ECONOMIC ANALYSIS/RESEARCH POLL: Cryptocurrency replacing fiat in the future?

[Zeroxal]

Hello,

as part of an ongoing academic research, I have created a public survey to see how members in the crypto-community think about the future impacts of decentralized blockchain cryptocurrencies. I kindly ask you to vote on the poll in order to assist me in this research. Feel free to add a comment on why you think your chosen option is correct

Thank you very much in advance and have a wonderful day!

Kind regards,
Zeroxal

[1715552567]

1715552567

[virendarnagpal]

Several governments are  imposing various restrictions even ban on usage of crypto currencey.
Even if all the nations allow crypto usage it can not replace fiat 100%.  Still some percentage of transactions will have to be made in fiat only.  Because  few people will not be able to transact crypto due to knowledge / illiteracy.  Even the entire population learns transacting crypto still they will need money in case their internet / computer stops working due to some reasons.

[Bitcoinnation]

I think the current cryptocurrencies can not totally replace fiat. Fine I buy cryptos and trade them but when I need to use some money, I withdraw the cryptos and convert them to fiat in order to get something for myself. To me this does not really feel like any sort of adoption. What I think Government is likely to do is create it's own centralized blockchain that they can be able to control but not necessarily adopting the likes of Bitcoin.

[cryptocrusher]

I struggle to see any such scenario in which cryptocurrency will replace fiat, there isn't much need for it to happen, at least for the average person. For those people who choose not to hold fiat they should in time be able to use cryptocurrency in every way that they wish alongside fiat. There are undoubted benefits of blockchain technology and it's implementation is inevitable, I do however feel that most of the emphasis will be put towards businesses instead of governments, they'll adopt blockchain technology but in a way which is compatible with fiat.

[hatshepsut93]

The most likely scenario is that cryptocurrencies will be niche currencies for people who need privacy and freedom, and they will be used by 5-15% of the population. Even then, barely anyone will be living 100% on crypto, and majority of the people will just stick with fiat, because they won't see any reason to use crypto. Average citizens don't think that inflation is horrible unless they live under hyperinflation, they don't think that central banks are bad, they don't care about their privacy and so on.

[MainIbem]

I want to be very realistic. It is obvious that cryptocurrencies are making great impact in the world today, but I don't believe it will replace fiat currency. Security is the greatest factor that will make this replacement very unlikely. Except the government create it's own cryptocurrency which might not be decentralized. So until then, both crypto and fiat will be working together.

[davis196]

The option "Governments will distribute their own decentralized blockchain cryptocurrency" is kinda wrong.
Decentralized means no control from the creators and developers.The control is maintained only by the majority.No government will create such currency.Perhars you should remove that option from your poll.

[suzanne5223]

The option "Governments will distribute their own decentralized blockchain cryptocurrency" is kinda wrong.
Decentralized means no control from the creators and developers.The control is maintained only by the majority.No government will create such currency.Perhars you should remove that option from your poll.

There's no reason for the OP to remove the government to distribute their own centralized blockchain currency poll because it a case which have been talk about by the government of Malta, Marshall Insland, Venezuela, Greece etc. However, crypto is a big competitor to the national currency and the government power and there's possibility that the government will issue their coins in the future.
Voted crypto to replace fiat.

[proTECH77]

In order to track transactions the government will adopt a centralize blockchain currency for her citizens. There is a trend that's about to start with the power of blockchain technology from the government which will enable a centralize blockchain currency to adopt and accept by the citizens alongside with monetary policies. This action by the government will enable them have control over the centralize blockchain in order to monitor the users transactions. Both cryptocurrency and fiat will operate parallel to each other.

[hisori]

Yes, cryptocurrencies will replace fiat. Cryptocurrencies has been the talk of most people and some were just hearing it and yet to involved but once everyone got a knowledge about cryptocurrencies then maybe government will look into it and may decide to use it as a way of payments or make it officially a currency.

[snapee11]

With most people in the government seems corrupt they may consider to use blockchain technology but in a limited way at their own advantage just to make it look like their fulfilling the needs and wants of their people.

[Rahman11]

I do not think Bitcoin will easily occupy the currency of the current currency, it is very time consuming, but the future of cryptocurrencies is not bad.

[Xardasim]

I think governments will create their own centralized digital money that they can manage as they wish. The government doesn't need the money to make it more vulnerable. Money is a power and they don't like it to be in others.

[gabbie2010]

Later some government will try and implement a decentralized system in parallel with their own centralized system and see its workability so as to compare and contrast it and ascertain how its going to affect their monetary policies.

[myrionhymn]

For now, only few national government allowed cryptocurrency on some other transactions for cashless payment. But seems cryptocurrency can't totally replace a fiat money but can make a less physical fiat on payment transactions. And both cryptocurrency and fiat can work parallel to each other.
In my other opinion,
if government really allowed cryptocurrency as well as payment for taxes & other payment transactions, this could be a big help to prevent corruption because nobody controls blockchain to manipulate the data transactions & payments.

[coolcoinz]

I can see that my choice is the most popular one (Both will work in parallel).
Now for the explanation. As we all know governments derive their power from the ability to control society. We can't abolish the government, even with a majority of votes. It will use lethal force to stop us and it will certainly use its power over the currency to scare us into submission. It will never give away the power and it will never abandon fiat. It will modify it to support digital transactions if needed, but it will still remain centralized.

The majority of people don't want to be bothered with economics. They are given fiat, they spend fiat. If they were given cryptocurrency at work, they would have use it, but how many employees would go full crypto? Not many, just like not many allow employees to work from home (remotely), even if their job can be done at home as efficiently as it is at their workplace.

Cryptocurrencies will survive, but as an alternative. A store of value, the money of the Internet, chosen by the hackers, millionaires, and speculators. It's how I see it.

