Will Bitcoin/ETH replace fiat someday?

[South Park]

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.

The developers of ethereum have tried everything they can in order to reduce the fees that you need to pay and they have failed to do so and I think it is time to admit this is not going to happen as long as the demand is there, ethereum is a very popular coin in which hundreds or even thousands of projects run at all times and this is going to generate traffic and expensive fees for those that are looking to move small amounts of money within their network.

[Hypnosis00]

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.

The developers of ethereum have tried everything they can in order to reduce the fees that you need to pay and they have failed to do so and I think it is time to admit this is not going to happen as long as the demand is there, ethereum is a very popular coin in which hundreds or even thousands of projects run at all times and this is going to generate traffic and expensive fees for those that are looking to move small amounts of money within their network.

That high demand will particularly keep the fees still high, we have nothing to do with that but to accept it. It found no choice for ETH users to pay for a few bucks higher from the other platform but despite this thing. We even see that ETH still increasing its price and market demand which means that people are not leaving ETH and they understand the situation, and I think the upgrade wasn't a failure. It was just hard to lower the transactions fees in the situation that there is still high demand.

[wheelz1200]

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

They will exist side by side.  The main reason it won't flip fiat is because national governets will never want to give up complete control of their financial system.  They will exist in parallel.  Eventually each will have its niche, crypto is perfect for micropayments, fiat still good for day to day transactions.

[Veter2000]

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

They will exist side by side.  The main reason it won't flip fiat is because national governets will never want to give up complete control of their financial system.  They will exist in parallel.  Eventually each will have its niche, crypto is perfect for micropayments, fiat still good for day to day transactions.

    I agree that cryptocurrencies and superstitious fiat currencies have their own niches for use, where each of them has competitive advantages. It is also impossible to consider all cryptocurrencies as having a single function. So bitcoin and ether are not very suitable for micropayments, but for example, Tron or CHIA, on the contrary.

[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

They will exist side by side.  The main reason it won't flip fiat is because national governets will never want to give up complete control of their financial system.  They will exist in parallel.  Eventually each will have its niche, crypto is perfect for micropayments, fiat still good for day to day transactions.

This is true, one clear example of this is Zimbabwe, after the disaster their fiat currency became and after other foreign currencies became the money people used on their everyday transactions the government tried to impose once again their currency causing yet another crisis, so even if bitcoin and other cryptocurrencies could deliver a knockout blow to fiat currencies and destroyed them in the process governments will at a later time try to reintroduce their fiat currencies as a great deal of their power derives from them.

[ene1980]

~
This is true, one clear example of this is Zimbabwe, after the disaster their fiat currency became and after other foreign currencies became the money people used on their everyday transactions the government tried to impose once again their currency causing yet another crisis, so even if bitcoin and other cryptocurrencies could deliver a knockout blow to fiat currencies and destroyed them in the process governments will at a later time try to reintroduce their fiat currencies as a great deal of their power derives from them.

I am not following the Zimbabwe economic crisis and i have not heard about them enforcing others to use their currency once again. When i check about the worst ten economies in the world i did not see Zimbabwe. Iran comes first along with Vietnamese Dong. Suppose even if the government enforces will the people change their methods and start accepting their currency or look for a stable one.

[livingfree]

I agree that cryptocurrencies and superstitious fiat currencies have their own niches for use, where each of them has competitive advantages. It is also impossible to consider all cryptocurrencies as having a single function. So bitcoin and ether are not very suitable for micropayments, but for example, Tron or CHIA, on the contrary.

Bitcoin is still suitable for small payments, there's the lightning network and even if you use bitcoin, the fees are not that really high this time.

That's why El Salvador has adopted it as a legal tender and they're seeing the good side of it not just as a payment but as well as a store of value.

[Abiky]

Bitcoin is still suitable for small payments, there's the lightning network and even if you use bitcoin, the fees are not that really high this time.

That's why El Salvador has adopted it as a legal tender and they're seeing the good side of it not just as a payment but as well as a store of value.

Even with the low fees and fast speeds, neither Bitcoin nor Ethereum will replace Fiat because they're decentralized. Governments want something they can control, so it's unlikely Fiat will disappear anytime soon. On the contrary, Fiat will become "digitized" giving governments and central banks greater control over people's lives.

