In the next decade, BTC and digital currencies will “fully” replace fiat?

[DMetcalfe92]

As much as I want this to happen,its not that easy,there is a lot of hate and detest for bitcoin especially from the governments, because of its decentralized nature,so its gonna be hard to have it fully replace fiat

[gundala]

However, predictions that are likely to become rumors will provide a good path, just follow the plot because cryptocurrency is full of the unthinkable. In general, although bitcoin price movements are getting better, more and more are being adopted, but I think it will be difficult if it replaces fiat completely. Bitcoin and fiat will complement each other. not replace each other.

[qwertyup23]

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This question has been circling around the forum for a while now. To understand first on whether bitcoin can fully replace fiat, we must consider several circumstances affecting this change to all countries.

First, the fiat system has been around for ages and it is considered as the main medium of exchange. Before, the barter system was implemented but it slowly transgress to paper money in order to have a standard unit of exchange. The value of such currency per country also depends on its economic condition, gold reserves, etc.

Second, due to the present economic differences among developed, developing and underdeveloped countries, the first two can quickly adapt to this kind of change since they have the necessary technology to transition to a digitalized form of payment. On the other hand, underdeveloped countries who lack the necessary technology and advancements will be left behind from this change. This would technically further weaken their state, thus hampering the growth.

Lastly in order to implement a digitalized form of payment whether via BTC or a digital currency, all or at least majority of the countries must concur with this change. If some countries change their fiat system while others do not, this will create a conflict on which currency should be followed.

In spite of everything, I also believe that this change will be inevitable in the far future where technology will run the world and dictate our future. But for the time being, I cannot see bitcoin or a digitalized currency replacing FULLY the fiat system.

[boltz]

I herd this story too many times but I will try to explain again. The current monetary financial system is old yes but its working and there is no need for cryptos to "fully" replace fiat and instead in trying to help them by adoption Blockchain technology this is why coins like Ripple appeared after some years of Bitcoin launch. This would be the best scenario of cryptocurrencies to be integrated alongside fiat and making Bitcoin a global payment.

The 2nd scenario would be the full replacement of fiat by cryptos but this will take more than a decade and its kinda hard to imagine regular people paying everything and live from and by cryptos so a decade its not enough.

The 3rd scenario we all know it. Crypto fail and everything is back to normal. ( won't happen )

[libert19]

It's not that easy, most of the world population haven't even heard about cryptocurrencies, adoption is later thing.

[Reatim]

It's not that easy, most of the world population haven't even heard about cryptocurrencies, adoption is later thing.

even if they do?still we can assure that fiat will be Gone because only this generation supports the digital currency but not those generation before this.

like those small businessman that knows only the usage of Fiat?and know nothing about crypto?and even if they know they dont want to use it?
i think we will take at least two decades or more before finally Fiat will be out of the system,but this is still speculation nothing is certain.

[frank0ly]

I'm an optimist, but I doubt it very much. Bitcoin (like other cryptocurrencies) is not ready for this yet. There are no prerequisites and conditions for this to happen.
In my opinion, we should expect this in the next 5 or even 10 years.
I believe that bitcoin is the currency of the future, but so far we are only striving for this.

[sana54210]

I herd this story too many times but I will try to explain again. The current monetary financial system is old yes but its working and there is no need for cryptos to "fully" replace fiat and instead in trying to help them by adoption Blockchain technology this is why coins like Ripple appeared after some years of Bitcoin launch. This would be the best scenario of cryptocurrencies to be integrated alongside fiat and making Bitcoin a global payment.

The 2nd scenario would be the full replacement of fiat by cryptos but this will take more than a decade and its kinda hard to imagine regular people paying everything and live from and by cryptos so a decade its not enough.

The 3rd scenario we all know it. Crypto fail and everything is back to normal. ( won't happen )

Fiat does not need to be replaced. There are countries which totally depend on the fiat currencies for their development and economical situations. These countries complete to form a globe. We can't ruin the financial systems of the entire globe just to boost the use of cryptocurrencies. It would actually be a lot mean. We need to start integrating with fiat in order to create a custom balance and keep the monetary situations in hand.