[shesheboy]

i choose " No, impossible, economics only work with monetary policies ''  because i dont think that crypto's can replace fiats in the future . for me , i think the main purpose on why crypto's are invented is to work as online ( only ) , so that we people can have an ease of access and also to experience a decentralized and anoymous feature .

[viovio00]

I can't vote on poll but i choose "Both will work in parallel", but not in all countries in next 10 years. Governments will adopt blockchain technology but not i think will create their own coins, and the most governments will put a fee on bitcoin and other cryptocoins to make money also from there. But in 15-20 years i think cryptocoins will replace fiat, i also read a news about a country that no use more fiat, only cards now.

[FleurTunisienne]

I voted Yes it will replace cryptocurrencies, as a direct answer for the question in the pool, but this isn't for short or medium term to be realised. It's a long running journey for cryptocurrencies to cut definetly with FIAT. According to some economics, one btc should be valued to 100.000.000$ in order to only replace the circulating dollars in the international market; let's just think about how will it also replace other currencies. Cryptocurrencies and FIAT will cohexist for a long time, but no chance for FIAT to compete with technology and advancement.

[xWolfx]

I personally picked that governments will distribute their own decentralized cryptocurrency as a philosophical thought and hope on what could happen because i'm certain governments will play an important role in that in the future of course.

From my point of view it will be either that one or Governments using a centralized Cryptocurrency with all the other regulations to make it look more like the actual monetary system.

Future will tell. But something is for sure, virtual money will rule the future world.

[SuneEmber]

I don't see a cryptocurrency ever replacing any serious country's main currency since the government will then have no way to create the same type of macro-economic incentives for companies, individuals (taxes) etc. to operate in a way that makes sense for the country as a whole. It'll be nice for the rich, but the poor and middleclass might get screwed over.

I am sure digital currencies will operate in parallel though.

[HiDevin]

Personally I see bitcoin working in with fiat right now. I doubt it's going to replace fiat currency because the currency has/been usually stable for the past years.

I also don't see bitcoin replacing fiat anytime soon because of people not knowing how to use bitcoin. Most people can't even sign a message from their bitcoin wallets.

Just like gold/silver, bitcoin is just like a safe storage in case anything bad happens to the real world markets, IMO.

[Saldom12]

Because in the future, money is not needed, even money will disappear and be replaced by some payment instruments such as credit or debit cards. People will do simple things in the future, in my opinion.

[cissrawk]

I think both will work in parallel, making payment with crypto like bitcoin still possible and if government accept bitcoin as alternative payment, then both of crypto and fiat can work together.

[Yantoaja]

Maybe, the government does not agree if the crypto currency replaces fiat money. Because this will have an impact for the future of the state government, the government only supports crypto currency as an support for their country. If have been forced to replace fiat money, maybe they will do it.

[swiftbits]

I don't think Cryptocurrency/Blockchain Technology have the impact to replace fiat and to be accepted in the economy, not every country have the innovative technology to use crypto and not every people have the ability to adapt on it, I think working in parallel is the most possible thing that can happen, since Blockchain is use for security which is much needed for monetary system.

[Oasisman]

Both could work in parallel, which I can see in progress today. As we noticed Governments from every country are imposing such regulations. Once everything has been fully implemented, both could really work IMO.

[MMM005]

It's hard to replace fiat with cryptocurrencies for many reasons, but the future depends on technology, the Internet and privacy so both will work in parallel.

[Ucen]

Fiat money will be useless in the future and of course the government will look for a currency that will help their economy. And I'm sure the right choice is to use crypto currency that is well known from year to year, it might be useful in the future.

[vit05]

I do not believe that a decentralized currency such as Bitcoin will have the potential to replace the entire monetary base of a currency like the Euro. It would be a very big change of paradoxes. Only if it were the result of an armed revolution or something like that.

Now, I see with good eyes and possibilities that they can coexist. And maybe even a new coin with Bitcoin-like features might emerge. And Bitcoin can continue to be an excellent alternative to traditional and centralized monetary policy.

I also believe that Bitcoin can be a great alternative for more fragile nations. Contributing decisively to an increase in international trade and tourism of countries with weak currencies and economies.

[aoluain]

Its not a matter of can bitcoin replace FIAT its more the fact that no country
would adopt a decentralised currency that they would have no control over
and it having a limited supply.

Bitcoin will be used beside other forms of FIAT, as it does now.

[izay]

I think fiat currencies cannot take place by cryptocurrencies. Even the society is not aware in this matter, they dont even know what is the value of bitcoin. In this case, cryptocurrencies cannot be easily adopt by others and they need ample time to understand it. Some governments ban this kind of field, in this case it really hard to indeed that cryptocurrencies will rule and replace fiat.

[btccrusher]

I voted for "Governments will distribute their own centralized blockchain currency along with monetary policies"

The technology actually is very useful and effective for economic development, but governments won't lose their control over the national/global economy. So they will take advantage of blockchain technology by providing their own network which will undoubtedly be centralized and censored.

[negancoin]

I think in long term, Governments will distribute their own centralized blockchain currency that offers same thing bitcoin offers, the only different it will be a currency that control by Governments and I guess it will work, because most people don't really care about full decentralized currency, they just want something that make life easy with less fees. Having that said, others cryptocurrecy like bitcoin will be around as well.

[NavI_027]

I choose option 3, they will both work in parallel. In my opinion, you don't need to only pick one between crypto and conventional money because they are both beneficial in their own ways. Crypto provides greater security features and cashless transaction while the other one is very simple and easy to use, and widely accepted around the globe. In that case, I don't ser anything bad or disadvantages on either one of them, it only means that having fiat and crypto at the dame time is a win-to-win situation for us.

Actually, I want to choose option 1 from the very beginning but i hesitated after reading the word "will" because I believe that there are still tendencies that mass crypto adoption might not happen.

