Will Bitcoin/ETH replace fiat someday?

[the ghabbar]

no this is impossible if crypto can replace fiat. crypto can only resemble fiat but for fully fiat transactions it is still the main and can be said to be one of the most important

That's right, there's no way crypto can replace fiat, this would be very impossible and strange, crypto can't resemble fiat in the same sense, but they can replace fiat in a different sense, especially when it comes to transactions, it's definitely full fiat priority.

It's impossible to just change, let alone start planning, current transactions still really need Full fiat even though people say different things, but in my view it's unlikely that this will change.

[bamb]

It's already happening.  A country in South America  El Salvador was the first country in the world to officially adopt bitcoin as legal tender! Bitcoin is going to be adopted by more countries in the future especially those country that are having hyper inflation.  As for the fiat,  fiat will still be very much around and both bitcoin and fiat will remain!

[MisterLangley]

Seems like a perfect transition between BTC and ETH but crypto can't replace fiat it's pretty much impossible to talk bitcoin and eth or fiat into one. Bitcoin is the one that has a quantity price in the current market.

And I think that might actually be the case because cryptocurrencies don't compete with fiat

[Republikcoin.com]

Replacing FIAT as the currency used for daily transactions is the most difficult thing for Bitcoin to achieve. For now, the existence of Bitcoin has been recognized by several sectors as an alternative payment and there are also those who make Bitcoin an instrument for making money such as investment and speculation. Thus, the function of Bitcoin has exceeded fiat which is only used as a means of payment.
Fiat is the best medium for everyday use of payment instruments, and Bitcoin has its own function.

[Pelana vreo]

-snip-

Some countries prohibit Bitcoin ownership and transactions due to its fluctuating value, a list of countries that accept Bitcoin can be found here wikipedia

I have seen several countries ban Bitcoin because Bitcoin cannot be controlled by one country, as I know, corruptors who have high positions in every country will do anything for it, but I believe that Bitcoin will replace USD and fiat currencies others because Bitcoin is very transparent and no one can manipulate every transaction

[breathlessz]

it can happen but in the long run, every civilization will replace the conventional one, so it is possible that bitcoin will replace it as a currency. but it cannot happen instantly, we can imagine equalizing perceptions for all countries is certainly not easy and also every current government certainly does not want to lose control

[kak uli]

-snip-

Some countries prohibit Bitcoin ownership and transactions due to its fluctuating value, a list of countries that accept Bitcoin can be found here wikipedia

I have seen several countries ban Bitcoin because Bitcoin cannot be controlled by one country, as I know, corruptors who have high positions in every country will do anything for it, but I believe that Bitcoin will replace USD and fiat currencies others because Bitcoin is very transparent and no one can manipulate every transaction

the explanation you convey is very true and certainly something that is very difficult to apply in many countries. In addition to currency values that fluctuate every time, many countries also prohibit them because they are afraid that it will be money laundering by corruptors. I think because of things like this, many countries have not regulated digital currencies in their respective countries.

[Cameron1Love]

Why they still thinking to replace fiat in the future? In the first place cryptocurrency is created for only medium of exchange, not really to replace fiat currency. Its still valuable and don't bare in mind that they will replace in the future.

[MarjorieZimmermanGinger]

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 it can be implemented in the next 5 years, using bitcoin as a means of daily payment, this is not possible at this time, it is against existing rules, moreover bitcoin has an amount that has been determined by the owner.

Unlike the case with Ethereum, it is more likely to be used globally, although there are no specific rules governing it, but in general ethereum is more suitable for daily use than bitcoin itself.

[Rahman11]

Best discussion and some prediction about replacing crypto to fiat, see belows link, you will be gain some knowledge.
https://www.google.com/amp/s/www.investopedia.com/amp/news/could-cryptocurrencies-replace-cash-bitcoin-flippening/

[cunguks]

In my opinion, bitcoin have a higher chance of being used as a reserve asset by the government than replacing fiat currency to become the means of daily transaction. Because the price volatility would not allow such. No seller would want to accept a coin whose value keeps changing. And the relatively high gas fee would also be an hindrance too.

but if the problem lies only in fluctuations and high transaction fees. there are several assets other than bitcoin and ethereum that I think can solve this problem.
I believe what is happening now, is that the market's trust in fiat is too strong. assume they have money only by fiat. not with other assets.
if the consideration is for reserve assets held by the government such as gold stored in banks. I don't think it will fit. the government will not take the risk for this. it will be difficult to get all countries to accept crypto to replace fiat.

