Cryptocurrency can not replace fiat currency.

[qory]

Depending how giving rule and space by government each country, I think cryptocurrency could replace for fiat currency place if government want to allow and legal using bitcoin or altcoin as currency payment, but right now have many countries not giving access to bitcoin and altcoin become public digital currency payment.

[Janation]

Depending how giving rule and space by government each country, I think cryptocurrency could replace for fiat currency place if government want to allow and legal using bitcoin or altcoin as currency payment, but right now have many countries not giving access to bitcoin and altcoin become public digital currency payment.

And let the whales control the country? For real?

As long as the government couldn't control cryptocurrencies, it will never replace fiat currency. We all know how controlling they are, that would never change as long as they are the government. I do believe that we will be seeing a digital currency used in a country but I don't think it will be Bitcoin or other cryptocurrencies we are seeing or using now. Bitcoin can be mainstream in the future, but it will never replace fiat currency.

[farukahmed]

One important consideration is that cryptocurrencies cannot be manipulated quite as easily as fiat currency, largely due to their decentralized and unregulated status. Bitcoin is not backed by any physical commodity or precious metal. Throughout much of its history, the current value of Bitcoin has been driven primarily by speculative interest.

[BD Money365]

Nowadays People already know the value of cryptocurrency,  and i think it won't be changed on their thinking. even many people thinking that crypto would be the most excellent options to eliminate fiat harms in terminology of transactions, but it's not that straightforward to divert into great abnormal for other non crypto users. That's why it necessity to mature further over and over again before we put into action this gentle of system to each one individuals.

[reality18]

Depending how giving rule and space by government each country, I think cryptocurrency could replace for fiat currency place if government want to allow and legal using bitcoin or altcoin as currency payment, but right now have many countries not giving access to bitcoin and altcoin become public digital currency payment.

The question is, are these governments ready to let go fiat and give cryptocurrency their full support? No! Remember that fiat forms the backbone of most countries economy. I country's native currency value determines the economy of such country. Governments will rather prefer to digitize their currencies instead.

[Jateng]

Most of the people still prefer fiat rather than cryptocurrency because its easy to use in real world. Cryptocurrency need internet access in order to transfer from one person to another. There's a lot of advantage of fiat in real world. Ordinary people only use fiat and not even know about cryptocurrency. Many establishments are not yet accepting crypto. There's always a room for improvements and real world need to accept bitcoin first before other crypto can be accepted.

[reliable]

Of course he cannot replace. Each currency has its own advantages.

Fiat is going to be their because many countries are developed and are in the superpower because of their fiat which is used worldwide. Crypto is beneficial for the countries where their own currency is not doing well those can adopt this currency. But yes, more and more countries prefer the crypto you would have better demand in coming time.

[ansarose1]

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.

[Faxmate]

Of course he cannot replace. Each currency has its own advantages.

Fiat is going to be their because many countries are developed and are in the superpower because of their fiat which is used worldwide. Crypto is beneficial for the countries where their own currency is not doing well those can adopt this currency. But yes, more and more countries prefer the crypto you would have better demand in coming time.

of-course crypto is much more beneficial as compare to fiat and those people who would realize it, will know the importance of crypto. however Fiat is for those people who do not know about crypto but i think the technology is growing in such a speed that the people in rural areas will also come to know it in no time.
the thing is that different people have their own preferences, but i think in future the crypto will be more dominant as compare to fiat.

[Piston]

One important consideration is that cryptocurrencies cannot be manipulated quite as easily as fiat currency, largely due to their decentralized and unregulated status. Bitcoin is the utility as a store of value is dependent on its utility as a medium of exchange. Like fiat currencies, Bitcoin is not backed by any physical commodity or precious metal.

[Rulelies]

Well that’s your opinion but mine is that cryptocurrency can replace fiat currency easily. They just need to regulate the crypto world. There are a lot of cryptocurrencies that are based on the same idea, They will need to reduce them also any new one coming out will have to meet some certain requirements.

[Alert31]

I think so. It's difficult to think that crytocurrency can replace fiat currency because this two have different features,usage and value. Also Cryptocurrency is decentralized and no single authority regulated it. While fiat currency is centralized and issued of the government. Also cryptocurrencies value is volatile while fiat money has it's own fixed value. Also unlike fiat money,crytocurrency always need internet connection to operate and make every transaction. There are so many differencies and many things to consider for crypto to replace fiat money if ever.

[Petryakov]

Look my country's (venezuela) Petro, it's an absolute fucking joke, supposedly pegged to oil price but not only does it no go down with it, it's price has been arbitrarily raised twice. Then they hard fork it in secret and pretend like nothing even happened. As far as I'm concerned, is cryptocurrency has a government or a company running it, it should not be taken seriously.

You are from Venezuela? I'm curious, did Bitcoin actually become so popular during the last years, as it is reported? I refer to the current situation in Venezuela in the white paper of my project as to an example of how crypto can threaten fiat during the time of crisis. I understand that Bitcoin can't replace fiat, but still it seems to attract people if the government escalates inflation or applies another unpopular monetary measures.

[Petryakov]

I have read the thread and I see that people are mostly skeptical about the governments vs. crypto confrontation. I believe, however, that the problem should be approached from a different angle – we just need a proper cryptocurrency.

Indeed, if we take a spherical government in a vacuum, it seems beneficial to oppose crypto and defend fiat, since it’s directly controlled by the government itself. It turns out, however, that there are plenty of governments in the world, which don’t act as a unitary system (unless we believe in all that ZOG and illuminati stuff).

