lets imagine world without fiat currency

[cryptoboss2020]

now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc?  fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!



right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol   so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

and please dont comment something nonsense lets try to gather here only smart comments as this topic is important topic to know.

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[nelson4lov]

For essential supplies, Bitcoin can still be used to pay for the products and services. The good thing about Bitcoin is that you don't really need to buy or own 1 or more bitcoins in order to take advantage of the benefits it offers. People easily get carried away from they hear the price of bitcoin forgetting you can get started already with smaller quantities. Once that mindset is removed, we can start pegging the price of these commodities to denominations in BTC.  No matter how high Bitcoin's price get, it would still be possible to get small denominations.

[odolvlobo]

so milk price how many btc?  fuel price? rent ? and how the prices will calculated?

Milk, fuel, rent, etc. will be priced in BTC the same way it is currently priced in your currency. How would you price milk in euros or yen or Canadian dollars? There is no difference except the currency.

and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?

If Bitcoin is the only currency then everyone will have it. Nobody can use it to rule over others because it is censorship-resistant and it is not controlled by anyone.

bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?

The halving does not reduce the number of bitcoins. Bitcoins are not consumed. The number of bitcoins increases until it reaches 21 million. It doesn't go down.

okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?

Ethereum is not centralized.

stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.

If there are no fiat currencies, then there will be no coins pegged to fiat currencies.

so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!

What needs cannot be served by Bitcoin that can be served by fiat currencies?

How we are going to control the money supply how big quantity of currency is in circelation?

The money supply is controlled by the protocol --> The money supply increases at a predetermined rate until it reaches 21 million BTC.

if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol

If people want money, they earn it (or shoot people). Bitcoin doesn't change that.

so i want to know if fiat currency will disapere then how the new currency will be issued?

Bitcoins are issued in every block until there are 21 million.

and how it will be backed?

Fiat currencies are also backed by nothing. Bitcoin has the advantage of being more dependable and is not subjected to the whims of people and governments.

[Mr.sprin]

Fiat money is not the only one for transactions, previously using gold and silver as a medium of exchange whether you have forgotten or you don't know it yet.
imagining without fiat money is not just imagining but has been done in its day.
bitcoin is only a few years old but gold and silver have been used as a medium of exchange for a long time.

[Sirait]

^ we are heading towards a direction where life would be without fiat currency. There have been many countries where their citizens are predominantly conducting transactions via digital, for example, New Zealand, Sweden, China, and the US.

Currently, the use of cryptocurrency for everyday life is still not safe because it needs extra education for residents. Bitcoin in the future will certainly be used as payment but there are still many other crypto alternatives such as BCH, XLM, and Stable coins which will definitely be used more as payments in the future.

[Lorence.xD]

For essential supplies, Bitcoin can still be used to pay for the products and services. The good thing about Bitcoin is that you don't really need to buy or own 1 or more bitcoins in order to take advantage of the benefits it offers. People easily get carried away from they hear the price of bitcoin forgetting you can get started already with smaller quantities. Once that mindset is removed, we can start pegging the price of these commodities to denominations in BTC.  No matter how high Bitcoin's price get, it would still be possible to get small denominations.

It won't work on an individual scale because there isn't that much bitcoin to go around so that every household have one. It will be possible if there is a continuous circulation of cryptocurrency and what I mean by that is non-stop circulation to the point that it won't stay at an individual's hands for a minute or two. Not to mention that one power outage of a national scale could cripple everyone's finances. Plus it would not be practical to completely obsolete fiat.

[noorman0]

I don't think that's a problem and even better, each generation will find their own economic solution. If you look further back since bitcoin was launched, some of the leading companies and services started creating new cryptocurrencies.

Apart from gold or other precious metals which will act as a means of physical payment for non-internet users, companies that serve the needs of the public will begin to introduce new payment methods using their own tokens. I can imagine that in the end everyone who will buy a certain product or enjoy a certain service must have a coin or token from that company to pay.

[The Cryptovator]

Even there wouldn't fiat currencies, but there will be some national digital currencies that will lead the national economy. So everything will be calculated via national currencies. Milk price, fuel price, or rent supposed to calculate via national digital currency. It couldn't be fixed at the BTC price since it's much volatile. We can't stop volatility due to huge demand if in case there is no fiat (real) money. There should be something to measure the Bitcoin price, which is stable. Then all product prices would be fixed into that and pay bitcoin accordingly.

[DevilSlayer]

It will only happen if the people in different societies will take the new change and adapt personally, I can't still imagine that all of the people will switch to digital currencies and abandon the fiat money because it is still impossible in this current situation. Fiat money have important role in different economies so for sure that the government will create a way wherein people will patronize the fiat money that digital currencies. I think only few percent of people in my country that are aware on digital currencies. Education should be the first key for other people to become aware on cryptocurrencies, they will not adapt it if they are now aware about what it is and what is it for. If there will be a cashless society, for sure that the payment system will improve where there is less hassle and more convenience for the people who are using it. 

[Oshosondy]

Bitcoin and altcoins have their own advantage, but if we are candid, we should know that fiats too have advantages, if only bitcoin is used as a form of payment without fiat, that means some countries will still suffer, bitcoin will be in one part of the world (developed countries) while bitcoin will soon later be scares in some part of the world (underdeveloped and developing countries). Like in Africa, where all counties are either developing or underdeveloped, they still face this problem but always trying to devalue their fiats to reduce the way foreign reserves leaves the country. But, in case of bitcoin, such can not be done, therefore the countries that are not developed will become more poor. Having fiats and having bitcoin and altcoins as alternatives is the best.

[JuSayCo]

This is a great topic that we should need to consider sometimes because the world now is heading to much highly digitalization. And as part of being digitalized, I think that fiat or physical money will be out of the way. Maybe if this will happen, bitcoin supply will be unlimited in order to cater the demands of the people across the globe. Have you ever imagined as well that the "Suggested Retail Price" of our essential needs will be a bit higher or unstable each day? Well, I just feel it would probably goes like that since we all know that bitcoin is volatile by nature so the prices of goods will be unstable for sure depending on the market movement and the supply itself. Its really hard to make an imaginary scenario in purchasing life's necessities without fiat. However, if it will ever happen in the future, things will be slowly implemented in a gradual way.

[YOSHIE]

and please dont comment something nonsense lets try to gather here only smart comments as this topic is important topic to know.

Ok if you consider this discussion important, if you ask me and I will answer fiat currency is more important than currency in gital today.

My reasons are simple.
• Fiat currency is much first used by people in the world without using the internet when making transactions, if fiat currency does not exist in the world and you use Bitcoin, if in your country the electricity goes out once 24 times or the internet is stuck, what can you do with Bitcoin, surely you will cry not being able to do much when shopping and transactions.

I will not live on this earth anymore if fiat money doesn't exist anymore, maybe I am looking for a place in outer space to live without fiat money.
What you need to know is: Bitcoin is traded with fiat money and fiat money is traded with Bitcoin, they are both related to each other for the needs of the people of the world, not among them that should be lost.


If you want to see more answers to your questions, you may want to read hundreds of comments here: Topic: Crypto replacing fiat?, to respond to all of your answers.

[Latviand]

It is really hard to think of society without a fiat currency because we are living in generation where we are used to pay with both fiat and digital currency. But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value. If it is the only thing that can be used for payment and there's no other option then bitcoin will not be the same as Gold that can be preserved its price. Bitcoin will be the fiat in that world and people will just look at it like a normal money.

[LogitechMouse]

I don't want to imagine it because I can't imagine our life without fiat currency.
There are still some people especially in remote areas who don't have any access to technology that we are using right now so how will they buy things if the only currency right now is Bitcoin?

How about those people who aren't techy enough to learn Bitcoin? Fiat currency is the most accessible currency that we have right now and all of the people have it that is why world without fiat currency is like a utopia. Its impossible to happen

[GreatArkansas]

(....)
 But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value.
(....)

Speaking of value when we comparing Bitcoin and fiat now, I don't think so that the value of Bitcoin will be the same as fiat. Because I believe, fiat is centralized, the government can decide anytime if they want to print for money. But in Bitcoin? They are totally different, that's why as time goes by, Bitcoin is becoming more asset than using it for payment just like our fiat now.

[Gotumoot]

It would be great but the risk would also be huge hackers would be eager to get into any device to get information or your money.
This is the reason why I also leave some cash on my house if I would go out,
Just imagine if we would live without Fiat and we would go out and lose our mobile phone or any device that we would use to pay.

[DoublerHunter]

^ During our ancient day barter system was evolved to fiat because they don't have a fair exchange. Fiat was created and put value until now people use fiat and for how many years we use fiat through physical or digital fiat. I can't imagine without fiat currency, each country has a different currency value and I don't think the stock market were there if we are all the same value of fiat. Bitcoin will never replace fiat or any crypto out there. Nevertheless, this is the fact they can be used as an alternative to fiat.

[daarul50]

(....)
 But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value.
(....)

Speaking of value when we comparing Bitcoin and fiat now, I don't think so that the value of Bitcoin will be the same as fiat. Because I believe, fiat is centralized, the government can decide anytime if they want to print for money. But in Bitcoin? They are totally different, that's why as time goes by, Bitcoin is becoming more asset than using it for payment just like our fiat now.

Did you remember in the early days where bitcoin invented and not much people talking about bitcoin yet?
They are all wondering that bitcoin will become our main payment system in the future , but why nowadays those people looks like turn his opinion to like "bitcoin is an asset bla bla bla"
So the purpose has changed now? Is that because of the tx fee that not friendly enough now?

[Janation]

If bitcoin is the currency we are using, I guess it would be centralized.

There is no way that we will be seeing bitcoin as a currency still decentralized. That might also mean that bitcoin will not be a universal currency but the same as the USD where it is the main currency used in investing and trading.

[maxreish]

Of course fiat currency will still stand out. But let us just think fiat currency doesn't exists and only btc is use worldwide. What would be the problem buying needs with btc is of course the transaction speed. The price of each items will of course base on btc price because fiat currency don't exist, right.

But, there are tons of issues and problems if we disregard fiat currency. Those who are in remote areas where in they don't have any btc or let's say internet connection for them to be able to use btc. That makes sense. From that point of view, fiat currency is still very much needed.

[Dorodha]

fiat currency is never possible to imagine the world without Fiat currency. People are able to live a normal life without the use of Bitcoin because many people have no idea about the use of Bitcoin. But Fiat is never possible without currency Introduction of Fiat currency in every occupation including livelihood and employment. Improving the country's economy is not possible without the introduction of Fiat currency. People will be hindered in every work and the central banks will lose their existence. After the need for cash for education and product purchases.

[hatshepsut93]

Bitcoin will never replace fiat currency, so it's not a problem. Bitcoin has too many unsolved problems to do so - scalability, hard user experience, price volatility to name a few. Governments will not allow Bitcoin to replace fiat, a simple ban is more than enough to stop mass adoption and leave Bitcoin as nothing more but a tool for darknet transactions. Just because a lot of Bitcoiners imagine and say that Bitcoin will be a dominant form of money, doesn't mean it's actually going to happen. And its price rise isn't a proof that it's happening.

[rodskee]

^ During our ancient day barter system was evolved to fiat because they don't have a fair exchange. Fiat was created and put value until now people use fiat and for how many years we use fiat through physical or digital fiat.

Well Still bartering is cool way of getting what we need,in our group in social media now bartering is trending when we are offering our items and looking for someone who needs it,then They will provide what i need,like groceries or something material that fits me.
so in this way we are releasing our not used things and change to what we need.

I can't imagine without fiat currency, each country has a different currency value and I don't think the stock market were there if we are all the same value of fiat. Bitcoin will never replace fiat or any crypto out there. Nevertheless, this is the fact they can be used as an alternative to fiat.

Actually Fiat can be gone when people starts to accept Crypto as now PayPal is standing great in this in which Online transacting makes easy using this.

[Genemind]

As long as Bitcoin has a limited outlet or cannot be used on daily transactions, it can never replace fiat. We need massive adaptation as well as government acceptance. As of today bitcoin is viewed as an investment tool not as a medium of exchange.

[kryptqnick]

now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc?  fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!



right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol   so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

and please dont comment something nonsense lets try to gather here only smart comments as this topic is important topic to know.

The value of cryptos is currently measured in how much they cost in fiat, but it doesn't mean we cannot do with fiat. We could turn to purchasing power, and the price could be regulated based on the demand and supply, just like it is now. We'd get used to milk for 0.001 BTC, for instance, if we use it often enough. Moreover, most fiat currencies are also evaluated in their relation to USD, for instance, so the same argument you're now using against cryptos can be used against fiat. If we do imagine a world without fiat, however, I think altcoins would thrive. Bitcoin simply cannot handle enough transactions, so I imagine it would be used along with at least 10 other cryptocurrencies, with the price being set in BTC but a possibility to pay with, say, Ethereum or Litecoin.

[pinggoki]

A world without fiat currency? Then probably this will be back to the past where in the main system is barter of items or the trading of items that we have in order to get what we need. That would be the main system when the world never discover the fiat currency, in order for you to have the things that you have, you need to exchange what is precious to you in order to match the thing you want to have.

As long as Bitcoin has a limited outlet or cannot be used on daily transactions, it can never replace fiat. We need massive adaptation as well as government acceptance. As of today bitcoin is viewed as an investment tool not as a medium of exchange.

Actually bitcoin will never replaced fiat currency, why? simply because when the bitcoin replace the fiat currency then probably there will be no paper money that will revolve all over the world and the main currency that will be used was bitcoin and that will be really impossible because some people don't want a currency that is volatile so it is really impossible to do so.

[BIT-BENDER]

As long as Bitcoin has a limited outlet or cannot be used on daily transactions, it can never replace fiat. We need massive adaptation as well as government acceptance. As of today bitcoin is viewed as an investment tool not as a medium of exchange.

