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

[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.