What matters is both cryptocurrencies stay true to its roots by being decentralized cryptocurrencies anyone can use worldwide. With decentralization comes censorship-resistance. It's no wonder why governments have been unable to destroy Bitcoin and Ethereum to this date. I'm fine with crypto being an alternative to Fiat than a replacement. People will ultimately choose which type of currency they want to perform their transactions. Just my opinion

[omone1]

As I write, I have 99% of my fund in Cryptocurrency because my government keeps devaluating our currency by  driving up inflation and willfully causing people to loose money. So if I need physical cash, it takes me less than 5mins to convert to cash. With time, bitcoin is likely going to replace flat, the government know they know they have lost the battle against Cryptocurrency

[Banulit]

I don't think that cryptocurrencies such as Bitcoin/Ethereum will replace fiat knowing that its the financial monetary system uses by all the people in the world. I just think that bitcoin/ethereum and other cryptos will be part of the innovation and adaptation for a new additional financial system in the whole world.

[South Park]

~
This is true, one clear example of this is Zimbabwe, after the disaster their fiat currency became and after other foreign currencies became the money people used on their everyday transactions the government tried to impose once again their currency causing yet another crisis, so even if bitcoin and other cryptocurrencies could deliver a knockout blow to fiat currencies and destroyed them in the process governments will at a later time try to reintroduce their fiat currencies as a great deal of their power derives from them.

I am not following the Zimbabwe economic crisis and i have not heard about them enforcing others to use their currency once again. When i check about the worst ten economies in the world i did not see Zimbabwe. Iran comes first along with Vietnamese Dong. Suppose even if the government enforces will the people change their methods and start accepting their currency or look for a stable one.

The link to the Wikipedia mentions what I am saying, the hyperinflation that we saw in Zimbabwe was probably the worst in recorded history, then the government had no other option but to give up and get out of the business of printing their own currency, only to try to do so again creating another crisis and inflation being above 700% per year, while the government of Zimbabwe is particularly inept at managing their economy this is the fate of all fiat currencies as they are not backed by anything.


https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe

[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.

[Spack17]

I think that day will never come. Bitcoin and Ethereum both are volatile cryptocurrencies. Maybe Ethereum doesn't have a limited supply but Bitcoin does. These kind of factors are the biggest things that affect the decision of governments. They don't want to make a currency like this their legal tender. It is seen for the governments of developed countries especially.

[lumierre]

Of course I prefer crypto to fiat money, as it gives me complete freedom. Nobody bans my transactions, nobody cares about sources of my money.
If we are choosing a coin for payment, I would rather choose Tron (TRX) as it is rather fast and cheap when it comes to transaction fees.
But still we have to do something with volatility as today it is more possible to pay in stable coins than in other altcoins

[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 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.

[carrigan]

I think this is not possible. We know for ourselves that the supply of Bitcoin itself is limited, besides that this currency is in digital form which not everyone knows how to use, many of whom are still technologically stuttering so it is difficult to reach it. Moreover, the value of Bitcoin itself is very volatile so it is difficult to determine how much. Fiat will continue to apply in society because it is easier to apply besides this currency is also issued directly from the government. Of course, fiat has high support from the government.

[Trouvaille]

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.

[OrangeII]

I agree that cryptocurrencies and superstitious fiat currencies have their own niches for use, where each of them has competitive advantages. It is also impossible to consider all cryptocurrencies as having a single function. So bitcoin and ether are not very suitable for micropayments, but for example, Tron or CHIA, on the contrary.

Bitcoin is still suitable for small payments, there's the lightning network and even if you use bitcoin, the fees are not that really high this time.

That's why El Salvador has adopted it as a legal tender and they're seeing the good side of it not just as a payment but as well as a store of value.

I've always thought that the biggest thing bitcoin/ethereum is doing is being an alternative payment in every country, but it won't be able to replace Fiat. however, when El Salvador accepted bitcoin as a legal tender, I thought that the potential of bitcoin today could replace Fiat.
although at this time bitcoin is still quite difficult to replace Fiat due to various regulations, but I think the development of bitcoin to become a legal payment alternative in a country, is an extraordinary thing.

[TheGreatPython]

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.

First we need some update about Ethereum is not a cryptocurrency it's simply open source blockchain with smart contract, so it's not possible for this to replace on other hand bitcoin is decentralized which is never been loved by any government because they never allow us freedom they want to check us through our paper currency movement.

We should also think that we would having some disadvantage for using digital currency may take some fees and its price is fluctuation is also the biggest issue because many things need some quick action from us but with this we cannot do this all very quickly.

[South Park]

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.

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.