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

[agustina2]

Fiat currencies should still exist. Not all people are still able to comprehend cryptocurrencies and they still rely on or trust in using fiat money. It will take a long way to go, it will cause a very serious debate. Even if crypto will gain success in the future, we will still need fiat money for transactions because we've been used to it and it will be really hard to just make it vanish.

[skarais]

I think paper money or crypto is better to stay side by side. They don't have to be replaced because in my opinion not everyone understands and knows how to use them, that's the first. Crypto requires a connection to the internet to be able to do transactions, without internet transactions may not be possible. The geographical location of a place will also be a factor whether crypto is suitable to replace fiat or not.
I prefer they continue to live side by side, because we can use both of them for our daily needs.

[Darker45]

That is correct, OP. And perhaps that is also the reason why there is an option in your poll that says "Both Fiat & Crypto can co-exist."

The world is divided into two and the gap is not just small but huge, a chasm that cannot simply be bridged. The world of the rich and the poor, that's what I mean. We are always hearing about technological updates, discussing about the need to replace cash with a digital currency, debating about how banks are becoming useless in the coming years, and so forth. But in the process, we might have marginalized a large portion of the world's population that cannot even meet the most basic of needs.

It is not just the lack of electricity or lack of access to smart phones that are obstacles for this kind of progress. Well, you've mentioned illiteracy. I have known people who does not know which is A or B, or 1 or 2. In my country alone, there are people who do not know how to use a pen. Hell, there are even people who are not familiar with the fiat money itself. And here we are talking about when it is replaced by something more convenient.   

[amishmanish]

Purely from the perspective of a consumer, what can cryptocurrencies do that Fiat cannot? If the intention is to transfer value and pay for/ buy goods and services, then fiat serves as well as cryptocurrencies.

I wonder why are we even still asking such questions when the biggest crypto like BTC is little more than a curiosity. It is a niche for hobbyists and technologists. The volatility is a milking cow for traders and whales. As far as buying/ selling products is concerned, it is limited to places where the Governments haven't yet taken a stand. Like in certain SE Asian countries like Phillipines, Thailand, Indonesia and Eastern Europe.

To be fair, It is serving its purpose of peer-to-peer electronic cash for the online community to some extent. Yet, the plans for world domination will have to wait till the time everyone is occupied with Dice games and gambling..LOL.

[Astvile]

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.

[Broly46]

Fiat would still buy me food rent and gadget, I don’t believe it would go away, but what you can buy with bitcoin? I know anyone can boost about how bitcoin are accepted in a number of services include rent, pizza, deepweb hackers, Amazon steam paypal blah, but they WAS accepted when the bitcoin is at ATH, when the price is dropping fast all the services cease to accept it. Can you stop buying food rent and gadget during the grace period? I hope not!

[Arsenyo]

There still too much people who have never heard about cryptocurrency or even those who can hardly use Internet or online payments. That is why we can't just tell people to stop using fiat and switch to cryptocurrency. To satisfy people's needs we need exactly the combination of fiat and cryptocurrency.

[Genemind]

We don't have to choose because these two play a vital role in our society. Everything should be in balance. We could use fiat while having crypto and it could collaborate for us to make things more convenient. The government wouldn't adopt only crypto so we got no choice for now but have fiat. Lots of countries still need to informed well about crypto first. There are places without internet and electricity so it will also be hard for them to have crypto.

[febriyana]

Fiat still needed. Because we need some real tools for exchange. Cryptocurrency only shown digit, we don't feel good if only show digit. No different, not likely fiat per number have images and some intrisic value.

We know not all people know about cryptocurrency, that is must long time to educate them.

[teosanru]

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.  

Debit card & credit cards still form part of fiat currencies. Moreover they are even more easier to create than fiat because banks can create as much money as they want just after keeping the SLR with them. Moreover addressing your issue fiat is still needed and cryptocurrencies can never act as a replacement for fiat because of some major issues. I wrote a complete thread addressing these issues here have a look: https://bitcointalk.org/index.php?topic=5190558.0 . Deflationary spiral is a major problem relating to cryptocurrencies.

