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

[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.

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[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.