Cryptocurrency will not replace fiat currency

[Pffrt]

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?

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[avikz]

Your points are absolutely true! Bitcoin is a currency system which effectively eliminates the need of an intermediary and is not limited by international borders! Still we take it as an investment! But here we need to understand why!

Being a common people, how often do you really send international remittance? How often do you really make international purchases? How often do you face such situation where you can't use your bank account to send or receive funds? If you can answer these questions, your concern will also be answered!

Those who need to use bitcoin for anonymous and intermediary free international transactions, they are using it! But the number of such people is very less! Majority of the bitcoin users look at it as a method to make money, either by holding or by trading and there's nothing wrong about it!

Bitcoin is popular today because it has given financial freedom to many people. So if people are happy that way, let it be an investment and a reason to happiness!

[electronicash]

we all knew that since crypto isn't accepted offline. we all need the fiat unless government will force all to just use crypto.
countries today are creating digital fiat currency as well like China and some countries are already following so eventually cryptocurrency and digital fiat will co-exist. they will be used widely because they are government backed digital currency which obviously considered fiat.

[Ucy]

This probably for people who are only interested in making money. They hardly look at principles. A 2 dollar coin with solid crypto principles is way more valuable than a 200 dollar coin with little to no principle. Besides, promoting the latter atall or more than real thing, might be considered an indirect promotion of anti-crypto ideals

[kindbtc]

You are right but i would suggest you to not get disappointed, these sort of things take time as crypto is relatively new and most people and govts around the world are still in denial of its usage and future prospects, it is a matter of time and soon everyone will accept this tech and we will slowly move towards complete adoption and then everyday payments will be done by crypto too.

[adzino]

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?

Crypto currencies might be able to replace fiat currency but, yeah it won't be bitcoin or any of those current altcoins (or maybe there are some altcoins out there that are suitable for using it as a currency). By replace, I don't mean that they will completely replace it. Both, crypto currencies and fiat currencies will be used side by side simultaneously.
People are using it as a form of investment because they believe that in the future everyone will use crypto currencies, thus making them valuable.

[tomahawk9]

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?

He created it exactly for that it is actually doing that so what's your deal?

Anyone who entered the cryptosphere expecting to see cryptos replacing fiat in the future is a plain fool...As if the govt around the world would let their fiat ponzi scheme die when it's literally what keeps the top 1%, politicians, the banking system, etc, as filthy rich as they are.

[zhekinsp]

Eventually it will if more and more people have crypto currencies and also services which accepts crypto payments.But one of the great barrier is regulations from government which makes bitcoin and other cryptos are into certain screening before usage.

Maybe there will be a time comes when we will use decentralized cryptos because of people lost trust the backup level of fiat money.

[TheICE007]

You are right with what you said about the purpose of bitcoin especially  as a way to cut of intermediary but then people  have benefited a lot from it during trades, yet it's purpose as a payment  asset can't be over ruled for people who trade online, but can't just replace  fiat as more offline  people  would still go for fiat.

[Muhammad Muneeb]

very true,, bitcoin itself has value in fiat so there is no way that crypto will ever be able to fiat currency untill unless people start using stoshi as payment and receipts and for the commodities must have value in stoshi rather then dollars. vendors or manufacturers will never price their products in stoshis or btc which is so much volatile in nature. Crypto just make transactions more secure, anonymous and faster than the traditional method

[Bananington]

It's very true that BTC was initially developed to solve problems like those posed by intermediaries, curbing drawbacks to p2p payments. However, nowadays many see BTC as store of value, and hence it will never replace FIAT. Even if it served its original purpose to the core, being used mainly for payments and not long term investment per say, it can't still replace FIAT. The reason is because both crypto and FIAT are relevant, and crypto can't replace FIAT entirely in the real sense.

[hello_good_sir]

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?

You're absolutely correct.

Coins like BSV have no real use but speculation. People see that it's currently extremely volatile which means that they can take advantage of the price movements through leveraged positions, which they can get in and out of very quickly without even ever holding BSV in their wallets. It's part of the reason why I think that BSV has no long term future to speak of.

