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

[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.