[rhomelmabini]

With what we have right now I guess it's better to work it in parallel, and remember that government will never allow a decentralised one that they can't suck for their greed of money to utilize power. And there might be a chance that government will create a decentralised blockchain if it will indeed replace fiat currency, you know business as usual.

[bitmover]

They "will work in parallel"

I believe Bitcoin and other cryptocurrencies will be like a payment method and a store of value (bitcoin).

Bitcoin and other cryptocurrencies (like XRP) allow people to send the money to another country, without taxes, fees, very fast and secure. Bitcoin also flatten currency relations between different people, allowing faster and cheaper payment method worldwide between people from different countries.

However, I believe bitcoin will never replace cash.

Cash is physical, anonymous, touchable. Bitcoin will never be like that.

However, it was not designed to replace cash and other fiat currency. Only break their "monopoly"

[mariah.sadio]

I voted both and that cryptocurrency and fiat will not replace each other. But they will help each other grow instead. They should be utilized both at the same time.

[endlasuresh]

I casted the vote for second option because volatile price. It's hard to get correct price for a month so Fiat is not possible and most Govt's are banning Crypto's.
Still Our Govt (India) didn't made a decision for Crypto legality

[purple.thoughts]

I picked No it will not replace fiat because cryptocurrency is only a digital currency. Crypto is a proof that technology is improved but the fact that it will replace fiat.

[iyamoxjhian]

In my opinion.. we still need fiat but cryptocurrencies are important too nowadays especially to bounty hunters and crypto lovers like us. So I would say that we still need both as not all establishments were using cryptocurrencies.

[S_Therapist]

I think cryptocurrency will replace fiat. As people earlier mentioned the manipulation by the govt, it is one of the top reasons for which people will be decentralized and ignore fiat and use cryptocurrencies once they started to accept by most of the business. In addition, people are more likely to accept technology.

[PsylockReborn]

For me crypto can never replace fiat in the future. They'll co exist. There are still a lot of people who are afraid to embrace change specially to the currency that is intangible and no intrinsic value and there are also remote areas that don't have access to the internet.

Crypto might be adopted by most of the middle class but I doubt that lower class families and communities that are still ignorant with the technology will consider crypto as the currency of the future.

There are more people who are underprivileged and no access to new technologies such as blockchain so its really impossible that crypto could replace fiat. They'll coexist.

[SamReomo]

I believe that both fiat as well as crypto-currencies will work in parallel. The fiat is currently the main currency governments are using for everything, but within these years many of the citizens have started using crypto-currencies. It is still strange to say that most of the people are unaware of cryptos even till this day, but still many have been adopting it as an alternative to fiat.

[roosbit]

I have gone with "Both will work in parallel."

My reason for this is because cryptocurrencies are still are new innovation which rely on fiat as the foundation, and as far as I know adoption of these curriencies is way below 50% with is unlikely to steer any fiat disruption. But we can not rule the possibility of crypto replacing fiat in the future as we have seen many governments around the world introducing their own cryptos to its people but for this to really materialize, this could happen maybe after 2 decades when regulations are in place and people are comfortable with the use of cryptocurrencies.

[Don Pedro Dinero]

I chose “Both will work in parallel”, as I don’t see cryptos completely replacing fiat currencies. I think this reply is compatible with “Governments will distribute their own centralized blockchain currency along with monetary policies”, it is just that those centralized currencies will coexist with bitcoin and some other cryptos.

[bigmaster23]

Btc will replace fiat however consistent study and lot of system test must be made before this could happen, btc have the potential to change monetary system that we're using day by day, in side note only government will rule if this could happen or not.

[chizmark]

I think it is parallel. Crypto currency cannot replace fiat but fiat cannot stop the crypto as it is part of the ongoing technology.

[Sardonx]

I'm of the opinion that "Governments will only use blockchain technology to support certain processes within their current system". There are people in government who are resistant to change and want to maintain the status quo. Blockchain is useful to governments but it's not likely it'll replace fiat currency in the near future.

[cruso]

I believe that crypto is here to stay for a while. However, Governments will issue theirs and criminalize the likes like of bitcons and privately created crypto currencies.

[Playerone61285]

Hi!

I voted yes because technology has a never ending evolution. That everything moves fast in phase. Using crypto currency is one of the tools that the future may use for fast payment service. Anytime and anywhere with privacy using blockchain tech.

[cynical]

I believe countries will be creating their own digital currency based on blockchain technology and bitcoin will continue to be used by people looking for an alternative, like now.

[MiguelCryptoss]

YES, cryptocurrency will definitely go to replace fiat and be accepted as a global currency. Haven a system whereby goods and service are done without any stress in any form will be back by the government also be embrace.

REASONS:
(1) Governments (ie) highly political cannibals of individuals will like to go anonymous which is the sole aim of cryptocurrency on a decentralize system.
(2) The ease at which transactions are been carried out are superb.
(3)  It security cannot be over emphasize compare to the traditional ways among others.

[0t3p0t]

For me both will work in parallel because governments cannot literally kill the decentralized currency like for example Bitcoin it is because investors, enthusiasts and the cryptocurrency community love it more than the centralized assets like fiat and precious metals while the centralized  assets like fiat are convenient to use most especially in our everyday needs where we are able to buy in smaller denominations which we cannot do such transaction with Bitcoin due to fees that is more expensive than candies or any goods that only need small amount of money. One more thing is that governments won't allow cryptocurrency to dominate over fiat and vice-versa. Therefore, having both assets will makes any sense and work perfectly in each respective transactions without any problems.

[BitcoinTurk]

As I said in a reply to a question similar to this question, I think that this situation is unlikely to occur in the near future. Of course, technological developments are progressing rapidly, but nowadays, there is a deep-rooted system of world trade and this system is provided through fiat money. Therefore, in the near future, this is not likely to happen, but in the next 20-30 years, cryptocurrencies are more likely to be used than fiat money. On the other hand, if the technological developments develop more rapidly, this process of time will decrease. I think that if this situation happens, each house will produce its own cryptocurrency and bring the regulation system to this market. In other words, today's system will not be fully transferred to the future.

