dzonikg28
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April 15, 2021, 06:46:12 PM |
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Stablecoins are crypto assets pegged to the value of Fiat, bringing people the "best of both worlds". The most popular stablecoins are often pegged to the US Dollar, since it's the world's reserve currency. Some of them comply with regulations, further legitimizing the industry as we speak. With all of the benefits stablecoins provide, Fiat's prominence could be threatened in the long run. After all, it's much faster and cheaper to use a stablecoin than a credit/debit card. People could stop using Fiat currencies like the US Dollar or the Euro in exchange for a stablecoin of their choice. This makes me wonder, will stablecoins replace Fiat currencies in the future? If not, why? Is there a possibility governments will adopt stablecoins as their own instead of launching digital currencies from scratch? Your input will be greatly appreciated. Thanks in advance. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) The possibility of governments adopting stable coins instead of releasing their own digital cryptocurrencies is zero, governments are never going to allow that a direct competitor to them uses their own currency against them, if anything I'm surprised that governments have not taken more direct steps again stable coins, after all we know that they cannot close down bitcoin because of its decentralized nature but the same is not true for stable coins which are centralized. I am not sure I agree with this. They situation may arrive where governments have no chance but to embrace decentralized stable currencies. Keep in mind though that doing stable decentralized currencies at scale is not an easy thing to do. Even today it comes at a cost (providing collateral for DAI for example).
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Ozero
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April 15, 2021, 07:49:42 PM |
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Stablecoins are crypto assets pegged to the value of Fiat, bringing people the "best of both worlds". The most popular stablecoins are often pegged to the US Dollar, since it's the world's reserve currency. Some of them comply with regulations, further legitimizing the industry as we speak. With all of the benefits stablecoins provide, Fiat's prominence could be threatened in the long run. After all, it's much faster and cheaper to use a stablecoin than a credit/debit card. People could stop using Fiat currencies like the US Dollar or the Euro in exchange for a stablecoin of their choice. This makes me wonder, will stablecoins replace Fiat currencies in the future? If not, why? Is there a possibility governments will adopt stablecoins as their own instead of launching digital currencies from scratch? Your input will be greatly appreciated. Thanks in advance. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) The digitized currencies of the central banks of the states will soon appear in large quantities. They will only partially replace the common currencies of states and only to the extent that the governments of these states will allow. Although CBDCs will be much more efficient than conventional currencies, for a number of reasons, a full transition to their use will not be possible. In any case, this is not a task for the near future.
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dzonikg28
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April 17, 2021, 04:36:51 AM |
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Stablecoins are crypto assets pegged to the value of Fiat, bringing people the "best of both worlds". The most popular stablecoins are often pegged to the US Dollar, since it's the world's reserve currency. Some of them comply with regulations, further legitimizing the industry as we speak. With all of the benefits stablecoins provide, Fiat's prominence could be threatened in the long run. After all, it's much faster and cheaper to use a stablecoin than a credit/debit card. People could stop using Fiat currencies like the US Dollar or the Euro in exchange for a stablecoin of their choice. This makes me wonder, will stablecoins replace Fiat currencies in the future? If not, why? Is there a possibility governments will adopt stablecoins as their own instead of launching digital currencies from scratch? Your input will be greatly appreciated. Thanks in advance. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) The digitized currencies of the central banks of the states will soon appear in large quantities. They will only partially replace the common currencies of states and only to the extent that the governments of these states will allow. Although CBDCs will be much more efficient than conventional currencies, for a number of reasons, a full transition to their use will not be possible. In any case, this is not a task for the near future. I think they will fully replace common fiat currencies as digital money allows the banks and governments to collect all kinds of data of those being forced to use the digital money. Digital money issued by central banks is a real threat to privacy.
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South Park
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April 17, 2021, 07:25:45 PM |
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will stablecoins replace Fiat currencies in the future? If not, why? Is there a possibility governments will adopt stablecoins as their own instead of launching digital currencies from scratch? Your input will be greatly appreciated.