[FlamingFingers]

Fiat is highly needed regardless of what crypto become successful in future,  fiat is pegged and not as volatile as crypto is,  both fiat and crypto currency will work together,  none of them can go extinct or being replaced by another

[Evelynmparrot]

Fiat money (or fiat currency) is currency that a federal government has declared to be legal tender. Cryptocurrency isn't legal tender and never backed by a government.[1][2]

Fiat roughly means, "let it be done." Cryptocurrency implies, "a digital and decentralized place of exchange governed by cryptography." Both are currencies, but there are some important differences:

Fiat currency is "legal tender" supported by a "central government." It is able to take the type of physical bucks (for instance papers Federal Reserve notes), or maybe it may be represented electronically, such as with bank credit. The government regulates the supply and you are able to pay the taxes of yours with it.
Cryptocurrency isn't "legal tender" also it's not supported by a central bank or government (it's global and decentralized). Its form is much more like bank account credit sans the bank account (in it's represented digitally, however, not backed by a bank or maybe government). An algorithm controls the source and also you cannot pay the taxes of yours with it (instead you've paying fees on it).
Or else, there's no intrinsic difference. Both fiat currency and cryptocurrency is usually known as currency or money, each are platforms of exchange which are used-to transfer value and store, each may be utilized to purchases products and services, each have their great governed by source, demand, job, scarcity, along with any other financial factors, both have their value impacted by the caliber of the method surrounding it, both may be traded on exchanges, and so on.

 Cryptocurrency, yellow, a bundle of wool, along with a dollar are retailers of worth and all have exchange value. Some value retailers such as the wool along with gold have make use of value, some like cryptocurrency and fiat currency are intended to be a market of medium and value of exchange only. click to read more

[Kyraishi]

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.  

Think of this as a good example, when a lot of cardless payments and online payments options came out, there was still a huge demand for cash and just because "Tap and go" was really easy to use, there still is a decent demand for cash trade

With cryptocurrencies becoming so popular, I reckon we will still see a pretty big demand for other payment options like online money and cash, in the finance industry it is fairly hard to completely phase out a payment option.

[Mpamaegbu]

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.

[bhabygrim]

Yes I think they still need to exist and you already gave some scene where it could really win over online payments.
But Fiat and crypto could co-exist just like what we are doing now ,
We could use both online and cash payment at the same time it all depends on what we want to use.
There are times that online payment would save us specially if our cash on hand is a little bit short,
And there are times when we would use cash because the merchant doesn't accept any online payment or cards.

[acroman08]

it's better for both to exist, the reason is while these "< Debit & Credit cards / Crypto currencies / Gift cards / E-Wallets / Cheque / PayPal etc. >" are efficient in some ways it still has flaws that fiat
can fill and vice versa there no reason why both can't co exist.

[SummerBliss]

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?

You are confusing Cash with fiat currency. Fiat currency doesn't only include cash but every type of money considered as legal tender by the government. So, even though use of cash has been decreasing rapidly but other means of fiat currencies like plastic cards and net banking are still intact and increasing.
There have been already numerous discussions on the forum regarding fiat currencies and why these could never be replaced by cryptocurrencies due to the deflationary nature of cryptos. I don't think we need another thread here.

[Kyraishi]

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.

[Katashi]

If you want to completely erase the fiat currency then the economy of each country must upgrade first and every part of the world has access to internet, it will take a lot of year from now for this to happen. to be replace or not is either fine with me as long as the government do not put a total ban on crypto around the globe.

[Oasisman]

Just as the majority answered the poll, fiat currency cant be replaced. There might be a lot of unknown factors affecting the economy (positive and negative) once the world decides to completely replace fiat currency. But, thats still far from reality.

All of the scenarios you've enumerated is pointed directly to the under developed and 3rd world countries. 1st world countries have overcome all of these disadvantages, thats why theres some people including the OP thinks about this future Innovation.

Why do we need to get rid of physical currencies? When we can use both?