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Author Topic: Please, we should not totally eliminate fiat currency  (Read 1788 times)
Sama517
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August 30, 2018, 11:33:41 PM
 #1

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.
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August 30, 2018, 11:38:44 PM
 #2

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.

This will take a long discussion so I will leave a simple statement first.

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August 31, 2018, 01:02:14 AM
 #3

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 is hard for cryptocurrency to overtake the fiat currency in transactions many people will still use the traditional way of transacting in business and other kind of buying or selling good products, and also as what you indicated above many countries in the world are still in the 3rd world classification meaning not all places in a particular country has the internet connections and even computers.

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August 31, 2018, 01:06:10 AM
 #4

Of course we cannot.
Not 100% of the world population having the access to the Internet. What's more, not everyone understand how blockchain works and how to use crypto, not mentioning people who dont know how to use a computer.
There's a lot of things to do before crypto even becomes popular around the globe. We shouldn't worry about cashless society now.
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August 31, 2018, 01:18:36 AM
 #5

Even without computers we can use crypto if we have smartphones but we can't use it if there's no internet.
We can't fully eliminate fiats, this is the truth for now because of the modern technologies that are emerging.
People can't decide on what they can trust and use but for us crypto rocks!

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August 31, 2018, 02:00:33 AM
 #6

Even without computers we can use crypto if we have smartphones but we can't use it if there's no internet.
We can't fully eliminate fiats, this is the truth for now because of the modern technologies that are emerging.
People can't decide on what they can trust and use but for us crypto rocks!

It will take time. I agree with OP. How about the countries which have high poverty rate wherein not all people afford to have a smartphone. Crypto is the future but as I said it will take time for us to be transitioned to a paperless society how about the government owned banks I don't think they have plans in getting into blockchains. We have to consider a lot of factors before all of this will happen.

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August 31, 2018, 02:12:07 AM
 #7

Don't be so quick to judge what "most of us want" by what's posted on bitcointalk.  That's like trying to determine everyone's thoughts on radical feminism by looking at Twitter posts.  It's very biased.

I, for one, don't want to see the end of fiat.  If that ever comes about, we're screwed, even if it's bitcoin that takes over.  That would mean that governments have failed, and most likely the world economy will have as well.  I want to see fiat continue and not get into some sort of hyperinflation situation where it's worthless.  There's nothing as anonymous as paying with paper money, not even bitcoin.  And I highly doubt there are many intelligent people here who really want fiat to fail.  You may as well be wishing you'll starve to death.

Even without computers we can use crypto if we have smartphones but we can't use it if there's no internet.
That's what scares me about crypto and even internet banking, debit cards, and all that.  If you've got cash you can use it anywhere in the real world, but if you've got no internet or lost your debit card and you have to buy something and all you've got are electronic forms of money, you're screwed.

Lmao you say that like it's our choice.
Yeah, and then there's that.

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August 31, 2018, 02:21:56 AM
 #8

Lmao you say that like it's our choice. Even if everyone who owned Bitcoin wanted to replace fiat, it's not going to happen. They're going to exist for as long as governments exist, and there are no indicators that the entire world will fall into anarchy anytime soon.

All people can really do is choose not to use fiat, and the hope is that Bitcoin would actually make that choice feasible.

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August 31, 2018, 02:44:15 AM
 #9

Even without computers we can use crypto if we have smartphones but we can't use it if there's no internet.
We can't fully eliminate fiats, this is the truth for now because of the modern technologies that are emerging.
People can't decide on what they can trust and use but for us crypto rocks!
Yes Of course they won't be able to produce crypto if they don't have internet, I think the importance of the internet is in their area so they can learn about the introduction and development of crypto so they tend to be more familiar with crypto.

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August 31, 2018, 02:59:48 AM
 #10

Even without computers we can use crypto if we have smartphones but we can't use it if there's no internet.
We can't fully eliminate fiats, this is the truth for now because of the modern technologies that are emerging.
People can't decide on what they can trust and use but for us crypto rocks!