But adoption will come, don't worry about it. We just need more merchant integration for that to happen. Replacing fiat currencies is a bit of a stretch, but coexisting is not an issue for sure.

[3la9l_kolbaCa]

It's very true that BTC was initially developed to solve problems like those posed by intermediaries, curbing drawbacks to p2p payments. However, nowadays many see BTC as store of value, and hence it will never replace FIAT. Even if it served its original purpose to the core, being used mainly for payments and not long term investment per say, it can't still replace FIAT. The reason is because both crypto and FIAT are relevant, and crypto can't replace FIAT entirely in the real sense.

Of course crypto is a digital and Virtual currency which can't be appreciated at local trades that uses fiat cash. It's complicated because it operates digitally, and not all part of the world already implemented internet on their every transactions. So this is impossible to replace fiat as mode of payment on all sectors, most probably there's an optional choice whether fiat or crypto because both are application for this modern times.

[LbtalkL]

Who says it will replace fiat? Cryptocurrency is great but for me it will not replace fiat, they will both co-exist with each other. They are useful in different field, fiat is more convenient in rural areas because of limited equipments, internet, devices. Etc. Urban areas is more advance and usually uses e-payments, But not in all establishments.
In conclusions, crypto is usefull in across border transactions and fiat is more convenient local, maybe also crypto but in urban areas.

[huu78]

All assume it's indeed a currency, but they're on one side of her also looking for the advantage of such, is it possible only as a means of reducing the complexity of transactions? They also need profit to meet the needs of his life. No need to be selfish, they also need money to eat and survive. Created ICO and its kind also for investment means and long term so that the ROI is beneficial for the investors themselves not merely to hold it for transactions. And Crypto does not replace the original currency for payment for now, only as a substitute means if you want to use a faster and anonymous cryptocurrency

[samcrypto]

You are right with what you said about the purpose of bitcoin especially  as a way to cut of intermediary but then people  have benefited a lot from it during trades, yet it's purpose as a payment  asset can't be over ruled for people who trade online, but can't just replace  fiat as more offline  people  would still go for fiat.

The purpose of bitcoin is great and its working good now but I doubt about replacing fiat money because the government wont let that to happen especially the Dollar. Bitcoin invented to get away from the banks, and since blockchain technology is really good, a lot of services are being made under this technology and hoping to see more in the future.

[shinratensei_]

You are right with what you said about the purpose of bitcoin especially  as a way to cut of intermediary but then people  have benefited a lot from it during trades, yet it's purpose as a payment  asset can't be over ruled for people who trade online, but can't just replace  fiat as more offline  people  would still go for fiat.

Almost all the people are arguing as a payment system and bitcoin has a chance to replace it but when we are seeing it from the scalability and bitcoin will never try to replace fiat. I m saying that crypto will never try to replace fiat as the regulator itself that can replace the fiat system. Even the digital fiat can't even replace 100% of fiat currency with the digital currency that already issued by the government.
What makes fiat valuable consider it has backed by the economic of the country and regulators.

[hahay]

Yes, that's what happened because they only chose cryptoassets and not about cryptocurrency, when more people and investors only made crypto an asset then of course the use of crypto was no longer something that was the main focus that had to be developed and we did not know about Satoshi goals actually, because basically crypto can be used in many aspects which of course it will become a broader commodity.

[vintages]

That's because humans are more profit oriented than purpose oriented. Many Bitcoin investors don't care about it been a payment system. Some don't even know that was the sole purpose.
Many got to know about Bitcoin from friends or family as some 'stock' or assets you buy hold for sometimes when the price increase, you sell to make money. If we keep going like this, I don't think high authorities will be serious about it. It's kinda Sad.

[naikturun]

how could it become a stable currency only the concept that will be taken in the future that is digital and I am a little doubtful about whether decentralization will be applied by banks and governments.
so crypto will remain and fiat will also coexist, so I agree with you that bitcoin and ALT are considered commodities.
maybe you will be interested in seeing this  
https://cointelegraph.com/news/bitcoin-and-eth-are-commodities-while-xrps-status-is-unclear-cftc-says