Now suppose in some country the government plays a little rough with monetary policy and provokes a severe hyperinflation (hello, trillionaires from Zimbabwe). At some point, national currency starts costing less that the paper from which it’s made. As we remember, the Zimbabwe case was resolved by adopting USD as a national currency.

But what if in the same situation, there rises a political power that intends to adopt crypto instead? From the point of national sovereignty, crypto is apparently a better option, since it’s completely independent, unlike any foreign fiat currency. Once certain countries adopt crypto, and if the citizens actually asses the benefits of that transition, political entities in other countries can start using the ideas of crypto as a part of their political agenda to gain the sympathy of voters, which will lead to a wider adoption of crypto. Finally, even developed countries will be forced to engage in crypto, otherwise risking to be left behind the technical progress.

Seems like a fantastic novel? Well, remember how just a couple decades ago everyone laughed on Helicopter Ben for his devotion to Friedman’s helicopter money concept? Now we see a strong lobby for the concept inside the ECB and the US government itself started drops during the Corona crisis. What happened? Not so funny now?

I see crypto as a next technological step in the money evolution after fiat. The problem is that we currently do not have a platform “evolved” sufficiently. Bitcoin is definitely not up to the task due to its severe inconvenience and an inappropriate economy (if someone is interested about that fact, I suggest you to read about it here starting from page 88, it’s quite a long story for this post).

For that reason, three years ago I started a project of creating the ultimate blockchain platform that can handle the task. (Here it is, if someone is interested).

[Jorge158]

Cryptocurrency was not meant to displace Fiat because it cannot since fiat has the full backing of the governments. Cryptocurrency was created to make payment better by eliminating third parties involved in transactions like the Banks. It will be best to let both coexist and achieve their own goals.

[Guryon_master]

well,  volatility can be avoided and one thing that can make it possible is every country should create their own crypto under the power of the government. Without its guidance I doubt fiat will be annihilated.

[Abiky]

The government is trying but they can't so if they cannot beat it join it, government are now creating a digital currency on their own, China will soon launch one soon and after that many countries will follow China's lead, we cannot ignore if the most powerful country in the world is creating and becoming a model of it.

Now that governments have recognized crypto to be a "force to be reckoned with", they have decided to join the crypto/Blockchain revolution. They found that there's no other choice, as crypto takes the world of digital payments by storm. Governments consider crypto to be a threat to the world's monetary system, so they're trying to launch their own digital currency solutions to avoid getting left behind. It's becoming evident that Fiat won't be able to replace crypto because of how big it has become over the years. In the same way, crypto can't replace Fiat because it's backed by the government and people tend to trust it more than anything else. As CBDCs come into play, there will be a "clash" between the centralized and decentralized world.

Countries like China and France are getting ready to launch CBDCs of their own, so it should only be a matter of time before physical cash fades into oblivion. The average person won't notice the difference when using a CBDC since it'll behave the same way as traditional credit/debit cards. Those who want censorship-resistance and privacy over their money will choose crypto, while those in favor of stable prices and mainstream adoption will choose digital Fiat (CBDC). Both sides have their unique advantages/disadvantages from one another. Crypto enthusiasts should accept reality, as no decentralized system can ever replace traditionally centralized ones. There will always exist power/dominance over the world's economy by entities such as central banks and governments worldwide. It is this reason why both crypto and Fiat will head their separate ways serving unique use cases for people in the mainstream world. Just my opinion

[tvplus006]

Most of the people still prefer fiat rather than cryptocurrency because its easy to use in real world. Cryptocurrency need internet access in order to transfer from one person to another. There's a lot of advantage of fiat in real world. Ordinary people only use fiat and not even know about cryptocurrency. Many establishments are not yet accepting crypto. There's always a room for improvements and real world need to accept bitcoin first before other crypto can be accepted.

As long as the cryptocurrency remains volatile, it will not have a chance to displace the national currency, including fiat, from circulation. But given that the cryptocurrency exchange rate cannot be stable, we can assume that such a replacement will never happen.

[Musekay]

The ideal which prompted the creation of bitcoin or better still cryptocurrency has long been deviated from. 80% if not 100% of crypto enthusiasts fo not see cryptocurrency as a medium of transaction or a digital payment gateway but rather as an investment where they buy more when the price are on the decline then sell when it increases.

[Abiky]

As long as the cryptocurrency remains volatile, it will not have a chance to displace the national currency, including fiat, from circulation. But given that the cryptocurrency exchange rate cannot be stable, we can assume that such a replacement will never happen.

Exactly. Crypto is only useful as a store of value than anything else. That's largely because of its wild fluctuations in price on the market. As long as it stays that way, Fiat will continue to dominate the world's economy. It's no wonder why many merchants and businesses accept Fiat instead of crypto. I believe that the only way to truly grasp the benefits of crypto, is by relying on it as a unit of account. Getting paid or spending in crypto directly instead of Fiat, will greatly contribute towards the crypto economy. Only then, crypto can be used the same way as Fiat currencies today.

Despite all the hype surrounding crypto, it may never turn out to replace Fiat in the long term. Aside from price volatility, crypto is decentralized whereas Fiat is not. The latter is largely patronized by central banks and governments, giving people a sense of "confidence" when using it. Since no one controls crypto, it's a completely different story. The average person will find crypto unattractive as it's not supported by a trusted entity (unlike Fiat). It's the reason why we see so many people believe crypto to be a "scam", when in fact, it is not. This, alongside other issues, will make both crypto and Fiat head their separate ways for the foreseeable future. Expect to see everything remain the same, after the introduction of CBDCs. People will either choose crypto or digital Fiat for mainstream transactions, the same way they're doing right now. Just my thoughts