Bitcoin taking over fiat in all things in one third of the world is very hard accomplishment, now bitcoin taking over and accepted over all fiat -all currency- is another wonder, but does bitcoin has to over-turn fiat  like bitcoin used only! No bitcoin doesn't need that, diversity/multiple-ways in paying bills/purchase,business makes it fitting/in line to the choice and likeness of everyone. Bitcoin shouldn't be forced or enter any mortal combat fight with any currency.

[ropyu1978]

now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc?  fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!



right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol   so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

and please dont comment something nonsense lets try to gather here only smart comments as this topic is important topic to know.

When you imagine world without fiat currency and cash money how come traditional market will make transaction, I think if you buy on online market it easy to use bitcoin as transaction payment, but how come when you try for buying vegetable, milk and rice on traditional market, how come without using cash or fiat money, will lower price or amount transaction if you use bitcoin or altcoin you have pay higher fees transaction, I agree bitcoin become legal currency payment but have on the right place where have to use bitcoin as payment way or not.

[adzino]

now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc?  fuel price? rent ? and how the prices will calculated?

Lets say that you will buy a gallon of milk from walmart. You pay around $3. How was the price calculated? I mean why are you paying $3 for the milk? You may say the government controls the price based on money circulation and whatever. Well in that case the price will also be set in terms of bitcoin by the government (you said world without fiat currency not without a centralized government).

and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?

There are billionaires in the world. Are they ruling you?

so your skills or value in society dont count only matters who go has the most of the bitcoins?

Not sure what you mean by this. Your skills and values will matter since this is how you will be earning your coins (just the same way you used to earn in the world with fiat currency).

bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?

Supply is limited. People are intelligent enough to come up with a solution (maybe more smaller fraction of coins).

[Sterbens]

actually what makes all this nonsense is you . where you ask to imagine something that has an impact that doesn't make sense, then I have the right to answer with an answer that doesn't make sense anymore, because you yourself are exposing the absurdity where bitcoin is the main source of transactions. I automatically follow the story line that you create. I imagined your story and then thought, obviously a lot of things will happen beyond reason, people will kill each other just to get bitcoins. Then what about the people out there who have difficulty accessing the internet, even though the digital world has not been touched. they can still use fiat currency in their country. this was wrong and I was led to the error of following a nonsensical story.

i just use my freedom to comment

thanks.

[fiulpro]

now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc?  fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!



right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol   so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

and please dont comment something nonsense lets try to gather here only smart comments as this topic is important topic to know.

See this won't be practical because there are many people living here within any internet , mobile and even basic needs , so we have to take it into account that these people won't be able to get involved.

We have to then think about many factors at once , how do you think the instant withdraws buying works ? The price can be calculated online within matter of seconds. But this would need a major dominance of internet and good softwares.

Now this would mean that Old people and kids won't be able to use it that much.

We cannot ignore :
People without good knowledge of Bitcoins and other cryptocurrencies
People without any internet and basic facilities
Counties who are not much involved with them and where the cryptocurrencies are banned

It would be a bad idea for sure.

[cryptoboss2020]

conclusion: is the bitcoin is more like intermediary between all the currencies prviding liqutity and cash reserves to trade between currenies.

by reading all comments here i made this conclusion

[Casdinyard]

Fiat currencies will always exist as long as there are governments. Currencies of such are supported by governments and that is enough reason to tell that fiat will never be gone. But if ever cryptocurrencies will be the mode of payment, things will be different. The market value of cryptos might be more stable if that's the case because wide usage could make a change in its market value volatility. The rates will be same with fiat in a sense wherein cryptos will be used. Even before wherein fiat are not existing, there are means of transactions such as goods, so more likely, things will be the same if ever fiat will be gone and cryptos will be the medium of payment.

[Get-Paid.com]

Fiat currencies will always exist as long as there are governments.

And in another words they would continue to exist no matter what, even in the history of our world there were currencies in use.

[senya-com]

We actually can see now that already money in any sense of this word is losing its aim: most people take multiple credits to acieve goods and lifestyle they want in exchange for their time spent for work. So many people don't encounter any money at all mearly during all their lifetime. While people who already acheved a great deal of money don't even have a tip what to do with this stuff to get personal or social progress. This means that money in context of luxury, progress and freedom is no more useful, so the next step can be just cryptocontracts arranging barter trade and direct labor-to-goods exchange, even without digit intrepretations of money amounts passing. Actually any currency is just psychologically approved, thats why this is possible to get rid of any currency at all by swapping the whole economy to contracts (something like "oath to do in exchange for getting").

[uneng]

It's hard to imagine this possibility, because it's a complex situation.
We could have a government centralizing bitcoin currency or a private government ruled by bitcoin whales. Most probably each country would have its own crypto currency, as everyone using the same (bitcoin) would turn national countries economies and sovereight into a whole mess.

The goods prices like milk, fuel and everything else could be set by supply and demand law or by a central authority decision. It depends on the economical model a specific country adopts.
It's not an impossible situation to happen and I believe in the future things tend to follow this way since internet, technology and virtual stuff is playing a bigger role in our daily lives even more.

[Lordhermes]

Normally, the Fiat currency is channeled with bitcoin and USD values, each and every country is represented by her fiat currency which is calculated towards their respective values. Due to the fact that bitcoin currency is erupting in the ecosystem, the fiat is support its existence and males it more simpler in selling and buying cryptocurrencies. However it could be a boring world if actually only bitcoin exist without fiat, the both works together making any local and traditional transactions in success.

[Finestream]

It's hard to imagine this possibility, because it's a complex situation.
We could have a government centralizing bitcoin currency or a private government ruled by bitcoin whales. Most probably each country would have its own crypto currency, as everyone using the same (bitcoin) would turn national countries economies and sovereight into a whole mess.

The goods prices like milk, fuel and everything else could be set by supply and demand law or by a central authority decision. It depends on the economical model a specific country adopts.
It's not an impossible situation to happen and I believe in the future things tend to follow this way since internet, technology and virtual stuff is playing a bigger role in our daily lives even more.

We can see high chances that bitcoin can be used as a main currency without the existence of fiat but maybe by that time the government is already making it centralized. I cannot imagine people using bitcoin to pay the basic commodities if it will stay volatile like what it is right now.

[enhu]

Countries like China were already issuing digital currency, it's been running for months I think we can scratch the idea that Bitcoin will be a currency that we can use daily to make transactions like buying something from a local store. With the transaction fees, you wouldn't try paying $10 worth of items.

[TIDOVEE]

Fiat is good,it plays a very important in daily transaction and if it will be wiped off is cannot just be suddenly, it will gradually be withdrawn if it's effect will not be evidently implicating, but I think they will still have to leave some underdeveloped regions, considering the illitrates, but I think very soon there will be more orientation for people to be able to embrace and use it .

[Vaskiy]

It is quite an easy task to have everything priced in terms of bitcoin. Before that what we need to think about is the accessibility. As of now we're in a situation to pay atleast $5 for a product worth of $2. This needs to change and we need to have transaction fee free access to limited amount. For example if the product value is below $100 we don't need to pay transaction fee. This will make common people get interested in using bitcoin similar to fiat in daily life.

[lienfaye]

Living without fiat is hard specially for people who are not expose to the new technology like those living in remote areas. If we use bitcoin or other crypto it is convenient to those who used to it and already aware of the pros and cons. However its not ideal for all of us because not everyone are fortunate to have gadgets to use for transaction. I cant imagine how im going to pay the vendors on small market if bitcoin is the only means of payment. Not to mention the internet connection, one of the problem here for having slow service.

[Nellayar]

It is quite an easy task to have everything priced in terms of bitcoin. Before that what we need to think about is the accessibility. As of now we're in a situation to pay atleast $5 for a product worth of $2. This needs to change and we need to have transaction fee free access to limited amount. For example if the product value is below $100 we don't need to pay transaction fee. This will make common people get interested in using bitcoin similar to fiat in daily life.

Having no transaction fee seems to be difficult to achieve. But it makes more accessible for everyone who want to use digital currencies. If there is no transaction fee whenever you will pay bills or transfer payment then it would much like as what fiat currency today. Imagine, we can buy products in physical market without thinking that the gas fee today is so much high. The interest to use bitcoin by common people will increases specially when we can buy products using bitcoin and other cryptocurrency with zero transaction fee.

[mangsitin]

really helps our life to be simpler and safer.  no theft on the road.  and of course, very easy transactions.  but we see primitive people.  how can they adapt to the crypto world? i think.  the development of cryptocurrencies in the world will not spread perfectly.  unless the government provides maximum socialization to provide understanding of bitcoin to them.

[verita1]

I live without Fiat currency because the currency of my country is devalued. All my income that I have earned is based on Bitcoin and crypto so I made the decision to only spend what I need each month and I have divided it by each week to convert it into Fiat. With the aim of spending only what is necessary and saving the rest to buy whatever my family and I need.
I think that Fiat will always be with us and cryptocurrencies will gain ground because they are doing the work that governments and the banking system have ignored.

[Salauddin1994]

Yes, nothing can be done without fiat currency there are many countries where bitcoin is not supported but many traders invest in bitcoin in which case they are able to use the money to convert fiat into currency every country has fiat and everything needs fiat currency to work. It is not possible to buy anything with crypto fiat currency is considered to be the only means of exchange for people in today's world without fiat the demand of commercial banks for deposits practically does not fall within the scope of the currency.

[thesmallgod]

For essential supplies, Bitcoin can still be used to pay for the products and services. The good thing about Bitcoin is that you don't really need to buy or own 1 or more bitcoins in order to take advantage of the benefits it offers. People easily get carried away from they hear the price of bitcoin forgetting you can get started already with smaller quantities. Once that mindset is removed, we can start pegging the price of these commodities to denominations in BTC.  No matter how high Bitcoin's price get, it would still be possible to get small denominations.

The op is talking about sustainability and not about the price alone. Bitcoin has a limited supply. The earlier adopters holds the highest numbers of coin. However, the concept of halving which I do not know truly maybe it reduces the total supply of the bitcoin. I generally think bitcoin is not sustainable to be used globally as the only currency due to the limited supply, increasingly high transaction fee etc. The fiat currencies we have today are being recycled and new one are minted. holistically, it is more sustainable than the bitcoin although this is because it is being controlled and regulated by the government. By further increase in bitcoin price which also increase the transaction fee, a time will come that the cost of transaction fee will be twice the price of the commodity you intend to purchase with bitcoin.

[farrellronald]

fiat currency ruling is the best for option for now. imagine the world was being managed by crypto currencies, you were living in a world were thief does not have to come to your house to steal from you. you wouldn't feel safe anymore. that is not a world i would like to live in

[Krislaw]

It won't be a problem though if bitcoin is the currency we have from the beginning. But if we have bitcoin as the main currency from beginning of the world, it might have been an outdated cryptocurrency(don't know how to out it). There will still be institutions that'll create their own currency and have a usecase attached to it.

[Nhor1011]

If ever world has only bitcoin as a currency from the beginning, I think the supply of bitcoin is not only 21Million. Of course the creator of bitcoin will also consider everything when creating this digital currency. And about the price of every commodities, I believe it has still a balance which everyone can afford to buy using bitcoin. And also knowing that bitcoin is the currency to be use everyday in exchange of fiat, for sure the value of bitcoin is not so high like now.

[dimonstration]

It won't be a problem though if bitcoin is the currency we have from the beginning. But if we have bitcoin as the main currency from beginning of the world, it might have been an outdated cryptocurrency(don't know how to out it). There will still be institutions that'll create their own currency and have a usecase attached to it.

We all have different states or country that are dealing with different currencies, bitcoin can be a good way in terms of making it useful by everyone anywhere, but we can't change how fiat works especially it's been the traditional way of Payment in many countries for so long and others are not open for any changes so bit9can only be an alternative to only those who wanted it.

[Becky666]

There was a world without the fiats currency and that generation was used to the market exchanged. They used the golds and silvers for products and services, the world moved from these errands to the world of fiats currency which we're part. Bitcoin as a digital currency will take over from the fiats currency because the WCB is making some move that will empower every sovereign nation to have it own digital currency. When this happen, the world will trade in Bitcoin and other digital currencies like we have done  to gold, silver and fiats.

[BlackHatCoiner]

A world without fiat currency? Hmm. I wouldn't say that would be good. Cryptocurrency needs something fiat doesn't. Internet. I can mention many examples of why fiat is better than bitcoin on some important spots of life. This over enthusiasm of this community has lead to the belief that fiat does always bad. Inflation is what have made it bad, otherwise it's pretty useful. You can transact without internet immediately.

I do believe that bitcoin brought us some new ideologies about money, like that it is not minted by a single authority, it is anonymous, it's not physical etc, which really helped me, personally, to understand money better.

We do forget something very important. Fees. If the whole world started using bitcoin instead of their national currency, bitcoin would be... useless... Who would pay a thousand dollars in fees? I have mentioned it several times on this forum. I consider bitcoin as a store of value, not as a medium of exchange and I do that, because it looks more like gold than dollar. Both gold and bitcoin have value because people think they should. On fiat government forced everyone to believe it has value. The fun fact is that everyone is blaming government because dollar is losing it's value. Guess what, no one told you to keep it. You can buy the analogous assets to store your value, but not on fiat. Dollar is a medium of exchange, gold is a store of value. Do you understand now the difference between fiat and bitcoin? This is how I see it.

Other cryptocurrencies, though, that have less demand and you can confirm transactions faster and cheaper, can be used for purchasing stuff. (e.g Litecoin)

The halving does not reduce the number of bitcoins. Bitcoins are not consumed. The number of bitcoins increases until it reaches 21 million. It doesn't go down.

The supply doesn't decrease. Although, the available bitcoins do and since they do it makes the currency even more valuable. (Article)

Ethereum is not centralized.

What needs cannot be served by Bitcoin that can be served by fiat currencies?

I can't buy a coffee with bitcoin. And even if I can, I won't pay it $2, but more than double. If the coffee shop wants at least 1 confirmation then I'll also have to wait some minutes next to the cash register.

