Cryptocurrency can not replace fiat currency.

[XenoFever]

I have seen so many posts about emerging cryptocurrency, and they think that someday it will take over our current system, or it will replace our fiat currency, which is really impossible, yes cryptocurrency is such an excellent currency especially the bitcoin, cryptocurrency keeps on being more prominent and more significant. Still, I think it is not enough to replace the fiat currency. It will be hard for the government to do that.

It will be hard for us if we use our cryptocurrency as our standard currency, the volatile currency will not be useful in real life; only that money is only suitable in real life. Not all individuals are really used in technology, so how could they handle their money if they are not familiar with the technology.

There are still some rural places in this world, so it will be hard for them to adopt the new system if this will be implemented in the future, which I hope won't happen, and even those person in provinces will also get mad if those things happen.

[Ucy]

You actually did not give strong reasons why cryptocurrency can't replace fiat currency. Cryptocurrency can actually/theoretically do most things fiat currencies can do, but I doubt typical fiat currencies can safely do most things cryptocurrency can do with losing their centralization. Besides, government can run their fiats on Blockchain or other real decentralized system.

Crypto could actually work better in rural areas than fiat, even without relying too much on internet. But I believe safe/crypto-friendly worldwide rural internet coverage is a possibility in the future

[o_e_l_e_o]

Still, I think it is not enough to replace the fiat currency. It will be hard for the government to do that.

Who said anything about asking the government's permission? The whole point of bitcoin is to move away from giving other people control over your money.

It will be hard for us if we use our cryptocurrency as our standard currency, the volatile currency will not be useful in real life; only that money is only suitable in real life.

The volatility is a product of bitcoin still being young and emerging technology. Fast forward 50 to years to a scenario where (I hope) bitcoin is being used daily by millions around the world, and the price will be far more stable. Fiat isn't exactly some safe haven, either. The US dollar has lost 96% of its purchasing power in the last 100 years, and will only continue to do so as the Federal Reserve and banks print more and more as they see fit. All fiat currencies will only devalue over time.

Not all individuals are really used in technology, so how could they handle their money if they are not familiar with the technology.

This is a valid point. I still think there is a hurdle to overcome with bringing bitcoin to the tech illiterate. As the percentage of the population who have grown up immersed in technology increases, however, this problem becomes ever smaller.

[Cvetik56]

You actually did not give strong reasons why cryptocurrency can't replace fiat currency. Cryptocurrency can actually/theoretically do most things fiat currencies can do, but I doubt typical fiat currencies can safely do most things cryptocurrency can do with losing their centralization. Besides, government can run their fiats on Blockchain or other real decentralized system.

Crypto could actually work better in rural areas than fiat, even without relying too much on internet. But I believe safe/crypto-friendly worldwide rural internet coverage is a possibility in the future

yeah exactly. "it will be hard to adopt" is not the real reason why cryptocurrencies won't replace fiat its an excuse not to work hard for the result imo.
I see only one reason why crypto can possibly not become next fiat - people's skepticism about crypto and blockchain overall.
But honestly I think its a matter of time when most of population will understand and accept digital currencies.

[Sadlife]

Bitcoin and cryptocurrency is not meant to replace fiat, it is invented to be an alternative source of payment that's scarce and decentralize, when the old monetary system gets to regulated and manipulative.
But if people gets to fed up with it, we might see massive migration of users from fiat to cryptocurrency, especially when countries are trying to establish their own cryptocurrency we might see a massive adoption in the future.

[iamsheikhadil]

I think this can only be possible when all countries uniformly has developed to such level that electricity and internet is available all the time and is very very cheap. Smartphones will be in hands on every person and every person be educated enough to know and use the technology.

[FlightyPouch]

There are still some rural places in this world, so it will be hard for them to adopt the new system if this will be implemented in the future, which I hope won't happen, and even those person in provinces will also get mad if those things happen.

I live in the province but I think people could be used to those changes. The only problem we have right now is that obviously, the government can't afford that technology, that development. In the future though, for sure, we would be able to see a crypto currency as the main currency but for sure that would not be a decentralized currency.