I still believe that there is a big chance that we may see stablecoins created by governments that became corrupted like fiat, which will disturb the crypto market. How? Well if one government creates a stablecoin, backs it up with their nation treasure, then uses it to buy bitcoin, there is no end to it, how? They could use all the tax money to show they are good for it and sell stablecoins of their creation and buy bitcoin with it, most nations have 100+ billion dollars to do that, not ready to spend, but ready to show as proof they are holding it. This is why it is quite dangerous to let them buy bitcoin with it, they would be rich overnight while people would be holding worthless stablecoin that they hope to use in their nation but that's as bad as it gets, if this idea is used for evil, it could destroy all of crypto market and make things crash very quickly. Unfortunately there is nothing to do, bitcoin can be bought by anyone, in fact I would be surprised if governments have not accumulated bitcoin in secret for years, this is why despite the brilliant and advanced technology made by satoshi we still depend on the financial IQ of the average person, if they cannot understand why something like bitcoin that is scarce and that cannot be printed at will and in any amount desired by the governments is superior to fiat currencies then the future of bitcoin is not going to be as bright as we think it could be.
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dzonikg28
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April 18, 2021, 07:46:38 AM |
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will stablecoins replace Fiat currencies in the future? If not, why? Is there a possibility governments will adopt stablecoins as their own instead of launching digital currencies from scratch? Your input will be greatly appreciated.
I still believe that there is a big chance that we may see stablecoins created by governments that became corrupted like fiat, which will disturb the crypto market. How? Well if one government creates a stablecoin, backs it up with their nation treasure, then uses it to buy bitcoin, there is no end to it, how? They could use all the tax money to show they are good for it and sell stablecoins of their creation and buy bitcoin with it, most nations have 100+ billion dollars to do that, not ready to spend, but ready to show as proof they are holding it. This is why it is quite dangerous to let them buy bitcoin with it, they would be rich overnight while people would be holding worthless stablecoin that they hope to use in their nation but that's as bad as it gets, if this idea is used for evil, it could destroy all of crypto market and make things crash very quickly. Unfortunately there is nothing to do, bitcoin can be bought by anyone, in fact I would be surprised if governments have not accumulated bitcoin in secret for years, this is why despite the brilliant and advanced technology made by satoshi we still depend on the financial IQ of the average person, if they cannot understand why something like bitcoin that is scarce and that cannot be printed at will and in any amount desired by the governments is superior to fiat currencies then the future of bitcoin is not going to be as bright as we think it could be. This! Absolutely, I am sure governments own Bitcoin as well. For almost any government a billion or even half a billion is nothing. Why not buy some of that chap junk and see what happens later on. I believe a lot of governments bought into Bitcoin long ago.
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South Park
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April 21, 2021, 05:40:58 PM |
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Unfortunately there is nothing to do, bitcoin can be bought by anyone, in fact I would be surprised if governments have not accumulated bitcoin in secret for years, this is why despite the brilliant and advanced technology made by satoshi we still depend on the financial IQ of the average person, if they cannot understand why something like bitcoin that is scarce and that cannot be printed at will and in any amount desired by the governments is superior to fiat currencies then the future of bitcoin is not going to be as bright as we think it could be.
This! Absolutely, I am sure governments own Bitcoin as well. For almost any government a billion or even half a billion is nothing. Why not buy some of that chap junk and see what happens later on. I believe a lot of governments bought into Bitcoin long ago. Governments do not even really need to buy bitcoin since they can even confiscate it, there have been cases in which governments found themselves with huge amounts of bitcoin after coming down to one of those dark markets that exist on the dark web, supposedly they sold those coins but what if that was just a front and instead they kept hose coins? Then that will mean that many governments are already in bitcoin preparing for the next financial crisis they caused on the first place.
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odukoyaewatomi27
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April 21, 2021, 11:25:20 PM |
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I don't think this going to almost certainly occur. While numerous individuals are investing in stablecoins and discover them alluring, the administrations will be hesitant to part with all their force without any problem. We realize that the digitial USD and EUR are coming, so it appears to be almost certain that the national banks will push and advance their own monetary standards. Having full command over the money supply and having the option to print more money whenever they please is the way to monetary strategies in today's world.
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Abiky (OP)
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April 23, 2021, 06:05:25 PM |
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Stablecoins may replace fiat when 90% world population will be adopting cryptos; I guess that would take long time as so far less than 10% of people world wide aware of cryptocurrencies and its usage.
People were discussing like bitcoin will replace bank/gold like that but I never imagined a scenario where stablecoins to end the traditional banking system. Because, when we talk with respect to bitcoin, it seems possible as bitcoin got the power and innovation whereas for the satblecoin case, I feel like it is missing innovation and power. So, stablecoin to become a mainstream usage might take more time than we could estimate.