[chalbinov]

In my opinion, decentralized cryptocurrency can't completely replace fiat money.
Everyone knows that Bitcoin launched into the dark corners of the internet, this is the primary reason governments are afraid of the cryptocurrency. But  the governments know totally that bitcoin will continue to be used by people, then governments will only use blockchain technology to support certain processes within their current system.

[marsadmsmg]

I think that cryptocurrency will never replace fiat currency. Why? Fiat currency is a physical while cryptourrency is digital. So it means that if you need to pay for a service or a product for example or even to people personally then you will have to pay them through fiat. Crypto is only needed for emergencies like if you do not have enough fiat money with you then you will be able to pay with crypto. Fiat is stable and I think a certain country will not ever replace fiat for crypto.

[shadyrifles]

Last year in February, a consortium of banks led by India's largest Bank SBI (State Bank of India). They are setting up to work on the development of Blockchain-based solution banking in India which is a good sign for the decentralized blockchain currency. According to the article posted on Financial Express Mrutyunjay Mahapatra, the chief information officer at SBI and deputy managing director told that it could take a couple of years to evolve an extensive system framework for the deployment of blockchain in the banking sector, and he is very favorable toward the adoption of blockchain technology in the Banking sector.

[Daboy_Lyle]

Cryptocurrency will replace fiat currency as technology pass on. Everything depends on government if cryptocurrency replaces fiat. The power is on people if everyone agree then no one can stop the government. But 50% people won't agree out of 100% people the reason is not all people are not technology based living. If this won't happen then it's okay crytpo currency is enough because it can be easily converted to fiat. Goodluck all Crypto Enthusiast!

[Ootsumasu]

I choose governments will only use blockchain technology to support certain processes within their current system. Because in the future even if fiat money is not used anymore, they will create their own payment method. Government still does not fully believe in crypto currency which will disrupt their economy, maybe like that.

[Toukexx99]

I did choose vote cryptocurrency like Bitcoin replace traditional centralized currencies like euro because people like today prefer to do transactions in a more instant and fast way. unlike fiat at risk of being damaged or lost or stolen. and also saving money at the bank does not have the risk but has a regulation that benefits the bank itself.

[ICOquora.org]

In my opinion "no"  because cryptocurrency price isn't stable.

[eyesopen]

crypto will not replace fiat. 'Both will work in parallel'
there will be the government controlled one - centralized and there will be bitcoin - decentralized

[glowing10]

I choose 'Governments will distribute their own centralized blockchain currency along with monetary policies' because I have seen that government becomes unconformable that their is some thing new related to currencies or money which is not fully in their control. They would like to take advantage of this technology but also would like to make sure that everything is under their control and can be easily tracked as and when require and works according to their plan. If that does not happen government would not like to probably introduce or may be restrict it.

[Jacobnolan111]

Yes,  I believe it will replace the normal currency, the more people who understands and the more people realize how much banks are stealing from us the better for digital currencies.

[Born2Succeed]

I do not believe that Cryptocurrency could ever replace fiat currency simply because fiat has been around forever and switching to Cryptocurrency would require all people to have access to the internet and to learn/understand about an entirely different form of currency that most people I do not believe would even take the time to learn about. If fiat disappeared everyone would need access to the internet 24/7 as well as access to a safe place for people to make transactions where they will not be more susceptible to scams/fraud. I just do not believe that anything that is internet based could ever come close to fiat currency. Also most Cryptocurrency has a max amount that will be mined/distributed and once that is reached... Everyone has a nice siesta.. or?

[mushroomjazz]

I voted for the option that they will both be used in parallel. I voted this way because first and foremost, Bitcoin and cryptocurrency in general are here to stay. That's definitely happening. But because the current way Bitcoin is obtained and transacted, it is too difficult for the average person to use on a day to day basis. The masses won't adopt Bitcoin. Not gonna happen unless there are no fees involved in transacting with Bitcoin, the way BTC is obtained gets way easier, ie. no KYC/AML and that's not gonna happen anytime soon and lastly how long transactions take to confirm or post to signal completion of said transaction. There are a slue of other reasons why your average person will not accept transacting with BTC over fiat for their average everyday lives. BTC is nowhere near ready to even begin to talk about it taking over fiat currency for the average everyday user. To even consider that it is, is just flat out wrong. It may never be ready. There will be digital cash for years to come, but how will it look in the future is up to the needs of the market(s) it serves.

[Shenzou]

I think that governments will defiantly not allow cryptocurrency as they exist no to be used or replace the current fiat system that they have, and that is mainly due to the fact that they have no control over them, people may use them for the wrong reasons like money laundering for example and it would be hard for them to track them down, and for that if cryptocurrency were to be used in some form to replace the current fiat governments were to create their own digital currencies that they would have control over them and they can monitor them.

[sujonali1819]

I am choosing and voted as "cryptocurrency replacing fiat in the future" Because In modern globe people also be modern. They want to transfer their money instanly. And for transferring instanly Crypto is the solution I think.For that I choosed that. Thanks for your servay.

[rikybrosh]

Hello,

as part of an ongoing academic research, I have created a public survey to see how members in the crypto-community think about the future impacts of decentralized blockchain cryptocurrencies. I kindly ask you to vote on the poll in order to assist me in this research. Feel free to add a comment on why you think your chosen option is correct

Thank you very much in advance and have a wonderful day!

Kind regards,
Zeroxal

Fiat will be replaced by gold. We will back to use gold again because many people are realize that save fiat will not give profitability even reduce  their prosperity. Here in the forum we are more educated to understand what happen in this world in term of economy. Many people here share their knowledge to each other. Bitcoin it self can't influence world economy system. It only grow on it's line, and I am sure that it is keep become more famous and has very good future.

