Will Bitcoin/ETH replace fiat someday?

[anotherdayyyy]

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

[Jawhead999]

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...

It's a high chance if Bitcoin would be used by everyone in their daily life, but abandon fiat and replaced by Bitcoin the chance is very little. Even though fiat always lose it's value due to inflation, all people is only know a real and first currency in their mind is fiat. Probably in the future when world is full of technology system and all should be in digital, digital fiat will be used as they have full control about it.

Bitcoin price will always volatile and no one can control it.

ETH is likely to be an anchor and a tool for daily use alike, surpassing BTC is feasible.

You're talking nonsense
ETH also volatile and high price, doesn't it's same like you said BTC nearly impossible for daily use?

The first cryptocurrency can be use for daily payment is Bitcoin, if not stablecoin and the rest will follow it.

[Oshosondy]

I do not just have to go through your write up because the title has well explained what the content will be, bitcoin is not a replacement for fiat, it is just an alternative, if there are alternatives, there will be more convenience for people. Like now people can easily make cross border payment with just less than $1 bitcoin fee but the people are able to know how the bitcoin fee works and make use of low fee, but no how someone will not spend ten times or more while using fiat. Fiat are centralized but bitcoin is decentralized, bitcoin gives freedom unlike fiat. People will still be using the two but bitcoin is a good alternative especially used by people that want privacy and also want there money to increase in value rather than decreasing in value.

[Obito]

Hard to say because it will take a lot of adjustments for people to switch from a physical money to an electronic one. I don't think that bitcoin and Ethereum alone will not be able to do the replacement, also government is taking steps creating their own electronic currency so it's really hard to say that they will be able to replace fiat someday.

[Expecto]

I give zero chance to this because of their volatile nature. But digital (and stable) coins will replace fiat money in the future that's for sure. Governments are already developing their own digital currencies. They also care about that these currencies don't harm fiat for now. But things will completely change in time like I said.

[Nunoluck]

Many countries use USD as reserve currency, I think it is because US is the strongest country at this century so the value will be more stable. I am not sure that comparing Bitcoin and USD performance during war is right. I think it will be more appropriate to compare USD and Gold. Government is not fool, if government use btc as alternative reserve currency, then maybe there will be cryptocurrency expert, traders and etc who manage the money. So if government need money then they can provide it. Anyway if government save btc for anticipation if there is a war that happen then the country is will more stronger every years. Btc price always tend to rise so I think what is needed is only capital management. I am not sure that government will be replace fiat in the future, but I think btc will still become more popular although fiat is exist too.

[eaLiTy]

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...

We might see merchants adopting BTCitcoin but we wont be seeing a situation where fiat will be replaced by a decentralized currency and it is not meant to replace anything, rather it is an alternative mode of payment and if used properly it can be used as a global currency for international trade.

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.

ETH is not even a currency in my opinion, so end of debate  . ETH is used to store data and run decentralized applications.

[Lucius]

You should have better defined the term “someday” because it is completely vague in the sense that it can happen in 1 year or in 50 years. Maybe one day in the distant future the world will change globally and have one global currency, and maybe it won't even have it - if we refer to the science fiction of Star Trek where the concept of money no longer exists at all.

In its current state, Bitcoin is technically still complicated for most people, and sometimes almost unusable for microtransactions - and even if that changes for the better, does anyone think that world governments would give up their financial sovereignty in favor of any cryptocurrency? After all, most countries in the world work on their own digital currencies (CBDC), and that is the best answer to the question of what they think of the digital cryptocurrencies that exist today.

[Charles-Tim]

Hard to say because it will take a lot of adjustments for people to switch from a physical money to an electronic one

It is not hard to say, even the most use cases of fiat of paper money (physical fiat), fiat are more in digital now, we should be able to differentiate between digital currencies and cryptocurrencies because fiat also exist in digital as digital currencies. Also, if there is successful adoption of CBDCs, this will create way for people to make use of cryptocurrencies which are CBDCs also. Some people have already switched to stable cryptocurrencies also.

I don't think that bitcoin and Ethereum alone will not be able to do the replacement

You are right, in this regard, it is good to specify on cryptocurrencies generally.

government is taking steps creating their own electronic currency so it's really hard to say that they will be able to replace fiat someday.

CBDCs are cryptocurrencies, not fiat.

