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

[7788bitcoin]

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.

There are a lot of challenges to replace the fiat currency and make everything digital, the next generation will be more than capable of going through the transition period but not everyone will be comfortable with it and then there is an serious issue of privacy on where the money is spent, i do not want any transactions being recorded if i am meeting an escort or a stripper  and hence i want both to co exist.

[iMark]

Why do we have to replace or remove one thing when they
can just work together. You know the saying "two is better than one". This can be applied when two of them are being helpful to each of us. Fiat and crypto are both helpful to us so why would we eliminate one of them? I can't see the reason to replace fiat because fiat is important. Not all citizens can access digitally. Some rural places don't have enough knowledge and capacity of digital innovation.
We cannot really replaced fiat. And since crypto is a great development, it is the addition to make things more easy.

Yeah agree, you can't use bitcoin or crypto completely after all, I know that many crypto users too glorifying bitcoin, that in the future bitcoin will replace fiat, it's just speculation. Not everyone accepts crypto, not everyone connected to digital, and also there are still many others competitors in addition to fiat anyway. Right now we depend on fiat its the fact, bullshit if you fully shop using bitcoin. Both can be used together and it's more easier, why bother yourself to only choose one, whereas you can be much easier to use both.

[Kyraishi]

Why do we have to replace or remove one thing when they
can just work together. You know the saying "two is better than one". This can be applied when two of them are being helpful to each of us. Fiat and crypto are both helpful to us so why would we eliminate one of them? I can't see the reason to replace fiat because fiat is important. Not all citizens can access digitally. Some rural places don't have enough knowledge and capacity of digital innovation.
We cannot really replaced fiat. And since crypto is a great development, it is the addition to make things more easy.

That's a good mindset to have, both currencies have their positives and negatives, and in the current state there is no need for a single currency to be complete dominant.

I am against crypto-currencies being the only currency, because there are still a lot of people who like fiat and there's been good development made in the realm of banking and online money.

[bellicose]

Eliminating fiat currency is a rather long process. I think it will take at least 50 years before the cryptocurrency industry completely replaces the current financial sector.

[The Cryptovator]

Still we need fiat/real money. We can't neglect that. I know using crypto-currency become too easier now a days. But you know it that eventually all crypto-currency should convert into fiat in order to use it on real life. Fiat /real money also coming with some latest features, like mobile banking. So you don't need to carry any real cash nowadays. Its something look crypto algorithm but its backed by real money. That's very weak point of crypto-currency, there is no backed for crypto-currency. There should be very easy way to convert your crypto-currency to real money. Then use of crypto-currency will like fiat.

[kayvie]

Still we need fiat/real money. We can't neglect that. I know using crypto-currency become too easier now a days. But you know it that eventually all crypto-currency should convert into fiat in order to use it on real life. Fiat /real money also coming with some latest features, like mobile banking. So you don't need to carry any real cash nowadays. Its something look crypto algorithm but its backed by real money. That's very weak point of crypto-currency, there is no backed for crypto-currency. There should be very easy way to convert your crypto-currency to real money. Then use of crypto-currency will like fiat.

It will be hard without fiat currency, It is the physical money we had and because of it, goods and services has its value and fiat is the basement of it. Without having fiat we are just going back in barter era where we exchange something to another. Cryptocurrency is also base its value depends on fiat, Without cash crypto has no value.

[cutesgirl]

Both Fiat & Crypto can co-exist for the future because investor and costumer needed both fiat and crypto, they want increase money by crypto investing and want to use fiat as currency digital payment because bitcoin still not allowed with many transaction in every country, both of fiat and crypto can't separated each other and investor need both them, without one of crypto and fiat investor look dislike and not happy to make transaction and investment.

[sureshverma]

Surely fiat will remain and will exist together with crypto

[DabsPoorVersion]

Both Fiat & Crypto can co-exist for the future because investor and costumer needed both fiat and crypto, they want increase money by crypto investing and want to use fiat as currency digital payment because bitcoin still not allowed with many transaction in every country, both of fiat and crypto can't separated each other and investor need both them, without one of crypto and fiat investor look dislike and not happy to make transaction and investment.

Fiat currencies cant easily be replaced or vanished on the field. It is still needed since crypto is not yet fully developed which is unlikely to fiat. Fiat has more function compared to cryptocurrency, replacing it by now would be a bit troublesome for all of us, and fiat will still exists even crypto will be developed. Every individual need it and it should not be vanished.

[xSkylarx]

No need to replace somethings because better to use fiat and digital currency like do save with fiat like 20% of your money for future then risk while you save here in crypto with 20% of your money then after that 60% of your money will use in real life like for your daily need then more,Moreover always look at the different worth of a things like example base in this question

Bitcoin is too volatile to remove fiat to our world. For me bitcoin is much more like an investment than a currency if we look at its price since then. If we use it as a daily currency, we could be rich or poor on that day. If bitcoin will be regulated and its price will stabilize then people like me won't be afraid to use it in a daily basis.

