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Author Topic: Please, we should not totally eliminate fiat currency  (Read 3786 times)
DooMAD
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September 02, 2018, 11:46:47 AM

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

Salient point.  It's fair to say that debt is being abused on a grand scale, in a way that's unsustainable over the long term, but it's not like the world would continue to function normally if we somehow succeeded in eliminating the entire concept of debt.  That's just not practical.  People simply need a better understanding of debt and perhaps demonstrate a little more responsibility around it.  But there's an important distinction between regular consumer debt and the gross, perverted monstrosity the banks play with.  They're taking it too far.  That farcical rehypothecated derivatives casino needs to be seriously curtailed before it implodes.  That's the kind of wholly reckless behaviour we have to thank for Bitcoin needing to be invented in the first place.

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September 02, 2018, 11:56:46 AM

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 with you fellow. There are things that we need not to be in a hurry. We must make it sure we are ready. When it comes to fiat money, it is not that easy to eliminate that today. We are not ready.
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September 02, 2018, 12:05:46 PM

Fiat for me will be useful for now because almost all of my daily needs are still using fiat because crypto is still a concept and a long debate to be accepted. For me there is a limit between fiat and crypto in terms of usage and benefits
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September 02, 2018, 12:23:43 PM

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.
Absolutely true, without fiat currency, the economy cannot survive. In many backward and rural areas, the people are illiterate, and they don't know how to use smart phones and PC's. Moreover these people are mostly dependent on agricultural activities and are not able to afford smart phones. So these type of people are totally dependent on fiat, so if we will eliminate fiat, this means we eliminate rural people.

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September 02, 2018, 12:31:11 PM

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 with you fellow. There are things that we need not to be in a hurry. We must make it sure we are ready. When it comes to fiat money, it is not that easy to eliminate that today. We are not ready.

indeed all cannot be forced instantaneously in just a few years, there must be education and I believe it can only be continued by the next generation.

in this case the government must also make strong regulations so that crypto can be studied frontally, finally fiat will be digitally affiliated with crypto, but it takes time.
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September 02, 2018, 12:34:47 PM

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.

 Smartphone now a days is very common even living in the poor country had already smartphones maybe it is because they just wanted to have it as a communication and at the same rime work purposes. Though it is hard to achieve but they wanted. It is vwry easy to indulge yourself in this kind of activity it is because it is in demand and known everywhere.

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September 02, 2018, 01:19:31 PM

Don't worry it will not be elliminated abruptly but slowly and gradually. It will take some time to totally be elliminated as a currency. Expect it when total cashless be implemented.
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September 02, 2018, 01:34:37 PM

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 it takes long time to eliminate fiat currency,as what you said,there are still many places like my country who can't access with internet and no electricity.Though we are in digital technology but still there are remote places that can't  be reach with internet.There
 are still lot to improves in my country so that this thing can be happen.


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September 02, 2018, 02:11:58 PM

Even how popular and legit the crypto currency in all ovet the world but fiat currency will not be eliminated totally as other are projecting in the crypto currency era, fiat can still be used to places that are not internet accessable, so it may remain as currency to be use there.

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September 02, 2018, 02:31:35 PM

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.

You don't have to worry about that. Fiat money will be around for a very long time and will certainly never completely die out. Credit cards could not displace fiat money either and from the looks of it, this will not happen through crypto currency. Someday crypto currency will certainly be used more often than fiat money, but until then it will still take a long time and even then some people will continue to use fiat money. Nothing will change that quickly. So don't you worry.  Wink

FlightyPouch
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September 02, 2018, 02:35:52 PM

Don't worry it will not be elliminated abruptly but slowly and gradually. It will take some time to totally be elliminated as a currency. Expect it when total cashless be implemented.

I don't think this will still be a problem to us since this "cashless" era are still so far from now. I think we are dead at the time that digital currency are being made as the fiat currency or the main currency of a certain country. Fiat currencies will never be eliminated or defaced immediately, Bitcoin is the oldest crypto currency but still, there are no legit information about a country making a digital currency their own currency.

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September 02, 2018, 02:45:38 PM

You shouldn't worry about that yet buddy.

Crypto's are supported by some governments and some don't. One monetary medium has no value if it can't be used for transactions, especially in the general market.

You might go with barter system like accepting bitcoin for exchange of goods, but you that would also mean that you'll have to look for someone or something to accept it from you. As far as I know, big time resto's don't accept crypto's yet as a payment for delivery.

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September 02, 2018, 02:48:03 PM

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 total elimination of fiat currency is not feasible for now because of various challenges ranging from inappropriate public enlightenment on how to use bitcoin (digital currencies),  inaccessible internet facilities, non availability of electricity in certain part of some countries especially rural areas however this would work in the developed countries if the citizens had the proper knowledge in the usage of digital currencies.

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September 02, 2018, 03:37:41 PM

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 totally agree with this and if this will happened ,probably people who doesnt have thr capability to be in line with this kind of currenxy will be isolated in the future society that we are going to have so better that we have to understand and appreciate the value of the traditional way of making transactions and the one that we are imposing to accept these days.

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September 02, 2018, 03:46:10 PM

Yes i agree. We should not elimate the fiat currency because it represents our country. Also i think it would take quute sometime for us to elimate fiat currency. We all know thay people are all used of fiat as a currency. 
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September 02, 2018, 04:34:08 PM

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.
d

Cryptocurrency and fiats will be needing each other anytime soon,so stop worrying because fiat won稚 be eliminated instead both of these two will become more stronger in future as they will be helping each other to support and serve the people for dealing the world

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September 02, 2018, 06:20:57 PM

Dear my friend, do you really believe that the crypto currency will substitute fiat currencies totally? I am absolutely sure that it is impossible in the near future. The world economy is designed on using fiat currencies and especially dollar. To change this situation it need to change the basic principles of the world economy. I think it would be nice to test a crypto currency as a national currency in any quite small country. It may be like a live training where we will be able to examine benefits of using a crypto currency as a prime national currency, I mean that w need to have a real example of using a crypto currency in a country as a national currency to begin talking about substitution fiat currencies.
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September 02, 2018, 08:19:01 PM

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.
You're right OP because everything about cryptocurrency have to do with the internet and most of the rural area don't have access to it and I heard some new project are creating a physical crypto currency which i have not confirm yet. However, the cryptocurrency community are just talking about eliminating fiat currency due to the affection we have for cryptocurrency but we both know that the government won't let it happen.
Meanwhile, this was the reason why some country like China ban bitcoin.

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September 02, 2018, 08:54:11 PM

The fiat money will not be totally vanish or out of the circulation of the medium of exchanges,because there are places with no adequate supply of internet access and crypticurrency can not be applied in this areas ,so fiat currency can be utilized in this areas.
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September 02, 2018, 11:35:13 PM

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.
Exactly. Even for a decade, I would add even for a century won't happen. And the reason for that is applied up, world will have to look much different than now, to be completely globally connected so that crypto could even have a chance to replace fiat.


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