[XCANA]

fiat currency is never possible to imagine the world without Fiat currency. People are able to live a normal life without the use of Bitcoin because many people have no idea about the use of Bitcoin. But Fiat is never possible without currency Introduction of Fiat currency in every occupation including livelihood and employment. Improving the country's economy is not possible without the introduction of Fiat currency. People will be hindered in every work and the central banks will lose their existence. After the need for cash for education and product purchases.

Basically the topic tried portray "a world without fiats currency", how do you think?. We can live in the world without fiat currencies sincerely speaking mate, becasue the digital moment we are living in will expand to accommodate buy and sale of digital coins in smaller or smallest quantities - meaning having smaller denominators of these coins like in the fiats can enable it uses like fiats. The world without fiats will be feasible but not when the digital generation just emerge, we should wait for some years of improvement and development of this technology.

[Krislaw]

It won't be a problem though if bitcoin is the currency we have from the beginning. But if we have bitcoin as the main currency from beginning of the world, it might have been an outdated cryptocurrency(don't know how to out it). There will still be institutions that'll create their own currency and have a usecase attached to it.

We all have different states or country that are dealing with different currencies, bitcoin can be a good way in terms of making it useful by everyone anywhere, but we can't change how fiat works especially it's been the traditional way of Payment in many countries for so long and others are not open for any changes so bit9can only be an alternative to only those who wanted it.

Exactly my point. The whole world knows only fiat currencies.
The only ones that are free from centralisation are we that believe in crypto and therefore we enjoy decentralized banking. What we need is to drive to adoption so that there will be more usage.

[AniviaBtc]

Fiat is good,it plays a very important in daily transaction and if it will be wiped off is cannot just be suddenly, it will gradually be withdrawn if it's effect will not be evidently implicating, but I think they will still have to leave some underdeveloped regions, considering the illitrates, but I think very soon there will be more orientation for people to be able to embrace and use it .

It is really hard to imagine a world without fiat, I admit that.

I don't even think that we can live in a way where digital currency are controlling the way we live, especially those people in rural areas.

In the future, maybe, bitcoin will become more popular than fiat but I don't think that fiat will be phased out soon. Development are still slow in other countries due to economy so I can't imagine a world without a fiat currency circulating the market.

[shinratensei_]

As long as Bitcoin has a limited outlet or cannot be used on daily transactions, it can never replace fiat. We need massive adaptation as well as government acceptance. As of today bitcoin is viewed as an investment tool not as a medium of exchange.

Bitcoin has been creating to gave us another choice instead use the traditional economic. It will never replace fiat but bitcoin has become an option right now. Bitcoin has some advantages which are not owned by fiat.
It can become a commodity, store of value, and payment channel at the same time. I think that you will need deep research about that. It's not all people use bitcoin as a store of value but it has the same result as people use bitcoin as a payment system.

We are one step closer to the digitalization ERA when everything will be digitalized included the fiat currency itself. The worth without fiat will be the same as cryptomarket when everything was being digitalized.
People much more convenient to send stable coins wherever.

[Shasha80]

It seems very difficult to imagine a world without fiat currency, because there are many factors that make this world still need fiat currency.
Because the majority of people are not familiar with Bitcoin, and it will take a long time for everyone to really get to know Bitcoin. Moreover,
not all areas are covered by internet networks, and also many people from third world countries who cannot afford a smartphone. The biggest
obstacle is that it is impossible for the government to agree with Bitcoin to replace fiat currency, because Bitcoin cannot be controlled by anyone.
So my conclusion is that this world is impossible without fiat currency.

[Rengga Jati]

I really imagine it, the world without fiat.
I imagine how many people, old people in my country can use BTC in our daily life. I cannot imagine how my parents and grandparents use Bitcoin, I think they can't because they are too old to learn and use this., whatever I tell them, it means nothing and they will not get the point, so do the other many more people around us.

so milk price how many btc?  fuel price? rent ? and how the prices will calculated?

If there are rules about it, I believe that there will be certain calculating made by the institution or markets. however, the value may be always changing and we must be ready for that. Therefore may be different because of the pricing, calculation, and also the value of a thing.

In fact, we still need fiat whatever the condition. We maybe hate fiat and banks because they always rule anything that they like, take our money and then make complicated if we want to take them back. And here, we can't do anything because they have that big power. That is why what we can do is by making many more people aware of the crypto world and also concern about it

[oktana]

Imagining that there's this world without fiat, all I see is the world that once was(when it was trade by barter). I don't really find it bad that fiat is ruling, and if I had the chance to change that, I won't really do nothing. For now, lets be paying for s few goods and services using bitcoin. A time is coming when fiat will be forsaken.

[Asuspawer09]

now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc?  fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!



right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol   so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

and please dont comment something nonsense lets try to gather here only smart comments as this topic is important topic to know.

I guess if the world is gonna use one currency its is not gonna world in every country, It might need 1 government to circulate the currency that is not gonna work in bitcoin currency.

It's really hard to picture a world with fiat currency just because the idea of bitcoin as a currency came from a fiat currency, or we can just say that the bitcoin is just a better version of the fiat currency because it is digital.

For sure every government is gonna try to control bitcoin at some point if bitcoin is the only currency available, possible if we have only one leader around the world but it's gonna be hard to govern.

[Sapphire915]

I really cant imagine the world without fiat or physical money. Its hard to imagine such things especially that I am living in a poor country and not so digitalized... and the worst is, we have the slowest internet signal in Asia. Living in this place, requires fiat in buying our daily needs. Fiat is the mainstream currency that most locals here are using and they don't even know about digital currencies and digital payment method, so its really impossible in my place. Maybe, if I am living in a big City, its possible to think of those things because City life are way too far from the village and its more digitalized and lots of people are slowly learning the different kinds of digital payment system. Somehow, I believe that cashless living is quiet good and less hassle with just one tap of our finger and smart gadgets. Therefore, I imagined a hassle free and easy life world if there is no fiat. But, still we will realized that fiat can never be replace for now...people are highly relying on it.

[kolbalish]

It is really hard to think of a society without a fiat currency because we are living in a generation where we are used to paying with both fiat and digital currency. But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value. If it is the only thing that can be used for payment and there's no other option then bitcoin will not be the same as Gold that can be preserved its price. Bitcoin will be the fiat in that world and people will just look at it as normal money.

You're right. We can't imagine a world without fiat currency. Unthinkable to operate without Fiat. Bitcoin and all other currencies are not omnipresent. But Fiat is at a standstill everywhere. All the endeavors of daily existence, even bank transactions and the rest of the endeavor are performed by Fiat. Fiat is stable and must be used.

[witcher_sense]

Imagining that there's this world without fiat, all I see is the world that once was(when it was trade by barter). I don't really find it bad that fiat is ruling, and if I had the chance to change that, I won't really do nothing. For now, lets be paying for s few goods and services using bitcoin. A time is coming when fiat will be forsaken.

Before fiat, there was money called "gold coins and silver coins". They emerged on the market as an useful commodity to facilitate barter deals. Everyone was ready to accept money in exchange for their goods, because of high demand for money as commodity. Today's system is akin to that we had before except that money is different. It is controlled and printed by governments, has no intrinsic value, and is demanded only because it is the only legal tender on a given territory and accepted for paying taxes. Otherwise, we wouldn't use it because of its drawbacks such as unlimited supply, gradual debasement, falling purchasing power. In short, it doesn't allow us to make effective savings but incentives us to spend as quickly as possible. We can store our wealth in gold, but gold is not perfect for that due to its physical characteristics. It is heavy, hard to transport, very expensive to store safely, it can be seized by government. Bitcoin, on the other hand, while being digital (can't be used for industrial and jewelry purposes), has all the advantages of gold and none of disadvantages of fiat. It is a perfect currency to replace fiat.

[carlisle1]

It is really hard to think of a society without a fiat currency because we are living in a generation where we are used to paying with both fiat and digital currency. But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value. If it is the only thing that can be used for payment and there's no other option then bitcoin will not be the same as Gold that can be preserved its price. Bitcoin will be the fiat in that world and people will just look at it as normal money.

You're right. We can't imagine a world without fiat currency. Unthinkable to operate without Fiat. Bitcoin and all other currencies are not omnipresent. But Fiat is at a standstill everywhere. All the endeavors of daily existence, even bank transactions and the rest of the endeavor are performed by Fiat. Fiat is stable and must be used.

Well this will only in a short time but once people and the world adopted formally the online currencies like PayPal,Paymaya or even Cryptocurrencies?surely Fiat will gone and all the payments will be made via online then.
actually this may take time but in the end Online will won in this battle because we can see it now that most of us are looking to pay via electronic currencies than physical money.

[Bitstar_coin]

Lets say hypothetically we are in such a world without fiat, everything we are buying will be price on btc and sat, i.e all the things you mentioned which equally means btc will not be pegged to any fiat and there will be no price speculation which also means btc won't have any fiat value,
that world looks like one of top Hollywood film director imagination this can only been seen in the movies because in reality fiat already taken over and will not be going anywhere anytime soon.

[Mr.sprin]

Transactions without fiat may occur in the future considering that now everything is digital, it is likely that in the future transactions will use digital currency.

[ice098]

Transactions without fiat may occur in the future considering that now everything is digital, it is likely that in the future transactions will use digital currency.

Many are wishing and hoping that someday we can use cashless transactions around the globe but I don't think it  would be possible most especially because there are people who can't afford to buy gadgets most especially those who came from an average type of state.

[odolvlobo]

Go on a trip to China and you will not have to imagine anything. People there almost don't use fiat currencies. And soon they will start using only digital yuan.

The yuan, whether digital or paper, is a fiat currency.

You (and many other people) seem to be confused about what a "fiat" currency is. "Fiat" doesn't mean that it is printed on paper.

A fiat currency is a government-controlled currency whose value is not backed by anything.

The dollar, euro, yen, yuan, franc, peso, pound, dram, ruble, rupee, etc., regardless of the country or whether they are digital or printed on paper, are all fiat currencies.

BTW, some people consider any un-backed currency to be a fiat currency, and that would include Bitcoin.

[imstillthebest]

Go on a trip to China and you will not have to imagine anything. People there almost don't use fiat currencies. And soon they will start using only digital yuan.

The yuan, whether digital or paper, is a fiat currency.

You (and many other people) seem to be confused about what a "fiat" currency is. "Fiat" doesn't mean that it is printed on paper.

A fiat currency is a government-controlled currency whose value is not back by anything.

The dollar, euro, yen, yuan, franc, peso, pound, dram, ruble, rupee, etc., regardless of the country or whether they are digital or printed on paper, are all fiat currencies.

BTW, some people consider any un-backed currency to be a fiat currency, and that would include Bitcoin.

when i was a noob i also thought that fiat was a form of paper money but no it wasnt .

it can be in any form of money that local govt's created  . considering bitcoin as a fiat is money is funny , they must remove the fiat word when they say that ( ex. bitcoin is a money ) .

 i can imagine the world without a fiat because if we look on our past we will remember that there are no invented fiat before . all done on estimations but we can experience an unfairness to that measurement . they invent fiat to make things more accurate  . theres now way fiat will be gone again

[oktana]

Imagining that there's this world without fiat, all I see is the world that once was(when it was trade by barter). I don't really find it bad that fiat is ruling, and if I had the chance to change that, I won't really do nothing. For now, lets be paying for s few goods and services using bitcoin. A time is coming when fiat will be forsaken.

Before fiat, there was money called "gold coins and silver coins". They emerged on the market as an useful commodity to facilitate barter deals. Everyone was ready to accept money in exchange for their goods, because of high demand for money as commodity. Today's system is akin to that we had before except that money is different. It is controlled and printed by governments, has no intrinsic value, and is demanded only because it is the only legal tender on a given territory and accepted for paying taxes. Otherwise, we wouldn't use it because of its drawbacks such as unlimited supply, gradual debasement, falling purchasing power. In short, it doesn't allow us to make effective savings but incentives us to spend as quickly as possible. We can store our wealth in gold, but gold is not perfect for that due to its physical characteristics. It is heavy, hard to transport, very expensive to store safely, it can be seized by government. Bitcoin, on the other hand, while being digital (can't be used for industrial and jewelry purposes), has all the advantages of gold and none of disadvantages of fiat. It is a perfect currency to replace fiat.

Your response is quite informative. Talking about advantages and disadvantages, bitcoin may have the advantages of gold and no disadvantages of fiat like you said, but it does have it disadvantages. Just that irrespective of these downsides, it's just still better than fiat and gold.

[ReiMomo]

Transactions without fiat may occur in the future considering that now everything is digital, it is likely that in the future transactions will use digital currency.

Many are wishing and hoping that someday we can use cashless transactions around the globe but I don't think it  would be possible most especially because there are people who can't afford to buy gadgets most especially those who came from an average type of state.

I don't which generation that will happen that all people were using cashless payment. But remember that not only crypto capable of cashless payment, there is also electronic cash which is you can use your debit/credit card. I guess it will take time before that will happen.

Traditional money was there how many years ago and most commonly people used it. I don't know eliminating fiat will happen soon since all people don't have personal guests. So, a whole world without fiat is useless.

[Fatunad]

Transactions without fiat may occur in the future considering that now everything is digital, it is likely that in the future transactions will use digital currency.

Many are wishing and hoping that someday we can use cashless transactions around the globe but I don't think it  would be possible most especially because there are people who can't afford to buy gadgets most especially those who came from an average type of state.

Fiat or paper currency would really remain and its just hard to believe that we would all transitioned to cashless basis and the thing you had mentioned is one of the possible reason
on why we cant really just head up there.We do already had cashless transactions but doesnt mean that it will wipe out the paper ones and as long the government do exist
then its impossible to think that they would really be removed soon.Its good to have some cashless society but the reality will really make not happen because not
all will really able to deal with it.Not all does have device and not all are literally knowledgeable when it comes to tech.

