Will Bitcoin/ETH replace fiat someday?

[lousie9]

Bitcoin or Ethereum is very difficult to replace fiat money because the price given is unstable, especially Crypto fluctuations are very high and to be used as a benchmark currency replacement is very impossible for Bitcoin but if only as an alternative payment it might be possible but still have to adjust every time there is Bitcoin price updates are the best choice for storing current assets in several stablecoins in crypto.

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[bixiiMaphi321]

It is difficult to predict what will happen in the future, but for the time being, crypto is existing alongside the fiat currency FIAT. Currently, they complement each other in circulation, people buy speculative crypto to make a profit, from crypto to FIAT to buy goods. Many people still see crypto as an investment channel instead of seeing it as a new coin in the future.

It is very difficult for FIAT to be completely replaced because it affects the regime of a country, without control of the currency, if it is decentralized, it will easily make the society unstable.

[Marcorey]

Cryptocurrencies such as Bitcoin and Ethereum will not replace fiat currencies.
Although cryptocurrency is becoming more and more popular, it is also used by more and more users. But its price fluctuates and is not suitable for daily trading.
The decentralization of cryptocurrency is difficult to track and supervise by the government, and many countries still oppose cryptocurrency. Many people regard it more as a store of value asset.

[Abiky]

Besides we don't really need for cryptocurrencies to replace fiat currencies, the only thing that we need is to have an alternative and be able to use our bitcoin whenever and wherever we want, quite honestly once we reach that goal I can say that bitcoin will have succeeded, if you read the white paper of satoshi there is nothing there about replacing fiat currencies, satoshi just wanted to create a currency that you could use without interference of a third party and I think that slowly but surely his vision is becoming true.

Of course. Satoshi never intended Bitcoin to be a replacement of Fiat. That's because he knew governments wouldn't give up Fiat for Bitcoin anytime soon. The volatile prices on the market greatly defeats Bitcoin's ability to be used as a serious currency for day-to-day payments. The same thing applies to Ethereum and other altcoins on the market.

Instead of focusing on replacing Fiat, we should focus on making crypto a strong alternative that would serve as a viable option for those looking to escape from the clutches of central banks and governments alike. The more the community collaborates together, the strong crypto/Blockchain tech will be. Thanks to the decentralized and open source design of crypto, the industry is now a "force to reckon with". People can use crypto without fear of government censorship whatsoever. I guess that's what matters above all else. Fiat will continue to be relevant because banks and governments continue to patronize it. It'll only switch from being physical to digital, but that's it. I wouldn't worry about this, as long as people have financial freedom with crypto. Just my opinion

[Darktongue]

I see tweet by someone that buying coffee by bitcoin without paying any additional fees because its using lightning network, for me its really cool.
Maybe in the future people people will prefer coin over fiat because they're realize, the ones that volatile isnt the Bitcoin/ Altcoin, its the Fiat itself.

Tweet Link : https://twitter.com/AaronvanW/status/1436040471554445313

Almost every currency is volatile, including the Fiat currency. Traders are taking profit from the Fiat currency like "lnstaforex". At least 5-10 years' time must need Fiat currency to twice dump or up. Crypto is a very highly volatile market compared to Fiat currency.  Although world war or war effects we will see in both USDT and crypto. We can't be safe in any currencies, but gold has a real stable price even after any war.

[dhemasm]

Almost every currency is volatile, including the Fiat currency. Traders are taking profit from the Fiat currency like "lnstaforex". At least 5-10 years' time must need Fiat currency to twice dump or up. Crypto is a very highly volatile market compared to Fiat currency.  Although world war or war effects we will see in both USDT and crypto. We can't be safe in any currencies, but gold has a real stable price even after any war.

Fiat was less volatile rather than crypto since it was controlled by centralized entity so i suppose it's impossible to replace fiat and i was really agree with you, Some crisis can have some significant impact to the economy including fiat but i think it's will having small impact on the crypto expect global crisis as you said but peopel see crypto as digital gold so it's good as an store-of-value beside gold.

[nikola22]

I don't think that BTC or ETH someday will replace fiat. first of all governments won't allow this to happen and common people don't like the volatility of cryptocurrencies. just imagine how the prices in supermarkets will change every day.

[ene1980]

I don't think that BTC or ETH someday will replace fiat. first of all governments won't allow this to happen and common people don't like the volatility of cryptocurrencies. just imagine how the prices in supermarkets will change every day.

You really do not need the help of a government to make these legal, all you need to do is accept cryptocurrencies and you are good to go. Unless a government comes out with a blanket ban on the market there is nothing you need to worry and i am not expecting majority of the countries coming up with a blanket ban on the market. They will either regulate the market and that is the best option to move forward.

[Sayeds56]

I don't think that BTC or ETH someday will replace fiat. first of all governments won't allow this to happen and common people don't like the volatility of cryptocurrencies. just imagine how the prices in supermarkets will change every day.

It is indeed difficult to replace, moreover its implementation will be very difficult and often experience ups and downs in the price of goods if the payment must be through BTC or ETH, because the basic measure or benchmark is Fiat in everyone's life.

True. Its not easy to replace fiat because the whole world depends on Fiat for day to payment of goods and services, import and exports payments and the Banking industry runs on Fiat currency for commercial and investment activities but with the passage of time people have started realizing that crypto is a better alternative for quick and low cost transactions.

 Weighing the advantages and disadvantages of cryptocurrency, one can say that there are several reasons why crypto can be considered superior to fiat. However, whether it will completely replace fiat currency backed by central banks or fiat currency backed by gold is too early to call. But, there are strong chances that cryptos like Bitcoin would be considered a credible alternative currency to the US dollar or other types of fiat money in the near future. 

https://nowpayments.io/blog/why-is-crypto-better-than-fiat

[kotajikikox]

Am not sure about the replacement but what I am sure of is that Bitcoin and Ethereum will be adopted in the future and may Line with Fiat.

first EL Salvador accepts bitcoin already as Fiat.

