Cryptocurrency will not replace fiat currency

[Bonwin]

Lots of hacks, lots of phishing, lots of people who don't know how to use crypto, which is one factor if crypto will never replace fiat. And as you said, crypto is only liked by everyone for investment

I agree with what you say, but hacking, phishing, and ignorance using crypto are not the right reasons. In fact, many people do that to take fiat from the bank. however, this technology is unstable, which is what makes many official companies reject it, such as steam when they accept bitcoin, and then put it out because of very volatile prices. just like you buy a bicycle, if today you buy it at a price of 0.05 btc, it could be in a few days the price becomes 0.02 or even higher than 0.05 btc.

The main issue is still its high volatility. It causes more fear and gives a drawback. Not everyone is bullish about cryptocurrency, most especially bitcoin. For the fact that we still have people who panic sell or buy too hastily, there will still be difficulty in adopting it as a replacement for fiat.
Fiat is more stable, which is why it is used to back up some stablecoins . We still need fiat irrespective of how useful crypto might be tomorrow. It will only be used as an alternative, perhaps where it is accepted.

[leatutz]

Look at what happening around. The first cryptocurrency bitcoin was invented to reduce the hassle of third party and have borderless transaction. Isn't it true? Now, look at what happening. People are more into investing it than using it as currency.
Most interesting is people are most interested in coin which give more ROI, they are not interested in the currency-ish of a currency.
For example, some people are talking a lot about BSV, but if they have some research, they will never take it as currency, but as this is giving a good return now, it's best for them. Why man? Why don't we look into a decentralized coin? Why do we only take it as investment? Did Satoshi ever take it as investment? Or he invented Bitcoin for borderless payment and solution to the intermediaries problem?

Not easy to know anyone what is going on others mind. Why Satoshi created Bitcoin is up to him but situation is after created which way Bitcoin is going. Bitcoin needs transaction confirmation which is mining and don't even know any third person. Bitcoin main focus was making privacy without any third person where Fiat currency never out of control any government.

[CHENIEN]

Currently the fiat currencies are based on different kinds of gold as stable currency which is controlled by the central bank and commonly use by our real market for payment in my opinion there's no need to eliminate whereas cryptocurrency and fiat is suitable to used and it seems like peer and it is important during this economic crisis.

[meldrio1]

yep bitcoin is a currency but Satoshi Nakamoto made volatile coin so it can be investment, people sees the opportunity to make money with bitcoin. If this bitcoin is just for virtual currency he should make it stable coin.

[Anonylz]

I agree with you, crypto can not replace fiat at least not now, maybe that can happen in the future, they both serve important purpose and can work alongside one another for better spending experience, we not also forget that fiat is always the preferred option when the market is crashing, many people often cash out to fiat, which evidently shows that we all still need fiat, i think it will be better if they both coexist rather than one replacing the other, but who knows what the future holds.

[rathaha10]

Not easy to know anyone what is going on others mind. Why Satoshi created Bitcoin is up to him but situation is after created which way Bitcoin is going. Bitcoin needs transaction confirmation which is mining and don't even know any third person. Bitcoin main focus was making privacy without any third person where Fiat currency never out of control any government.

Well to be honest, the volatile nature of cryptocurrency gave people no choice than to use it as an investment option where they take profits due to the up and down movement of the market. No doubt, the concept behind cryptocurrency was to provide flexibility but the current state of the market dosen't promote that due to many reasons such as Network clogging leading to delayed transaction processing, the volatility nature that might made a person loose monetary value in a short time. I hope the cryptocurrency market gets better

[Mila52]

I agree with you, crypto can not replace fiat at least not now, maybe that can happen in the future, they both serve important purpose and can work alongside one another for better spending experience, we not also forget that fiat is always the preferred option when the market is crashing, many people often cash out to fiat, which evidently shows that we all still need fiat, i think it will be better if they both coexist rather than one replacing the other, but who knows what the future holds.

Blockchain technology implies using the Internet as a world computer, this is the main idea. Cryptocurrency is one of the blockchain industries. It can exist along with fiat. Now the pandemic has shown the full benefits of electronic transfers. Fiat in quarantine is even dangerous.

[Kong Hey Pakboy]

In my own personal opinion, a lot of people are expecting that cryptocurrency will be replacing fiat currency in the future because of it's usability and fast transaction. But it is impossible for cryptocurrency to replace fiat currency because the government are the one's who controls fiat, and cryptocurrency is well known in illegal activities that it is being used in selling drugs, weaponry, and other illegal things in the dark web, that is why a lot of country banned bitcoin.

[Vishnu.Reang]

As of now, cryptocurrency is having a purpose entirely different form that of fiat currency. There is only minimal overlap, in the function of these two two assets. The conclusion is - cryptocurrency is not competing with fiat currency for market share. The real competition is with some of the other assets, such as mutual funds, bullion and real estate.

