Should Fiat currencies still exist or be replaced by Crypto Currencies?

[minersday]

Fiat currencies will always be in existence since they act as the main thing that is backing cryptocurrencies. And moreover, it will be very difficult to represent fiat currencies with cryptocurrencies since only about 5% of the world is currently aware of the eistence of cryptocurrencies. In my country for instance, when you randomly select 100 people from the street, you will only get 2 to 5 people who have heard of cryptocurrencies. And out of these people, only one person might own a crypto coin. These two currencies can only co-exist rather than the other replacing it. 

[magneto]

I'd think that this is much lesser of a question about ideology, and more about practicality.

Do you foresee any government giving up control over their respective domestic money supply any time soon? Absolutely not. We've seen how they've reacted already towards FB's intentions on launching their own coin which could potentially disrupt the way that central banks implement monetary policy, and it's not overwhelmingly positive is it.

Fiat will continue to exist for at least until there is a grassroot movement to move towards decentralisation of the money supply, imo. It is still by far the most dominant form of means of transaction globally.

[timerland]

Is there still a need for Cash <Fiat currencies> in this evolving world?

To this, I say Yes! Cryptocurrencies will always be pegged in fiat to ascertain their worth. Again, remember that there will always be that illiterate and poor community who won't have access to the Internet at all or who may not even know how to use the computers. I don't think cryptocurrency is really trying to displace fiat and exist alone. It's simply asking for more people to key into it. So, there will always be fiat existing side by side with cryptocurrency. Anything that displaces this will cause more harm than good, whether cashless society or not.

I don't think we'll always see cryptos being pegged to a fiat value, we could definetly see a world where people use BTC or another crypto currency (I am assuming that the government would be finished with their own crypto-currencies and they would be popular).

It could be pretty interesting seeing a world where every country has their own crypto-currencies and they are pretty easily able to be swapped, and then BTC is also used and popular between all countries. In that world, fiat and cash would still probably need to be used though.

There's definitely a possiblity we are able to see something like countries all having their own crypto-currencies, I know for a fact that Korea and China are working on their own centralized options.

Unlike some other people, it could definetly work with the right amount of effort, where all payments are paid in your country's local crypto-currency, but the real question is if there is a point to this?

As magneto said, look at Libra as a pretty good example.

[Darker45]

Is there still a need for Cash <Fiat currencies> in this evolving world?

To this, I say Yes! Cryptocurrencies will always be pegged in fiat to ascertain their worth. Again, remember that there will always be that illiterate and poor community who won't have access to the Internet at all or who may not even know how to use the computers. I don't think cryptocurrency is really trying to displace fiat and exist alone. It's simply asking for more people to key into it. So, there will always be fiat existing side by side with cryptocurrency. Anything that displaces this will cause more harm than good, whether cashless society or not.

I don't think we'll always see cryptos being pegged to a fiat value, we could definetly see a world where people use BTC or another crypto currency (I am assuming that the government would be finished with their own crypto-currencies and they would be popular).

It could be pretty interesting seeing a world where every country has their own crypto-currencies and they are pretty easily able to be swapped, and then BTC is also used and popular between all countries. In that world, fiat and cash would still probably need to be used though.

There's definitely a possiblity we are able to see something like countries all having their own crypto-currencies, I know for a fact that Korea and China are working on their own centralized options.

Unlike some other people, it could definetly work with the right amount of effort, where all payments are paid in your country's local crypto-currency, but the real question is if there is a point to this?

As magneto said, look at Libra as a pretty good example.

As for me, cryptocurrency becomes pointless if it is made centralized. It defeats the very purpose of crypto. But that is inevitable when countries will make their own version of cryptocurrencies. They will come up with a centralized one whose value will be more or less stable as it is the most friendly way to the economy. Even if their fiat version will eventually vanish, their crypto will be more or less valued based on it. Having said this, there really is no point converting into digital currencies when their very own fiat is already shifting to electronic, cashless transactions.