[Twentyonepaylots]

A world without fiat currency and is primarily run by bitcoin wouldn't be too different from the world we live in today. A milk carton will still cost tye same as everywhere else because value are just arbitrary qualities we imposed on objects to signify its relevance, only change being secure transactions, and a much more independent way of spending money.

[emmybd]

Fiat money is government-issued currency. Fiat currency gives central banks greater manage over the economy. Fiat money was introduced as an alternative to commodity money and representative money. US dollar,pound sterling,the euro are known as fiat currency. We call it fiat currency as it is accepted by all of us because government says that it's legal tender.There are around 180 fiat currencies.
Fiat currency only has value because the government maintains that value. Fiat currency has a risk of losing it's value in the event of hyperinflation. The main problem with fiat currency is that while it is generally seen as more stable than commodity-backed currencies,it can be collapse under the wrong circumstances. Fiat currency is an exceptional. But by properly managing fiat currency it can serve the society better than a commodity currency.  
Fiat currency is an alternative of commodity currency as a result we can live without fiat currency. But fiat currency gives strength to our economy. It supports our economy. If we use fiat currency sensibly it will help in the progress of the world. So, it will be difficult to think world without fiat currency.

[Digitalbitcoin]

now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc?  fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!



right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol   so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

and please dont comment something nonsense lets try to gather here only smart comments as this topic is important topic to know.

Human is only the intelligent animal of this planet, and this is proven by its own inventions and discoveries.

Fiat currency was neither been just created, even its spread to maintain the system.

In today's world, the human is becoming more selfish than ever before, don't even care for enviounment.

Every physical object costs something, which is counted in money. Humans understand this with their own intelectuality.

No school teaches what is money, rather schools are designed to enhance student's life by enriching their own understandings and learnings to earn money with skills which they have.

[Darkelf11]

Transactions without fiat may occur in the future considering that now everything is digital, it is likely that in the future transactions will use digital currency.

It is possible but I haven't foreseen yet our world without fiat currency. I know that we are now transitioning into the digital world but fiat currency being banished from this world will surely make a lot of adjustment because as the fiat currency rules over the years, it surely had make a great impact to everyone. Digital currency is better considering our state but it needs a lot of research for that to happen. We may experience either a bad result or a good one if we truly live without fiat currency.

[n0ne]

Most of the countries have begun to endorse cashless transaction, as a part lot many changes have been taking place in the financial system.

The pandemic helped it for a bigger level with people avoiding touch and making use of digital transactions.

Through one way or the other the digital growth is getting more and more importance. Years back this wasn't possible, because people weren't used to it. Now people are in a situation to use it, and has found it to be easily accessible than traditional fiat. We can imagine a world without fiat, but the same won't be effective in reality.

[OrgonePyramid]

I will prefer a world without any kind of currency

[wiss19]

First of all I want to say that we are all aware that such is not going to happen.

But, since you said it’s an imagination, well then let’s just imagine that the government chooses cryptocurrency Bitcoin as the main currency, first I don’t think that they are going to leave it to have a limited supply, they are going to make it be like fiat; it is going to become something that they themselves can control and print/mine at anytime they want, and it’s no longer going to be miners mining the cryptocurrency and devs determining how many coins we will have.

[ReggieBush]

It's a glorious thought indeed

[Smartprofit]

now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc?  fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!



right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol   so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

and please dont comment something nonsense lets try to gather here only smart comments as this topic is important topic to know.

There is a limited number of bitcoins in the world.  Their number will never exceed 21,000,000 coins.  

In the Aftertime, hodlers won't sell their bitcoins.  They rent them out.  Let's say I want to implement a business project.  I go to the bitcoin holder and present my business plan to him.  If he approves my project, he will give me his bitcoins.  This allows me to implement my project (as a Layer 2 solution on top of the Bitcoin mainnet).

I am issuing project tokens. I give part of the tokens to the bitcoin holder (lease payments).

Some of the tokens are my profit.  Another part of the tokens is the salary of my employees.

[anonimogmr]

It is impossible with Bitcoin in its current state. Even if we put aside the problems of huge fees, volatility, no privacy, imagine a global currency with limited supply. Now imagine you are living in a pandemic where people are put in a lockdown, some lose jobs, others can't work, others are dependent of the state(?), etc. Now there is no entity to print Bitcoin to give a boost to the economy, unless we change the code, those in need simply will have nothing. Those with the most Bitcoin will just hold, which eventually will lead to rise the value of Bitcoin giving no hope to the poorest, it will become more and more centralized with time.

Well, this was just a quick thought but the more and more I think about it the more I realize that Bitcoin in its current state would just bring more problems than solutions.

[concept2]

You have your point. It is hard to convert bitcoin into our daily needs. Especially when bitcoin keeps going up and up. When bitcoin reaches $100000, the fee will firmly be higher than a bottle of milk. And we do not want to wait our transaction to be confirmed. And it will be a nightmare if our network gets stuck with numerous transations.

However, it is not necessary for bitcoin to become our currency. People consider bitcoin as something even more value than just a type of payment. Many looks at it as a type of investment which create money over time. Being wealthier is their main target while using bitcoin. Some says that bitcoin is a tool to help them against the inflation and central banks while others try to avoid tax with bitcoin. As bitcoin grows more, it becomes similar to gold which is the most trustful asset in the world. And I believe that soon, bitcoin will become the most valuable asset which competes directly to gold.

But we do not need to worry much about this issue. There are hundred cryptocurrencies awaiting to be adopted and recognized. They have more power, larger supply and you can even split them to much much smaller part. Fees are also lower and the blockchain are much more faster. At the moment, Banks and fiat are controlling the economic system but our world are fast developed. Things change rapidly in just couple of years. Therefore, I believe those coins have the potential to replace fiat at some levels and if we have enough forces and power, crytpo can change our current fiat world

[Renampun]

I can't imagine what would happen if there was no fiat currency...
Long before fiat currency was determined, ancient humans used a barter system between goods in transactions, if bartering between goods was still practiced it would have been difficult. I am very happy to imagine in the future we transact using cryptocurrencies.

I will prefer a world without any kind of currency

so with what you will transact... 

[Josefjix]

This can only be achievable in imaginary state, Bitcoin transaction fee is higher than a bottle of milk in my country, how would every goods be measured with respect to Bitcoin when the price isn't stable? What of its deflectionary altitude? In as much as fiat have a lot of flaws they are needed, Bitcoin can't really replace their true purposes. It would be hard to even evaluate and tag prices of goods simultaneously because of different goods have different qualities and their prices vary from locality to locality and location to location.

[Reatim]

This can only be achievable in imaginary state, Bitcoin transaction fee is higher than a bottle of milk in my country, how would every goods be measured with respect to Bitcoin when the price isn't stable? What of its deflectionary altitude? In as much as fiat have a lot of flaws they are needed, Bitcoin can't really replace their true purposes. It would be hard to even evaluate and tag prices of goods simultaneously because of different goods have different qualities and their prices vary from locality to locality and location to location.

i can feel your sentiment here mate because in times like this when the fees are really getting higher as the congestion is in blockchain and the miners are taking advantage of the situation.
I think Fiat will always remain in our living though crypto is surely bring a Big part in future as the transaction will mostly happen online.
and physical payments will be limited and shorten .
Maybe in the next couple of years surely groceries will be paid via online wallet so what is the need of fiat that day.

[Serious475]

now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc?  fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!



right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol   so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

and please dont comment something nonsense lets try to gather here only smart comments as this topic is important topic to know.

Having a world without fist currency or what we called occurance of mass adoption is a very wonderful thing because we can minimize the currency crime and all the country will be having a good improvement. Those people who doesn't have a job will also be having a chance to have one. Everyone will be having a chance to earn. We can also avoid spreading of different diseases because we don't need to physically contact when we are having a payment transaction. We can also give money our family wherever we are as long as we have internet connection.

[kentrolla]

Fiat is something where the government's can't keep a full stop for that because the majority across the globe of using digital payment would be nearly 5 - 10%. Also think about those who are uneducated and daily wage labour? That's quite strange to think.

I think it's quite impossible there are lot of challenges for this and I don't think it will work out.

[Eureka_07]

Well even though there were no fiat currency existed, that does not mean that bitcoin will be the dominant currency in the world.
But of course, there's a big chance that bitcoin will do, however there are still altcoins that beats bitcoin in terms of volume.
If there will be no fiat in time where cryptocurrencies such as bitcoin exist, that would be a huge shift to new monetary era.

<snip>
so milk price how many btc?  fuel price? rent ? and how the prices will calculated?
<snip>

As you know it, since bitcoin's value is not fixed, expect that the price of that products you've mentioned will also not be fixed in terms of bitcoin.
There are stablecoin that are existing, they could be the new fiat with other definition that isn't backed up by the government.

[NelfiNovita]

Bitcoin goes hand in hand with fiat currencies because bitcoin feels valuable because we compare it to fiat currencies. if the fiat currency no longer exists then the economy and trading system will be in chaos, traders will be confused about pricing their merchandise because 1 Bitcoin is too expensive, there will likely be a gap in the price of goods across the country. So, I think fiat currency is really needed in this world.

[taufik0911]

what I imagine is like in ancient times when Muslims still use the dinar currency, which is the most stable currency and also has a very valuable value.
That is the time when the economy is most advanced in my opinion and the same thing will happen when bitcoin is an international currency bitcoin will be very stable and it will be great fun traveling anywhere without exchange rates

[sayaya17]

Sometimes any transaction using a digital currency is more practical. Just by bringing an android or handphone, we can already do any transaction.
Even in many countries that have not legalized bitcoin, its citizens want to make various transactions using crypto to be more efficient.
But we also have to think about his weaknesses. That the digital currency bitcoin or other crypto is often the target by hackers.
This incident has happened a lot and harmed many people. Hacking can happen and take all the money that’s in it.
Digital theft is harder to catch than conventional.

[shield132]

now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc?  fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!



right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol   so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

and please dont comment something nonsense lets try to gather here only smart comments as this topic is important topic to know.

People will say whatever they want and don't be surprised if their words aren't backed by arguments, most of them post nonsense, just to post.
First of all, we define bitcoin's value into USD, right? This means that bitcoin doesn't have independent value, we don't measure USD, EURO or other currencies in Bitcoin, instead, we measure bitcoin in USD, EURO. If snickers cost one dollar, then we will pay bitcoins equal of 1 USD and not opposite, we don't define snickers value as 0.0001 bitcoin for example.
Who roles the world? Those who have a lot of money and such people are smart too, same applies to the situation that you imagined. In any way, current model of bitcoin doesn't meet our standards and I think we wouldn't have such standards because first of all not everyone has access to modern technologies and internet.
And stablecoins wouldn't exist the way they exist right now if we define everything in bitcoin instead of fiat.
Making bitcoin the major currency is a cascading waves of change...

[budi691]

if Bitcoin is used for everyday life what about the transaction fees?
when buying a box of milk it will be charged a transaction fee whether people want to use it,
they are comfortable with Fiat money without transaction fees

[MWesterweele]

if Bitcoin is used for everyday life what about the transaction fees?
when buying a box of milk it will be charged a transaction fee whether people want to use it,
they are comfortable with Fiat money without transaction fees

Honestly speaking I can't even imagine living everyday without fiat because it is the traditional way of paying or purchasing something and besides we used to pay or buy something through fiat and for me it is very impossible use bitcoin or any other crypto currencies when paying or buying something because not all of us are techy most especially the old people. Don't know how to use technology so how they can use cryptos currencies for their daily living?.

[chip1994]

now lets imagine world without fiat currency.
lets say we use bitcoins.

right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol   so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

I think it will be the universal currency that is recognized and used by the world, and it will certainly be paid through Bank or credit card. It's quite similar to fiat but it's non-physical.
how to form it is to create an online payment largest channel can connect to all network operators worldwide.
Especially it is not a form to trade but only to buy and sell according to needs.
The next step will be to choose the world's most prestigious central bank and it is the most important financial institution. To do this monetary revolution will have to go through many stages of politics, I know it is quite difficult but this is the fastest way to develop a new currency. how do you think about this way?

[milani]

Even there wouldn't fiat currencies, but there will be some national digital currencies that will lead the national economy. So everything will be calculated via national currencies. Milk price, fuel price, or rent supposed to calculate via national digital currency. It couldn't be fixed at the BTC price since it's much volatile. We can't stop volatility due to huge demand if in case there is no fiat (real) money. There should be something to measure the Bitcoin price, which is stable. Then all product prices would be fixed into that and pay bitcoin accordingly.

Yes, it is quite hard to imagine something like BTC or ETH completely instead of fiat money. I mean it would be collapse. Something digital but controlled by the governmental institutions is required. For example taxes - to pay taxes in BTC for example is just hardly imaginable thing. Or salaries and lots of alike things. And it should be total digitalization throughout the whole world including those territories where people even do not know what the Internet is, and lots of pensioners should use those digital gadgets easily in order to buy some potatoes or onion on the market.

[skarais]

If snickers cost one dollar, then we will pay bitcoins equal of 1 USD and not opposite, we don't define snickers value as 0.0001 bitcoin for example.

Of course, and we'd be charged a transaction fee to pay for that $ 1 item. Indirectly, people have to bear more money to pay for good if they use bitcoin as a mean of payment. Some people may not really care about transaction fee, but I'm sure not all bitcoin user are the same. So far, fiat is still very helpful for me to pay for good because our country prohibit the use of bitcoin. But it is possible that I will still be able to use bitcoin in the future even if it is still prohibited.

Although bitcoin is not yet up to the standard that can be used as a currency globally, I believe its adoption is increasing and will continue to grow. I can't imagine what it would be like to go through a day without fiat, it's so hard right now. Limited knowledge, regulation, and transaction fee are several factor that cause people to still want to use fiat as a means of payment.

[Inkdatar]

Bitcoin goes hand in hand with fiat currencies because bitcoin feels valuable because we compare it to fiat currencies. if the fiat currency no longer exists then the economy and trading system will be in chaos, traders will be confused about pricing their merchandise because 1 Bitcoin is too expensive, there will likely be a gap in the price of goods across the country. So, I think fiat currency is really needed in this world.