Exactly. So far, stablecoins are used by the minority while that's not the case with Fiat nowadays. Despite crypto's recent popularity, the vast majority of people haven't heard about or even used crypto/Blockchain tech in the first place. It's yet the day where merchants and businesses worldwide are struggling to accept crypto as payment method. The vast majority is with Fiat because of its stability and reliability. Stablecoins are as stable as Fiat, but they come with their own set of problems. As long as Fiat is easier to use than a stablecoin, I don't see stablecoins like USD Coin or Tether replacing traditional Fiat currencies anytime soon. Nonetheless, we cannot deny the fact that crypto is rising in popularity at a fast pace. Who knows if someday major retailers being accepting stablecoins as payment method? Even if this happens in the future, stablecoins won't replace Fiat because they're not backed by the government. That could change if governments back an specific stablecoin as a Fiat currency of their own. In the strange and bizarre world of crypto, anything can happen. Be prepared for the worse if governments decide to go rogue against the industry in the future. Just my thoughts ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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7788bitcoin
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April 23, 2021, 10:56:30 PM |
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Exactly. So far, stablecoins are used by the minority while that's not the case with Fiat nowadays. Despite crypto's recent popularity, the vast majority of people haven't heard about or even used crypto/Blockchain tech in the first place. It's yet the day where merchants and businesses worldwide are struggling to accept crypto as payment method. The vast majority is with Fiat because of its stability and reliability. Stablecoins are as stable as Fiat, but they come with their own set of problems. As long as Fiat is easier to use than a stablecoin, I don't see stablecoins like USD Coin or Tether replacing traditional Fiat currencies anytime soon. The minority that used cryptocurrencies will come across stable coins as well but you should not expect that people will use these stable currencies outside of the cryptocurrency space and majority in the cryptocurrency space also have trust issues with these companies that issues these stable currencies as they are not transparent with their financial assets. Do you trust these stable currencies to hold for the long term and if so what are the coins you trust as i would like to know. Nonetheless, we cannot deny the fact that crypto is rising in popularity at a fast pace. Who knows if someday major retailers being accepting stablecoins as payment method? Even if this happens in the future, stablecoins won't replace Fiat because they're not backed by the government. That could change if governments back an specific stablecoin as a Fiat currency of their own. In the strange and bizarre world of crypto, anything can happen. Be prepared for the worse if governments decide to go rogue against the industry in the future. Just my thoughts ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) There is no way major retailers will be accepting stable coins as payment method, either you need to pay extra for the transaction charges every time you purchase something and as a customer how long you will be willing to pay extra for a product.
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MadeMen
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April 23, 2021, 11:35:38 PM |
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I personally don't see that happening unless we have a central government and the government takes over the stable coin. What seems more likely to happen is that some countries may choose to have their own cryptocurrency which may replace the fiat or probably be used alongside with the fiat.
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Hypnosis00
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April 23, 2021, 11:52:22 PM |
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This makes me wonder, will stablecoins replace Fiat currencies in the future? If not, why? Is there a possibility governments will adopt stablecoins as their own instead of launching digital currencies from scratch? Your input will be greatly appreciated. Thanks in advance. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) As the market continues to show its changes, I could say that it can't be impossible. It is a choice of the people to let that thing happen in the future. Because if that only the best solution to help this volatility stopped and continue to adopt the world of digitalization market, that it looks very acceptable to the people. But it finds more in government control on the market the same as how the fiat currencies run through.
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TastyChillySauce00
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April 24, 2021, 02:34:13 AM |
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I personally don't see that happening unless we have a central government and the government takes over the stable coin. What seems more likely to happen is that some countries may choose to have their own cryptocurrency which may replace the fiat or probably be used alongside with the fiat.
Yeah, it's most likely to be the scenario when the government decide to make their own cryptocurrency that can be fully controlled, I doubt any government would let some stablecoin replace fiat, worst case they might ban it if it gets out of control but if the stablecoin is coming from them it's basically the same as printing money but without really printing it. Many governments have already prepared CBDC anyway and it's just matter of time until those get released to the public, some might fail some might succeed it depends on the people as well, but i'd expect stablecoin to just remain as alternative or stay to be used only for trading and preserving value of our asset.
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777Jolami
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April 24, 2021, 02:45:37 AM |
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CBDC will replace fiat, not the ordinary stablecoins. Countries are not ready to use money they cant control
Yes. CBDC - Looks like the most viable option. Several countries have conducted clinical trials with CBDC such as Japan, Thailand, followed by Norway and Russia. Bitcoin is uncontrollable, the government knows it. They will, that will be a new way to erase fiat traces. In the next 5 to 10 years, the legacy of fiat inefficiencies and inefficiencies will gradually fade into people's psychology. That is innovation.