[mr3dds]

Excluding conditions you mentioned about needing fiat, crypto is much better. So, in advanced countries and high end cities crypto will be better.

The world is advancing with different rates, but in the end the planet will have electricity, internet, safety " I hope" everywhere. That's when fiat will be forgotten.

[ILuckyGuyI]

I think fiat currencies will be replaced by cyptocurrencies minimum 10 or 15 years later. It is early for cryptocurrencies to replace them. Cryptos are volatile. Maybe stable coins can be more close to be the local currency of countries but it is early for them too.

[BlackFor3st]

So, we are moving into a new era where Fiat currencies are getting some competition from Crypto currencies and multiple other payment methods. People are simply not interested in using cash anymore, because cashless payment options are more efficient and also more convenient. < Debit & Credit cards / Crypto currencies / Gift cards / E-Wallets / Cheque / PayPal etc. >

So with the endless alternative payment options available, cash payments are slowly being replaced by more practical and convenient payment options.

Is there still a need for Cash <Fiat currencies> in this evolving world?

I can think of several scenarios where Fiat currencies are still needed, namely :

1. Where there are no electricity infrastructure.
2. Where it is not safe to carry expensive smart phones.
3. Where there are no access to the Internet.
4. Where there are a high number of illiterate people.
5. Where there are people with disabilities that presents challenges for electronic payment options.

I personally think there are still huge challenges that needs to be addressed, before electronic payment options can permanently replace Fiat currencies and that alternative payment options can co-exist with Fiat currencies.

Please give your opinion and participate in the Poll.  

Right now replacing fiat with crypto currencies are still out of the questions because of the scenarios that you have pointed out and I agree with it but if in case the society will keep on evolving then it will surely come someday like 50-200 years from now where electricity is not a problem anymore.

Where everyone has internet connections and even illiterate people already knows how to use the basic transaction of crypto currencies payment. Even if we are far from it but I believe 100% that it will occur someday.  

[jake zyrus]

There are cases where people are not capable or knowledgeable enough to understand other cashless payment option. In addition to that, not all entities (especially small time businesses) are also capable to accept those kind of payments. Fiat is the traditional one and everyone are used to it so it's hard to replace everything when people grew up using paper money. Just like what you have mentioned, there are situations where problems occur when using only cashless payment method.

Fiat and crypto can work together in order to alleviate the standards of living of each and everyone of us.

[ethereumhunter]

I think I choose both fiat and crypto can co-exist because not all people are aware of crypto, and they still use fiat for anything. We are still evolving and still need time to introduce crypto to all people in the world. Unless there is a crisis in many big countries, people will still prefer to use fiat than crypto. People think that the fiat has not fluctuated and they don't mind carrying fiat everywhere. Although cashless payment is available in many places, still, people will use fiat. But the chance for crypto to be used will also be wide open since the younger generation is open to their mind about cryptocurrency or another payment method.

[bitbunnny]

Let's be realistic, economy can't function based on cryptocurrencies. You need to have a bigger picture, not only the one from crypto user or crypto investor. Cryptocurrencies will not replace fiat currencies and that is the fact. But both crypto and fiat currencies can co-exist and together can make better financial platforme and potential.

[lionheart78]

I wouldn't mind not using fiat currencies anymore, but if that happens how then would I be able to cope since the area I live in is still struggling to achieve a cashless society. Credit and debit cards are being integrated, but that's still more or less "fiat". If I stop using cash, I'll love it to be replaced with cryptocurrencies, bitcoin to be exact because I'm a staunch believer in its potentialities.

The thing is, government will never allow a decentralized, possibly "controlled" by some group of whale currency to dictate their economy.  They would rather create their own and use it in place of cash but that beats our longing to have a decentralized cryptocurrency as the main currency of our country.  But well we can't do anything because the government always decide for the country's welfare.

You and I know it's not possible for bitcoin to replace fiat, so I'll just continue using the bitcoin more alongside my fiat currency

Indeed, Bitcoin can be an alternative, that is one good thing that can ever happen, lets just hope the government will adopt it completely and let decentralized cryptocurrency to co-exist with centralized fiat system.