[tvplus006]

...There are still some rural places in this world, so it will be hard for them to adopt the new system if this will be implemented in the future, which I hope won't happen, and even those person in provinces will also get mad if those things happen.

Many countries have now started developing their national digital currencies, which will have to replace their national Fiat currencies. In order for cryptocurrency payments to become available in hard-to-reach places, we only need access to the Internet.

[lee82917]

I think that stablecoins are quite suitable for a currency that can be used in daily life. We won’t be able to immediately switch to bitcoin, because we still continue to use the dollar.

[princesspoppy]

I have seen so many posts about emerging cryptocurrency, and they think that someday it will take over our current system, or it will replace our fiat currency, which is really impossible, yes cryptocurrency is such an excellent currency especially the bitcoin, cryptocurrency keeps on being more prominent and more significant. Still, I think it is not enough to replace the fiat currency. It will be hard for the government to do that.

It will be hard for us if we use our cryptocurrency as our standard currency, the volatile currency will not be useful in real life; only that money is only suitable in real life. Not all individuals are really used in technology, so how could they handle their money if they are not familiar with the technology.

There are still some rural places in this world, so it will be hard for them to adopt the new system if this will be implemented in the future, which I hope won't happen, and even those person in provinces will also get mad if those things happen.

I do agree that cryptos cannot really replace fiat. Fiat currency is a traditional currency and most or we can say all people know these things can be used for everyday transaction which is way too far from bitcoin or any other crypto currencies out there.  Also the government will not allow it to happen, although some governments and countries do agree in cryptos, still it is not enough reason why cryptos can replace fiat.

Cryptos can be an alternative currency but to be able to replace fiat currencies, nah, i don't think so.

[panganib999]

Bitcoin and cryptocurrency is not meant to replace fiat, it is invented to be an alternative source of payment that's scarce and decentralize, when the old monetary system gets to regulated and manipulative.
But if people gets to fed up with it, we might see massive migration of users from fiat to cryptocurrency, especially when countries are trying to establish their own cryptocurrency we might see a massive adoption in the future.

I guess the reason you have given is just a cover up for what the main purpose of cryptocurrencies because if it is really made just for alternative method then we should have already adopted it since then. I think this is what the government sees even though we are saying that it is just a simple payment method when it is really not. The fact that it is decentralized is already enough reason to invalidate it by the regulators.

[Findingnemo]

"Nothing is permanent in this world other than changes" so who knows today it looks impossible but after 10 years it might become a normal thing.

Only the valid point will be price volatility on crypto values but its better to use cryptos than degrading fiat which loses its value every year.

[sunsilk]

Just so you know that there is this thing now which is in progress of development which they call CDBC (Central Bank Digital Currency). I'm not optimistic about it but they call it cryptocurrency.

You just gave the term crypto so that might count which is in favor of the government. And that's the possible crypto that they would love to adopt because they will have total control over it but that doesn't stand and prove the real purpose of cryptocurrency. It has been categorized as crypto still there are but's and if's.

We are likely to see the near future into the digital world and everything will be in the digital including the money so crypto is a good candidate but with some revisions on the side of the government.

[maxreish]

Aside from that of volatile reason you have mentioned. There are a lot flaws why cryptocurrency can not replace "current" fiat money.

Not all can afford high fees with slow transaction process. Although there are still other "altcoins" that offer fast transactions with low fees, but noy everyone will welcome "new" payment systems. Cashless transactions are convenient, yes. And even if cryptocurrency can not replace existing fiat currency, it can still be considered as alternative monetary system.

[criza]

I have seen so many posts about emerging cryptocurrency, and they think that someday it will take over our current system, or it will replace our fiat currency, which is really impossible, yes cryptocurrency is such an excellent currency especially the bitcoin, cryptocurrency keeps on being more prominent and more significant. Still, I think it is not enough to replace the fiat currency. It will be hard for the government to do that.