[coinlocket$]

I voted: Both will work in parallel.

This is my point, I believe crypto will be a huge thing in the future but since the population of the planet will be older and older with the time for the improvement of the quality of the life and this technology is not for old people (with private keys storage), I can't see how old people can use a wallet over FIAT.
So I think in the future (20 years from now) we will have a solid crypto market where new generation will use the technology and old people will use only "touchable" money.

[Smokeyzero]

i choose "Both will work in parallel" as there as many people whom does not trust online and things they do not know the fear of the unknow will keep them from switching to crypto|my opinion

[Jpnolz111]

Governments will distribute their own centralized blockchain currency along with monetary policies - the governments will always have to get a cut or else they will just ban crypto African countries are far behind and African governments very greedy

[r1s2g3]

I voted for "Governments will only use blockchain technology to support certain processes within their current system" but survey is lacking option of selecting multiple option.  Let my analyze every option and put my thinking.

Yes, cryptocurrencies will replace fiat   -  No, Very difficult for any government to give their centralized system (in which they have 100% control ) to
decentralized one. It can gain popularity where the original currency of countries got devalued and instead embracing other country currencies, they can embrace bitcoin.
No, impossible, economics only work with monetary policies :  I consider bitcoin as money only so  creating policy  will not be difficult but who will be creating policies?
Both will work in parallel   : Both are still working in parallel and will continue in future too.
Governments will distribute their own decentralized blockchain currency:   I do not think government will like the idea of decentralization when it come to  currency.
Governments will distribute their own centralized blockchain currency along with monetary policies: Not sure, if they leave their own established current system and start a new  system for same purpose.
Governments will only use blockchain technology to support certain processes within their current system: It is happening and I believe  it will be
 continued.   

[MCVXYZ]

No, impossible, economics only work with monetary policies...First of all I think that there is no need for such a thing for Governments,they already have the systems by which they make a special agencies under their control and by which policy makers do economic principles,also the majority of cryptocurrencies don't have an economic characteristics which may not be a big deal for them.So I think governments willn't use cryptos but more importantly they already have in use the idea of blockchain and the whole system as a secure mechanism for institutional information.One more reason is that its easier for elder people to use money to buy something or collect...

[Klaud07]

I think it is possible to use both cryptocurrencies and euro (or other fiat) and it will be a big victory.

That cryptocurrencies would be used for 100% even with a positive attitude of the States themselves, full support of people is also necessary, and this is possible only after generations.

[Karitra1]

Yes, cryptocurrencies will replace fiat
I believe that all payments will be on bitcoin and cryptocurrencies in the future. We can see the change of the new generation.

[3kpk3]

This particular question has already been asked many times before and is a very popular question with no definitive answer. The best answer in my opinion is that cryptocurrencies will never fully replace FIAT in any manner whatsoever.

However, the crypto market will coexist along with FIAT like it has from a long time and more and more people will begin using it once the volatility levels of this market continue to go down helping it go mainstream.

[shadowdio]

yes, I believe that cryptocurrencies will replace fiat in the future, we are no longer using fiat because crypto payment is the easiest way to pay just scan your phone and that's it. As you can see in China they are on nearly cashless society just try to watch youtube.

[Guguroma54]

Nope. Fiat is separate from the people using it.

Cryptocurrency is a new fad. At its best it is a mechanism to allow the transfer of wealth, but it has become confused with the wealth itself. Until such time the ease of using them is the same as using real money, it won’t really be the same.

[djgtr]

I struggle to see any such scenario in which cryptocurrency will replace fiat, there isn't much need for it to happen, at least for the average person. For those people who choose not to hold fiat they should in time be able to use cryptocurrency in every way that they wish alongside fiat. There are undoubted benefits of blockchain technology and it's implementation is inevitable, I do however feel that most of the emphasis will be put towards businesses instead of governments, they'll adopt blockchain technology but in a way which is compatible with fiat.

We have the sayings "the struggle you are in today is the developing strenght that you need for tomorrow." It means the struggle is always at the beginning but it will not take for long if you know you are already in a challenge to do it well. The blockchain is in demand for sure it will be easy to claim the success in life.

[Vietteleva]

Maybe cryptocurrencies and fiat currencies may both work parallel in the future. This means that we are able to use digital currencies in many ways, with no limits. Use it to buy everything, to pay for services and many more. Looking forward for more benefits that this crypto industry can give us.

[Swagtoshi]

I don't think that the government will use cryptocurrencies as cryptocurrencies challenge the centralized aspect of the fiat money system. Most major countries have stable governments and a stable economy, which means that the fiat can be trusted to some extent. The government still need to enact monetary policy; they are incentivized to print money to keep a steady inflation to promote spending and adjust interest rates to promote saving money or borrowing money depending on how strong the economy is doing. To create trustless cryptocurrency, the government has to give up these power that are essential to managing the modern economies. I only think that unstable governments will use cryptocurrencies to introduce a stable medium of exchange and gain back trust.

[kabit9]

I believe they will work in parallel, since Governments need to excersize control, they will never issue a 'decentralized' digital currency, however I am quite sure they will start to issue 'Government backed' digital currencies (backed by your faith in the Govt).

There will always be a need for a decentralized 'money of the people' and Bitcoin fills that description quite perfectly!

[ICO-Master]

It will be interesting to see how the battle of centralized vs decentralized currencies plays out in the long run.  So far decentralized currencies are still in their infancy.

