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

[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.

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[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.