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Author Topic: Cryptocurrency can not replace fiat currency.  (Read 1930 times)
brotherwood12
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May 04, 2020, 09:04:30 AM
 #201

i think someday crypto really can change fiat fully, like rightnow in pandemic the virtual payment on e-wallet really help people to do some trancaction
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May 04, 2020, 02:18:03 PM
 #202

i think someday crypto really can change fiat fully, like rightnow in pandemic the virtual payment on e-wallet really help people to do some trancaction
but how can it fully replace fiat even in 10 years. For me it seems like an impossible goal.
However I can see people using crypto as main payment option, but I can't believe fiat will just disappear
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May 04, 2020, 06:17:11 PM
 #203

That is not how it works. In difficult times, people will be more interested in assets that can act as store of value. So they will go after bullion, United States Treasury bonds.etc. Cryptocurrencies are being regarded as a high-risk asset, and therefore the interest in them will be rather muted during hard times. But as the market matures, this situation may change.

That's certainly true, mate. Cryptocurrencies have a higher risk than traditional Fiat because of their wild fluctuations in price across the market. At least we have a solution for this, bringing people the convenience of Fiat with the security and reliability of Blockchain technology. The solution is called a "Stablecoin" which retains the stability of Fiat while relying on Blockchain technology for security, speed, and reliability. People who want to mitigate the risks of crypto's volatility, could simply convert their crypto holdings into a stablecoin of their choice. The process is instant, easy, and secure. This is much better than directly cashing out to Fiat, subject to the control of central banks and governments worldwide. With a decentralized stablecoin like DAI, you can enjoy the benefits of Fiat without ever worrying about this.

Of course, crypto will never replace Fiat since it's decentralized by design. Fiat will always be patronized by mainstream businesses and companies, while actively supported by the government. The fact that Fiat is backed by the full faith and credit of the government, gives it some legitimacy over crypto itself. That's how people think nowadays, so they'll continue to use Fiat over crypto regardless of its disadvantages (like inflation, government control, etc). Anyone has the choice to support one type of currency or asset from another. Safe-haven assets like Bitcoin or Gold will always exist because they provide an "exit route" to the traditional banking system of today. People who want to secure their money in times of turmoil, will quickly resort to these assets. But it's evident that a store of value can never replace Fiat because it's a completely different thing. It's like comparing apples vs oranges. Let's hope crypto becomes more popular, so that it could become as good as Fiat in the future. Just my thoughts Grin

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Ozero
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May 05, 2020, 05:50:02 PM
 #204

...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.

The digital currency of states can largely supplant paper money, since they are of the same type by nature and differ only in their carriers. Apparently, this will be so. However, a decentralized cryptocurrency has no chance to replace the national currency of states. She is not capable of this, and no state will ever allow this. Cryptocurrency can only exist along with the national currency of states and they can complement each other with their capabilities.

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May 05, 2020, 06:46:14 PM
 #205

In my point of view, cryptocurrency cannot be as useful as fiat currency when it comes to everyday basis, that human uses fiat for trading goods to buy or sell, but also crypto can be use same as that in such a way we can trade some stuffs through online payment. In that case, cryptocurrency is not that usable as fiat is, but it also have a good features and advantage like through online transactions, crypto is more convenient.
Yes, fiat money is very convenient in everyday use, because they do not need to wait for confirmation of the transfer of funds, as happens with cryptocurrencies. And to keep a couple of banknotes in your pocket is much more convenient than a smartphone or some other device.

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May 06, 2020, 02:10:45 PM
 #206

We are not sure whether cryptocurrencies will replace fiat or not. To me it doesn’t seem possible if you look at the world we are living in right now, there are still so many people who don’t understand cryptocurrency and not interested in making use of it, and it is not just only these people, this is just like the basic, cause when you move from this to the next you will come to see those that don’t know anything about technology or that they know about technology but not interested in it; these are the people who are simply interested in cash and doesn’t have anything to do with online banking and digital money.
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May 06, 2020, 05:48:16 PM
 #207

Yes, fiat money is very convenient in everyday use, because they do not need to wait for confirmation of the transfer of funds, as happens with cryptocurrencies. And to keep a couple of banknotes in your pocket is much more convenient than a smartphone or some other device.

Exactly. Not only Fiat provides convenience, but also price stability. Crypto is largely unstable in price across the market, which makes it unsuitable as digital cash. That's why many merchants and businesses in the mainstream world have chosen Fiat over crypto. Even with stablecoins around, they seem to find Fiat more attractive for daily payments. Believe me, the time will come when crypto will be in par with Fiat both in terms of stability and convenience for mainstream transactions. While Fiat won't be going anywhere, it can live alongside crypto for many years to come.