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mulia sabee
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April 24, 2021, 09:16:01 AM |
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In my opinion, it is impossible to happen, not a single digital currency is able to replace viat currency, so forget the things that are not possible. If a digital currency replaces the viat currency, it requires a lot of support, both from the government and other institutions, meaning that it only takes a lot of time.
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SirLancelot
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April 24, 2021, 01:07:48 PM |
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will stablecoins replace Fiat currencies in the future? If not, why? Is there a possibility governments will adopt stablecoins as their own instead of launching digital currencies from scratch? Your input will be greatly appreciated.
What even makes you think that such thing is going to be happening? There is only one top stable coin that I know of is decentralized and that is DAI, the rest are centralized and owned by people. So, what makes you think that the government will be adopting a currency that is owned by individuals and living things that has to do with the finance in the hands of ordinary individuals? That’s the same thing that happened with Facebook Libra and the reason they were stopped. If the government wants a stablecoin they are going to create their own and not adopt anything.
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conected
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April 24, 2021, 02:43:11 PM |
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In my opinion, it is impossible to happen, not a single digital currency is able to replace viat currency, so forget the things that are not possible. If a digital currency replaces the viat currency, it requires a lot of support, both from the government and other institutions, meaning that it only takes a lot of time.
- A low chance, rather than completely impossible because the government seems to want to take a step further in technology, ideas that do not use fiat and cash are discussed quite a lot, you can refer to this topic through several news forums. The big weakness of this plan is that the government has not been able to make a transition completely and most convenient for users but as soon as the rules are agreed upon and accepted internationally, stablecoins dominating and replacing the old system will be easy in the future.
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oprahwindfury
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April 24, 2021, 04:28:36 PM |
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A ton of points before that handles about digital currency supplanting fiat cash which I actually accept that it wont happen regardless of whether we present the most stablecoins in light of the fact that the public authority wont permit this sort of organization, there's no mysterious cash here and this is a major NO for the public authority so this wont occur.
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noorammak
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April 24, 2021, 04:43:32 PM |
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Stablecoin has the original standard from fiat currency placed in banks, typically USDT, BUSD, TUSD, USDC then to protocols from crypto institutions. If taking stablecoins instead of FIAT, that doesn't seem right. We still don't have a worldwide crypto adoption so it's not a matter of Stablecoins replacing FIAT. Governments must never let cryptocurrency replace the national currency they create.
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MFahad
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April 24, 2021, 11:32:49 PM |
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Stablecoin has the original standard from fiat currency placed in banks, typically USDT, BUSD, TUSD, USDC then to protocols from crypto institutions. If taking stablecoins instead of FIAT, that doesn't seem right. We still don't have a worldwide crypto adoption so it's not a matter of Stablecoins replacing FIAT. Governments must never let cryptocurrency replace the national currency they create.
I think that stable coins like USDT, BUSD, TUSD, USDC has already replaced the USD as in the exchanges we use these stable coins and not the USD itself. In the future, there will be no USDT or USD and money will be measured in bitcoin only.
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| │ | ████████▄▄███████▄▄ ███████▄████████████▌ ██████▐██▀███████▀▀██ ███████████████████▐█▌ ████▄▄▄▄▄▄▄▄▄▄██▄▄▄▄▄ ███▀░▐███▀▄█▄█▀▀█▄█▄▀ ██████████████▄██████▌ █████▐██▄██████▄████▐ █████████▀░▄▄▄▄▄ ███████▄█▄░▀█▄▄░▀ ███▄██▄▀███▄█████▄▀ ▄██████▄▀███████▀ ████████▄▀████▀█████▄▄ | . "I could either watch it happen or be a part of it" ▬▬▬▬▬ |
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JeffBrad12
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
April 25, 2021, 07:59:17 AM |
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I personally don't see that happening unless we have a central government and the government takes over the stable coin. What seems more likely to happen is that some countries may choose to have their own cryptocurrency which may replace the fiat or probably be used alongside with the fiat.
As far as i know, almost all countries didn't have the intention to replace their fiat money with the digital currency. The fiat money will co-exist with the digital currency and so many countries already stated about this dude. The stable coin will never replace the fiat currency but it can be a good option to use stable currency in the digital form. You will never see that happens for sure. This has been discussed so many times.
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..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
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