Will Bitcoin/ETH replace fiat someday?

[jostorres]

To replace fiat currency seems to have to go through many processes, in addition to having regulations from the government in a country and also having the approval of many parties. In my opinion, this is a very complicated process and it is impossible for digital currencies to replace fiat currencies that have been recognized by the state.

Actually, in small countries, this can happen and in fact, is happening right now. Crypto adoption has positives and negatives along with it. The biggest advantage is that it contributes to building a tax-free economy. I mean obviously, you can't force people to pay taxes if you legalize crypto. The biggest negative is that the adoption of crypto induces some criminal activities and things like money laundering.

If I have to be brutally honest, I cannot see a world where fiat is replaced completely by cryptocurrencies. It's next to impossible because to run strong nations, you need governments and to maintain governments and economy, you need taxes.

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[South Park]

I think bitcoin will not be able to replace fiat money to become the main currency. Bitcoin is present as an alternative currency, especially digital currency. In terms of function, Bitcoin is considered to only be able to partially fulfill the function of currency, namely as a means of payment. Bitcoin is like a medium of exchange and means of payment such as gold, paper money, stocks, commodities whose value is a general consensus as a result of public acceptance and trust. Bitcoin exchange rates change from time to time and fluctuate. In the future Bitcoin will still be an alternative currency.

The best part about about this is that bitcoin does not need to do this, bitcoin only needs to keep existing and still be an alternative the the current system that is in place, I know that many people in this forum want for the current banking system to disappear and idealistic stuff like that, but we need to be realistic, bitcoin only needs to provide an alternative for people like us to get out of the fiat system and the abuses of bankers and politicians, and if we can live our life without having to touch fiat again then that is more than enough for me.

[Sihab76]

Howway Ethereum and bitcoin popularity increasing , so we can easily guess that Fiat money one day replace by cryptocurrency specially Bitcoin and Ethereum. Many investors and traders guess that bitcoin would be the number one currency in the world in future generations.

[onecall123]

Howway Ethereum and bitcoin popularity increasing , so we can easily guess that Fiat money one day replace by cryptocurrency specially Bitcoin and Ethereum. Many investors and traders guess that bitcoin would be the number one currency in the world in future generations.

Now it's kind of mandatory to implement digital cash systems. In comparison with hand cash, digital cash is less risky. However, BTC and ETH have maintained their price level and investors buying BTC/ETH are pushing the price much higher, meaning we have better days ahead. We will have to wait longer to replace Fiat.

[Veter2000]

Crypto currency is said to be the people's money. If and when government start to drastically change their monetary policy bitcoin can not replace government money. But if it is the way it is, chances are the trust system will pave the way for new medium of exchange.

Precisely because bitcoin is a decentralized private cryptocurrency that does not have a single control and emission center, it will never replace fully centralized sovereign fiat currencies. The state will never give control over the unit of account of the country in the hands of a decentralized community, which does not even consist of citizens of this country. Naturally, if we are not talking about countries with a ruined financial system like El Salvador or Venezuela or Zimbabwe.

[South Park]

Howway Ethereum and bitcoin popularity increasing , so we can easily guess that Fiat money one day replace by cryptocurrency specially Bitcoin and Ethereum. Many investors and traders guess that bitcoin would be the number one currency in the world in future generations.

I also think so, but the use of Fiat will still exist even though Bitcoin and Ethereum will be used by many people and merchants in this world, because it will only be an additional payment for certain options, not for all shopping options, because in remote areas that are still there is no internet yet it will be very difficult to use Bitcoin and Ethereum as payment, and they will still use Fiat.

Governments are never going to give up their own fiat currencies, the power they get from them is amazing so if anything I think that before we see the huge adoption that we are looking for at some point cryptocurrencies are going to be made illegal as governments try to assure the survival of their fiat currencies and themselves, however this is not going to work and people are still going to use cryptocurrencies and that is when they are going to finally accept that cryptocurrencies are here to stay and there is nothing they can do to change this.

[CapGelatik]

Howway Ethereum and bitcoin popularity increasing , so we can easily guess that Fiat money one day replace by cryptocurrency specially Bitcoin and Ethereum. Many investors and traders guess that bitcoin would be the number one currency in the world in future generations.

I also think so, but the use of Fiat will still exist even though Bitcoin and Ethereum will be used by many people and merchants in this world, because it will only be an additional payment for certain options, not for all shopping options, because in remote areas that are still there is no internet yet it will be very difficult to use Bitcoin and Ethereum as payment, and they will still use Fiat.

