Cryptocurrency will not replace fiat currency

[Asuspawer09]

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?

For now, surely the cryptocurrency is not yet tending to replace the fiat currency since fiat currency is still the circulating currency and it is the main currency of all of the countries, circulated by the central banks and already recognized by the community. Comparing it to bitcoin where there is still a small percentage that trusted bitcoin as a currency. A lot of people still don't trust bitcoin afraid that it is just some kind of scam or pyramiding scheme. I think bitcoin was still a great choice for just an alternative for fiat money for online use and also an alternative payment option for everyone, but surely we never know what is going to happened in the coming years I can't really imagine how bitcoin is going to be a currency that the government is going to use as the main currency but I think adjustments could go in the future.

[dragon695]

That is true. Even Bitcoin is decentralized, I think there are only few Users that use bitcoin as a payment.On the contrary, A lot of people use bitcoin for trading to get profits.
Bitcoin is like a stock market . It is way to get more moneys to become rich.

Bitcoin is a coin that can be manipulated at any time and this is a game that you need to be more careful from the start. This market is not like a stock market because all the coins in this market rely heavily on Bitcoin and even a slight change will make many other altcoins vulnerable. I'm not sure what the future of this market will be like but this is the best place to make a profit if you have good knowledge.

[antsam]

It will never happen as the crypto is not regulated and that means if crypto is not yet getting approval. It's better to consider crypto as an alternative commodity or it much better to be considered it as a new kind of investment.
We have been seeing so many cryptos created anytime and if we are trying to take crypto as a thing that will replace fiat and we don't even need a thousand crypto.

The process towards adoption is already underway, as China has already spread word of making their crypto coins, Venezuela has already issued petro coins but seems less desirable. Indeed, many countries still recognize limited commodities but this is a good step

[crypto595]

During this pandemic Digital money is the perfect solution - no touching, no transmission.
Digital currencies such as Tem which are actively in talks with governments to provide them with a national digital currency are going to come out of this stronger than ever.
TemTum is going $1+ when the economy settles and announcements about partnerships with governments are announced.

[Perfect35]

One of the ways or the surest way that would make Bitcoin to serve its main purpose is to be approved by the government. humans are mostly subject to government rulings. So, it is what they are told to accept that will be accepted. If the government eventually approves it, adoption will speed up and by so doing, achieve its sole purpose.
Even after its approval, Fiat will still be in use.

[davesscenario]

My portfolio is really hurting right now, apart from TEM which seems to be stable.
Digital currencies such as Tem which are actively in talks with governments to provide them with a national digital currency are going to come out of this stronger than ever.

[Savemore]

That's a mere fact that cryptocurrencies cannot replace the fiat money but it can be a alternative for some payments especially for those who want to have fast transactions. Bankers will do a way in order to people to not patronize cryptocurrencies because they know that mass adoption can occur. Cryptocurrencies have a future but we should look the whole picture in order for us to understand what's happening in the market.

[atlas_crypto]

I look forward to the day that every trader and investor leaves the scene. "I'm here for the tech" is a meme until it's true.

Crypto will not replace fiat in the sense that the traditional and currently in power banking systems will suddenly give up their power and issue statements to everyone that they should use Bitcoin. This will never happen, and said institutions will only do everything in their power to hurt the mass adoption of cryptocurrencies as it threatens their business model as well as their power.

If crypto does replace fiat, it will do so because the masses are pushed to use it for some reason (Corona, banks shutting down, hyper inflation (coming soon to the USD), etc) and then they keep using it once the world returns to normalcy. The last possibility is crypto slowly gains adoption naturally and eventually becomes preferable to a credit card. However, I really doubt that will happen.

Regardless, I'm happy to be here without said adoption. Bitcoin offers a great and useful technology. If you aren't using it, you're the one losing out.

[shoreno]

That's a mere fact that cryptocurrencies cannot replace the fiat money but it can be a alternative for some payments especially for those who want to have fast transactions. Bankers will do a way in order to people to not patronize cryptocurrencies because they know that mass adoption can occur. Cryptocurrencies have a future but we should look the whole picture in order for us to understand what's happening in the market.

what way was that ? what bankers/banks can do to stop cryptos or to stop people from patronizing it ?  . they are too late actually because cryptos right now are already popular and the mass  adoption already happen long time ago .  

id be happy if banks/bankers starts to promote something like giving a good interest just to compete with cryptos  . for sure people will get attracted to that offer but i dont think people will drop cryptos after that but instead they will invest on both  .

[Genemind]

Crypto is not utilized as a medium of exchange, but as an investment tool because of it's long term potential. As long as hoarding crypto is profitable there is no way it can replace fiat. One of the reasons why it is not yet suitable is it's accessibility. There are only few ways to buy and cash out crypto and not to mention we are not yet on the peak of mass adaptation.

[YOSHIE]

From the title of your topic, it is very clear that this will never happen, although at this time many media outlets claim that VD-19 is infected through paper money, but certain countries do not use cryptocurrency to useas paper currency.

Maybe it could have happened in certain countries crypto used as a sale / purchase transaction in one country, but still in value in the country's currency, if VD-19 is not controlled.

