Technology is rendering the fiat money system of the 20th Century obsolete

[CarnagexD]

If you're talking about the tangible aspect of fiat then yes. We're seeing a big decline in the number of transactions and people who regularly use fiat. Most of them overrun by online cssh payments which are still backed by fiat money anyway but is in it's most digital form. People got a taste of freedom when they finally got the chance to not open thsir bags and pull out their wallets everytime they would buy or sell something. So yeah fiat as a tangible money is gone. But fiat itself, not so sure about that!

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[AmoreJaz]

If you're talking about the tangible aspect of fiat then yes. We're seeing a big decline in the number of transactions and people who regularly use fiat. Most of them overrun by online cssh payments which are still backed by fiat money anyway but is in it's most digital form. People got a taste of freedom when they finally got the chance to not open thsir bags and pull out their wallets everytime they would buy or sell something. So yeah fiat as a tangible money is gone. But fiat itself, not so sure about that!

i dont think we will be seeing in our lifetime that fiat money going to be obsolete. yes, we are heading to a lot of digital payments but as you mentioned, still backed by fiat money. a lot of population are still using the physical fiat and dont see them changing in the next 10 years or so.

so i checked the stats about digital payments, how are we doing on this aspect. the number of users worldwide is quite large already but as compared to global population (7.8B - https://www.prb.org/2020-world-population-data-sheet/ ), still far from total adoption. and dont think, there will ever be

https://www.statista.com/outlook/296/100/digital-payments/worldwide

[Broly46]

That’s false, fiat money has become so attractive that people will kill for it, people are rushing to grab every opportunity that can make a profit, because their mindset is “I got mine” “profit come from your loss” “money come from taking from their wallet, not the other way around.”

Well shouldn't that be the definition of money though, like a proof of work that you have done so the society pays you back? And if someone steals the note it means he steals the proof of work done by me for the society which is clearly my loss for his profit. That's what makes money fundamentally legal tender.

It’s bizarre there is no longer a definition of being honest to make money, every profit is soon all about not doing the right thing, every loss is doing all the right thing, because the distortion and disconnection is reality.

[Ridcan]

Technology has grown tremendously since the advent of the internet, making it easier for people to exchange information. Issues related to research and technology are resolved more quickly over cyberspace. The Internet has changed the face of the world, especially the traditional economy. In the past 10 years, the use of cash has become a trend along with the strong development of mobile devices. I have a belief that in the next 10 years the world will gradually switch to eliminate the use of cash and replace it with electronic money, money from electronic banking services.

Hello. our ideas were alike.  Though, everyone who spends time in the forum is guessing them now.  For a very long time, we have actually gotten used to virtual shopping with banking services.  When we go anywhere, we pay by credit card.  We can say that this is the preparatory stage for the use of bitcoin and other altcoins in daily life by us.

[AicecreaME]

This should be expected in the future. The more the society grows, the more the technology becomes powerful and advance, the more it demands high tech "fiat" system also, which is cryptocurrency. Of course as of now we see it impossible, since the transaction speed is very slow depending on what fee you're going to pay, but as the day goes by, people discover a new way to improve everything, and that's the way to the revolution of the technology we have right now.

Fiat is too old for us to have in this new age we have, and there's a lot of disadvantage on using fiat, on the top of that is Inflation, and note that fiat could be easily steal by someone physically or in terms of hacking the bank because it doesn't have that much security compare to cryptocurrency.

[ilovealtcoins]

Technology and economy develop in parallel. There are new standards in monetary systems for transactions in different internet infrastructures. Blockchain was born and solves security problems that brought consistency and value to the currency before the insane issuance of central banks.
Technology and economics are perfectly merging on the blockchain. Governments have created digital currencies for their banks, and they meet new standards for better payments. I do not doubt that when old standards are being superseded, it's evolution.

[wack slacker]

Technology has grown tremendously since the advent of the internet, making it easier for people to exchange information. Issues related to research and technology are resolved more quickly over cyberspace. The Internet has changed the face of the world, especially the traditional economy. In the past 10 years, the use of cash has become a trend along with the strong development of mobile devices. I have a belief that in the next 10 years the world will gradually switch to eliminate the use of cash and replace it with electronic money, money from electronic banking services.

Hello. our ideas were alike.  Though, everyone who spends time in the forum is guessing them now.  For a very long time, we have actually gotten used to virtual shopping with banking services.  When we go anywhere, we pay by credit card.  We can say that this is the preparatory stage for the use of bitcoin and other altcoins in daily life by us.

To achieve the global spread of Bitcoin payments we will need more effort in creating quality projects that provide Bitcoin and crypto-related services. Paypal and corporate organizations that accept Bitcoin are an optimistic move.
If all countries support Crypto then the process of bringing crypto into daily use will not be too far-fetched.

[slapper]

Although fiat money system can be obsolete, we cant deny the current benefits of it. The order which has been built for many decades can not be easily knocked down when billions of people depend on it. Since the cryptocurrency grow, central banks and authorities realize that there must be change so that people can trust the system and create a modern environment. Hundreds of experiments have been made so as to integrate new technologies to our traditional payment system. Although cryptocurrencies might not be adopted fully, thank to its existence, so many inventions are built based on the blockchain and its unique utilization.

