lets imagine world without fiat currency

[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.