This is the reality we need fiat currency and there are other people doesn't know yet Bitcoin and its importance. We cannot deny the fact that bitcoin is limited in use for example in a certain country it cannot be in exchange to goods and services yet or no merchants yet for bitcoin. Actually I can't imagine living without fiat currency from the start we get used to it. However, in Bitcoin a lot of improvement to be happen in this platform and hopefully there would be more acceptance and this can be use globally.

[serjent05]

Barter system already exist even before fiat currency were created.  So it is not new even if fiat become obsolete in the future and only BTC is available.  People will then trade goods with goods, that at least neutralize the possibiliy of large BTC holders monopolizing the world economy.  Besides, I am sure smart people will make their work their way around this threat creating another cryptocurrency that is more evenly distributed to each citizen of the world.

[Josefjix]

i can feel your sentiment here mate because in times like this when the fees are really getting higher as the congestion is in blockchain and the miners are taking advantage of the situation.
I think Fiat will always remain in our living though crypto is surely bring a Big part in future as the transaction will mostly happen online.
and physical payments will be limited and shorten .
Maybe in the next couple of years surely groceries will be paid via online wallet so what is the need of fiat that day.

Not sentiments but logic and simple intuitive understanding of economic values and norms. There has not been rules set aside buy entrepreneurs, wholesalers, retailers and agreed by consumers on how many Bitcoin is to be charged for an item so, the whole imagination doesn't have a definite direction to ascertain it's reality.

 Let's say  a bottle of milk in Nigeria is ₦326.43 that's approximately $0.86 what is its Bitcoin value? 0.000067 Satoshi. What doest it cost to send the Bitcoin to the retailer? $3-10 worth of Bitcoin depending on the priority used by the sender/consumer. It further cost the buyer extra $ that should have been avoided using fiat currencies. So in this aspect if cryptocurrencies are to be used in replacement of fiat for everyday transactions they should be cryptocurrencies that have little or no transaction fees.

[carlisle1]

Yes we need fiat!!

So Now you will Stop Imagining the World without Fiat?as What you mentioned on the Title of Your own thread 

Well It is clear that The world now May Need Bitcoin and Cryptocurrencies that is given,But also We Need Fiat as this was our First Payment tools since then.

Never expect that Overnight people will just transfer in using Digital Money when they are still in doubt.

It takes Time ,Bitcoin is running 11 years now so why not wait for another 11 years?but of course this won't take that long Before we finally Get the respect and trust of the world.

[Mr.sprin]

a world without fiat currency there has been exchanging goods for goods and exchanging goods for gold and silver. I have never been surprised if there is a discussion of this world without fiat money.
if the world was without fiat money maybe digital currency would never exist.

[mezzaluna]

now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc?  fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!



right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol   so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

and please dont comment something nonsense lets try to gather here only smart comments as this topic is important topic to know.

Of course it is possible. Did you even study history? Everything started through Barter Trade. Things that you want can be traded into another equivalent that can either be a service or another item. There are also things that you can gain even without having Fiat Currency since some people only need skills from other people. The development of Fiat Currency was only there since some countries started creating Dummy Money. They place the value of this money and then now developed into something valuable resulting into paper money.

[MCobian]

There is no need to imagine a world without fiat currency, because I believe fiat currency will always exist.
It is impossible for the government to replace fiat currency with Bitcoin. Because it makes more sense fiat
currency and Bitcoin go hand in hand, because they are closely related. I can't imagine fiat that has been
in use for thousands of years disappearing and having to be replaced by Bitcoin which is only 11 years old.

[jademaxsuy]

Well, if fiat currency is complete out of the medium of transaction then everything will not be good. This because fiat currency is the medium that can measure the exact value of goods being traded. Like the old days where barter is very common the exchange of goods that takes place is not as good as without fiat currency. Now, if you are thinking about replacing fiat currency with digital currency then it might not be good either. There should be no absolute system that can be effective like absolute decentralization is not effective likewise with the absolute centralization is not good either. The best thing to do is to mixed system up like having digital currency like bitcoin with fiat currency. If you wishes to save your money without getting beat up with the inflation rate then it is good to store as bitcoin as an asset or reserve money. It will be that effective in your part that you can somehow get out of the fiat currency problem which is the inflation rate.

[ILuckyGuyI]

I think there will be centralized digital currencies replacing fiat in the future, not Bitcoin. Most governments wouldn't like to make a volatile cryptocurrency as their main currency instead of fiat. For example, China developed its own digital currency and I wonder what the results will be. If the results become good, then we could start using digital currencies earlier than we expected.

[Yatsan]

Imagining life without fiat currency will now be another challenge to be faced by the people for another adaptation is needed to be able to be flexible on society and economy works on changes which will be hard at first since many people have already been familiarize on using fiat since it is being used for many years even before the existence of this generation that we have right now. But since we are already facing the age of digitalization that have been strengthened and came out of trial because of the current situation that people are becoming familiar on doing cashless transaction using digital, people can surely adapt once we shift from traditional going to crypto which can be centralized or decentralized currencies depending on the country adaptation of coming up to create a national digital currency once decided to come up on abolishing or eliminating fiat currency usage. Actually we practically do not know what can literally happen we are just imagining the possibilities but the execution will be a very hard challenge to be done for fiat became a part of an individual's daily life situation already.

[Zalfa_mui]

It seems that soon fiat currencies will be replaced by more sophisticated ones, whether it's bitcoin or what is clear that the future will be more sophisticated than now, humans will be spoiled with modern facilities, it's just a matter of time, but to be honest I prefer to transact with  fiat money because I'm in the countryside, a lot of people don't know bitcoin

[Maestro75]

Fiat money is not the only one for transactions, previously using gold and silver as a medium of exchange whether you have forgotten or you don't know it yet.
imagining without fiat money is not just imagining but has been done in its day.
bitcoin is only a few years old but gold and silver have been used as a medium of exchange for a long time.

May be OP has not read part of human history when goods and services was exchanged for goods and services too in the market and other places because humans did not have fiat currency then. You take your cucumber to the market and exchange with a seller who has the type of vegetables you wanted. That was how humans traded until fiat currency was discovered like bitcoin is discovered today in our civilization.

[Astvile]

Without fiat currency back then you can buy goods from another with the barter system or the trading system. A world without fiat now I think is already feasible and possible in the near future. Technology develops in rapid phase, sooner or later we will see all things gets processed digitally. This is already happening right now, banking online and paying goods using barcodes and ewallets.

[rodskee]

Well, the question is how can we purchase the bitcoin without the fiat? how can we do exchange or trade?. Fiat can never be disappeared from the world it's still vital for us.
We can not pay $2 of the exchange charge for each Coffee we purchase.

By the time adoption happens.we need not to buy Bitcoin because Bitcoin will be the currency that circulates ,You work then compensate with bitcoin,You have product?then will pay bitcoin.

We need both fiat and bitcoins, fiat can survive without bitcoins because legislatures and banks are taking care of it, where bitcoins can never get by without fiat.
There's nobody behind the bitcoin so disappearing the fiat will be a moronic thought

Fiat need not to disappear because surely some merchant will still want's their transactions by fiat but at least optional with Bitcoin .

[doomistake]

When the time comes that there will be no fiat anymore, people will have no choice but to adapt cryptocurrency so there is no one that's gonna left behind. Maybe we're still going to think about how pricey is the fee in every transaction we're going to process every single day, bulk buying will be a trend I guess to save Bitcoin. Also, you don't have to worry about the world getting bankrupt or something if Bitcoin supply is going to be zero.

I'm sure in the near future, Bitcoin will be replaced by another legendary coin that's gonna be made by someone as great as Satoshi Nakamoto.

[_Miracle]

Let's imagine a world with decentralized systems.

[witcher_sense]

I think there will be centralized digital currencies replacing fiat in the future, not Bitcoin. Most governments wouldn't like to make a volatile cryptocurrency as their main currency instead of fiat. For example, China developed its own digital currency and I wonder what the results will be. If the results become good, then we could start using digital currencies earlier than we expected.

There is no difference between fiat money and centralized digital currencies because both of these are being issued by central banks, governments, in fact, by decree. Both are fiat money, the supply of which can be easily inflated and controlled. Are you wondering what the results of China issuing their digital currency will be? In my opinion, CBDC will allow the government to impose an inescapable cashless society, which in itself is not a bad thing since we are living in a digital world and have already become used to credit and debit cards. The problem is that governments don't want a cashless society based on sound, decentralized money such as Bitcoin, because in this case, they can control neither bitcoin nor people willing to use it in transactions.

[Crptomagma]

I’m still imagining a world without fiat just bitcoin and bitcoin alone for every transactions and sales of every product both luxury items and local commodities. At these point I don’t see any major problem because bitcoin is also a currency and can do exactly what the fiat currency would do, and I’m not being bias with my statement or being sentimental. The world basically has moved from the industrial or agricultural age to the information and technology age... bitcoin is a technology so using only bitcoin is still taking advantage of the modern technology to acquire or invest in whatever please us.

The problem here is that a lot of people thinks bitcoin can only be gotten in high quality and don’t any possibility of fuel or any other basic commodity been sold with bitcoin but it’s also important we understand that bitcoin can be in small denominations. Bitcoin price as a currency will continue to rise and fall but items of small price can still be purchased using small bitcoin denominations.

[taufik0911]

I’m still imagining a world without fiat just bitcoin and bitcoin alone for every transactions and sales of every product both luxury items and local commodities. At these point I don’t see any major problem because bitcoin is also a currency and can do exactly what the fiat currency would do, and I’m not being bias with my statement or being sentimental. The world basically has moved from the industrial or agricultural age to the information and technology age... bitcoin is a technology so using only bitcoin is still taking advantage of the modern technology to acquire or invest in whatever please us.

The problem here is that a lot of people thinks bitcoin can only be gotten in high quality and don’t any possibility of fuel or any other basic commodity been sold with bitcoin but it’s also important we understand that bitcoin can be in small denominations. Bitcoin price as a currency will continue to rise and fall but items of small price can still be purchased using small bitcoin denominations.

what I imagine when bitcoin is an international currency without fiat is a very expensive transaction fee I think and transaction confirmation is a bit slow except using internal transactions on a platform, for example an exchange wallet which only takes a very short time and also almost no transaction fees In my opinion

[Ucy]

I think it will be necessary to also base the Prices of goods and services on currency or something that's fairly stable while deflationary currency is used mainly as Store of Value. In this scenario, prices of goods and services will be stabilized around the stable currency and   things would be getting cheaper while a deflationary currency increases in price.

No need taking away the deflationary feature.
It protects people's funds from inflation. It is a good thing.

[kentrolla]

When the time comes that there will be no fiat anymore, people will have no choice but to adapt cryptocurrency so there is no one that's gonna left behind. Maybe we're still going to think about how pricey is the fee in every transaction we're going to process every single day, bulk buying will be a trend I guess to save Bitcoin. Also, you don't have to worry about the world getting bankrupt or something if Bitcoin supply is going to be zero.

I'm sure in the near future, Bitcoin will be replaced by another legendary coin that's gonna be made by someone as great as Satoshi Nakamoto.

Is there a possible substitute for bitcoin? Also do you think there will be high demand like BTC had? That's quite impossible, people are not so blind to jump in any asset without trust. BTCs main motto was to make transactions easier while introducing it to world Satoshi never thought it might turn as a business. It would say the demand and people atmosphere changed it to give more importance to bitcoin. Also Fiat will definitely be till the world ends and it's bery essential for those who are uneducated, think about it.

[Mike Mayor]

"so milk price how many btc?  fuel price? rent ? and how the prices will calculated?" Exactly the same way fiat prices are calculated right now. Something is worth something because someone says it is.

"and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?" This has been happening with fiat since it was created. Nothing new.

"so your skills or value in society dont count only matters who go the most of the bitcoins?" wtf?? No, you would use your skills to acquire bitcoin. Just like fiat. 

"bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?" That's not what halving means go do your research.

"stable currenies??" How can there be stable currencies if there is not fiat?

"so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?" The digital currency will take over. It's not that hard to believe.

"well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!" Why is that? They both currencies and that is their purpose.

"how we are going to control the money supply how big quantity of currency is in circelation?" Do you know what decetralise means?

"if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D" You tell us not to reply with nonesense but then you say this.

"and how it will be backed?" What does backed mean? Money is valueless in itself.

[wilkine]

Fiat money is not the only one for transactions, we can still exchange one commodity for another

[blckhawk]

It seems possible for some cryptocurrencies to replace fiat currency but I don't think Bitcoin would be perfectly fit on that, perhaps a crypto coin that is more stable is much appropriate for that part. Bitcoin is volatile and there's a possibility that it confuses the normal users because of prices changes over time. This could be comparable to using gold as a means of payment but it would be difficult for most people to go back in that way due to fact that they are more comfortable and accustomed with fiat. Besides, I don't think the government will allow this as their mainstream mode of payment.

[peter0425]

Fiat money is not the only one for transactions, we can still exchange one commodity for another

Well that's why Fiat has been created because of that Bartering,since not all that we wanted can be provided by someone that needed our product so the trading took time before the individual finds the one suits for him.

though until now bartering is in use but only in limited occasion not like fiat or soon Crypto that everything we need can easily be provided as the availability can be always access .

[Tahsin Kabir Kollol]

First of all, it is not possible for people all over the world to use Bitcoin together because using Bitcoin requires technical skills and tools. Moreover, a part of the people in every country are uneducated and have no technical knowledge, so it is not possible for them to use Bitcoin. On the other hand, the use of internet technology is mandatory for bitcoin transactions, so it may not be possible for everyone to transact through it. Moreover, due to the high fee of Bitcoin transactions, transactions in Bitcoin will be very expensive and in many cases impossible in the case of buying and selling low-priced goods. So it is not very reasonable to think of the world without the current currency, but it may be possible with the advancement of future technology and science.

