Cryptocurrency will not replace fiat currency

[romero121]

Cryptocurrencies were meant to be an alternative to the traditional fiat. When we use fiat we've got certain limitations on usage, and the same isn't there with cryptocurrencies. Based on this I believe it is upon the need people have their own choice of going with traditional fiat and cryptocurrencies.

When we talk of cryptocurrency replacing fiat, the possible chances were very low. Always people have a thinking of one better over the other, but the same doesn't make them move to it completely leaving the one they've used to it.

[Noor22]

You speak the truth, your thoughts are very good on this. Now everyone in the world who is working in the crypto currency market is working with investors or as a business place only . Now is not the time to make yourself as a cryptocurrency fiat currency . There are very few people in the world  who have done the bit about bitcoin or cryptocurrency , So we should all inform everyone about this .

[Fawad Khan]

There is a general pattern of some substitution of money by their non-money types. We are discussing all non-money types of payment and not simply digital currency. Subsequently, digital money will absolutely make its job right now. Be that as it may, our reality isn't yet prepared for the total supplanting of paper cash with their non-money types. This is a long procedure and it relies upon numerous variables. Numerous states are currently chipping away at the issue of their national stable coins and, as one reason for their appearance, they show exactly the positive pattern of halfway supplanting of money with computerized monetary forms. We are heading off to a non-money society, be that as it may, there is no requirement for surge on this issue

[cytpoway121]

I agree with you, crypto currency will not replace fiat. I think it will just help to reduce the burdens that fiats do cause.
For example, you need alot of transfer charges, and lots of documentation to send money across international borders; but with bitcoin, you need a very less transaction fees

With few firms, accepting bitcoin as payment mode for large transfers; then the future is bright.

[Jannyh]

Well,  I don't really know,  however,  takng a cursory look at the International Monetary Fund (IMF) postulation lately, it is crystal cear that the US dollar is not the only accepted international settlement currency in the globe , the US dollar however yet accounts for about 61% of all known central bank foreign exchange reserves. In addition, 40% of global debt is denominated in US dollars, and the dominance of the US dollar in the foreign exchange market is quite crystal clear, owing to the fact that 90% of foreign exchange transactions is premised on the US dollar. Similarly, as early as the global financial crisis broke out in 2010, concerns about the international community's over-reliance on the dollar began to surge. It is reported that about 65% of US dollar banknotes are used overseas, not only for value storage, but also for hard currency in daily transactions. From these data, it is apparent that the US dollar plays an important role as a widely accepted medium of exchange, unit of account, and means of value storage. But what about digital currency? Will there be a strong competitor to compete for the top spot, or is the rise of digital currency more likely to lead to another situation, time will surely tell with fingers crossed

[BRODIN]

yes,  people prefer to use cryptoqurrency in the form of investment because, cryptoqurrency is a profitable digital currency for investment, especially like Bitcoin. We all know how the beginnings of bitcoin emerged until now. It has also offered a profitable investment and I don't think it's possible that crypto can be used as a fiat currency or like paper money.

[forexandcryptoauditor]

When Bitcoin was invented, it must be a moto to use it against or as an alternative to fiat currency. This was achieved to some extent but today's picture is totally different. Every system of the project is bringing their ow currencies which in turn making it more difficult for transactions.
The moto of cryptocurrency is an alternative of fiat currency but today's situation is that fiat currency vs multiple cryptocurrencies. These require multiple trading platforms or exchanges, multiple wallets as not a single system can accommodate all cryptocurrencies. So this is becoming more and more lengthy and project-centric.

[lienfaye]

yes,  people prefer to use cryptoqurrency in the form of investment because, cryptoqurrency is a profitable digital currency for investment, especially like Bitcoin. We all know how the beginnings of bitcoin emerged until now. It has also offered a profitable investment and I don't think it's possible that crypto can be used as a fiat currency or like paper money.

Its possible if many countries will adopt and recognize crypto. If this happened merchants (whether small or big) will consider accepting crypto as one of payment method and many people will start to use crypto as well for digital payments. But in reality it cant totally replace fiat, they can work together but replacing is not going to happen anytime soon.

[Teinkle]

You have a point there, but i believe time is very near for us to see the mass adaptation of cryptocurrency.It is true that crypocurrency would replace fiats but i think this is not the right time yet,let the world adapts first to cryptos then i can say it can replace the fiats steps by steps gradually.

[maxig.boroday]

Its like saying before the machineries wont replace human workers but yeah, not replace but more of the companies now are using machineries.

[Eugenar]

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?

Indeed, replacing of cryptocurrency to fiat currency would not happen just like what other says about it. It will be really hard for us to use cryptocurrency as a standard currency in real world especially with this feature of being volatile. How can you imagine to use bitcoin or any cryptocurrency to buy some foods on market or buying some foods with lower price. The inventory system would be hard also for them to record because of changes of price time by time.
Cryptocurrency will be only as an alternative currency for fiat currency that is how cryptocurrency works.

[joybella]

Fiat currency will always be fiat currency nothing can replace it. One people can easily move it around, its accepted everywhere. Cryptocurrency is accepted in only few stores because some merchants cannot use cryptocurrency daily.

[Santri]

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

[Farma]

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.

[kynaz]

Fiat currency will always be fiat currency nothing can replace it. One people can easily move it around, its accepted everywhere. Cryptocurrency is accepted in only few stores because some merchants cannot use cryptocurrency daily.

Crypto has not been widely used in my country yet, but in recent years a lot of big companies are starting to use this form of payment to make things easier. Of course this rate is very low and can not occupy 1% compared to fiat so the market needs to become stronger and investors have absolute confidence when using payment in crypto.

[Akoldi_ibk]

You are absolutely right and have raised issues of major concern as to whether BTC is fulfilling its key fundamental as a true currency. Well, there are many glaring and underlying issues that will not make people tap into the currency feature of bitcoin and amongst them are high volatility and extreme market manipulation. If these issues are not addressed, investment option will still be people's preferred choice instead of using it as a true currency.

[Melody2]

A long time ago, many felt that crypto would easily replace fiat by 2020. It's so sad that this future is quite bleak. There has to be some form of regulation from governments before any crypto can replace fiat. With the volatility in crypto it is highly unlikely that this will ever happen in the next 50 years

[lue wang]

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?

Bitcoin supply should be unlimited if Bitcoin only made for payment solution. Bitcoin is getting more and more popular because of it privacy and security. Without any third person we can make any deal with this Bitcoin. You can hold your any money in this Bitcoin. Fiat currency always has different uses than cryptocurrency.

[Eplus_Team]

There are people who will always prefer to deal with fiat currency rather than crypto currency. There is less volatility of fiat currencies compared to cryptocurrencies. In the long run, I think both will exist alongside each other.

[Japinat]

There are people who will always prefer to deal with fiat currency rather than crypto currency.

And that's majority of the people, as not every are willing to take the risk, when they use fiat, there is no risk but with bitcoin there is due to its volatile in nature. We should understand that and let us not expect crypto will be greater than fiat in the eyes of the many.

There is less volatility of fiat currencies compared to cryptocurrencies. In the long run, I think both will exist alongside each other.

They will co-exist as more payment platform will gives us better options, but like I said, fiat will always be in the top.