[Serco]

no this is impossible if crypto can replace fiat. crypto can only resemble fiat but for fully fiat transactions it is still the main and can be said to be one of the most important

i know it will be hard for etherum or bitcoin to replace fiat someday, its not about technology or something else but maybe the regulation and also as global system that could not changes. fiat will be useless if cryptocurrency applied as fiat in many countries, and no one will let it. i am agree cryptocurrency suitable as payment system but not as currency.

El Salvador has passed regulations on the use of Bitcoin as a means of payment and this can be a reference that Bitcoin can replace fiat currency. But in my opinion it will take years to make Bitcoin a means of payment that is used by everyone because in my opinion, Bitcoin is more suitable to be used as an asset

its different regulation for paymend and currency, el salvador only allowed bitcoin or other cryptocurrency used as payment system in el savador store, but it doesnt mean replace currency.

[ardydyon]

I think fiat payments will be greatly utilized in the future by crypto users but nowadays if we look at fiat payments made by eth has a very high gas cost with that began to emerge new smart contracts that rival eth by offering fiat or cheap gas costs for example we see today bnb with bep20.many new tokens and coins are under this project.every transaction made using fiat bsc bep20 at a very low cost when compared to eth.currently there are also other fiat such as trx20 and rumors that the latest cardano will also launch its own smart contract.I think this fiat will still be used but the options offered will be many.

[Golftech]

I don't think this is possible because cryptocurrencies have no analogues in offline mode. While fiat currency has a paper version.
In addition, the concept of cryptocurrency is still difficult for some people. The volatility of cryptocurrencies can have an adverse effect on people's well-being if absolutely everyone starts using them on a daily basis. But I believe that fiat and crypto currencies will coexist, integrating with each other.

Adoptions from most people is the first thing that will interfere in this situation then here comes the government that will

not allow anything without their control, coming from this 2 things it will be tough for crypto either btc or Eth to replace fiat

system, more on alternative and possible to co-exist but totally replacing the old traditional system, that's still far from reality.

[lenovop-70]

It could happen someday if human knowledge is advanced and parallel, the human need for transactions will be even greater. security and speed of transactions without any restrictions between countries with currency differences are no longer a problem when it is on the blockchain. so in my opinion, what we are discussing is just a matter of time, and people will agree to use bitcoin and ethereum as a substitute for fiat in the future.

[tabas]

It could happen someday if human knowledge is advanced and parallel, the human need for transactions will be even greater. security and speed of transactions without any restrictions between countries with currency differences are no longer a problem when it is on the blockchain. so in my opinion, what we are discussing is just a matter of time, and people will agree to use bitcoin and ethereum as a substitute for fiat in the future.

There's a huge division for most countries and mostly not going to agree to have one currency that can be accepted from here and there. But what's good with cryptocurrencies mostly, bitcoin.
There's no need for that division as we're a whole community that agrees and shares the same reason why we're having it and supporting to own it.

[dustboy]

It could happen someday if human knowledge is advanced and parallel, the human need for transactions will be even greater. security and speed of transactions without any restrictions between countries with currency differences are no longer a problem when it is on the blockchain. so in my opinion, what we are discussing is just a matter of time, and people will agree to use bitcoin and ethereum as a substitute for fiat in the future.

Crypto will not replace fiat, even if human knowledge is advanced in the future. Government regulation might be one of the reasons why crypto will not replace fiat. Government may adopt it as alternative payment system in the future, but the chance for crypto to replace fiat is still small. Crypto is also created/designed not to replace fiat.

[DonFacundo]

That will never happen because cryptocurrency is volatile. For sure the government would not allow bitcoin to replace the fiat money, so risky for people who own bitcoin what if emergency happen and you need money but the price of bitcoin is dumping so you are short, you bought bitcoin at high price. So it's not good idea that bitcoin replace fiat in my opnion.

[geegaw]

It could happen someday if human knowledge is advanced and parallel, the human need for transactions will be even greater. security and speed of transactions without any restrictions between countries with currency differences are no longer a problem when it is on the blockchain. so in my opinion, what we are discussing is just a matter of time, and people will agree to use bitcoin and ethereum as a substitute for fiat in the future.

Your problem is an idol disease and considering your choices will be the priorities of the future but when bitcoin runs parallel to time, maybe more people will agree but a large part feels the danger will still be separated, finally, a war like in the past emerges and the government is also the pioneer and gives an opinion that makes others respect. Decentralization cannot become the supreme council of society, replacing fiat is replacing government decision with society, small country can manage well, big country will be rebellious

[roosbit]

I don't think so. Believe it or not but there plenty of people out there that are afraid of unregulated products and bitcoin being one many will be reluctant to make this official money unless our governments have a hand in making it legal to try to get people have a change of mind.
But both bitcoin and fiat being used at the same time is possible and this is where we at.