Second big companies like Paypal is accepting bitcoin.

and also there are many people from the pandemic effect enters crypto currency in their investmentz.

[wissy]

We already have signs of crypto usage in practice in El Salvador, which is a perfect example that everyday payments are doable.
In the last year, a lot of players entered in crypto debit card business which shows, people are willing to spend their crypto in for regular activities. Mostly the payment is still done in fiat, but the base is there. These are all signs, that people are ready to use fiat alternatives, and crypto has the biggest potential to takes that role.

[Capt00]

Because the price of bitcoin tends to climb, I believe that capital management is all that is required. I'm not sure if the government will replace currency in the future, but I believe bitcoin will continue to grow in popularity despite the fact that money exists.

[yehestielsiburian]

Bitcoin Replace Fiat?

I don't think that will happen. But what may happen in the future is Bitcoin can function like fiat and can be made for legal payments. Bitcoin and Fiat will coexist in the future

[geegaw]

We already have signs of crypto usage in practice in El Salvador, which is a perfect example that everyday payments are doable.
In the last year, a lot of players entered in crypto debit card business which shows, people are willing to spend their crypto in for regular activities. Mostly the payment is still done in fiat, but the base is there. These are all signs, that people are ready to use fiat alternatives, and crypto has the biggest potential to takes that role.

Listening to a signal from one side will not evaluate the possibility of replacement, especially this signal does not belong to user data, this data is just a factor called for by the media and government, listening to the most important side is still the people of EI Salvador, the government here is masking the people's opportunity to express themselves with additional policies and buying more bitcoin. Haven't heard any news that the people of EI Salvador are happy and what has leaked is just vandalism and protest

[Ozero]

Cryptocurrencies such as Bitcoin and Ethereum will not replace fiat currencies, and they will be used as reserve assets by more people.
Cryptocurrency is decentralized and is not regulated by the government. In contrast, people will trust the legal currency that is regulated and protected by the government more.
The price of cryptocurrency fluctuates greatly, and it is not suitable for currencies for daily transactions.
Under the trend of digital economy, many countries will develop their own digital currencies instead of using encrypted currencies.

Here, little depends on the wishes of individual people. Human society exists in the form of separate states and society does not yet know any other form of such a structure. For the normal functioning of the state and its economy, its own currency is needed. This is especially true if there are several competing, and even more so hostile states against each other. Therefore, states will not abandon their national currencies, and cryptocurrencies will circulate in society only along with national currencies. Only in the very distant future can something change.

[Abiky]

I don't think that BTC or ETH someday will replace fiat. first of all governments won't allow this to happen and common people don't like the volatility of cryptocurrencies. just imagine how the prices in supermarkets will change every day.

Governments will never allow crypto to take over Fiat. After all, they don't want to lose control over people's lives. Fiat is what makes the world go round, as it's backed by central banks and governments alike. It'll eventually evolve into a full-fledged digital currency, making crypto nothing more than a mere alternative financial system. I'm fine with that as long as crypto/Blockchain tech remains decentralized and censorship-resistant. With how everything's been going as of late, it seems that both Fiat and crypto will survive for many generations. Just my opinion

[adiebitsler]

Because the price of bitcoin tends to climb, I believe that capital management is all that is required. I'm not sure if the government will replace currency in the future, but I believe bitcoin will continue to grow in popularity despite the fact that money exists.

The government needs a more in-depth study of this if it wants to replace currency in the future because in society it is very common to use fiat and do not have serious problems so some say there is no need to make a change.

[meldrio1]

Well it may be the whole world using bitcoin and ethereum but I don't think this will replace fiat money because the cryptocurrencies are volatile and the government will not allow this to happen for sure. I believe that there are some people prefer fiat money because you know some people are not techy..

[Benefactor]

Most likely later on when world is brimming with innovation framework and all ought to be in computerized, advanced fiat will be utilized as they have full control about it. Individuals will in any case be utilizing the two yet bitcoin is a decent option particularly utilized by individuals that need protection and furthermore need there cash to increment in esteem instead of diminishing in esteem.

[Valak]

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

If viewed from the total supply, maybe bitcoin is not enough to be used as a substitute for Fiat. If we share the total bitcoins with the entire world population, then each one only gets 0.002692 Bitcoin. That is, the amount is not enough to serve as currency in every person's wallet. But Ethereum has the ability in the context of mass adoption, because the Ethereum supply is also likely to increase, as has happened in previous years.
But what we should know is that Bitcoin can be used as a safe reserve of assets for everyone. Everyone who holds Bitcoin of course will not hesitate to lose even less than the amount they hold.

This is a huge misconception, economist make the same argument for gold, but gold was used for thousands of years and the world economies of the time ran above it, this just means that bitcoin will be incredibly valuable and that people will have to use mBTC or even lower denominations for their everyday purchases, I know this may seem impossible but I really think that is the world we are headed and I cannot wait for this to become a reality.

Indeed, the use of Bitcoin in small amounts can still be used, as using gold in small amounts (grams), even lower than grams, namely milligrams. If we look in the concept Bitcoin is satoshi for a smaller amount. But whether the small amount of Bitcoin can cover the transaction fees. For now, Bitcoin transaction fees are Bitcoin, as opposed to token transactions using the parent coin. I'm not talking about coins from the Bitcoin implementation. If we look at the implementation of Bitcoin, of course there are many other coins that are present today as alternatives.