Yes the use of Fiat I'm sure it will still exist if only Bitcoin or Ethereum was legalized as payment,
I personally think that Fiat will still be a major payment,
Bitcoin or Ethereum might just be a payment option I'm not too sure it will replace Fiat

[jinneas]

Fiat currency is the country's most trusted currency, and it will not be replaced by bitcoin.

The biggest difference between Bitcoin and fiat currency is its decentralization. Bitcoin is not regulated by any government agency, and the government will not use currencies that they cannot control and cannot make profits.

Although the development of cryptocurrency is getting better and better, bitcoin is also used by more and more people. But its scope of use has not become more popular, high volatility unstable prices and high transaction fees cannot be used as a currency for daily transactions.

[RokokGudangGaram]

One of the most impossible things that can happen, I really don't think that the government would let that happen if that would happen. But many claims and articles online that says cryptocurrency would be able to replace Fiat in the future but I was thinking that if the fiat will be replaced by cryptos I think there will be some consequences.

[dimox]

no, never.
i think we like when bitcoin be bitcoin, and crypto still be crypto, flow like usual. when it happen, government will make new rule about their payment method, and take control above crypto, and its not good for user.

[RBLT]

To fight against the control of USD thus create an anchor for people all around the global, or to make transactions apparent in cyber world, Bitcoin was coined by Satoshi(the second one is more valid).
Will the day come when everyone uses Bitcoin in daily payment(supposing new tech is applied to avoid high gas fee) and thus fiat gets abandoned? Or it won't because the amount of Bitcoin is set and all Bitcin is practically manipulated by capitalists...
Obviously , it's nearly impossible for Bitcoin to realize permant and global circulation due to its high price and scarcity, which renders it harder to take the place of fiat but it sounds that ETH is likely to be an anchor and a tool for daily use alike, surpassing BTC is feasible.
They say, if a country is at war or in upheaval, buying Bitcoin is not wise for its high volatility and USD is a better choice.
How do you think

I don't think you can replace Fiat currency since many peeps still used that, but there's also a chance for Bitcoin to be used as a payment method, but considering the high price of Bitcoin makes you think twice before even use Bitcoin. Cheers!

[Veter2000]

no, never.
i think we like when bitcoin be bitcoin, and crypto still be crypto, flow like usual. when it happen, government will make new rule about their payment method, and take control above crypto, and its not good for user.

Precisely because bitcoin is a decentralized private cryptocurrency that does not have a single center of control and emission, governments will never be able to take control of it and, accordingly, will not replace it with sovereign fiat currencies, which are in full control.

[jack wira]

Will Bitcoin/eth replace fiat one day?
 
I think it's most likely not going to happen, bro, considering that not all of the world's people know about technology, especially the crypto world, more so in rural areas, but with the development of current crypto technology advances, some people will still use bitcoin and ethereum.  used as a means of payment in parts of the world.  even bitcoin and ethereum will be a companion and reserve for the government in securing the economy of their respective countries, bro.

[Abiky]

Governments are never going to give up their own fiat currencies, the power they get from them is amazing so if anything I think that before we see the huge adoption that we are looking for at some point cryptocurrencies are going to be made illegal as governments try to assure the survival of their fiat currencies and themselves, however this is not going to work and people are still going to use cryptocurrencies and that is when they are going to finally accept that cryptocurrencies are here to stay and there is nothing they can do to change this.

Exactly. As long as governments exist, Fiat won't be going anywhere. Banks are too powerful even with crypto/Blockchain tech in play. Bitcoin will only remain as an alternative than a replacement of the current monetary system simply because it's not backed by the government. Not to mention, Bitcoin is widely unstable and unsuitable as a currency for day-to-day payments.

Which type of currency to use will solely depend on your daily needs. If you want stability/convenience, then go with Fiat. But if you're looking for sound money that's outside the control of governments and central banks alike, then go with Bitcoin. I'd choose both for my own financial benefit. What matters is that Bitcoin stays true to its roots by being a decentralized and censorship-resistant cryptocurrency. As long as Bitcoin remains like this, there should be nothing to worry about. Just my thoughts

[conected]

no, never.
i think we like when bitcoin be bitcoin, and crypto still be crypto, flow like usual. when it happen, government will make new rule about their payment method, and take control above crypto, and its not good for user.

Precisely because bitcoin is a decentralized private cryptocurrency that does not have a single center of control and emission, governments will never be able to take control of it and, accordingly, will not replace it with sovereign fiat currencies, which are in full control.