We never want our countries to struggle with finance only because a number of people avoided paying taxes with their cryptos and now the countries are left with no money to develop the nations anymore. This situation might lead for a global cause and we could see the economic conditions drastically humbling.

[jessyj48]

Bitcoin and some other coins will replace fiat but not completely eradicate fiat, if that's what you meant its never going to work, people can embrace crypto more than fiat, that's what we are ever going to see, Fiat will always be amongst us

[Linkkoin]

Bitcoin and some other coins will replace fiat but not completely eradicate fiat, if that's what you meant its never going to work, people can embrace crypto more than fiat, that's what we are ever going to see, Fiat will always be amongst us

If we will have internet available everywhere, we will see traditional fiat (notes and coins) to disappear for the sake of state issued stable coins equal in value to the national currency. Because anyway, banknotes as such had come into being as a promise, that you can exchange the note for a specific amount of gold. It can be totally same with digital state coins - as a promise that you could exchange them to physical banknotes, and then making them on the same reputation of the state as a modern currency

[carlisle1]

We as Cryptonians will surely agreed on this and the fact that we are waiting for this to happen means a lot for all of us,but also in the back of it we also knew that this is impossible for now to happen because we don't even recognized by the whole world so how come that we can expect this to happen soon?
no i doubt we will be seeing this in the next decade 2030 happening.

Bitcoin and some other coins will replace fiat but not completely eradicate fiat, if that's what you meant its never going to work, people can embrace crypto more than fiat, that's what we are ever going to see, Fiat will always be amongst us

that is what i wan't to impose mate,eradicating Fiat is not going to happen because world will always have two sides and that is Pro fiat and anti fiat,it is just happen that we love crypto already but those people that has another side?nope this will not happening completely.

[buwaytress]

You know, people keep talking about Bitcoin death and Bitcoin obituaries, and yet they don't learn the lessons. Fiat's actually had its naysayers for a while too. And they're not the only ones. Can you imagine gold getting obituaries in 1970s when national fiat all came strutting along with their central banks declaring people wouldn't be buying gold and it'll be obsolete in a decade? Well we're 50 years gone and gold's stronger than ever. Think fiat will take much longer than 10 years to die, if it does.

[AppliedOptimal]

I agree that the next century will be the time for cryptocurrencies, but I do not think it will totally and fully replace FIAT. The governments continue to exists, so they will not want to give up their power and they may come up with the crypto version of their crappy FIAT.
Cash money is almost out of use in countries like China anyways, and everyone else tend to use digital money based on fiat. Blockchain based cryptocurrency will have its own use, but as long as some people would like to have the monopoly of money to themselves, the government printed money, digital or paper, will live on.

[FanatMonet]

Today I went to the post office where they do not accept plastic cards, and here we are talking about digital currencies and the complete replacement of all paper money.
Without a worldwide Wi-Fi accessible to everyone, this is utopia or close.

[Gheka]

It's not that easy, most of the world population haven't even heard about cryptocurrencies, adoption is later thing.

The numbers you say are quite in line with what I've read on this forum, the popularity of bitcoin is still at a low level, global coverage may take a long time to be able to gain, maybe even never when a wall that a special government erects cannot be easily overcome, a few apply to life is possible but I do not appreciate. This means that I am not too confident in fiat replacement for the next decade, Fiat is still used as a close friend in payment methods from near to far, bitcoin and crypto can create the same thing but it takes more time and always risks in value, can't compete with Fiat in the world market

[LogitechMouse]

I can say that we are in the digital era right now but for crypto to replace fiat in the next decade? It is close to impossible for me.

How many years did it take for the fiat currency to be used worldwide? It took long time before it happen and for crypto to do the same thing, it will take time too. How can the people in remote areas use Bitcoin if they don't have any access to internet. If there will be a way for the people to use crypto without using the internet then it would be the first step for BTC and crypto to fully replace fiat.

For me, I can say that BTC will be use as an alternative way of buying things in the internet but not to replace the fiat in the span of one decade or even one century.

