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Author Topic: Please, we should not totally eliminate fiat currency  (Read 5413 times)
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September 01, 2018, 04:19:14 PM
 #61

This will not happen for sure, time will come fiat will decrease or increase it's value but it will not be eliminated in the real world,  even thou many people wish to do that here in the forum but it will take a very very long time before that happens if it will happen.  I also wish fiat doesn't exist, it makes human beings dependent to a thing which cannot be eaten. 

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September 01, 2018, 04:33:33 PM
 #62

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.
Yeah sad reality about adoption as some of the places on earth don't even have electricity, network coverage or internet facilities as what you have said earlier wherein only fiat money is working as a main payment method. Here in my country I can say that there are places like that and it will take time for that place to have those facilities due to natural and complicated situations.

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September 01, 2018, 04:51:11 PM
 #63

I do not think that we will eliminate fiat, but we only want to use innovations like this with technological advancements for the future, fiat will never be lost on this earth, cryptocurrency and fiat will always be together in accordance with their respective uses and advantages, in on the other hand that there are still many people who do not understand cryptocurrency and even ATMs no one knows exactly how to use it, those who think replacing fiat are just nonsense, too ambitious towards crypto, not thinking from the other side.
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September 01, 2018, 05:00:18 PM
 #64

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.

Doesnt matter if they write it over the flex board or in the amendment of rules and regulations, but I am sure that there is no way that fiat currency will get eliminated. The crypto currency are themselves very unlimited in their features and are not able to fulfil the needs of real world. I guess no matter what happens, fiat will always be there, may be in the new form in the future but surely it will stay as it is in terms of its use. Its a traditional currency and I dont think that people will let it go. Those who are in the crypto are just limited people who are more or less attracted to the crypto and want fiat to be closed soon enough. But that has got less chances of happening.
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September 01, 2018, 05:08:42 PM
 #65

It's too early to give up Fiat. Not all people are ready to do this. But I think it's only a matter of time.

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September 01, 2018, 05:34:17 PM
 #66

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.

I was really making the point that people have debt, and have that in the only currency
available which it is offered in, FIAT. and yes it is issued by banks. IMO Bitcoin or any
agent like a bank cannot ATM offer bitcoin loans because of its volatility and
decentralised nature.

The thread title is about not getting rid of FIAT and I agree because I dont want to have
a Bitcoin loan I want it to be a payment system as well as a long term  investment of sorts
as it was designed to do and what it has sort of become.

Let Bitcoin do its thing but let FIAT do and be something different

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September 01, 2018, 05:50:17 PM
 #67

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.
Yeah sad reality about adoption as some of the places on earth don't even have electricity, network coverage or internet facilities as what you have said earlier wherein only fiat money is working as a main payment method. Here in my country I can say that there are places like that and it will take time for that place to have those facilities due to natural and complicated situations.

On long term these places will have all the necessary requirements to adopt Bitcoin, if desirable. Actually, Crypto-Currency's impacts will be much more visible on long term, it's a natural process that happens slowly, especially in precarious places.

It's like electricity here. Decades ago there wasn't electricity in rural areas, but nowadays I don't know any houses that don't have access to this. It's a big achievement compared to the old times and in some decades, I believe people will say the same about Crypto-Currency. However, if fiat will disappear or not it's unpredictable...
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September 01, 2018, 06:40:24 PM
 #68

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 FIAT will be eliminated in this case, it will be very difficult to happen, FIAT reshuffle will be a very historic thing if it happens, what happens may only be the amount of usage, which will weaken, but the whole person will still need FIAT

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September 01, 2018, 07:43:11 PM
 #69

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.


Fiat would never be eliminated in any aspect of the economy. It plays a vital role in the economic growth and people knew it as the only currency to be used directly and easier around every corner of the world. Digital currency might be on trend but it can't replace fiat that easy.

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September 01, 2018, 08:25:16 PM
 #70

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.


Fiat would never be eliminated in any aspect of the economy. It plays a vital role in the economic growth and people knew it as the only currency to be used directly and easier around every corner of the world. Digital currency might be on trend but it can't replace fiat that easy.

Never say never!

Fiat can in time disappear because people don't need it. It's the form of payment imposed on us by the governments. Will the governments change their mind and allow us to get rid of fiat? Probably yes if they knew that we'd switch to a centralized cryptocurrency.

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September 01, 2018, 09:34:25 PM
 #71

It will not happen that fiat is needed in this world but it is better that we use crypto as a tool for trading transactions so that it is easier,we live in this world must follow a good development for a comfortable life.
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September 01, 2018, 11:06:13 PM
 #72

yes we should not, and even if most of us here want that to happen, i think that would be very hard or long way to go but we just don't know what's in store for us all.
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September 01, 2018, 11:11:00 PM
 #73

If we are basing to the updating or evolution of our technology i think it will posible that remove or replace fiat because we know new technology was coming and step by step implementing it for example textbook now we have ebooks in school we are now using it. So that step by step they removing the old version and change to the new technology.

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September 01, 2018, 11:27:15 PM
 #74

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.


Fiat would never be eliminated in any aspect of the economy. It plays a vital role in the economic growth and people knew it as the only currency to be used directly and easier around every corner of the world. Digital currency might be on trend but it can't replace fiat that easy.
Yes i agree on you.Fiat currency is something that we can never replace it easily because it's been here for us for such a long time and for sure a huge number of people still prefer to use paper money than digital currencies.Like in provinces where people are still not exposed to modern technologies so they will still use fiat currency.

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September 01, 2018, 11:38:34 PM
 #75

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 happen that fiat money eliminate because it is used worldwide in all things anytime anywhere unlike digital currency which is limited in uses. We can't use it without internet connection and it can't be use also in some other things.

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September 01, 2018, 11:41:10 PM
Last edit: September 03, 2018, 12:21:14 AM by vintages
 #76

People still hoping that the fiat currency will be eliminated are just being unrealistic because for what I know, we still need fiat currency to function in the society. Fiat currency is more like a symbolization of currency to their countries and I can never imagining the governments dumping it for cryptos. We should only be hoping that the bank and cryptos work in hands. I

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September 01, 2018, 11:46:52 PM
 #77

People still hoping that the fiat currency will be eliminated are just being unrealistic because for what I know, we still need fiat currency to function in the society.
Yes.Fiat currency still fulfill all our basic needs so it should not be eliminated as easy as that.Maybe in the future more people will be exposed to cryptocurrency but expect that lot of people too would still use fiat currency knowing they find it more easy to use and have been used of it already for a very long decade.



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September 01, 2018, 11:48:38 PM
 #78

At any time period there is nothing to worry about, the growth of fiat happens on its own. The dependence over fiat is much high compared to that of the cryptocurrency dependence. Also, there is no more possibility for the elimination of fiat currency considering the growth of cryptocurrency.

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September 01, 2018, 11:49:26 PM
Last edit: September 02, 2018, 12:39:24 AM by Cryptoville247
 #79

We can't totally eliminate fiat. If we end up eliminating fiat totally, how do we ecpect the old people to survive or the people in remote villages either to survive? We need fiat too.
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September 01, 2018, 11:50:02 PM
 #80

For now Fiat will not be eliminated but in the future it will probably happen, as the development of technology is not impossible but the government will look at the economic conditions of all its people first.
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