[Ridwan Fauzi]

The replacement of a transaction system is always based on several things that make every human being look for a new system that is more equitable and liked by many people. Everyone could see the barter system was replaced by money fiat, the barter system was felt by everyone to be unfair and had many shortcomings such as everyone had to look for people who wanted to exchange for the items they wanted each other, then money came as a transaction system that could make it easier everyone to own the items he wants. If you now see cryptocurrency when everyone is still comfortable using money fiat, I guess it takes a long time to make that happen. In addition, humans have not found a deficiency in money fiat. Most likely cryptocurrency is used simultaneously with money fiat without being replaced.

[DonFacundo]

I voted both will work in parallel because not all people who like to use cryptocurrency some people like to use fiat instead, so both will work in the future.

[cheezcarls]

For me, I think both fiat and crypto would work in parallel. We do understand that fiat is still mostly used right now, and less than 1% of us in the world are adopting crypto. Some say that crypto will replace fiat in 10 years or more.

To be honest, I don't think they will fully replace fiat. Both are very useful for me. In case I forgot my wallet and I have my mobile phone that has a crypto wallet, I can still buy and receive stuff for those who have accepted crypto as payment method. However, if my mobile phone has no connection or in low battery, fiat is still a very good choice for goods and services.

Both can work in parallel, so expect that the world would say goodbye to fiat forever.

[h0lybyte]

I have voted option first because i think governments have to accept crypto currency as people are mostly in demand of it rather than fiat and of course it shall happen in near future

[Skyrah2008]

Infact both the crypto currency and fiat will work parrellel if governments couldn't control over bitcoin.
They will have to follow the truth of blockchain technology however they might impose some restrictions and terms on it.

[virarara]

Yes, cryptocurrencies will replace fiat because in the future money is not used anymore, but like crypto currency will be used because it is easy to use compared to money. And it will support the increasingly famous crypto world.

[Mrjenong]

No, impossible, economics only work with monetary policies because after all, it has got a difficult place to be replaced by crypto currency. People trust the euro more than cryptocurrency.

[kjnfmplm]

I think it will be both. Traditional currency might be replaced sometime but not just today. Maybe in a couple of decades now? If cryptocurrencies still exist, that is. The possibility exists. But that doesn't mean that it will be replaced. Just possible. The currency of today is much more stable than cryptocurrency. I think that cryptos are much more suitable for investment purposes than being used as a commodity.

[fatlever]

No doubt governments will have to create their own centralized blockchain digital currency to support technology if they fail to depart crypto from economy.

[Ajiloveyuyun]

Cryptocurrency will replace fiat in future. People do not need to carry money so that it reduces crime and then the ease of transacting using crypto currency is one of its advantages. Because in the future people will only need something simpler than the complicated one.

[reliable]

Voted for the parallel as it seems that still their are underprivileged people who still does not get the basic needs in many countries so it is not possible to replace fiat against the crypto currency. Country would like to maximize the use of crypto as much as possible but still fiat would be used by many people as well.

[m1c0]

I voted for both work in parallel as I think there should be a good and healthy mix of both.
A hybrid, so to speak, that uses the advantages of both.

Governments never want to give up their power, but humanity realises how much they are restricted by fiat currencies.
Therefore, I think there will be a Central Monitoring, but it will be very easy.
We just have to consider what advantage governments could gain from crypto currencies: 
- More trust through mathematics and cryptography.
- A consensus that is irreversible.
- and, last but not least, perhaps the greatest strength is transparency. Thus every citizen can be tracked easily and governments can see when and where someone spends something.

on the other hand, cryptocurrencies are still new territory for many people and higher politicians. Therefore it will become a slow process and both will coexist for a longer time.

[DTalk]

Because of the volatility, cryptocyrreny will never be the only currency because there will be two types of people. One will be willing to accept cryptocurrency, other will ignore it because of its volatility and that's why I think fiat and cryptocurrency both will be continued.

[maarx]

There is no chance for that, both are different. So crypto will never replace fiat. Still there are some people without knowing what's crypto means for them fiat is the only currency they used. Both are essential for countries growth and at the same both are different. So in future bitcoin and fiat both are used by people.

[BuyBuyBitcoin]

People will figure it out...

https://en.wikipedia.org/wiki/Fiat_money

Fiat money is a currency without intrinsic value that has been established as money, often by government regulation. Fiat money does not have use value, and has value only because a government maintains its value, or because parties engaging in exchange agree on its value.

[carlisle1]

Fiat and cryptocurrency will join force togeher in the future to serve the people of the entire universe,as they both needed to support the financial works of the world.cryptocurrency will work via internet while fiat will support the offline transactions

[XZERO1]

I voted for they will work in parallel, I personally don't think cryptocurrencies will replace fiat completely in the near future, But saying that cryptocurrencies certainly have every potential that is needed to fully replace fiat currencies.

I simply don't think government would let that happen and make more and more restrictions to prevent cryptocurrencies from being more popular, Also there are many people that are too lazy or simply don't like changes so there's that too.

[dentolas]

I've voted that crypto will replace fiat, but I'm sure that there will be an evolution that might pass through some other options of vote, like both working in parallel (that is already happening), "Governments will distribute their own centralized blockchain currency along with monetary policies" might also happen but in the end the decentralized and accessible nature of crypto will eventually overcome this issue... the question remains about how long will it take for crypto to replace fiat completely...
Just think about everything else besides money... isn't it changing and becoming different and digital? our TV? our phone? our computer? etc....
I can't believe that so many people are in the crypto world and don't believe that crypto can replace fiat money... crypto is money! and money is also evolving from paper printed bills to digital numbers... crypto will be the only long term solution for money...
And general people, that will have trouble with it.... these people will use what the TV tells them to use...
(not long ago, humans used salt as money... don't you think it was also hard to change to gold?)
cheers

[omonuyak]

Both fiat and cryptocurrency are going to work in parallel because I believe that bitcoin and blockchain technology is too good to be abandoned and since governments and financial institutions see that bitcoin bring freedom to our society they might not want to completely used it. 