[XZERO1]

so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?

I don't like to imagine a day that only one currency is being used in the world, no matter what that one currency is.

Instead of that I'd like to see a variety of different cryptocurrencies totally replace fiat, it doesn't have to be Bitcoin or Ethereum, but all of them should be totally decentralized currencies with great security and privacy features that people can trust, because I believe using only one currency in one country or even worse in the whole world can create many other problems which you already mentioned the good part of it.

So the most important change that should happen sooner or later is moving from fiat currencies that are controlled by governments and their banks to cryptocurrencies that are controlled by their own network which is about as decentralized as it gets.

[Jeger.Kiting]

Surely we will return to a civilization where everyone transacts with silver and gold, if we imagine that fiat currencies do not exist in the whole world, surely the concept that is applied to bitcoin will work well and facilitate the growth of Bitcoin, because there have been many major changes and technology is growing rapidly at this time, and we are also required to use fiat currency, so we must follow the government procedures that our government has prepared to use fiat currency for exchange or transactions, but in fact we are in line with fiat currency and currency digital which is called Cryptocurrency, as a transactional tool for us today . . .

[chanler]

If the world is without fiat, I am not sure that Bitcoin and crypto will exist. They exist because one of them is that they want to renew the currency of the world, not using the bank system that really kills the users sometimes. this is created at first as a form of disappointment with the banking system and its fiat.
And The condition will be a barter system. Where you can get other goods by using other goods. back to the past life.

[NeilLostBitCoin]

First of all, it is not possible for people all over the world to use Bitcoin together because using Bitcoin requires technical skills and tools. Moreover, a part of the people in every country are uneducated and have no technical knowledge, so it is not possible for them to use Bitcoin. On the other hand, the use of internet technology is mandatory for bitcoin transactions, so it may not be possible for everyone to transact through it. Moreover, due to the high fee of Bitcoin transactions, transactions in Bitcoin will be very expensive and in many cases impossible in the case of buying and selling low-priced goods. So it is not very reasonable to think of the world without the current currency, but it may be possible with the advancement of future technology and science.

Indeed, it is impossible for every country not to have fiat, there's a word called evolution and innovation, sooner or later in the past years of course they will see and think of this fiat to be created so fiat will always be there, maybe soon crypto will be fully recognized but fiat will not be replaced.

[Xinarae*]

If the world were to be imagined without the Fiat currency, the government would suffer the most because the government cannot control any currency other than the Fiat currency because they are decentralized. Therefore, the government will never allow the adoption of any currency other than the Fiat currency. bitcoin is one of the most lucrative currencies in terms of investment, but Fiat is the most widely used currency in the world. The whole work takes a fiat coin. For this reason, despite the introduction of Bitcoin, Fiat is more acceptable.

[Mike Mayor]

First of all, it is not possible for people all over the world to use Bitcoin together because using Bitcoin requires technical skills and tools. Moreover, a part of the people in every country are uneducated and have no technical knowledge, so it is not possible for them to use Bitcoin. On the other hand, the use of internet technology is mandatory for bitcoin transactions, so it may not be possible for everyone to transact through it. Moreover, due to the high fee of Bitcoin transactions, transactions in Bitcoin will be very expensive and in many cases impossible in the case of buying and selling low-priced goods. So it is not very reasonable to think of the world without the current currency, but it may be possible with the advancement of future technology and science.

You don't need technical skills. Crypto is easier to use than fiat. My bank card expired the other day so I had to drive all the way to the bank wait in line then be helped and then get issued a new one. What a pain!!
Crypto you don't need to do any of that you just need to rely on yourself. You need to check 5x before sending any transactions to make sure everything is 100% correct. If you use fail-safes & only deal with transactions when you of sound mind then you will be fine. Never ever deal with transactions when you are feeling emotional, you are bound to make a silly mistake that will cost you dearly.

[famososMuertos]

In days past someone bought a satoshi for $ 1 on an LN network. Maybe  the synergy in the opposite effect of buying pizza for 10k BTC.

What am I trying to tell you, It is that the previous paragraph summarizes your OP, it is simple is your point view in contrast to what I mention. There is not doubt that it seems that what you say makes a lot of sense and perhaps the classic "common sense" that you have abouth  information about what bitcoin is, makes you understand it to get to your OP's guess. But you need additional understanding of what bitcoin really is and how it can be developed even with or without scalability.

I think you are at the point of interpretation of understanding what you read ( concerning bitcoin)in fact, as I told you, they are common sense, yes, but in the Fiat.

Many believe that bitcoin is closing the gap between rich and poor, nothing to do with it or they think that the Fiat currency will disappear. The Fiat does not have to disappear as well as the gold, silver and many other valuable goods that exist or as simple as sterling have not disappeared.

There are people who think that bitcoin must rise in price to make them richer, it seems obvious, but every time the bitcoin unit becomes stronger, so does satoshi and that is where satoshi as a fractional unit comes into action even with the few of millions that remain.

Anyway, it is a subject with a lot of debate from the traditional Fiat point of view and the point of view of bitcoin, sometimes in that philosophical analysis that I doing I think they are like classical physics and quantum physics (keeping the obvious appreciations that exist) They coexist spontaneously so much that it is sometimes difficult to explain some things correctly based on mathematics or theoretical physics.

Undoubtedly there are things with bitcoin that we just have to wait and that the social and economic synergy in its exponential nature can define in the future and that is where we will have more precise answers to our conjectures.

[ourdo]

It is not possible for all of the world's population to deal in digital commissions ... and cutting out paper commissions ... is impossible

[erikoy]

Full of chaos, Fiat is there already and design which almost all of the exchange are being successful. There is no way we should abolish the fiat currency for this is the main reason why cryptocurrencynhad became an assey and has the value. Everytime we exchange our fiat to crypticurrency the value of cryptocurrency will change that because it has only limited supply and demand matter. However, if not with fiat currency crypto will not br tagged as an asset for its value came from the demand from its users in exchangr with fiat currency.

[Swopon]

In my opinion, there is a nonentity to imagine right immediately. Because so distant Bitcoin or any other currency has not been falsified everywhere. Fiat exists and is not something that will become extinct in the future. So for now, even if you don't imagine it.

[Argoo]

I personally cannot even imagine our world without the national currency of states.  To have an idea of ​​the value of a cryptocurrency, it must be compared with the value of objects in the world around us.  If there is no dollar, euro, pound and other currencies, how will we express the price of bitcoin?  We'll have to then in cows, horses and so on.  For example, one bitcoin will cost 10 cows or 7 horses.  However, after a few hours or even minutes, bitcoin may already be worth 10.2 cows or ten cows and one rabbit.  What if you don't need cows and rabbits?  You can, of course, evaluate everything in ounces of gold.  However, then it is necessary for gold to really go.  And in order not to constantly carry it around with you, they will again come up with safe and promissory notes, which will lead to their highest form - paper money.  Want to reinvent the wheel?  Or do you think that all previous generations of people were stupider than us?  Therefore, cryptocurrency can only be traded with the currency of states.

[odolvlobo]

...To have an idea of ​​the value of a cryptocurrency, it must be compared with the value of objects in the world around us.  If there is no dollar, euro, pound and other currencies, how will we express the price of bitcoin?...

How do you express the value of a dollar? There is no reason why you can't express the value of a bitcoin in the same way.

[bayu7adi]

now lets imagine world without fiat currency.
lets say we use bitcoins.

There are two possibilities that can occur if Bitcoin is made the main currency, and FIAT has not been found or not used or does not exist.

1. Bitcoin will be abandoned and made into a legacy currency which will be replaced by a new digital currency that is more flexible regarding total supply, transaction speed and easy to use for our grandparents.

2. Bitcoin will become king because of the many improvisations made by great people who continue to contribute to developing the power of Bitcoin and Blockchain so that it can be used comfortably. It is certain that the price will be very expensive for 1 Bitcoin, because the world economy currently has a ratio of 99: 1 with bitcoin, so Bitcoin must be prepared to be that strong in balancing very fast human needs.

[coinsolidation.org]

I think it is a subject with many edges and points to define. The first thing in the case of cryptocurrencies is to have a universal FinTech law on a regulation of cryptocurrencies that is understood as regulation a global form of economy, not control in the way of carrying out current transactions since this is one of the main current advantages.

I share an interesting post about the future of fiat currencies.

"The Bridge Between Fiat and Cryptocurrencies Is the Future Of Fintech "

https://www.entrepreneur.com/article/352185

Regards,

[AndySt]

I personally cannot even imagine our world without the national currency of states.  To have an idea of ​​the value of a cryptocurrency, it must be compared with the value of objects in the world around us.  If there is no dollar, euro, pound and other currencies, how will we express the price of bitcoin?  We'll have to then in cows, horses and so on.  For example, one bitcoin will cost 10 cows or 7 horses.  However, after a few hours or even minutes, bitcoin may already be worth 10.2 cows or ten cows and one rabbit.  What if you don't need cows and rabbits?  You can, of course, evaluate everything in ounces of gold.  However, then it is necessary for gold to really go.  And in order not to constantly carry it around with you, they will again come up with safe and promissory notes, which will lead to their highest form - paper money.  Want to reinvent the wheel?  Or do you think that all previous generations of people were stupider than us?  Therefore, cryptocurrency can only be traded with the currency of states.

Well, the market price of physical goods is not a constant thing and also has a tendency to change, because this is the essence of the market and market relations and the price in bitcoins changes hourly, because the final price of physical goods is still expressed in Fiat currencies  I absolutely agree that the national currencies of States will continue to live and live despite all the revolutions of the digital world and can only change their shape, but the essence will remain all the same. No normal and strong state will put its fate and its monetary policy in the hands of developers who have nothing to do with this state.

[Axelseseclevz]

I can't imagine it World without fiat currency is possible if government and all people in the whole world will accept a cashless payment and adopt cryptocurrency in exchange of fiat money. I think this is a little difficult but eventually people will get used to using digital currency.

[ichi]

Indeed, even there wouldn't fiat monetary standards, however, there will be some public computerized monetary standards that will lead the public economy. So all that will be determined by means of public monetary standards. Milk value, fuel cost, or lease expected to compute through public advanced cash. It couldn't be fixed at the BTC cost since it's much unpredictable. We can't stop unpredictability because of gigantic interest if on the off chance that there is no fiat (genuine) cash. There should be something to gauge the Bitcoin value, which is steady. At that point, all item costs would be fixed into that and pay bitcoin as needs are.

[newwest]

I can't imagine it World without fiat currency is possible if government and all people in the whole world will accept a cashless payment and adopt cryptocurrency in exchange of fiat money. I think this is a little difficult but eventually people will get used to using digital currency.

It does come to my dream that we are in a cashless world and bitcoin is being used everywhere, but reality speaks something else. Probably not a single country we have where each and everything could be bought with bitcoin. There may be partial things available but not all. A long way to go before it happens something like this.

[Smartvirus]

As much as we enjoy bitcoin, going cashless is going to come with lots of difficulty. Starting from network, not everyone might be technologically inclined or have needed gadget and more of things like that. Fiat really helps. Not having fiat would be more like going to out savage ways of existence. In Africa where I'm from, we were taught of the trade-by-barter system of exchange, where you exchange a commodity for a more pressing commodity like palm oil for yam and stuffs like that.
Yeah, cryptos would be in existence but, in terms where gadgets or network becomes a challenge, then what?

[Evasdiamond]

Well, A world without Fiat🤔.
Millions of Uneducated and technologically uninclined folks will be digital slaves, they will be the poorest as it will not be easy for them to venture into any kind of trade.
Most importantly, lmagine what will happen when the internet shuts down? Trade by barter! For the everyday person, some cell phone services and text messaging would be unavailable, all mobile apps and social networking sites would be down, cloud storage would be inaccessible, any pending electronic payments would fail, and more...
The world will have to Reboot and we will make our way back to fiat.

[odolvlobo]

A world without fiat currency does not mean there can be no cash, i.e coins and paper money. Just as governments and banks did when the world was on a gold standard, they can issue their own money backed by bitcoins.

[cheezcarls]

I could imagine that event will happen one day, but I might not exist that time anymore. It’ll take decades before we could see an entire country phasing out fiat money and starting off with crypto payments on a regular basis.

[heztida3]

Without a doubt, even there wouldn't fiat financial norms, notwithstanding, there will be some open automated money related guidelines that will lead the public economy. So all that will be dictated by methods for public financial guidelines. Milk esteem, fuel cost, or rent expected to figure through open progressed money. It couldn't be fixed at the BTC cost since it's much flighty. We can't stop eccentricism in light of immense premium if there is no fiat (real) money. There should be something to measure the Bitcoin esteem, which is consistent. By then, all thing expenses would be fixed into that and pay bitcoin as requirements seem to be.

[PonZZ]

I can't imagine the world without fiat. The fist form of this money was invented in 7th or 8th century, and fiat still exist. Why can't Bitcoin substitute fiat? Because the government doesn't want to loose its monopoly on money issuance.

[sapnu]

There are a lot of considerations needed before we can see the world in order with the absence of fiat. Ever since, fiat has been used to keep the world at peace although there are instances where people with power take advantage with the use of it. Fiat has contributed too with existence of cryptocurrency and maybe if it didn't exist, we won't have crypto right now. If we are thinking of revolutionizing the world with digital money, there would be lots of problems with it cause even technology is continuously innovating, it doesn't cover up each nation still.

[0t3p0t]

now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc?  fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!



right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol   so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

and please dont comment something nonsense lets try to gather here only smart comments as this topic is important topic to know.

A world without fiat currency and we only use Bitcoin as payment system I think it is a total disaster because of the demand and supply that makes the price skyrocket plus the halving supply is getting scarce. Just imagine every single person in the world uses Bitcoin and imagine the value per sats? It's the ratio of the total worlds population into Bitcoin that confused me so if you have any idea how it will work that way then please explain to me.