As far as i know, cbdc is anticipated to be one of the biggest change in the future. It will make the fiat system into something we have never seen before.

[Casdinyard]

Technology has grown tremendously since the advent of the internet, making it easier for people to exchange information. Issues related to research and technology are resolved more quickly over cyberspace. The Internet has changed the face of the world, especially the traditional economy. In the past 10 years, the use of cash has become a trend along with the strong development of mobile devices. I have a belief that in the next 10 years the world will gradually switch to eliminate the use of cash and replace it with electronic money, money from electronic banking services.

Hello. our ideas were alike.  Though, everyone who spends time in the forum is guessing them now.  For a very long time, we have actually gotten used to virtual shopping with banking services.  When we go anywhere, we pay by credit card.  We can say that this is the preparatory stage for the use of bitcoin and other altcoins in daily life by us.

To achieve the global spread of Bitcoin payments we will need more effort in creating quality projects that provide Bitcoin and crypto-related services. Paypal and corporate organizations that accept Bitcoin are an optimistic move.
If all countries support Crypto then the process of bringing crypto into daily use will not be too far-fetched.

But first, issues where they are concerned with should be first utilized in order for such thing to occur. One of the main reasons why Bitcoin and other cryptos are not having that much of support compared to fiat based digital currencies is due to its nature of decentralisation wherein taxation does not exist. So maybe, regulation will be a part of that development to which cryptos will be used in daily life or daily transactions. Which is quite tricky still at this moment. Knowing that such concept is in contrast with its "nature" but let us see for ourselves once further changes occur.

[fiulpro]

Despite this article I do believe that technology cannot replace fiat , no matter what , since yo achieve a notion where fiat has been replaced we would need to have technological perquisites in every home and at the same time for that we need to end : poverty , hunger and educate people about the same since more than half of the population won't be able to use it as easily they are able to use fiat. Fiat system won't disappear because we also have the solve the issue of the need of internet everywhere. What if there was a light out due to excessive Storm and you had to buy stuff. How would you do that

I think before this we do need some answers for sure.
1. Making payments without the need of internet
2. How to involve each and everyone

[jacafbiz]

DO you think that Digital USD is not Fiat, most of the money in circulation are Digital money and this shows the Central governments are also adopting these new technology, If you are comparing Crypto and Fiat currencies both have a place to play in the economy, with the price of Bitcoin now you can't expect me to start using it to buy Groceries

[The Sceptical Chymist]

I think the article has a fundamental flaw: the fiat system is being reinvented but it's still fiat.
<snip>
The new fiat is fiat after all.

In other words, "meet the new boss; same as the old boss" as the song goes.

Admittedly I did not click on the article, as I suspect that was OP's primary goal in creating this thread, but I would agree that technology has and will continue to change finance.  That might mean the elimination of bank notes and coins eventually, but I hope we're not fully committed to that path.  There are so many things that can go wrong with technology when the power goes out. 

Governments creating their own digital currency is not progress IMO.  I'm not sure if any countries have actually done that yet, but I know China is seriously considering it.  That form of money is not crypto and will only decrease people's privacy when it comes to their spending habits.  IMO it's a lose-lose for everyone involved. 

[AndySt]

Fiat is too old for us to have in this new age we have, and there's a lot of disadvantage on using fiat, on the top of that is Inflation, and note that fiat could be easily steal by someone physically or in terms of hacking the bank because it doesn't have that much security compare to cryptocurrency.

The statement about the lack of Fiat currencies in the form of inflation is controversial, because for the average citizen it can be a disadvantage that eats up their savings and income. But for the state, inflation within reasonable limits is a boon that allows you to stimulate the economy and force citizens not to accumulate money in reserve, but to spend and invest back in the economy to protect themselves from the gradual depreciation of the accumulated. Economic growth ultimately contributes to the welfare of citizens.

[Yaunfitda]

#FinTech revolutions of the early 21st Century are now bringing about a qualitative leap.   Moreover, open finance systems are now on the verge of being mature enough to replace the #fiat system as solidified under the Bretton Woods agreement.

Open finance being mature? Nah still far from being mature or make some progressed. And I doubt that fiat system will be obsolete or replace by a new system that all governments around the world are going to agree. We are still far from that and I don't see it happening in our lifetime. Covid-19 much have push it though, but then again, there's too much at stake right now that fiat system will here to stay.

[BTCappu]

What you’re saying here is same as people who keep saying that Bitcoin is going to be replacing the conventional currencies we are using, and that things will then be calculated in Satoshis. These people are forgetting that these are just an advancement in technology, and what exactly is technology!? It’s all about science and knowledge being put into use to be able to solve problems and make things easier.

So, Bitcoin is the same thing, same as all these FinTech's that you’re talking, they are just making the way we transact money to be easier. That doesn’t mean fiat is dead.