[Assface16678]

I herd this story too many times but I will try to explain again. The current monetary financial system is old yes but its working and there is no need for cryptos to "fully" replace fiat and instead in trying to help them by adoption Blockchain technology this is why coins like Ripple appeared after some years of Bitcoin launch. This would be the best scenario of cryptocurrencies to be integrated alongside fiat and making Bitcoin a global payment.

The 2nd scenario would be the full replacement of fiat by cryptos but this will take more than a decade and its kinda hard to imagine regular people paying everything and live from and by cryptos so a decade its not enough.

The 3rd scenario we all know it. Crypto fail and everything is back to normal. ( won't happen )

Fiat does not need to be replaced. There are countries which totally depend on the fiat currencies for their development and economical situations. These countries complete to form a globe. We can't ruin the financial systems of the entire globe just to boost the use of cryptocurrencies. It would actually be a lot mean. We need to start integrating with fiat in order to create a custom balance and keep the monetary situations in hand.

We never want our countries to struggle with finance only because a number of people avoided paying taxes with their cryptos and now the countries are left with no money to develop the nations anymore. This situation might lead for a global cause and we could see the economic conditions drastically humbling.

One of the fastest-growing transaction today is with the use of cryptocurrency or commonly by the use of currency of bitcoin many people now are using this coin to make payment. There are a lot of countries now are accepting the method of bitcoin payment because we all know that it is more efficient and faster; there is no hassle for having a queue. Just sending the wallet address and also the transaction is just for only two people no one can make some interruption. Still, there are some people and country does not want to accept the use of cryptocurrency or bitcoin as payment because they want to make sure that all of the transaction is recorded by the country to monitor that the transaction is safe and also to avoid phishing, hacking and scamming. In the future, there is a big chance that bitcoin is one of the priority payment methods of the people. Still, I think there is a small chance that the bitcoin will replace the payment of fiat because there is a rule that every country must need to have a fiat currency to contribute into the world trades. One of the innovations of the other country today is the cashless and they make all the transactions use by their phones and just tapping on the scanner with the use of magnetic cards supported by the fiat and the bank.

[Chrystora123]

It's not that easy, most of the world population haven't even heard about cryptocurrencies, adoption is later thing.

I appreciate your anxiety but with the incredibly rapid spread of information in this era, I think in the next decade, 90% of the world's population will know what crypto and digital currencies are.  the world needs a fast, safe and efficient way of dealing, Fiat money must already be replaced.

[redsun114]

However, predictions that are likely to become rumors will provide a good path, just follow the plot because cryptocurrency is full of the unthinkable. In general, although bitcoin price movements are getting better, more and more are being adopted, but I think it will be difficult if it replaces fiat completely. Bitcoin and fiat will complement each other. not replace each other.

This is exactly what the point is. Fiat can never replace the digital coins which could not even circulate without internet. If we ever think to move onto cryptocurrency payments for our day-to-day transactions would mean that we would entirely depend on the Internet.

In times where internet would not be available, we would completely ruin the financial situations and would not even be able to send someone any money. This is why there is fiat currencies dominating the traditional means of payment since ages. Even in the ancient times, rock money was been used which made people financially secure. Fiat money is a need of the society but cryptocurrencies are a extra source of income for the society and let's treat it that way.

[Tylev]

Fiat worlds is has been gearing towards the end for the last couple of years. There re reports over 90% of payment are electronic payments in Scandinavian countries. However, this is still mostly centralized credit cards and payment processors. BTC and crypto is just the next evolution of that.

Digital currency will indeed develop very rapidly in the next decade. However, there is a difference between digital currency and cryptocurrency. Digital currency primarily refers to stable coins of various states, that is, their digitized national money, which have very little resemblance to cryptocurrency. However, even if all states issue their national stable digital currencies, the need for regular currency will still remain, since cash can always be used even in cases where new digital technologies cannot be used. We should not rush to get rid of cash, they are less monitored by governments, even compared to cryptocurrency. In any case, cash will still exist for many decades.