One thing to take into consideration is the ability of other nations to use it if we have to imagine that Bitcoin will be used as the main currency. We have first world countries who can afford to use it fully but not the third world countries because we all know that internet sucks in these countries, so using Bitcoin is not an option there maybe precious stones and metals will do. Other possible problem is that, governments hate decentralized assets.😁

[BITCOIN4X]

I can't imagine that in the future. It will be very difficult to eliminate the circulation of fiat in the market because modernization is not fully accepted by all groups. Bitcoin is a form of decentralized cryptocurrency where there is still much to be developed into a global currency to replace fiat. Regulations prevent it and fiat will not be replaced for an inconceivable time. The failure of a currency has become a history to remember, and maybe bitcoin will still be replaced with other currencies in the future with a better upgrade. I'm not sure about that, but nobody knows if bitcoin will last forever. Bitcoin is still an astonishing phenomenon in the last 1 decade.

[DECABEATZ]

that would be awesome although i dont think it will happen in my lifetime im 40. i can see a digital currency as a backup. Fiat (cash) is hard to get rid of totally. We are talking decades away before Fiat is eliminated permanently. You are talking about everyone, every business has to switch over and adopt the new digital currency. It would have to be voted on and agreed by the all ppl. Dont get me wrong I would love to see it happen in my lifetime but I highly doubt it. I say in 20 years we will start to see the beginning stages.

[romero121]

The thread title is quite good, because it perfectly mention the true meaning of imagining. We're assuming the world without fiat.

World without fiat is possible, and for the same we need adoption of bitcoin to happen in the country level. Right now it is hard to find it happen, and very few countries who prioritise technology taken into consideration of developing infrastructure for the same. Hoping for the change, but the reality can't be experienced by us. Possibly any of the upcoming generation will reap the fruits of the seed sown now.

[cryptodash4]

i imagin it will great and no onee can loss money in childhood

[sallybein987]

Imagine, the settlement currency - time...

[posi]

A world without fiat currency is possible because before the existence of fiat currency the executed their daily activities through the use of precious metal and trade by barter but if we are talking about the world where crypto replace fiat then i dont see happen now.
1) Alot of facilities still need to be put in place especially in the rural area.
2) Crypto was created as an alternative currency while fiat currency is see as a national symbol of every countries.

it will upset the public authority. It is better to have both Crypto and fiat.

Aside, from something that will upset the public authorities we both fiat and crypto.

[tsaroz]

A world without fiat as of now is possible and imminent but government would create a crypto alternative to fiat to stop people form choosing decentralized options.
Though we have imagined a utopian society with a single governance but that attempt and idea had been deemed unreasonable and unachievable many times. The problem is centralization of money, power and governance. We have decentralized money but as the governance remains centralized, they'll attempt to create their own centralized crypto.

[AjithBtc]

Once again moving back to the ancient form of living isn't gonna happen. In the past people had the mind to share, and later when upon different need people started to exchange. This practice continued towards the creation of currency and now things have gone highly advanced. People are slowly getting adopted to it.

People have been following it, and the change is happening with time. Maybe we can experience similar thing in the future, a complete change towards cryptocurrency usage without fiat.

[bakasabo]

Cant image such a world without full cryptocurrency full adoption and acceptance. Still a lot depends from regular payment system and fiat. I've tried to be a guy who uses only cryptocurrency for payments. Got Binance card as they offered automatic crypto exchange straight into my local fiat currency. As they promise "just top-up card and use it everywhere". I've done it and their card was declined everywhere, both ATM and POS terminals... Switched back to fiat...

[lifeforcepools]

I can imagine that. And we're actually a lot closer to that than you think.

[cryptoboss2020]

The fiat will stay it just we will have stable coins like usdt and usdc.


I will stack up my uadc and usdt

[cryptoboss2020]

A world without fiat currency is possible because before the existence of fiat currency the executed their daily activities through the use of precious metal and trade by barter but if we are talking about the world where crypto replace fiat then i dont see happen now.
1) Alot of facilities still need to be put in place especially in the rural area.
2) Crypto was created as an alternative currency while fiat currency is see as a national symbol of every countries.

it will upset the public authority. It is better to have both Crypto and fiat.

Aside, from something that will upset the public authorities we both fiat and crypto.

I couldn't imagine how the world would be without fiat currency because the economic of a country wouldn't worked without it. Fiat currency serve as one of the identity of the nation and also the way people could buy their needs. Which i guess if it weren't on the picture life wouldn't be easy to exchange services and goods. But it is good to know that cryptocurrency existed today which we can used it in exchanging goods

Its ok we will have   usdc usdt and pax

[gurunanakji777]

You can pay in BTC its not a big deal but I can't imagine the world without fiat currency in the present scenario. I believe if the only cryptocurrency will be there all countries will also develop their stable cryptocurrencies rather than using only BTC or other altcoins because the common man will not take the risk to buy highly fluctuating cryptocurrencies they will trust only stable cryptocurrencies.

[posi]

A world without fiat currency is possible because before the existence of fiat currency the executed their daily activities through the use of precious metal and trade by barter but if we are talking about the world where crypto replace fiat then i dont see happen now.
1) Alot of facilities still need to be put in place especially in the rural area.
2) Crypto was created as an alternative currency while fiat currency is see as a national symbol of every countries.

it will upset the public authority. It is better to have both Crypto and fiat.

Aside, from something that will upset the public authorities we both fiat and crypto.

I couldn't imagine how the world would be without fiat currency because the economic of a country wouldn't worked without it.

Countries economic will definitely work fine and it meltdown will be limited either.

Fiat currency serve as one of the identity of the nation and also the way people could buy their needs.

The digital currency which each country will create will also have national identity and this is the reason why global currency may not work.

Which i guess if it weren't on the picture life wouldn't be easy to exchange services and goods.

Yes and that's because the current crypto payment system needs to be upgraded to the level that it will be easy to make a physical transaction which why i said a lot of things still need to be put in place before we can achieve a world without fiat currency.

A world without fiat currency is possible because before the existence of fiat currency the executed their daily activities through the use of precious metal and trade by barter but if we are talking about the world where crypto replace fiat then i dont see happen now.
1) Alot of facilities still need to be put in place especially in the rural area.
2) Crypto was created as an alternative currency while fiat currency is see as a national symbol of every countries.

it will upset the public authority. It is better to have both Crypto and fiat.

Aside, from something that will upset the public authorities we both fiat and crypto.

I couldn't imagine how the world would be without fiat currency because the economic of a country wouldn't worked without it. Fiat currency serve as one of the identity of the nation and also the way people could buy their needs. Which i guess if it weren't on the picture life wouldn't be easy to exchange services and goods. But it is good to know that cryptocurrency existed today which we can used it in exchanging goods

Its ok we will have   usdc usdt and pax

It never ok mate because the USDC seems to be operated by the US government while USDT is never part of the honest stablecoin we have in the market and Pax is a centralized coin literally controlled by the US either. I think what we need in a world where fiat currency is not use is the creation of a system which will make crypto payment easy like sending a text message.

[cryptoboss2020]

A world without fiat currency is possible because before the existence of fiat currency the executed their daily activities through the use of precious metal and trade by barter but if we are talking about the world where crypto replace fiat then i dont see happen now.
1) Alot of facilities still need to be put in place especially in the rural area.
2) Crypto was created as an alternative currency while fiat currency is see as a national symbol of every countries.

it will upset the public authority. It is better to have both Crypto and fiat.

Aside, from something that will upset the public authorities we both fiat and crypto.

I couldn't imagine how the world would be without fiat currency because the economic of a country wouldn't worked without it.

Countries economic will definitely work fine and it meltdown will be limited either.

Fiat currency serve as one of the identity of the nation and also the way people could buy their needs.

The digital currency which each country will create will also have national identity and this is the reason why global currency may not work.

Which i guess if it weren't on the picture life wouldn't be easy to exchange services and goods.

Yes and that's because the current crypto payment system needs to be upgraded to the level that it will be easy to make a physical transaction which why i said a lot of things still need to be put in place before we can achieve a world without fiat currency.

A world without fiat currency is possible because before the existence of fiat currency the executed their daily activities through the use of precious metal and trade by barter but if we are talking about the world where crypto replace fiat then i dont see happen now.
1) Alot of facilities still need to be put in place especially in the rural area.
2) Crypto was created as an alternative currency while fiat currency is see as a national symbol of every countries.

it will upset the public authority. It is better to have both Crypto and fiat.

Aside, from something that will upset the public authorities we both fiat and crypto.

I couldn't imagine how the world would be without fiat currency because the economic of a country wouldn't worked without it. Fiat currency serve as one of the identity of the nation and also the way people could buy their needs. Which i guess if it weren't on the picture life wouldn't be easy to exchange services and goods. But it is good to know that cryptocurrency existed today which we can used it in exchanging goods

Its ok we will have   usdc usdt and pax

It never ok mate because the USDC seems to be operated by the US government while USDT is never part of the honest stablecoin we have in the market and Pax is a centralized coin literally controlled by the US either. I think what we need in a world where fiat currency is not use is the creation of a system which will make crypto payment easy like sending a text message.

Why You are worry about government Control?
Just think how to save Yourself don't Think about slaves save yourself now its your time to do so.

[Wipeout2097]

It'll as it were happen if the individuals in several social orders will take the modern alter and adjust by and by, I can't still envision that all of the individuals will switch to advanced monetary standards and forsake the fiat cash since it is still impossible in this current circumstance. Fiat cash have critical part in numerous economies so for beyond any doubt that the government will make a way wherein individuals will patronize the fiat cash that computerized monetary standards. According to me only few percent of individuals in my nation that are mindful on computerized monetary standards.

[goldade]

For essential supplies, Bitcoin can still be used to pay for the products and services. The good thing about Bitcoin is that you don't really need to buy or own 1 or more bitcoins in order to take advantage of the benefits it offers. People easily get carried away from they hear the price of bitcoin forgetting you can get started already with smaller quantities. Once that mindset is removed, we can start pegging the price of these commodities to denominations in BTC.  No matter how high Bitcoin's price get, it would still be possible to get small denominations.

You're actually very correct. The price of 1btc is what makes many of us believe buying and selling of goods and services with bitcoin cannot be possible. But it is only funny that we choose not to remember that the unit of bitcoin is 'Satoshi' and there is even 1 Satoshi. This means that one can buy anything with bitcoin as long as it is possible to convert its equivalence in fiat to bitcoin. That's very simple. No matter the price of bitcoin, if a bottle of milk costs $10, what is needed is to find the equivalent of $10 in bitcoin.

[posi]

Why You are worry about government Control?

I worried about the government control cause it does more harm to the people/economy than providing solution and this is the impression Satoshi had when he created Bitcoin cause what we need is a true democracy system.

Just think how to save Yourself don't Think about slaves save yoursit's now it's your time to do so.

Thinking about saving myself will only make a bad person or make their accomplice cause this is what some government officials that knew the right does when they are in the office and later support decentralization after they leave the office.
With that been said, if I save myself about the future of cryptocurrency doesn't it worth saving?

[Debonaire217]

previously, fiat currency is popular when Bitcoin wasn't familiarized with people, Right now it is equally useful to convert to any transaction anytime. I think almost all countries using this except in areas where gold is more priority, although fiat is very risky from where it is used for the short term. as long as you have more, instantly, through these sources, you can buy Bitcoin for trading, and it is valuable towards the good profit within this year.

But the fact that Bitcoin is not ready to be used by the government will make it impossible for a world without a fiat currency. We all know that most of the infrastructures and projects are made because of the taxes from the people, and without fiat, it is really hard to regulate the economy of the country, right now, a lot of government are making own way to still adopt cryptocurrency while their fiat is still strong and worthy. Anytime soon, countries might transition to cryptocurrency but still, it will be classified as fiat as it will be regulated. I think that is much better since it will provide transparency for every transaction as well as improve the speed and efficiency it.

[manfredmann]

I think I had answered this one already and being burried deep already.

Anyway, the world without fiat in my opinion is a chaos. The world now is organized due to a system like fiat currency. It may not be perfect but at least it works. However, it creates division among others like the rich and less fortunate people. This becomes the unlikely result of the system. The communist had tried to avoid this one but even in the communist country there are still caste system where rich people are on top and some that are poor considered as slaves.

[NelfiNovita]

if at this time all people on earth do not use fiat currency then we will have difficulty in buying and selling goods and services transactions.  everyone will find it difficult to determine the price of goods to be sold in the form of BTC, and if we are buying and selling with BTC then we will wait for the delivery process which is rather long.

[maculeth]

now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc?  fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!



right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol   so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

and please dont comment something nonsense lets try to gather here only smart comments as this topic is important topic to know.

Printing of fiat must also be limited by each country, because if it is printed continuously in large numbers, won't that cause inflation? why is fiat so effective than bitcoin? because every country has their own currency, while you force bitcoin to become the currency of all countries in the world? you're kidding 

crypto could be a substitute for fiat, if each country had its own coin. let's say the altcoin market is currently a lot of new coins and tokens, each country legalizes 1 token / coin for their legal transactions and is centered on 1 bitcoin as a price exchange (not that bitcoin is used by all countries) only as a reference for the market and price.

[pecson134]

It is really hard to imagine given that not all of us had a chance to use computers or mobile phones to access bitcoins plus internet connection as a barrier also. Not all can adapt to using bitcoins when ever a transaction will be made regardless of value most especially on lower social status and those on impoverished areas. For this to happen for almost all of us we need to be taught on how to access bitcoins and provide a medium for it to work.

[marcbitcoins]

BTC is a fiat currency, to the extent that it’s a currency at all. It has no natural value. The advantage of Bitcoin is preposterous. If the economy moves to Bitcoin, it would grind to a halt in a matter of hours as people waited for transactions to clear. Bitcoin can clear only a tiny fraction of the number of transactions per hour. Imagine you’re in line at the grocery paying with Bitcoin. It takes roughly a half-hour to settle a Bitcoin transaction. Compared that to handing over cash or swiping your bank cards.

