Please, we should not totally eliminate fiat currency

[veleten]

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.

not eliminated , there is no intention to break and destroy fiat totally
the main idea is to challenge the existing dominance of the financial institutions and the money printing entities
the seniorage they get is the main reason for the wars and the rest of the bad things that happen
if it is taken out of the hands of the chosen few and transferrred to the people , the whole new world could emerge
but I'm daydreaming here , at the moment crypto is not strong enough or technically capable to take over the money transfers around the world
simply because of the transactions per second speed , bitcoin is capable of <10 per second , while VISA and Mastercard can do thousands
when Segwit and Lightning Network are mature enough to offer a ready made solution and it is introduced and tested successfully ,then we could talk about challenging fiat , not before that

[indrakusumaindra]

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.

Your point is very correct particularly those leaving in the third world country where in some of their community they don't have internet facilities for them to make use of the internet let alone having to knowledge about Bitcoin and blockchain technology.

Yes seems like many people in here cant accept the real fact that not every people are understand to use cryptocurrency and fiat currency is still play an important part in our economy

[galestorm]

Cryptocurrency replacing fiat money is far from happening. Not even half of the population knows what it is, plus they arent aware of the process of transaction that is necessary to avail crypto in their daily lives. Before trascending in this so called era where bitcoin has officially dethroned fiat, every known country should be technologically advanced and that its citizens should all be knowledgable of how to navigate through the net. Let's just accept the fact that we're not that ready to replace fiat but i do believe that there will be a time for that to happen.. maybe a couple of decades.

[fiulpro]

The hand market which actually relies on people from small families and live in places where they don't know of smartphones , well to be honest fiat is what they have .
I have gone to many villages and all and smartphones are still something that they know nothing about , maybe the younger generations are well informed but most old people and also the kids they will forever have a problem dealing with this.
People even consider bank accounts to be a thing of high class society you know .. how would you take into consideration all those people ? And still be able to get the economy for them going ?

[ck343]

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 things get mixed up here.
You confuse paper money with fiat money.

Paper money are banknotes.
They can be backed by gold, Bitcoin etc.
The banknotes that we know (cash) are backed by the law.
We are forced by law to accept them as money.
They are legal tender.

Fiat money is currency created by a monetary authority out of thin air, ex nihilo.
Today it happens through the Central Banks, by keystrokes.
Being created arbitrarily, fiat money historically devaluates.
No exception.
Bitcoin's attractively is that the number of coins cannot be increased arbitrarily.

What most of us want is the elimination of fiat currencies (fake money), not of cash

[finaleshot2016]

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First of all, they're just obsessed with cryptocurrency so they think that this is the only thing we need. Actually, if you consider all of these things, you'll find out that not all of us have the internet to access crypto especially those people in the provinces. We need physical over digital, it's better for those who aren't techy enough to browse a computer.

Second one, Government will not allow this, it's obvious.

[Wolfwar]

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.

Your point is very correct particularly those leaving in the third world country where in some of their community they don't have internet facilities for them to make use of the internet let alone having to knowledge about Bitcoin and blockchain technology.

In most cases, very serious statements are written on the forum regarding the destruction of Fiat and its replacement with cryptocurrency.  I can not understand why such cryptocurrency users desires?  Apparently, this desire appears spontaneously, since the first cryptocurrency in life for some people gives them the opportunity to become financially independent and receive a good income for themselves and their families.  And in real life it is very difficult to earn fiat.

[BennyK]

Fiat currencies cannot be eliminated completely because they have the full backing of the governments and its value determines the economic status of a country. Both fiat and cryptocurrency have their own unique features which must be allowed to reign, complement each other and enhance financial transactions in all circumstances.

[salad daging]

Fiat currencies cannot be eliminated completely because they have the full backing of the governments and its value determines the economic status of a country. Both fiat and cryptocurrency have their own unique features which must be allowed to reign, complement each other and enhance financial transactions in all circumstances.

I think that is a bit wrong, if the use of crypto currencies is bigger and more comprehensive, fiat will experience such a deep loss of trust and the effectiveness of government controls will be a serious problem, this currency will stand out from each other, and in the end there will be no which will disappear, will only evolve to stand on just one of them, and discard the already very conventional elements.

[jakoylantern]

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.

For me, It won't happen, yes your right to the rural place that doesn't have a computer or internet to make a transaction truly needs fiat money. But fiat money will never be eliminated because to some 3rd world countries and the percentage of the fiat money user is still very high, almost everyone some money right. Even I have crypto I usually use fiat money to my daily basis, so even there are some countries are now mostly using cryptocurrency instead of cash. It will never happen to eliminate fiat money, especially that the government makes fiat money or physical cash.

[enogheghase123]

I totally understand your point of view, but am of the opinion that if and when crypto eventually succeed fiat, then provisions will be made to savage the issues of non availability of internet facilities in the rural area. Lets get to that bridge first then we figure out a way around it.

[Ozero]

Fiat currency in the foreseeable future will always exist. Only the most developed countries with high incomes of citizens can afford to gradually reduce the percentage of cash by increasing the role of non-cash forms of payment. Other states will not even try to do this. If there is a cancel of cash, people will go to barter deals, and this will be very harmful for the economy. I think everyone understands this.

[princeyeboah]

Fiat currency cannot be eliminated because it is one of the factors used to determine the economic status of a country and has got the full support of the governments. Fiat and cryptocurrency complement each other with their unique features, thus unleashing the best experience in finances and all related transactions. Cryptocurrency and fiat must coexist and be utilized when and where necessary.

[Getmon]

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.

That has to be addressed first before converting them into a digital place also. A digital application or a digital currency cannot possibly thrive in a remote community deprived of the basics such as electricity. Rural places do not have to be that isolated from the fast-paced progress of the world. They have to keep up. By the time they are provided with all the fundamental services, they may already embrace the use of cryptocurrency.

[hahahafr]

That has never been the aim or vision for which Satoshi  generated bitcoin. The idea behind the use of cryptocurrency is for us to have another medium of payment which is absolutely secured, private and fast too. We can be using cryptocurrencies together with fiat at least till the time that almost everybody agrees to adopt the use of cryptocurrencies.

[whyrqa-1]

I think that every person should have a choice.  If someone likes the use of cryptocurrency, he will use Bitcoin or other coins, And who wants to use bank funds, he will use Fiat according to the old custom.  It seems to me that this will only benefit, because it is in this that there is Freedom of choice.  But first of all, our government should think about it, who are trying to infringe on the rights of users of cryptocurrency or even prohibit the use of cryptocurrency in some countries.

[jrrsparkles]

Who think that eeryone will own a smart phone in 2019 in 2010,the techology keep evolves in very fast so a that time crypto fully adopted the internet will be available at every inch of this world on land maybe even underwater as well.

[Spaffin]

Still, there are people who use the Internet, and who do not even use telephone service at all.  The same situation will be with cryptocurrency and paper currency.  Each currency will have its users.  It seems to me that there must still be a choice.In order for a society to fully accept a cryptocurrency, you first need to make gay more educated, so that everyone understands what advantages cryptocurrency provides.  First of all, you need to study this product at school, they are only in higher education.

[zenhu]

Fiat can't be eliminated by anything else, nowaday we know many platform that can be using for payment like paypal or skrill. That all still using fiat currency. Every country has currency for transaction in their country, crypto just for investment or asset that can profit, not for buying or selling goods.

[barabarian1]

cryptocurrency cant eliminate fiat or bank. they will be use anyone until thr end, and now im still use fiat in transaction cryptocurrent. and its difficult if you use crypto as your daily, because not all people know about it, and you need access internet for transaction