- By using technology and shadow of the law, the hidden parts of bitcoin and ethereum will still voluntarily hand over the controlling code thena little compensation is just a grain of sand to the government but a piece of code is unique and can not become the exclusive object of each country, how to deal with copyright. The supply of both products has allocated more than half, not to mention the coin burning process and the limited supply, unequal would be rebellion and the government hates such wars

[South Park]

I think bitcoin will not be able to replace fiat money to become the main currency. Bitcoin is present as an alternative currency, especially digital currency. In terms of function, Bitcoin is considered to only be able to partially fulfill the function of currency, namely as a means of payment. Bitcoin is like a medium of exchange and means of payment such as gold, paper money, stocks, commodities whose value is a general consensus as a result of public acceptance and trust. Bitcoin exchange rates change from time to time and fluctuate. In the future Bitcoin will still be an alternative currency.

The best part about about this is that bitcoin does not need to do this, bitcoin only needs to keep existing and still be an alternative the the current system that is in place, I know that many people in this forum want for the current banking system to disappear and idealistic stuff like that, but we need to be realistic, bitcoin only needs to provide an alternative for people like us to get out of the fiat system and the abuses of bankers and politicians, and if we can live our life without having to touch fiat again then that is more than enough for me.

Well, the point is that bitcoin must still exist. when a country also accepts bitcoin as the main means of payment, I worry that they can manipulate the price of bitcoin. besides, getting the country to manage bitcoin will be a central system. However, to think that a country abandoned their Fiats, it was simply impossible. Currently, bitcoin is very good as an investment tool, and as an alternative payment. So far I never thought that bitcoin or ethereum would replace a country's fiat. the truth is that some countries are better off developing their own crypto than accepting bitcoin or ethereum as their currency.

The thing is that any country that may like to manipulate the price of bitcoin will need to buy a lot of it and this is going to benefit bitcoin and this is not something they want, so the only option they have is to use the media and their regulations to try to stop people from adopting bitcoin, but when people listen to stories of people obtaining great profits in the markets then they will invest in this market regardless of what the media and governments say, so I am not that worried about the influence they may try to exert over this market.

[Bitstar_coin]

Eth should take care of high transaction fee first, this should be first and major priority to the developers,  even after the much awaited London fork thr transaction fees are even more unbearable, normal fiat don't have such high transaction fees so why will eth replace fiat! For now I don't think this is an option to consider,  there are many flaws that needs to be corrected before talking about replacing an aged currency that have served for so long, if you are transferring small amount in  eth you will pay a transaction fee higher than the amount.

[andeluna]

Fiat will replace in the future but we need to consider that not only BTC or ETH will replace it but some other country have their own electronic wallet with e-money with the same currency as their fiat money which they can use it everytime they will purchase to a store or online shop. Theres a lot of coin that we consider to replace fiat money of every country we dont need to stick to btc or eth, yes these are the crypto currency that has a high value in the market but theres a lot of altcoin that has potential too.

[zachyboy090118]

To fight against the control of USD thus create an anchor for people all around the global, or to make transactions apparent in cyber world, Bitcoin was coined by Satoshi(the second one is more valid).
Will the day come when everyone uses Bitcoin in daily payment(supposing new tech is applied to avoid high gas fee) and thus fiat gets abandoned? Or it won't because the amount of Bitcoin is set and all Bitcin is practically manipulated by capitalists...
Obviously , it's nearly impossible for Bitcoin to realize permant and global circulation due to its high price and scarcity, which renders it harder to take the place of fiat but it sounds that ETH is likely to be an anchor and a tool for daily use alike, surpassing BTC is feasible.
They say, if a country is at war or in upheaval, buying Bitcoin is not wise for its high volatility and USD is a better choice.
How do you think

I think mate its impossible to replace fiat to cryptocurrency. Government never replace it as we back in the time bitcoin started making a name in all over the globe. If im not mastaken the government hunting who own the bitcoin and people behind but they didn't capture it. Because the reason some bitcoin owner using it in illegal way but not all to make it clear. Mybe some country will able to use cryptocurrency but not all.

[Veter2000]

Fiat will replace in the future but we need to consider that not only BTC or ETH will replace it but some other country have their own electronic wallet with e-money with the same currency as their fiat money which they can use it everytime they will purchase to a store or online shop. Theres a lot of coin that we consider to replace fiat money of every country we dont need to stick to btc or eth, yes these are the crypto currency that has a high value in the market but theres a lot of altcoin that has potential too.

Fiat is not synonymous with cash. Fiat money is a sovereign currency without any security, whose value is determined based on the instructions of the authorities. That is, all types of digital currencies of central banks CBDC will remain exactly the same fiat currencies as cash and non-cash types of these sovereign currencies.