[Sithara007]

Bitcoin is a fiat currency, to the extent that it’s a currency at all. It has no natural value. The advantage of Bitcoin is preposterous. If the economy went to Bitcoin, it would grind to a halt in a matter of hours as people waited for transactions to clear. Bitcoin has the ability to clear only a tiny fraction of the number of transactions per hour. Imagine you’re in line at the grocery paying with Bitcoin. It takes roughly a half hour to settle a Bitcoin transaction. Compare that to handing over cash or swiping your debit card.

Direct payments with Bitcoin is OK as far as you are purchasing items from online stores. These online shops have no issues in waiting for 20-30 minutes to get a confirmation. However, that is not the case if you are paying with Bitcoin in normal offline shops. Waiting for that much time will be very much impractical. In such cases, a payment processor such as BitPay can be used.

[poodle63]

As much as we enjoy bitcoin, going cashless is going to come with lots of difficulty. Starting from network, not everyone might be technologically inclined or have needed gadget and more of things like that. Fiat really helps. Not having fiat would be more like going to out savage ways of existence. In Africa where I'm from, we were taught of the trade-by-barter system of exchange, where you exchange a commodity for a more pressing commodity like palm oil for yam and stuffs like that.
Yeah, cryptos would be in existence but, in terms where gadgets or network becomes a challenge, then what?

I thought more and more people already moving to the use of digital wallets and digitalized fiat. Apple pay, google pay, venmo those are all commonly used among people nowadays and if there happens an integration of those digital wallets with certain cryptocurrency it will definitely make everything easier. Maybe not in remote place where internet still not covering but switching to digital currency won't be as difficult as you pictured.

[bosede1]

The people who have access to fiat currency now rule the world so I  don't think that will be an issue if is to bitcoin because in the world that we are in if you have access to anything you in charge. If the world started without fiat currency by now I think there would have been a way around the volatility issues and all

[franciscoDC]

If this thing was happened i dont know what about lower level of society such as tribes or rural people they can't use currencies and they could'nt be easy to access in currencies but as i know cryptocurrencies is only alternative way for paying or banking.

[In the silence]

(....)
 But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value.
(....)

Speaking of value when we comparing Bitcoin and fiat now, I don't think so that the value of Bitcoin will be the same as fiat. Because I believe, fiat is centralized, the government can decide anytime if they want to print for money. But in Bitcoin? They are totally different, that's why as time goes by, Bitcoin is becoming more asset than using it for payment just like our fiat now.

Of Course btc won't have the same value with the fiat for the near future. As you can see, BTC evolves every minute, every hour, everyday, and every year. Its timeline from the day it is stablished up to now will be the evidence of its dominance. Soon, it will be accepted worldwide as a digital currency even though we know that there are some countries that restricts BTC.

[panganib999]

(....)
 But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value.
(....)

Speaking of value when we comparing Bitcoin and fiat now, I don't think so that the value of Bitcoin will be the same as fiat. Because I believe, fiat is centralized, the government can decide anytime if they want to print for money. But in Bitcoin? They are totally different, that's why as time goes by, Bitcoin is becoming more asset than using it for payment just like our fiat now.

Of Course btc won't have the same value with the fiat for the near future. As you can see, BTC evolves every minute, every hour, everyday, and every year. Its timeline from the day it is stablished up to now will be the evidence of its dominance. Soon, it will be accepted worldwide as a digital currency even though we know that there are some countries that restricts BTC.

I think BTC will probably not invented because the main reason why BTC have value I think is thay because of the fiat value currency. Bitcoin is just a strand of fiat but in digital mode and it is very independent because it is volatile, unstable and not regulated by anyone. Based on my understanding. And I believe that if the world doesn't have any fiat, there is no progress and some big income for everyone. Goverment are controlling the fiat production and the economy is the one who controlling its value. This fiat money is one of the most important aspect in life in all over the world and because as I see, many people are making fiat as their daily needs.

[Finestream]

If this thing was happened i dont know what about lower level of society such as tribes or rural people they can't use currencies and they could'nt be easy to access in currencies but as i know cryptocurrencies is only alternative way for paying or banking.

I can't imagine it as I know it will not happen.

Fiat = government, you can't take that out from the equation as that is the norms of the world.

Bitcoin was invented not to replace fiat, but to be considered as an alternative, it's just that people are more investing on bitcoin than using it as a payment system that's why we thought it will replace or disrupt the current norms, I'm telling you, it's not gonna happen.

[Alfreed]

Your words are not beyond the reach of reason to suggest. Fiat currencies rule. When we talk about price of any crypto we talk about fiat (about dollars). All exchanges shows price like that BTC or alt costs "X" dollars and buy crypto by selling dollars. If we won't have dollars how can we understand the price of crypto? Crypto is inseparably associated with fiat. Think they can't be divided.

[ninabobo]

Individuals who approach fiat cash currently rule the world so I don't believe that will be an issue if is to bitcoin on the grounds that on the planet that we are in on the off chance that you approach anything you in control. In the event that the world began without fiat money at this point, I think there would have been a path around the unpredictability issues whatnot.

[Rehan Zakir]

Without fiat currency it is very difficult to trade. Because Bitcoin currency is a very volatile currency. Its rate is changing in every second. But fiat currency rates are stable. And their price is equivalent to United states dollar. But due to the popularity of Bitcoin, many companies sent their payments in Bitcoin. But fiat currency is still very popular nowadays.

[Bordijo]

Your words are not beyond the reach of reason to suggest. Fiat currencies rule. When we talk about price of any crypto we talk about fiat (about dollars). All exchanges shows price like that BTC or alt costs "X" dollars and buy crypto by selling dollars. If we won't have dollars how can we understand the price of crypto? Crypto is inseparably associated with fiat. Think they can't be divided.

Yeah man! You're absolutely right! If there is no government backed currency, there will be total chaos and humanity will revert to a barter economy!

[molsewid]

Your words are not beyond the reach of reason to suggest. Fiat currencies rule. When we talk about price of any crypto we talk about fiat (about dollars). All exchanges shows price like that BTC or alt costs "X" dollars and buy crypto by selling dollars. If we won't have dollars how can we understand the price of crypto? Crypto is inseparably associated with fiat. Think they can't be divided.

Yeah man! You're absolutely right! If there is no government backed currency, there will be total chaos and humanity will revert to a barter economy!

It is hard for me to imagine world without fiat because at the first place in order to obtain bitcoin you should have internet connection first. But then let us imagine and get along with the OP thread. If fiat doesn't exist, the fees will get higher, there will be more scams and or lesser scams since the technology is improving, government will have their own wallet and fees lot of people will lost their job especially those who are in the financial industry.

[bakasabo]

It is hard for me to imagine world without fiat because at the first place in order to obtain bitcoin you should have internet connection first.

People need to internet connection to buy Bitcoin online? They can do it offline. People could use loaded chips, wallets, cards, vouchers. Or if one person really trust other, they could exchange data drives (hdd,sdd,flash) with installed wallet software in exchange to good and services.
For example in France you can buy a 100 EUR worth card in a "tabac" shop. If other institution agrees, they can take as a payment. See, no fiat money or The internet was involved in this deal.

[Ozero]

Your words are not beyond the reach of reason to suggest. Fiat currencies rule. When we talk about price of any crypto we talk about fiat (about dollars). All exchanges shows price like that BTC or alt costs "X" dollars and buy crypto by selling dollars. If we won't have dollars how can we understand the price of crypto? Crypto is inseparably associated with fiat. Think they can't be divided.

Yeah man! You're absolutely right! If there is no government backed currency, there will be total chaos and humanity will revert to a barter economy!

This is not about fiat currency disappearing. This assumption is generally absurd, since under no circumstances will states give up their national money. Here we are talking about the disappearance of paper money. It seems to me that this is also far from reality, because in many cases it is most convenient and effortless to pay with paper money. It must always be remembered that various technical means are always needed to use cashless payments. However, not everyone lives in megacities, where they can be at every turn. For many localities and certain categories of people, this will be simply impossible.
In addition, I would generally not want paper money to disappear completely and we would be completely under financial control from the side of governments, and this should be remembered by hotheads who advocate abandoning cash.

[gurunanakji777]

Don't take me wrong but I don't think cryptocurrencies will replace fiat on the other hand many countries will launch their own digitally stable currency for online transactions. For small-small payment, our crypto coins will cost us more than fiat because of high transaction fees. What do you think about this concern? but I can say Bitcoin will be the hot choice for the investors in coming years.

[SmokerFace]

Fiat can without much of a stretch handle by the government and the banks which means they can handle the economy and the climate. Yet, on the off chance that we supplant the fiat with the digital currency, at that point it becomes difficult for each government to control the cost and the economy. Since cryptographic forms of money are profoundly decentralized and they change their value each day so it will upset the public authority. It is better to have both Crypto and fiat. Allow the government to manage their responsibility with the fiat cash.

[angrynerd88]

There are positive and negative of any situation but It would be extraordinary but the hazard would moreover be colossal programmers would be energetic to induce into any gadget to urge data or your money. This is the reason why I too take off a few cash on my house in case I would go out, Just envision in case we would live without Fiat and we would go out and lose our versatile phone or any gadget that we would utilize to transfer or remittence.

[Kong Hey Pakboy]

I can't imagine how much will be the price of essential goods using bitcoin and without fiat currency. If the value of bitcoin is very expensive and without fiat I think it would be difficult for the people in a lower level because if you will use bitcoin to buy and pay your essentials it will also expensive compared to a fiat money. Fiat money has a lower value than bitcoin and you can carry it but bitcoin always needs internet in order to make transactions.

I am thinking the same thing. What if bitcoin will be implemented all around the world, what will happen to third world countries? I think even if it is a good thing for most of the people, it will be kinda problematic to some countries. Also, without fiat, how can we know a certain price of something? Fiat pretty much symbolizes every country, cause it has its own value, and own name. Maybe countries don't like bitcoin because of that.

[worldofcoins]

Well, the question is how can we purchase the bitcoin without the fiat? how can we do exchange or trade?. Fiat can never be disappeared from the world it's still vital for us.
We can not pay $2 of the exchange charge for each Coffee we purchase.

We need both fiat and bitcoins, fiat can survive without bitcoins because legislatures and banks are taking care of it, where bitcoins can never get by without fiat.
There's nobody behind the bitcoin so disappearing the fiat will be a moronic thought

[Assface16678]

I  can't imagine this because of the status in my country. Most of the citizen here don't know how digital money works and if so it is only a percentage of it. Despite that, a world without fiat currency is not that possible in the future. If the price of BTC becomes stable, then possibly we can use it as a standard currency for everyday use.

[MKings]

The price of Bitcoin is now unstable. When all items are priced with Bitcoin, the price fluctuations of Bitcoin will be relatively stable or even no fluctuations. How the fiat currency is priced now will be how Bitcoin will be priced. Every commodity and item will have a reasonable price.

[firesurfer]

A world without FIAT currency will entail huge consequences. The increasing demand for Bitcoins will lead to their value changing daily. There is no standard pricing that causes items to fluctuate on a daily basis. Merchandise production units cannot calculate the cost of producing goods and the wages paid to workers.
Without FIAT there would be an extremely complex society. That can create wars.
Even blockchains that allow smart contract implementation must generate DAOs and stablecoins. So stable coins are always necessary in the economy.

[noormcs5]

If this thing was happened i dont know what about lower level of society such as tribes or rural people they can't use currencies and they could'nt be easy to access in currencies but as i know cryptocurrencies is only alternative way for paying or banking.

I can't imagine it as I know it will not happen.

Fiat = government, you can't take that out from the equation as that is the norms of the world.

Bitcoin was invented not to replace fiat, but to be considered as an alternative, it's just that people are more investing on bitcoin than using it as a payment system that's why we thought it will replace or disrupt the current norms, I'm telling you, it's not gonna happen.

Yes, government need fiat currency to run the system of the economy but it will be interested to see how the countries like El Salvador and others run in the long run once they have made bitcoin legal tender.
We can only imagine world without fiat but i don't think it is possible in the short or medium term.

[noorman0]

Well, the question is how can we purchase the bitcoin without the fiat? how can we do exchange or trade?. Fiat can never be disappeared from the world it's still vital for us.

Fiat is backed by gold although in the end it fluctuates with each other because it is damaged by the banking system itself. Had fiat never been created (in the sense of no banking system), I believe that satoshi would never have created bitcoins because there was no significant purpose (wanting to reduce the involvement of the role of "third parties" i.e. banks to transact or store the money).

We can not pay $2 of the exchange charge for each Coffee we purchase.

Before the fiat era, ancient society had implemented a barter system for and I think this system will be applicable in any era. And you don't have to worry that humans won't find their economic solution.

[wiss19]

Before the fiat era, ancient society had implemented a barter system for and I think this system will be applicable in any era. And you don't have to worry that humans won't find their economic solution.

Right now we can't imagine world like this even in next one century because this need some very tough and hard work and many digital and electronic related things which are not possible to use in many areas of world secondly if you are living with this all you have to face many issues currently which are not giving good feedback due to digital network transactions related and fees related.

Here I am giving my personal view that national currencies are going to live for very long time even in different shapes and keep one thing in mind no normal mind is going to give this all in developer's hand because they have nothing to do with this all.

[v3liana]

I think btc won't be the digital currency, it will be the digital gold.

Currency will become digitised and paper money will become a thing of the past. in certain places you already can't pay for some stuff with cash.

[Melody kdl]

A world without legal tender is the trend of the times! When people buy a certain item, they only need to take out their mobile phone and transfer some currency quickly to complete the transaction. They don’t need to carry cash with them. This is what people want to see. If legal currency is not used in future global transactions, perhaps only Bitcoin Coins can be used all over the world to pay for the items you need.

[zanezane]

I'm a bit pessimist on that stuff, if we are all in to electronic, any terrorist organization or rogue state can just aim for the power grids and the emergency power supply of a country to cripple their economy even just for a week and I think that amount of time is enough to damage the economic health of that country.