Will Bitcoin/ETH replace fiat someday?

[Abiky]

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

Scarcity is not an issue, since Bitcoin is divisible to 8 units. There are a quadrillion satoshis in existence, which is more than enough for the today's global population. What's preventing Bitcoin from replacing Fiat is limited transaction capacity. Volatility is also a huge drawback, but not a concern if you use Bitcoin as a unit of account instead of Fiat (paying for things directly with Bitcoin regardless of its price in Fiat). Ethereum, on the other hand, is much faster and cheaper to use than Bitcoin. But it still has its limitations.

As long as central banks and governments control the mainstream economy, Bitcoin and other cryptocurrencies will remain as an alternative than a replacement to Fiat. It's very unlikely the world will shift to decentralized cryptocurrencies altogether because Fiat is still hard to beat. Most merchants and businesses accept Fiat on top of crypto, so it's highly unlikely banks will disappear anytime soon. I'm okay with that as long as crypto/Blockchain tech stays decentralized. Just my opinion

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[Baihaki Khaizan]

according to the statements of experts such as BItstamp CEO Julian Sawyer: Bitcoin has drawbacks such as extreme volatility and is more likely to be part of payment methods such as cards, coins, currencies or checks. It is highly unlikely that it will be the torchbearer of financial transactions. Cryptos can be influenced by memes and tweets, making them highly volatile and therefore unsuitable for global or national financial systems. Bitcoin's value has halved since mid-April and more than quadrupled in value last year.

then Bannockburn Global Forex chief market strategist Marc Chandler said, volatile Bitcoin is a damper for financial stability for countries. When a country's currency loses credibility in the market, gets out of control, enjoys extreme volatility, it causes high inflation, which is why some countries peg their currency to other currencies and have a dollar-denominated economy like El Salvador did. This is undoubtedly a turning point for cryptos like Bitcoin, and it is definitely a moment of reckoning. Tellimer's head of financial equity research Rahul Shah is of the view that countries such as Liberia, South Sudan, Guatemala, and Haiti could be the next countries to legalize Bitcoin given their dependence on foreign remittance inflows, high poverty and low financial inclusion.

Sumber: https://www.cryptonewsz.com/can-bitcoin-ever-replace-fiat-currencies/

I think the debate about this will continue.

and I conclude that, cryptocurrencies are the future of payments; replacing fiat currency will be difficult, and cryptocurrencies currently face many challenges.

[onyek16M]

You are absolutely right. Bitcoin or Ethereum never replace fiat. This would be possible only if everyone in the world used crypto. But there are still many countries where crypto is banned. Also there is no physical form of crypto.

Cryptocurrency was not created in a physical form so that it cannot be held like fiat money, and ordinary people will always consider fiat more useful than cryptocurrency because fiat can be held, but on the other hand, cryptocurrency is also more profitable with various conveniences through its services, and for the problem there are some countries that still prohibit cryptocurrencies, it also depends on the country's regulations and the rules of the country, so we don't need to look at that.

No problem Cryptocurrency was created digital or not created in a physical but makes it problem is people does not know what a cryptocurrency and how to use so this is one of reasons that cryptocurrency never replace fiat money.  cryptocurrency is also a new thing maybe it make some of countries doubt dan choose not learn more.

[kak uli]

I think it's something that can't possibly happen. It's not easy for a country to replace its currency, let alone replace it with digital currency!!. But what might happen to many countries in the world is to legalize transactions with digital currencies based on regulations from the relevant government.

[awik p]

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

Of course the more sophisticated the technology, the payment must be done digitally, but this takes a long time to adjust and is not as easy as one might think. many people who don't use crypto even if the country requires it will also be a big problem because not everyone is touched by technology, maybe some people out there have a natural life. what happens now is that payments are mostly used in US or USD.

I think when the time is right then crypto will position itself properly. maybe not for now or in the near future, but over time, the development of digital technology, everyone's busyness and needs, etc. then at that time crypto will answer it, because until now it can be said that crypto is still looking for its identity and struggling to win the hearts of governments in every country

[South Park]

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 what you said was true then we will be seeing something like that happening already and ETH being used in all kind of transactions and this is not the case, ethereum is mainly used to buy assets that run above the ethereum network, this is also known as just pure speculation, almost no one buys something with ethereum, and about your question, bitcoin will replace fiat for some people but not all, I am sure that in the future I will probably not use fiat once I can make all my purchases with my bitcoin.

[bots1]

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.

[beveryu778]

There will come a time when all transactions will be done through cryptocurrency.
But I think it will take a long time for such a system to come.
This system will be much better if you can get a lot of peace through transactions and do not have to fall into any suffering

[Hughes_Ryan]

In my opinion, with the perfect characteristics of bitcoin/ETH, this is entirely possible in the distant future although the probability of reality is very small.  Both Bitcoin/ETH have a fixed supply which will create equal supply/demand and deflation compared to fiat.  Even a CBDC has been established, meaning that Bitcoin/ETH has proven how macro and efficient the technology of cryptocurrencies can be to offer a real opportunity for change.