Remember, Fiat will always be trusted by people worldwide because it's backed by the government. That's not the case with crypto as it's completely decentralized. People will use one currency from the other depending on different situations in life. One thing for sure is that physical cash will cease to exist in the future, paving the way for digital Fiat issued by central banks around the world. Once that happens, both crypto and Fiat will be very similar in the way they're used. But they cannot replace each other because of the way they're designed. One (Fiat) is centralized, while the other (crypto) is decentralized. In the future, there will be different kinds of money. Merchants and businesses can decide which currency or asset to accept from their customers. With how small crypto is relative to Fiat, it looks very unlikely that it'll become a huge contender to the world's monetary system anytime soon. Just my thoughts Grin

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May 06, 2020, 10:24:50 PM
 #208

i think someday crypto really can change fiat fully, like rightnow in pandemic the virtual payment on e-wallet really help people to do some trancaction
Actually right now the use of crypto as payment added importance because of this pandemic. But we cannot deny the fact that some people do not aware of this technology. Fiat is still the most use these days since other people cannot adopt this crypto although it helps people ease of use as payment online.
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May 07, 2020, 05:26:46 AM
 #209

It is obvious that classic cryptocurrencies such as Bitcoin, Litecoin, and even Ethereum cannot replace fiat money. The most obvious reason is the high volatility of cryptocurrency prices. Cryptocurrencies are also vulnerable to various types of attacks on their infrastructure. Insufficient scalability, anonymity, and a number of other factors make it almost impossible to replace fiat money with cryptocurrencies. But some governments are developing their own digital currencies. It's hypothetically can replace the classic fiat money.   

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May 07, 2020, 08:24:29 AM
 #210

It is obvious that classic cryptocurrencies such as Bitcoin, Litecoin, and even Ethereum cannot replace fiat money. The most obvious reason is the high volatility of cryptocurrency prices. Cryptocurrencies are also vulnerable to various types of attacks on their infrastructure. Insufficient scalability, anonymity, and a number of other factors make it almost impossible to replace fiat money with cryptocurrencies. But some governments are developing their own digital currencies. It's hypothetically can replace the classic fiat money.   

High volatility is a good reason, but let's say that all three coins you mentioned settle at some point? Is that a possibility?
Crypto is definitely less vulnerable than fiat! Scalability is a bit of a problem, but that will be solved eventually. Some coins can scale more, some less, but it's going forward!
Anonymity suits many people, I think people deserve right to choose to be anonymous or not, but I can't say the same for public services, they should be open for everyone and transparent!
In the end I would like decentralized economy, we don't need bosses (governments and banks) to tell us what we can and what we can't do all the time! Just because there are idiots and morons who take advantage of the system should all of us be punished!? I think good people should be free to live and enjoy the life in the way they would like that to do! And I don't see that happening in current system where money(fiat) is controlled by group of people! I think this quote is on place:

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May 07, 2020, 09:26:11 AM
 #211

It is hard to see that bitcoin or the whole economy of the cryptocurrency makes a lot of changes like replacing the whole fiat currency because most of the time we used the fiat currency because it is the more traditional way or kind of payment. One of the reasons why we have a fiat currency because we are a country which is distributed if we are in a world with one land like the whole Pangea its possible to make one currency then the cryptocurrency can possibly replace the fiat but we are distributed with having different places, currency, nationality, and value of money so there is no chance to replace. If we are talking about the innovation and advantage of using the technology we can now use the cryptocurrency which is more efficient, faster, and secured than the way of payment of ours today.

It is obvious that classic cryptocurrencies such as Bitcoin, Litecoin, and even Ethereum cannot replace fiat money. The most obvious reason is the high volatility of cryptocurrency prices. Cryptocurrencies are also vulnerable to various types of attacks on their infrastructure. Insufficient scalability, anonymity, and a number of other factors make it almost impossible to replace fiat money with cryptocurrencies. But some governments are developing their own digital currencies. It's hypothetically can replace the classic fiat money.   

High volatility is a good reason, but let's say that all three coins you mentioned settle at some point? Is that a possibility?
Crypto is definitely less vulnerable than fiat! Scalability is a bit of a problem, but that will be solved eventually. Some coins can scale more, some less, but it's going forward!
Anonymity suits many people, I think people deserve right to choose to be anonymous or not, but I can't say the same for public services, they should be open for everyone and transparent!
In the end I would like decentralized economy, we don't need bosses (governments and banks) to tell us what we can and what we can't do all the time! Just because there are idiots and morons who take advantage of the system should all of us be punished!? I think good people should be free to live and enjoy the life in the way they would like that to do! And I don't see that happening in current system where money(fiat) is controlled by group of people! I think this quote is on place:


One of the reasons too is the market price of the cryptos are volatile and it is hard to make sure that all of the currency is having the same market value of the coins if the coin is like DAI or other stable coins it is possible to adopt.