It will be hard for us if we use our cryptocurrency as our standard currency, the volatile currency will not be useful in real life; only that money is only suitable in real life. Not all individuals are really used in technology, so how could they handle their money if they are not familiar with the technology.

There are still some rural places in this world, so it will be hard for them to adopt the new system if this will be implemented in the future, which I hope won't happen, and even those person in provinces will also get mad if those things happen.

We cannot really rule out this possibility because, the future is still so far away so as the possibilities it could concur. A lot of unexpected events now are happening and we can see that a lot of countries now are turning their attention on cryptocurrency such as China and other countries that are trying to make or build their own cryptocurrency that might be used in their society. There is no impossible with technology, time, and effort. Regardless of how accessible the internet is in the rural countries, time changes anything.

[Saint-loup]

...There are still some rural places in this world, so it will be hard for them to adopt the new system if this will be implemented in the future, which I hope won't happen, and even those person in provinces will also get mad if those things happen.

Many countries have now started developing their national digital currencies, which will have to replace their national Fiat currencies. In order for cryptocurrency payments to become available in hard-to-reach places, we only need access to the Internet.

I agree with you CBDC will be a game changer in the crypto currency world, because people will be educated by governments about the technology and will begin to trust it unlike nowadays.
Unfortunately we don't know what will be the impact on the "real" crypto currencies : on one hand it can trigger more adoption, on the other hand people can leave a less lawful and recent technology...

[Assface16678]

...There are still some rural places in this world, so it will be hard for them to adopt the new system if this will be implemented in the future, which I hope won't happen, and even those person in provinces will also get mad if those things happen.

Many countries have now started developing their national digital currencies, which will have to replace their national Fiat currencies. In order for cryptocurrency payments to become available in hard-to-reach places, we only need access to the Internet.

I agree with you CBDC will be a game changer in the crypto currency world, because people will be educated by governments about the technology and will begin to trust it unlike nowadays.
Unfortunately we don't know what will be the impact on the "real" crypto currencies : on one hand it can trigger more adoption, on the other hand people can leave a less lawful and recent technology...

That was true because most of the people today still using the fiat currency but we need to make to introduce the cryptocurrency and now this is one of the most popular transactions on it so why they are going to use it because it has a faster transaction and also it has a less transaction fee even this is one of the greatest transaction still why they use the fiat currency because this is the most important today with the use of physical money because this is one of the money we use for our transaction and this is the money that is authorized and legalizes by the country.

[o_e_l_e_o]

Not all can afford high fees with slow transaction process.

What high fees? The vast majority of my transactions are made with fees of 1 sat/vbyte, which works out as a couple of cents. Even if you sre paying something like 40 sats/vbyte to guarantee placement in the next block with every transaction, you are still talking less than a dollar in fees for most transactions. For microtransactions then you can make Lightning transactions with fees so small they are irrelevant. Credit card fees are up to 3% per transaction.

Transactions also aren't slow. Credit cards transactions can be reversed for several months after they have been made. Bitcoin transactions are final within an hour. For instant transactions, again you can use Lightning.

Although there are still other "altcoins" that offer fast transactions with low fees

The reason altcoins can be faster per confirmation is because they are less secure than bitcoin. Most altcoins will take several thousand confirmations and and several days or weeks to reach the security Bitcoin achieves in an hour.

[Angi]

Until now fiat is still usable and 99.80% of people using it all over the world. even us still use fiat for any transactions we have. cryptocurrency is in improving its way on using, so the chances are too far to say that crypto will replace fiat soon. other people think crypto is illegal so fiat will never be abandoned because of crypto.

[joeperry]

I agree that it cannot replace the fiat currency but it can be a good alternative for it and it will not be affected by inflation, Also a fact that the internet is not yet implemented throughout a certain country and we all know that in order to do a transaction in cryptocurrency we need to have an internet connection and a hardware either a smart phone or a computer.

Also we need to educate people what's this, how to use, how does it work unlike the fiat where in it's just a matter of numbers and physical trading/exchange.