[Abiky]

according to the statements of experts such as BItstamp CEO Julian Sawyer: Bitcoin has drawbacks such as extreme volatility and is more likely to be part of payment methods such as cards, coins, currencies or checks. It is highly unlikely that it will be the torchbearer of financial transactions. Cryptos can be influenced by memes and tweets, making them highly volatile and therefore unsuitable for global or national financial systems. Bitcoin's value has halved since mid-April and more than quadrupled in value last year.

then Bannockburn Global Forex chief market strategist Marc Chandler said, volatile Bitcoin is a damper for financial stability for countries. When a country's currency loses credibility in the market, gets out of control, enjoys extreme volatility, it causes high inflation, which is why some countries peg their currency to other currencies and have a dollar-denominated economy like El Salvador did. This is undoubtedly a turning point for cryptos like Bitcoin, and it is definitely a moment of reckoning. Tellimer's head of financial equity research Rahul Shah is of the view that countries such as Liberia, South Sudan, Guatemala, and Haiti could be the next countries to legalize Bitcoin given their dependence on foreign remittance inflows, high poverty and low financial inclusion.

Sumber: https://www.cryptonewsz.com/can-bitcoin-ever-replace-fiat-currencies/

I think the debate about this will continue.

and I conclude that, cryptocurrencies are the future of payments; replacing fiat currency will be difficult, and cryptocurrencies currently face many challenges.

Crypto is the future of money. But it'll never replace Fiat because of the reasons mentioned earlier. Volatility and lack of regulations, totally "kills" crypto's ability to be used on top of Fiat. It's better as a speculative investment than anything else. I'm fine with that as long as crypto remains a decentralized and censorship-resistant kind of money for the whole world to enjoy. Bitcoin is the one which started it all, so it's very unlikely to go away anytime soon. One thing for sure is that the pioneer cryptocurrency (BTC) makes a great store of value. ETH is a somewhat-better cryptocurrency, but it still has its limitations. Instead of focusing on replacing Fiat, we should focus on making crypto land a better place. It's all about utility than anything else. Time will tell us whenever crypto will live forever with Fiat or fade into oblivion as a failed experiment. Just my thoughts

[Zulkifli BI]

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 Bitcoin or ethereum will replace fiat a tool for daily use alike, because not everyone knows and uses bitcoin nowadays so it is impossible to replace fiat. although currently many are using ethereum and bitcoin, they are still constrained by high transaction fees, which is an obstacle for crypto users.

[nelliella]

LoL hell yes : we are evolving & money is evolving check the last 200 years , people have become more individual and free . We don't want to live dependent on governments or banks etc . Yes it's hard to change habits but it is inevitable .

And hell yes : How can bitcoin /Eth replace fiat with those transaction fees ?  this is ridiculous , If we able to create a currency without fees or really really low fees it will be pure revolution  .. so name another currency .

[bitzizzix]

Bitcoin or Ethereum and other cryptocurrencies are not to replace fiat which has been around for a long time, but crypto and fiat to complement each other even though the transactions of crypto assets on the blockchain are immutable which makes them more secure than fiat.
Crypto and fiat are similar but not the same and in my opinion crypto cannot replace fiat because both will be accepted and go hand in hand but no one knows when it will happen as a whole, because it will take a very long time and will also have pros and cons until the end they both walk together.

[nicecrypto]

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

While this might look possible in theory, practically, I don't think that any cryptocurrency will replace Fiat money someday. If cryptos are been spent/accepted like Fiat by some organisation and individuals, this does not mean that the Fiat currency will be replaced by crypto. There have been other commodities that were used back in the years too for transactions and I dont think those replaced the fiat money and I see the same for Cryptocurrency.

[istiak2277]

Bitcoin or ethereum don't have any chance to replace fiat anytime. An unstable market and lack of any regulation is the main problem we are facing to initiate that kind of adoption. Though the stable coin has the chance because of stable market condition the problem is there is already a lot of stable coins and they are backed by difference commodities so which one will be used globally.

[Frengki_cisco]

If-you ask me personally about Bitcoin and Ethereum replacing Fiat in the future-I emphatically say _NO_and it will never happen, There are many countries and each country has its own fiat,
pilot:
One family only, have different ideas, what else country, think about it.

[MoneyJ]

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.

[King Khaizan]

Bitcoin is still considered difficult to replace the role of conventional currency

Bitcoin also has several problems that make it difficult to replace conventional currencies.

Bitcoin has no underlying and is not centralized. In addition, Bitcoin does not have a deposit and credit mechanism like conventional currencies.

In general, Bitcoin is currently present as an alternative currency, especially digital currencies. 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 a means of payment such as gold, diamonds, 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.

[2tang]

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.

If I prefer to add only, not to replace existing ones such as Fiat, because with the addition of payments in the form of Digital currency and the use of Digital currency, this will provide other additional options for those who have often used digital currency, because often use Digital currency also very often use Fiat currency, I think that is better.

[Rahman11]

Many in the cryptocurrency community have spent years predicting that digital currencies will someday take the place of fiat currencies. But mainstream economists tend to view cryptocurrencies with more than a bit of disdain. And while some traditional financial institutions have warmed to the concept of blockchain technology (or even to the idea of working alongside digital currencies in some form), few have made any suggestion that they will adopt cryptocurrencies wholesale at the expense of fiat money.

While cryptocurrencies have yet to fully take over in the real world in a way that enthusiasts have predicted, there are nonetheless some signs that various currencies are making it in the traditional business space, even if only to a limited extent.