[Wind_FURY]

OP, completely replace? No. Be a complementary payment system? Yes. In fact, there are many many people who use Bitcoin as a medium of exchange today. Plus if the the current monetary system has a cabal to decide to print billions/trillions on a whim, then there will always be the need for some form of “sound/hard money”. Bitcoin.

[aysg76]

It maybe used as reserve assest by the government like gold but if we are talking about use of Bitcoin or eth as regular payment method like fiat it has certain uncertainties like high fees and volatility which could be adjusted with time but still this is an issue.Moreover fiat is not at all easy to replace which means replacing the centeral banking system globally which is not possible at the moment.It is deflationary in nature and government will not be able to match fiscal deficits by printing more money as it's easy to do so.The transaction takes time to complete if fees is set low and you can't wait for payment settlement for buying products at grocery store every time.Although btc has potential and will be seeing adoption soon but fiat will also be in use simultaneously.Until we fully equipped ourselves to technology and digitalization.

[BlackHatCoiner]

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?

[Global Adoption Warning! Please read me.]

If Bitcoin was a substitute of fiat, we could expand this discussion, but it ain't. Fiat's use is being forced by the government while Bitcoin's not and there are reasons why they do it. A modern capitalistic state cannot operate without a fully controlled reserve currency. In other words, there has to be a currency controlled by the government for the preservation of a healthy economy.

Bitcoin can't be compared with fiat, because:

• It isn't controlled by anyone.
• It has a deflationary nature. You prefer to keep it rather than spend it.
• It's not fungible. At least, not like cash.
• It is highly volatile.

[CryptocurencyKing]

Bitcoin or Ethereum and fiats aren't in a competition for dominance or complete elimination. I see it more like, a transition to a perfect collaboration of physical fiat and software or coded currency that operate on a different sphere. Its not a coexistence that can just work without some challenges especially with the fact that, fiats are nation bound while cryptos are not, fiat can be accurately taxed where as cryptos can't. Governance is centralized and while crypto is decentralized and as such, a coexistence is the best that can come put of this transiand joy elimination. Government benefits a lot from centralized system and a such, why would they ever throw it away for decentralisation. It won't work.

So, there isn't any bitcoin or crypto to fiat war going on out there but a transition for coexistence and in time, it would be archived.

[hongchao123]

Both of them just dont have enough TPS in their current conditions. And countries will not be ready to use currency that they cant control

[ILuckyGuyI]

I think that we will never see this happening. But they will be preferred at a really high rate in the future also. Digital currencies that will be developed by governments will take fiat's place.

[speedy963]

Again with this type of topic. Look, just give it a bit of effort and search for this type of topic and you will realize just how mamy times this type of topic has been talked about already. There you will see countless ideas about this that have great reasoning behind them. Although what you would mostly find are regarding bitcoin but common sense will help you to understand it more if you comoare their opinions about bitcoin to ethereum. Hint: if it is hard for bitcoin, it'll be 100x harder for ethereum let alone any other altcoins (just in case you were also wondering about this).

[verita1]

No such thing will happen. Because we have been living a silent war like the Covid19 pandemic and we have not replaced the FIAT. Even the US dollar is the most widely used currency in our economy.

But I do believe that there will be more technological developments that will make bitcoin and ether lower the high fees and the speed of transactions. The users of the world will have the options of bitcoin and cryptocurrencies as means of payments and also governments will issue their own digital currencies to offer a better service from banks.

[NeuroticFish]

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?

Imho although Bitcoin will probably get to be used on the daily basis, it won't be able to replace fiat. Not just like that.

In order to get rid of current way of fiat there may be necessary for a new way of governments and completely different politics/politicians (or maybe no politicians at all).
And that may not happen, or if it will, it'll happen after many many years.

So it's easier to say that Bitcoin will not render fiat useless, at least not during our lifetime.

[fiulpro]

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 can't even count how many times we have had the same discussion on the same topic. Well here are my point so as why Bitcoins and other cryptocurrencies can't replace fiat.

1. 940 million people do not have any access to electricity forget about cryptocurrencies.

2. Only 4.66 billion People are actively using internet all over the world.

3. Proper education is needed and a little bit of experience which can't be implemented that easily.

4. People have governmental restrictions etc which holds them from using cryptocurrencies like Bitcoins and eth.

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They would not be able to replace fiat it's more easy to use without internet and can be there exchanged anywhere around the world, it's a means of communication.

Cryptocurrencies can work synergistically but it cannot completely replace fiat.

[AGD]

Incredible how subtile you try to shill an altcoin of your preference into a Bitcoin forum. I got you.