not about crypto first, but how we can make a cashless society by using a digital currency, to make it digital it needs time, not every part of this world already have the capable technology
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September 01, 2018, 02:37:14 PM
 #57

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.

I think cryptocurrency purpose does not include the elimination of fiat in the everyday transaction of people even the subject of cryptocurrency became broad the use of fiat will still remains the same if people need to buy coins they will still use fiat as the main currency so it is impossible to eliminate the fiat in the sequence.

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September 01, 2018, 02:56:08 PM
 #58

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.
may be what we are talking about right now is not about crypto first, but how we can make a cashless society by using a digital currency, to make it digital it needs time, not every part of this world already have the capable technology
Most people in various countries must be still use fiat money, only a few people use digital currency. Digital currency is probably only used by rich people or people who know about technology. This has become the habit of people from the past using fiat money, not any complaints from them when using it or to switch to digital currency.



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Zooplus
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September 01, 2018, 03:59:03 PM
 #59

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.
may be what we are talking about right now is not about crypto first, but how we can make a cashless society by using a digital currency, to make it digital it needs time, not every part of this world already have the capable technology
Most people in various countries must be still use fiat money, only a few people use digital currency. Digital currency is probably only used by rich people or people who know about technology. This has become the habit of people from the past using fiat money, not any complaints from them when using it or to switch to digital currency.
IMO fiat currency will not really lose its value,but maybe lessen its usage as years goes by.But eliminating fiat currency might be impossible to happen knowing still majority of the people are still using it to buy their own wants and needs.
lidd0512
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September 01, 2018, 04:10:12 PM
 #60

yes ,no computer, no phone ,no network, all of these situation will obstruct cryptocurrency from using. many people are just alternatively ignoring the reality.
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