[senin]

It is not easy to replace fiat currencies with cryptocurrency and if that is possible it still requires quite a long time and will definitely go through the pros and cons in a country to change it.
if both are used together in my opinion it will happen in the near future and cryptocurrency can be used as an alternative equally.

I can’t even imagine how you can do without cash. Not all people live in megacities and our life is not yet so automated. In addition, cryptocurrency can never completely replace fiat. As long as various states with their own economic and political interests exist in our world, until then the usual national money of states will exist. National money - cash or non-cash, is a mandatory attribute of statehood and cannot be completely replaced by cryptocurrency. Cryptocurrency and regular currency must exist together.

[Zeke_23]

We as bitcoiners needs both for us to benefit from bitcoin, we need fiat to exist and bitcoin too. The idea of replacing fiats with bitcoin would be a terrible idea since bitcoin still needs fiat currencies now in order to survive. Plus the fact that fiat is more reliable than crypto (as for the moment) more convenient to spend on a daily basis.

Bitcoin wont be having any value if it will ever replace fiat, bitcoin has its value because it can be converted to fiat. Bitcoin is a digital money, if you will compare it to fiat, fiat has more use than crypto which you can really use in our daily life to buy goods and services, unlike in crypto, what we can really buy is limited, and all transactions can only be done through online transactions.

[LbtalkL]

Fiat and Crypto Currencies should co-exist they will not replace its other. For me, crypto is better when transacting across border different countries. Fiat is better when buying on the open market there is no delay. Crypto payments are also good in malls and other establishments. I heard china will tokenize their national currencies I'm excited what will be the result.

[DatKing]

I think fiat currencies will not be completely gone. It will be shaped and evolve into a digital version. We will see digital fiat currencies I think. Because governments won't be able to go on with simple fiat currencies at one point.

[hahay]

I agree about that scenario and again in the developing world of digital technology, at the same time fiat currency transactions can be carried out with a digitization system without the need to carry cash and this development has been felt comfortably too, so in this case at least every bank in every country will follow the development of the digital era which is certainly difficult to replace fiat currencies by crypto currency. So the point is, Both Fiat & Crypto can co-exist

[Kakmakr]

Looking at the Poll results and also the majority of the replies in this thread, it seems as though most people seem to think that Fiat currencies and Crypto currencies can co-exist and that the common misconception that Fiat currencies must replace be replaced by Crypto currencies, might only be supported by a minority group of people. 

Yes, 7 votes in favor of co-existence are not a good indication of what the people want, but it already shows us where it is going.    So, let's see what happens as time goes on and if this trend will continue. 

[bounceback]

of course cash (fiat currency) cannot be replaced by cryptocurrency because it has been issued for centuries and cash is fiat currency issued by all governments and paper money is one of the legacies of our ancestors, actually, if I were personally living in the electronic world today, I prefer to use cryptocurrency money because it's easier and safer if I think of using cryptocurrency compared to fiat currencies.

[Murat]

Thanks for your good observations regarding this issue, I think it's not possible to get permanently replaced of Fiat money by the cryptocurrency, In my opinion, still, a long way to go and we have to make our fully online based and then we can think that electronic payment will bring a revolution. I appreciate you that you have mentioned some good reasons whose are the main obstacles to carry out and establish permanently cryptocurrency as a payment method, At first we have to make sure about the electricity infrastructure whose are the main theme for this platform, along with internet service, we have to provide a lot of educational material towards both literate and illiterate people. after that, we can think as cryptocurrency would be a permanent replacement of Fiat money.

[Nnuego]

Before we start coming to terms whether we should eradicate fiat currency with crypto currency. We should first of all ask ourselves how stable will the price of crypto be, if been used regularly. what happens if there's no internet service or you're in a place that they know nothing about online transactions and so on. The two (fiat and crypto currency) will still be making use of in our everyday's life