[monineklutak]

As of now, cryptocurrency is having a purpose entirely different form that of fiat currency. There is only minimal overlap, in the function of these two two assets. The conclusion is - cryptocurrency is not competing with fiat currency for market share. The real competition is with some of the other assets, such as mutual funds, bullion and real estate.

but crypto currencies still need fiat currencies, if there is no fiat currency then crypto currencies will have no value,
we have realized that, the world can change if all countries use crypto currencies

[desticy]

At the moment, cryptocurrency is not even able to closely replace fiat currencies.
After all, a fiat, though not always provided with something, personifies physical values in the world.

If for some reason the world is left without electricity, we will not be able to use cryptocurrencies and digital assets.
However, we can always use cash, provided that the old financial system will still function, and I am sure that it will.

[nreal]

I think it is not helpful to ask the members of this forum, because most of us are not game controllers. Those who truly control will always want Bitcoin as an investment tool to make a profit, because they own a lot of BTC

[OrangeII]

At the moment, cryptocurrency is not even able to closely replace fiat currencies.
After all, a fiat, though not always provided with something, personifies physical values in the world.

If for some reason the world is left without electricity, we will not be able to use cryptocurrencies and digital assets.
However, we can always use cash, provided that the old financial system will still function, and I am sure that it will.

the present consideration is not even finished yet. so many governments support, reject, and even be neutral about cryptocurrency. many weaknesses that crypto has until now that makes it unable to replace Fiat. for now, cryptocurrency is only used as an alternative. in addition, the use of crypto is still quite difficult for those who do not really understand technology.

[riso2015]

the present consideration is not even finished yet. so many governments support, reject, and even be neutral about cryptocurrency. many weaknesses that crypto has until now that makes it unable to replace Fiat. for now, cryptocurrency is only used as an alternative. in addition, the use of crypto is still quite difficult for those who do not really understand technology.

Until now Yes, Bitcoin hasn't been able to replace fiat money, But we do not know going forward, especially if there really happens a terrible crisis because the Corona virus. I once read an article that discusses the global conspiracy to realize the digital world, Of course their main point is money, They want to replace fiat money with digital money. Just wait and see what will happen.

[Doranile432]

Digital currencies will have their haven in the world in the future but now it's not possible yet, once we go fully digital then digital money will have better chance, replacing Fiat is only impossible presently but not in the future

[lienfaye]

Currently the fiat currencies are based on different kinds of gold as stable currency which is controlled by the central bank and commonly use by our real market for payment in my opinion there's no need to eliminate whereas cryptocurrency and fiat is suitable to used and it seems like peer and it is important during this economic crisis.

Indeed, it can work and exist together but there's no need for crypto to replace fiat completely. There are things crypto cant do like payment for buying goods in an small store, we know many people are still not aware of crypto existence while fiat cant be an investment due to the stable price.

[Reatim]

Digital currencies will have their haven in the world in the future but now it's not possible yet, once we go fully digital then digital money will have better chance, replacing Fiat is only impossible presently but not in the future

Because there is no replacement that will happen and even that mass adoption comes in our way still Fiat will remain and continues to be used.

I have seen so many thread such as this but yet there are no good explanation why Fiat needs to be replaced and why need crypto must remain.

Crypto is true an advantage but yet Paper money is usable in some areas of the situation ,though things may change if the whole world will find ways to make this possible of course very rarely to happen that the world will stand in one thing together.

[Script3d]

Digital currencies will have their haven in the world in the future but now it's not possible yet, once we go fully digital then digital money will have better chance, replacing Fiat is only impossible presently but not in the future

We don't need cryptocurrency to go fully digital, look at china they are cashless society where paper money is rarely used, and they achieved it without using crypto, cryptocurrency will not replace fiat ever.

[doctor877]

The transition of stable and noble cryptocurency to serve as Fiat is a very big one that the Fiat generals are trying to make sure it dosent happen. With this also are the scalability and volatility issues that needs to be taken care of. But still I am hopeful that it will happen but it will take a long while.

[bearexin]

I only consider a few cryptocurrencies to be good, but these few cryptocurrencies cannot replace the first we are using. Bitcoin is a good cryptocurrency, but the world can’t be using one currency, so there will be need for other currencies.

My thought is that cryptocurrencies are not really going to replace Fiat, but there will be some areas where they will be needed. You can take Ripple (XRP) as an example: their main purpose, as explained on their siteis to be a mediator for other exchanges. Bitcoin might still remain the peer-to-peer type of payment which it was created to be. As for the other altcoins, I don’t know where they will be heading to. The government also have their own plans to create cryptocurrency that’s going to be backed by fiat.