[shar8431]

Crypto will not replace Fiat, there is just not enough exposure. Yes crypto is more secure but the average person will not use it on a day to day life, at least in my eyes

[CoinAcademyNL]

Only time will tell, but I think that both will be in place for a while, like it is now.

[passeroutpass]

I think that governments will use their own cryptocurrency and only in those areas in which it will be beneficial to the state.

[meusyou]

There will be more adoption of cryptocurrency in the future no doubt but it won't totally replace fiat. Government is saddle with the responsibility of formulating both the fiscal and monetary policies in a country. With cryptocurrency, that responsibility and by extension power is becoming decentralised. As beautiful as it sounds, government will always be around and would never support losing its authority.

[Fedor07]

I think it's possible that cryptocurrencies will replace fiat in the future but there is a very slight chance of that happening. Cryptocurrencies cannot replace fiat alone, I mean someone has to take action since I am pretty sure governments are not going to do it. People just don't see cryptocurrencies as fiat, probably because fiat is used since they were born. And that's why the answer is they will both work in parallel

[fakegurutu]

They both works in parallel, because these two are also dependant to each other. They can co-exist with each other and that makes them more important to each other. All it needs is to people to accept cryptocurrency as part of any transaction payments and also as a currency in both digital and real world.

[bisdak40]

 Governments will only use blockchain technology to support certain processes within their current system

I had a feeling that cryptocurrency will not replace fiat as of this time due to different issues.
Blockchain technology can be use by government to support certain processes as it is fast and transparent which i think can speed transactions and prevent corruption.

[meldrio1]

I think both will use in the future, what if you lost your mobile phone or accidentally broken? how can you pay? of course you use fiat, I think both is important the cryptos and the fiat so we had a second option to use or to pay.

[hgbing]

I think Both will work in parallel

[Text]

For me, any decentralized cryptocurrency like bitcoin will never replace a centralized currency like euro because I believe that policy should be abide. No matter how technology had grown now, still I'd stick to usual way. And cryptocurrency should only be use in online transactions. So they can work on their own fields.

[Scientest]

I think cryptocurrencies will be the only currency within next 10 years. The only reason behind it will be the transparency behind it. We don't need to depend others. Another reason can be the scalibility.

[Pffrt]

Whatever happened, govt will never stop monitoring us. So, I think, govt will start decentralized currency of their own once fiat get some huge threats by cryptocurrency. Also, fiat will be still there because of the volatile characteristics of crypto.

[kobita333]

As many other mentioned, I also believe fiat and cryptocurrency both will be existed. Cryptocurrency will be used for some specific purpose while fiat may be used in some physical shops. Will you wait for a confirmation of $100 of BTC for 30 minutes after having a coffee. I don't think so.

[Singertime637]

Chose: Governments will only use blockchain technology to support certain processes within their current system

Eventually they will adapt tax and control what they can. I think China will also do this first, forcing others to react

[patarfweefwee]

I mean let's not kid ourselves. We can't replace fiat currency in our lifetime or even our children's lifetime no matter how much advantageous crypto currency could be. In an ideal world, everyone will be on crypto and wouod exchange thusly but it is not, everyone has ulterior motives and would not want to relinquish control.

[maxreish]

Their is a processing period before the adoptation but let us think it in a positive way. I believe the time will come, fiat will be replaced by the crytocurrency in the future. Beacause, the cryptocurrency has spread throughout the world so fast and many have already using and patronizing it.  

[markdario112616]

I'd based my answer in the current situations, I choose "NO". Why? It is indeed that the modern or the advancing of technology is literally booming, in which these cryptos are part of it, unlike fiats which are currently accepted worldwide, cryptos are still a niche part of the global economy, in which a Government cannot totally regulate the use of it, like the Fiats.

Though, In a parallel world, both can function the same way, nonetheless both have it's own advantages and disadvantages. But still, It cannot replace the Fiat and it's system.

[Blossom15]

It might take some time, but I expect crypto-currencies to overhaul FIAT in the long run. It might not be crypto as we know them now, however, cash is already becoming obsolete even if it is the most widely used. With more computer literacy, it will die out.

[MostafaGamal]

This is due to the strength of people in change, and I believe that the government is the strongest so you will create a special coin in order to benefit from the new technology and be controlled.

[Senzacervello]

I have voted for "both in parallel" for several reasons. I can't imagine any government willing to give up to monetary control as it is one of the basis of political power. To lose control on money production and circulation would mean to lose control on fiscal policy as well. A whole replacement would necessarily bring a complete redesign of the current political structure and organization.

Nevertheless, individuals will not stop to use Cryptocurrencies, and maybe they will use more than today, especially if they will start to be more widely accepted for regular transactions. This will probably happen because the demand for payments in cryptos will very likely increase.

In short, my two cents

[yusupjatigumilar]

Hello,

as part of an ongoing academic research, I have created a public survey to see how members in the crypto-community think about the future impacts of decentralized blockchain cryptocurrencies. I kindly ask you to vote on the poll in order to assist me in this research. Feel free to add a comment on why you think your chosen option is correct

Thank you very much in advance and have a wonderful day!

Kind regards,
Zeroxal

I think this is indeed not impossible to happen but certainly there will be many processes that must be passed if the crypto currency will replace the fiat currency, as we all know that many countries still consider that the crypto currency is illegal if used as a tool transactions, it is a difficult challenge if the crypto currency will replace fiat currency, must first build good trust from the government and society

[eroejoe]

Hello,

as part of an ongoing academic research, I have created a public survey to see how members in the crypto-community think about the future impacts of decentralized blockchain cryptocurrencies. I kindly ask you to vote on the poll in order to assist me in this research. Feel free to add a comment on why you think your chosen option is correct

Thank you very much in advance and have a wonderful day!

Kind regards,
Zeroxal

I am glad that you choose to do academic research on this topic, best wishes in regarding research.
I vote for both will work in parallel, because I think that model could be easiest to put in work right now.