For example:
People use crypto in transactions but still measure with fiat money, I mean, if you buy a car for $ 7000, maybe you can pay with crypto adjusted to the value of the crypto used, for example, you pay with ETH with a car price of $ 7000 enough to pay ... ETH is adjusted, with ETH value at the time of use, and so on....other crypto.

[voteformeg]

i am not sure anymore about what will happen with fiatmoney , if i look how many dollars are printed and pushed into the economy , i thought that was the reason why bitcoin was created , just to have 21.000.000 as a maximum and never more of them , let's see how long they can print more fiatmoney without getting in trouble because of that

[OrangeII]

i am not sure anymore about what will happen with fiatmoney , if i look how many dollars are printed and pushed into the economy , i thought that was the reason why bitcoin was created , just to have 21.000.000 as a maximum and never more of them , let's see how long they can print more fiatmoney without getting in trouble because of that

it all has a theory. they do printing money because there are back ups in the back, like gold, silver, and others. however, it seems that this time the value has exceeded the back up itself. however, there are things that make them able to do printing money. because I feel that printing is impossible without a reason because it all has records.

[Samayuki]

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?

I guess it's one reason that makes Bitcoin interesting, if all Bitcoin can do is work as currency there won't be much interest there but since it's on par with gold, come on, don't tell me Satoshi don't see this coming, he made it digital gold for a reason

[Cryptrx]

Both can work together to achieve a far greater financial goal but people will always fall back to fiat in the time of recess as we've seen during this pandemic.

[PlayFuel_Official]

Crypto such as BTC and ETC are being accepted as payment in several stores now. But in reality, crypto will not replace fiat or cash anytime soon. Majority of people are still hesitant with digital currencies because most are still not aware of what it can do. But some people are starting to be open in using it for normal transactions like payments. Instead of replacing, it can work alongside fiat to provide seamless transactions to users.

Please visit about PLF token:  https://bitcointalk.org/index.php?topic=5237110.0

[AicecreaME]

Both can work together to achieve a far greater financial goal but people will always fall back to fiat in the time of recess as we've seen during this pandemic.

Fiat is also a great way for us to see our profits physically, and we can save even more profits because of fiat, how? well you just have to sell one of your tokens in a high price and then spend your fiat while you're waiting for another ALL TIME HIGH price, simple as that, because if they will not coexist with each other, our profits will also fade away in a point which we will never notice since all we care is that it will pump again anyways.

[odukoyaewatomi27]

For me fiat money despite everything exist since it is the identity of our country while crypto will get popular and known yet it cannot  supplant fiat. The motivation behind why it cannot be utilized as fiat since it is unstable and no fix value, not working particularly in our day by day lives yet the beneficial thing about crypto is can give us additional income, can utilized sending money. Perhaps after numerous long periods of being perceive, there is probability crypto will be utilized as fiat since we are presently around of technology

[hahay]

For me fiat money despite everything exist since it is the identity of our country while crypto will get popular and known yet it cannot  supplant fiat. The motivation behind why it cannot be utilized as fiat since it is unstable and no fix value, not working particularly in our day by day lives yet the beneficial thing about crypto is can give us additional income, can utilized sending money. Perhaps after numerous long periods of being perceive, there is probability crypto will be utilized as fiat since we are presently around of technology

In fact crypto is more popular to be used as an investment asset even for most users here also to do so, one way that can make crypto as a currency is an adoption for real use for everyday life, but in reality it is difficult to implement because it is a factor of its price that is easy to go up and down is also one of the other causes why crypto will not be able to replace fiat currency.

[CaVO32]

For me fiat money despite everything exist since it is the identity of our country while crypto will get popular and known yet it cannot  supplant fiat. The motivation behind why it cannot be utilized as fiat since it is unstable and no fix value, not working particularly in our day by day lives yet the beneficial thing about crypto is can give us additional income, can utilized sending money. Perhaps after numerous long periods of being perceive, there is probability crypto will be utilized as fiat since we are presently around of technology

In fact crypto is more popular to be used as an investment asset even for most users here also to do so, one way that can make crypto as a currency is an adoption for real use for everyday life, but in reality it is difficult to implement because it is a factor of its price that is easy to go up and down is also one of the other causes why crypto will not be able to replace fiat currency.

Price volatility is one of the reasons why many users are still hesitant to use crypto as payment method. Up until now, most of us see crypto as an investment and not as day to day payment method. With its volatility in the market, most of us are hoping that one day, bitcoin for example, will shoot up its price and gain profit from it. so as much as possible most crypto users will prefer to hold their bitcoin rather than spend it. if that kind of thinking is always there, it would be hard for crypto to gain massive adoption in the payment area.

But we are slowly gaining adoption as more merchants are trying to include crypto in their payment system. If that is available, a user will be tempted to use his crypto if that is convenient to him at that time. But crypto as replacing fiat, that is still very very far from its horizon. Only small percentage of global population are crypto users at the moment. Here are some articles that will give you idea what percentage we are now in 2020. Still small though...

https://cryptopotato.com/report-only-23-million-entities-hold-bitcoin-which-is-0-3-of-the-worlds-population/
https://www.bitcoinmarketjournal.com/how-many-people-use-bitcoin/
https://icomaking.com/how-many-people-own-cryptocurrency/