This is relevant to the most extreme edges of crypto in places like east Africa I think crypto standards are used across mobile phones and also maybe a FIAT standard.    With no good banking system available in those basic economies the ability to exchange value normal falls to US dollars and paper exchange, these are the people most remote from QE and Washington money printing and who ultimately pay the greatest inflation I think. 
Its very possible crypto can be used still in these cases but it would rely on peer to peer networks so perhaps with great latency to a real internet confirmation of the transaction.   Its possible alternate crypto standards are doing the most work in these cases.

The greatest growth possible comes from the smallest elements like this imo, very relevant to crypto future imo

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August 31, 2018, 03:00:44 AM
 #11

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 its not eliminated but we only think the future could be cashless and thats mean there will be no more fiat which is it could happen naturaly cause development of cryptocurrency. But its sure takes time and its still imposible for this time.

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August 31, 2018, 03:21:22 AM
 #12

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.

Just like we had banknotes backed by gold in the past, we might get banks that will issue notes backed by Bitcoin in the future, and they will be easily prove that they hold coins by simply showing their address and signing a message. These physical Bitcoins can then be used in places without Internet access. Of course it won't be secure and trustless like the real Bitcoins, but still it's a solution.
But you shouldn't worry about it, because fiat won't die, governments will not allow it for as long as they exist, and it's unlikely that Bitcoin will ever get adopted enough to topple big governments.

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August 31, 2018, 03:27:22 AM
 #13

I believe that the ratio of BTC and dollar will gradually change while coexisting and prosperous without being expelled as currency. Of course, as BTC's Share increases, the Internet environment around the world will be improved. From that point onwards, the dollar may be driven out in earnest, but it may change currency to Crypto currency like the USDT and it will be the currency that remains.

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August 31, 2018, 04:04:54 AM
 #14

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.

This will take a long discussion so I will leave a simple statement first.

Most people here dont anymore. It was the first adopters of Bitcoin who thought of it as a tool for liberation from government unjust treatment that expected too much. The Libertarians and the gold bugs lol.


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August 31, 2018, 04:19:16 AM
 #15

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.
This will not happen in the next few decades. In order for the currency fiat to disappear, it is necessary that the decision is made by the state, and the state will never make such a decision if this is due to the transition to the crypto currency. It can refuse the national conventional currency only in case of switching to non-cash forms of payment in the same currency fiat, and not in connection with the transition to the use of crypto currency. And it will not be soon.

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August 31, 2018, 04:39:39 AM
 #16

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 agree and even i have some Bitcoin and Altcoins in my investments still i will favor the fiat currency to continue to exist because not all people know how Crypto currencies will work specially the poor and the illiterate so it will be hard for them to learn about Bitcoin unlike fiat in which even the children know how to use it instantly.

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August 31, 2018, 04:52:08 AM
 #17

Fiat can not be eliminated from the world because many lives will be stopped and if we look at the network of fiat then banking industry is fully using fiat for transactions and i hope that fiat will still be used for multiple purpose which do not required any new technology. Fiat is much important for the community of illiterate people.

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August 31, 2018, 06:12:42 AM
 #18

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.
Even with a lot of people wanting to replace fiat, technologically speaking, it's not yet possible. Cryptocurrency might be a more reliable and innovative way of payment but like you said, it is not yet widely adapted on every part of the world.
If it did happen, people like you will not have any problems on accessing it. If it's a currency that will replace fiat, that means it will be available in all the parts of the world even through the rural places.
jerick06
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August 31, 2018, 08:09:04 AM
 #19

It is too impossible to eliminate fiat! There's a lot of process to make to eliminate fiat currency. And it doesn't mean that if there is a possibility to eliminate fiat, cryptocurrency will rule over because government in most countries are against crypto. Maybe if they will make our community cashless, debit card and credit card will be used.

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August 31, 2018, 08:50:02 AM
 #20

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.

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