[niceboy999]

Governments will only use blockchain technology to support certain processes within their current system

[tactac]

I think that the government wishes to issue centrised cryptocurrency to track the transactions of our money. It will prevent tax evasion and crime, but we will continue to be monitored by the government. The only good thing is that it is impossible for politicians to receive bribes.

[makoitus]

I voted for "Both will be working in parallel" , because I don't think the government will allow that to happen wherein cryptocurrencies will be replacing fiat money. Cryptocurrencies will just continue to exist and work together with fiat money.

[otandelapaz]

Governments will not allow something they cannot fully control to run their economy. Even businesses will not submit to something they do not fully understand and manipulate.

[timerland]

I think that the most likely scenario is that both will indeed work in parallel.

While governments may not directly endorse bitcoin and other decentralized cryptocurrencies, I can see that in the future more adoption would mean that bitcoin could realistically become a medium of exchange for online activities in particular, potentially serving a niche of people who need to facilitate global online transactions as well as people seeking a safe haven to store wealth in the long run. It is still far fetched to say that it's going to replace all fiat globally at this stage.

Also, with the development of national blockchains that are centralized and controlled by the government, the last option is possible as well. However, I don't think this brings any value to people as it would be pretty much the same as online banking right now, except using blockchain technology.

[Crypto4091]

I think that both will work in parallel.
Fiat money will be functional  as long as government and their rule on state being exits.On the other hand cryptocurrency also  puts his jaw in almost every sector of economy .So neither fiat nor crypto will die and both will work in parallel. 

[DeltaX_Slayer]

I think the people will use both, because the practicality of paper coins, to pay little things without a necessity to be connected on internet, and because some people doens't like so much of new Technologies.
Maybe in a distant future, paper coins will end.

[Thirdspace]

Voters  #118 
I casted my vote on third option, "Both will work in parallel"
I don't believe cryptocurrency will replace fiat currency in any time soon
but I hope cryptocurrency will be accepted globally as legal form of payment side by side with fiat

[gamalzour]

Crypto will not replace Fiat, there is just not enough exposure. Yes crypto is more secure but the average person will not use it on a day to day life, at least in my eyes

Or in other words, the demand for fiat is way too high and it is not going to be affected by the expansion of crypto through out the world because not all the people throughout the world have access to the technology so crypto will stay for long. In addition, a fraction of population prefers to keep cash as well because at times, when the internet is not accessible, you might need it for emergency. The problem of liquidity also matters.

[fasdorcas]

Hello,

as part of an ongoing academic research, I have created a public survey to see how members in the crypto-community think about the future impacts of decentralized blockchain cryptocurrencies. I kindly ask you to vote on the poll in order to assist me in this research. Feel free to add a comment on why you think your chosen option is correct

Thank you very much in advance and have a wonderful day!

Kind regards,
Zeroxal

Like many others here I believe there will be hand in hand situation in the future. Not right now or not anytime soon but I think the moment we can manage to get other people to join in and make shops and brick/mortar stores accept bitcoin there will be a long long period where bitcoin is just another method of paying stuff.

Think of debit cards, cash, and bitcoin right now most people use debit cards, some people use cash and cash is used only in few places because most of us either use credit or debit cards, and very very few places takes bitcoin as a payment option. Now I believe bitcoin will surpass the usage of cash and reach somewhere close to card usage, when that happens it will be the max what bitcoin can reach, it won't go any beyond that.

[nur rochid]

Crypto will not replace Fiat, there is just not enough exposure. Yes crypto is more secure but the average person will not use it on a day to day life, at least in my eyes

Or in other words, the demand for fiat is way too high and it is not going to be affected by the expansion of crypto through out the world because not all the people throughout the world have access to the technology so crypto will stay for long. In addition, a fraction of population prefers to keep cash as well because at times, when the internet is not accessible, you might need it for emergency. The problem of liquidity also matters.

both of these currencies have their respective advantages, so I think it's better to complement each other. so that no one is eliminated, like your example if there is an internet interference

[rollingstorm45]

they will be interconnected and remain dedicated in their respective markets, some countries have allowed cryptocurrency as a medium of payment, but if this wave increases they will create sustainable problems, this is all about trust. Eventually fiat will still exist and crypto only takes part in payments that connote in a regulated online business, there will be many strict rules to keep them balanced.

[perfect999]

Governments will only use blockchain technology to support certain processes within their current system

Tradition is our societies do not die with the arrival of even potential threat. A population, who knows the use of fiat and has been relying on it for decades, will no doubt show reluctance to accepting another type of technology that can possibly put a full stop to its life. So since the people who have been very easy with using this money and knows every technical trick that can possibly maximize their income would not quit the use of fiat completely and in other words, it will keep on circulating in the market.

[99Rifat99]

My vote is Yes cryptocurrencies will replace fiat.

Because now days all most all over the people use cryptocurrency. Because it is easy to use and safe. So i think Yes one day cryptocurrencies will replace the original currency.

[Rooster101]

Cryptocurrencies and fiats will coexist instead of replacing what is vital to the economy. Most of fiats are national currencies, it represent a nation's identity like their flag so it is impossible for the cryptocurrencies to replace fiats. To replace a fiat currency means removing one of their national symbol that made them a nation. But I believe that cryptocurrencies can exist and use side by side with these currencies of the nations.

[spongegar]

I don't think we can totally eliminate fiat. I mean fiat has been in the economy as long as economy itself. We can definitely see crypto currency and fiat doing something in parallel to each other but saying crypto currency will replace fiat is an absolute long shot. Then again we won't know what will happen in the future.

[nazaididuan1]

The cryptocurrency will never replace the fiat currency!
The government is responsible for one economy, and cryptocurrency is this tool!
It can only be a good complement to legal tender, because no organization can compare with the government!