[blckhawk]

I believe we are still far away in a complete digital currency world. There is still a need to fiat form of currency since not all people has the access to stable internet connection and reliable technology to be able to transact digital money. Just think of third world countries such as Africa. It is still needed to exist, but there's a possibility it will be completely replaced. But I don't think it's soon to happen, it would take a lot of time to revolutionize current payment systems.

[CLS63]

I think it is inevitable that fiat currencies will lost their values in the process of time. But I don't think that the governments will be stubborn about continuing with fiat currencies in the future. They will create their own digital money.

[omone1]

Fiat should still exist as a pegged to determine the true value of each coin per time, as for payment online, it can be replaced by a more stable bitcoin, that is when the market has enough liquidity to minimize sudden sudden dumping. For physical transaction, it can still remain for less technological areas and conservative areas.

[Mike Mayor]

No need to replace somethings because better to use fiat and digital currency like do save with fiat like 20% of your money for future then risk while you save here in crypto with 20% of your money then after that 60% of your money will use in real life like for your daily need then more,Moreover always look at the different worth of a things like example base in this question

Bitcoin is too volatile to remove fiat to our world. For me bitcoin is much more like an investment than a currency if we look at its price since then. If we use it as a daily currency, we could be rich or poor on that day. If bitcoin will be regulated and its price will stabilize then people like me won't be afraid to use it in a daily basis.

That's the problem. When people see bitcoin as an investment and not a currency. Why would you want to use fiat when you can use bitcoin? So many places these days are accepting bitcoin and also paying out bitcoin for work. Many websites that do referrals or website ads allow payment in bitcoin and it has been so for a long time already.

Eliminating fiat currency is a rather long process. I think it will take at least 50 years before the cryptocurrency industry completely replaces the current financial sector.

I agree. I think that is long enough. I think fiat will still exist for a very long time to come. People will call it old money and still use it.

I think it is inevitable that fiat currencies will lost their values in the process of time. But I don't think that the governments will be stubborn about continuing with fiat currencies in the future. They will create their own digital money.

This is the solution for the tax problem the governments are having. If they want tax mut be paid in their own currency so they are reluctant to let go of the old ways of fiat.

[rodel caling]

fiats ( that mean cash money as well) give people flexibility. cash is very secure payment method.
so in fact it is more secure in some ways then crypto
the cost of transaction is zero, delay of transaction is zero. but crypto + fiat is good combination for today's world
and, imo, it should stay like this  

Perfect mate today the combination of fiat and crypto currency are very useful important, I use it well both in my personal needs depend on the availability of the merchant they accept payment.
But as of now crypto currency is not purely mature as new currency because a lot of people didn't understand well what is crypto currency especially the old generation. In the duture possible virtual crypto currency is the main currency use by world wide.

[bitzizzix]

Cryptocurrency will not be able to replace fiat currencies completely, and both will be equally used as payment transactions or other transactions.
because not everyone understands and can use cryptocurrency because it is related to the internet which so far has not been distributed evenly to get access or good network support, and although in the future it will be distributed evenly and fiat currencies will not be replaced because fiat currencies as currency symbol in each country and cryptocurrency is the world currency.

[xiboothrezi]

Of course, it will be more effective if the two go hand in hand and complement each other. Fiat and cryptocurrency have advantages and disadvantages of each. And this is the reason why fiat is still very much needed.

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.

Although the development of technology is very rapid, development has not been evenly distributed, there are several places where we have difficulty accessing the internet, at that time, of course, fiat was more effective. And with other effectiveness, fiat is still more effective for direct transactions and micro payments. That is why the cryptocurrency is more appropriate to be used as an alternative payment that has a high selling power so that it is also effective for investment and commodity trading.

[cotton ball]

 Yes, there is still a need for fiat currency because not all people use bitcoin although crypto market have legal by government, many people only know with cash money and fiat currency, they do not know whit digital currency like bitcoin, maybe they will move to bitcoin after know benefit of bitcoin for people by no have inflation value like money could change value every day, after have crypto as currency we still need fiat for deposit bitcoin to bank and cash out money.

[Argoo]

Do not rush things. The world will develop in the same way as it did before this time. No cryptocurrency will change the course of history, even in the world of finance. Of course, cryptocurrency already has a great influence on the financial world, however, it will be just another financial asset that will occupy its niche among others. Fiat will not go anywhere and will continue to exist. Under no circumstances can cryptocurrency replace traditional payment systems. National money will exist until one superstate remains in our world. Of course, if at all possible.

[Ferris419]

In my view, Of course, the world needs fiat. Day by day people is moving into the internet, digital money. In the near future, more people will involve in crypto payment too. But still, we need fiat. Whatever happens, Fiat won't die. Because it is more convenient for some reason. Cash money feeling is so different than digital money. To make a payment from each side to the other side in the world, digital money is very much popular and it will be growing with the time, but in your country, fiat is the best way.