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May 07, 2020, 12:15:29 PM
 #212

It is very difficult to say that what happened in the future. We can not surely say that cryptocurrency can or can not replace fiat currency. Before 25-30 years ago who surely thought people will use bitcoin as their daily transaction. If all the people learn about bitcoin and  ensure necessary equipment to use bitcoin then it can be possible. But this is very difficult and presently not possible.
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May 07, 2020, 10:26:13 PM
 #213

i think someday crypto really can change fiat fully, like rightnow in pandemic the virtual payment on e-wallet really help people to do some trancaction
Actually right now the use of crypto as payment added importance because of this pandemic. But we cannot deny the fact that some people do not aware of this technology. Fiat is still the most use these days since other people cannot adopt this crypto although it helps people ease of use as payment online.

Well, that is true, but the people not aware of this technology is also true and it is really sad to know that. Here in our country, despite the pandemic being a problem, people are still using the normal ways of payment. It is not that they do not want to use crypto currencies at all, it is just that they are not aware that they exist. Some use online payment I can't really blame them since there is only a few stores that actually accept bitcoin here.

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May 08, 2020, 07:19:01 AM
 #214

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
Do you think crypto can work well in rural areas and don't even need the internet? the fact that you convince them to use a new currency and to use technology is something unimaginable. They are people who don't know about technology and you force people to follow?
It will be very time consuming and even impossible to do if the people do not cooperate. I feel that crypto should only work in Defi, it should not be in centralized markets.

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May 08, 2020, 08:02:49 AM
 #215

i think someday crypto really can change fiat fully, like rightnow in pandemic the virtual payment on e-wallet really help people to do some trancaction

But it doesn't mean cryptocurrencies have the upper hand.

There are a lot of mobile wallets that offer payments using Bitcoin and other cryptocurrencies but I don't think people are actually using it right now since the halving is closing and people would be thinking to just save or hold it rather than selling it. That just means that despite the chance that we are seeing people would use cryptos, they are not. And another thing is that not all of the people are actually interested in using it and usually, people don't know what it is.

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May 08, 2020, 10:35:18 AM
 #216

It is right that the time didn't yet come to replace the fiat money but it is not such a matter that it never be possible. Many countries of the world have already given the legality of cryptocurrency. Now, more people are gradually being interested to the crypto world. If we compare the present position of cryptocurrency with five years ago, we see, there has been a great advancement of the crypto world. So, I hope, cryptocurrency will acquire the whole world in near future and countries will permit to use it as like as fiat money.


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May 08, 2020, 04:16:02 PM
 #217

It is right that the time didn't yet come to replace the fiat money but it is not such a matter that it never be possible. Many countries of the world have already given the legality of cryptocurrency. Now, more people are gradually being interested to the crypto world. If we compare the present position of cryptocurrency with five years ago, we see, there has been a great advancement of the crypto world. So, I hope, cryptocurrency will acquire the whole world in near future and countries will permit to use it as like as fiat money.
   
   I can say for myself that I am a true believer in crypto-currencies. I believe crypto-currencies will replace
traditional fiat system. I would like to see decentralized projects to replace them, but sadly some countries
will make their own and maybe force and limit people to use them, they will find a way.
   But even that can mean nothing, if people embrace crypto-currencies we know now! Decentralized projects,
privacy coins, anyone can find the best coin, and we can change the world with help of crypto-currencies, but
to do that we need to do it all together!



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May 08, 2020, 07:21:48 PM
 #218

i think someday crypto really can change fiat fully, like rightnow in pandemic the virtual payment on e-wallet really help people to do some trancaction

Now there is a non-cash payment method for goods and services, so nothing new in this can bring to the economy cryptocurrency. Governments of various countries are now on the way to creating a national digital currency, which will replace Fiat.





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May 08, 2020, 08:17:52 PM
 #219

i think someday crypto really can change fiat fully, like rightnow in pandemic the virtual payment on e-wallet really help people to do some trancaction

Now there is a non-cash payment method for goods and services, so nothing new in this can bring to the economy cryptocurrency. Governments of various countries are now on the way to creating a national digital currency, which will replace Fiat.

No, they will not replace fiat. Just because some governments are creating their cryptocurrencies that doesn't mean they have the intention to replace national currencies. Besides cryptocurrency are not in the stage they could support economies and financial systems.
No regulation, no stability, fluctuations, volatility I suppose these are no characteristics that you would want from the currency you depend on.
So, cryptocurrencies and fiat money will function together and with time cryptocurrencies will develope and progress more but they will not replace fiat.

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May 08, 2020, 08:29:57 PM
 #220

It is right that the time didn't yet come to replace the fiat money but it is not such a matter that it never be possible. Many countries of the world have already given the legality of cryptocurrency. Now, more people are gradually being interested to the crypto world. If we compare the present position of cryptocurrency with five years ago, we see, there has been a great advancement of the crypto world. So, I hope, cryptocurrency will acquire the whole world in near future and countries will permit to use it as like as fiat money.


There are chances that cryptocurrency might replace fiat but it is very low simply because fiat is regulated by the government. The question is what if the government turn fiat money into digital currency, imagine if the world does not have fiats anymore and are just using digital ones. This is the thing that is being arranged for now, some countries are experimenting on it, they are even turning bitcoin into new economic class and asset. We can't tell future but we can decide what could be the future.

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