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Author Topic: lets imagine world without fiat currency  (Read 1938 times)
AndySt
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December 10, 2020, 11:25:23 PM
 #141

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  Wink 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.


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December 10, 2020, 11:34:33 PM
 #142

I can't imagine it Cheesy 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.

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December 11, 2020, 03:34:43 PM
 #143

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.
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December 11, 2020, 03:46:18 PM
 #144

I can't imagine it Cheesy 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.

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December 11, 2020, 07:35:37 PM
 #145

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?

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December 11, 2020, 08:27:50 PM
 #146

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.
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December 12, 2020, 01:36:57 AM
 #147

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.

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December 12, 2020, 02:44:16 AM
 #148

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.


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December 13, 2020, 02:17:58 PM
 #149

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.

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December 27, 2020, 04:42:20 AM
 #150

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.

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December 28, 2020, 06:12:40 PM
 #151

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.

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December 28, 2020, 06:37:22 PM
 #152

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 Cheesy   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 Smiley 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.😁

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December 28, 2020, 06:49:39 PM
 #153

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.

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December 29, 2020, 03:19:37 AM
 #154

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.
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December 29, 2020, 08:09:23 AM
 #155

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.


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December 29, 2020, 09:09:25 AM
 #156

i imagin it will great and no onee can loss money in childhood
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December 29, 2020, 11:23:13 AM
 #157

Imagine, the settlement currency - time...
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December 29, 2020, 04:18:08 PM
Merited by Tessnik (1)
 #158

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.

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December 29, 2020, 04:28:01 PM
 #159

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.

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December 29, 2020, 10:19:36 PM
 #160

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.

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