Can cryptocurrencies replace fiat currencies

[conected]

When digitalisation are fully developed and all transaction could be paid online, I don't see why fiat cant be replaced by digital money. I could see a future where physical money are not needed no more. More advance payment method are built and in the next 100 years, I could see humanity being away from fiats. The reasons are resources. Resources to make fiats and more likely depleted that time and the universal solutions is to have a more sustainable, secure and regulated cryptocurrency.

- In your opinion, flea markets and street vendors probably don't need to be open anymore, giving money to the homeless also requires swiping a card and in short, our lives will revolve around technology and no physical currency in the future, do you feel that this idea is relatively viable? Resources and technology, even knowledge can grow but this growth rate will be accompanied by convenience in certain issues, some saturated problems will not be able to use technological solutions, need traditional elements such as fiat currency

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[Gyfts]

With the passage of time and the increase in value, will cryptocurrency be used in the world instead of fiat currency?

My reasoning behind this is that for using bitcoin one needs electricity supply and internet. So unless someone develops a product that can have a battery and internet for quick bitcoin transactions, fiat will remain the bigger one. Because you cant expect every person in every country to be owning a smartphone and having access to internet all the time - can you?

Who uses cash anymore? All banking is digitalized now, from income deposits, to taxes, to withdrawals, to transactions, anything. That piece of plastic that everyone carries around in their wallet, it's all digitalized. People use fiat currency because of the stability and centralization, they trust government to hold their end of the bargain and provide value to the paper they print. Once that trust is broken, fiat currency goes out the window, and I can assure you more and more people recognize that it's a mistake to trust the government for anything.

The limiting factor of Bitcoin isn't that it's digital and that most people need smartphones to use it.

[Renampun]

Cryptocurrency is a new trend in the modern financial economy, and it is an Internet-based medium of exchange that can be traded using cryptographic functions.
The decentralization and transparency of cryptocurrency makes it free from government supervision and control, and it is the owner who controls own wealth. The benefits of cryptocurrency make many new users to invest in it, and it has been accepted and recognized by more people. Some countries have banned bitcoin from the beginning to now accept and use it, and some countries use bitcoin as legal tender.
With the passage of time and the increase in value, will cryptocurrency be used in the world instead of fiat currency?

I believe that in the future cryptocurrencies will circulate together with fiat currencies...

Cryptocurrency was not created to replace fiat currency, but to be an alternative currency other than fiat. All countries will definitely continue to fight for their country's currency, which has been circulating for a long time and has become a symbol of the country.

[izsara]

I don't think this will happen because basically crypto is volatile and it's very difficult to predict which direction it will move. so it is very difficult if cryto is used to replace fiat money.
other than that I think bitcoin is only an option because besides being decentralized bitcoin is also separate from the government and I think this is only an option and if it is used as a primary or as a payment that is applied globally this will not be good and remember we have been using fiat and money for a long time and very hard to replace it

[jaberwock]

There is actually enough bitcoin for everyone. After all, it is not necessary to use whole bitcoins as a payment. If you use satoshi at the same time, then this will increase the volume by a hundred million times. This amount of bitcoin particles will be enough for everyone. But I'm not sure that bitcoin can be used as the main money of the state, primarily because of its high level of volatility. In this regard, the experience of El Salvador will be very valuable. In general, I do not think that decentralized cryptocurrency can replace paper money as a means of payment.

However when you consider the transaction fee, you will realize that there is actually something big going on that prevents it. I personally deal with crypto every single day and I stopped using bitcoin just because how expensive it became, that is why I think bitcoin being used in satoshis is not something possible.

That is the biggest problem keeping bitcoin to be globally accepted as a payment, why pay that much when you could pay absolutely nothing with other methods, tron is nearly free, even eth as the second most expensive became so much cheaper than bitcoin, and in fiat world credit card companies charge very little, even the paypal payments are cheapest. That is why I think the future of bitcoin depends on the price of the transaction fee, if we do not end up lower and lower then we are going to have to face a lot of backlash over the equality of it.

[verita1]

I think that cryptocurrencies will replace FIAT when we take the first initiative. Although it is a difficult decision because now we have the regulations that are increasing such as the prohibition of Binance to operate in various countries such as Thailand, Japan, Germany, Cayman Islands, Malaysia and more recently Italy.
The situation is worrying because Binance is the global exchange with the highest volume of daily transactions $ 14,826,296,761 with a preference score of 9.9.
Binance's legal department is working hard to expedite compliance with regulatory law.
“We take a collaborative approach in working with regulators and we take our compliance obligations very seriously,”
Binance said.
If other exchanges have passed the test like Coinbase, Kraken, and Gemini, hopefully Binance will as well. We have to get used to the idea that "Crypto needs rules" as advocated by the Winklevoss twins.

https://www.reuters.com/article/uk-crypto-currency-binance-italy/binance-unauthorised-says-italian-regulator-as-crackdown-widens-idUKKBN2EL13K

[pinggoki]

Eventually yes. As our society consistently shifts into a much more technologically-advanced ecosystem, we will eventually find no need for us to keep our fiat currencies which can contract diseases and are constantly depleting the precious resources it takes to make them. Cryptocurrencies are much more efficient, safer, and is much more  secure. Only thing that is really stopping cryptocurrencies from taking over right now is the fact that we still have close ties with fiat which will take time for us to forget and move on.

I don't think this will happen because basically crypto is volatile and it's very difficult to predict which direction it will move. so it is very difficult if cryto is used to replace fiat money.
other than that I think bitcoin is only an option because besides being decentralized bitcoin is also separate from the government and I think this is only an option and if it is used as a primary or as a payment that is applied globally this will not be good and remember we have been using fiat and money for a long time and very hard to replace it

Doesn't have to be the current cryptocurrencies we are fond of. Surely the great minds of our future will come up with a way to combat this volatility. Even now, stablecoins are a thing which shows promise of replacing fiat currencies in the future. Cryptocurrencies are versatile, and there will always be a loophole visionaries will be able to exploit in order to open new doors for cryptocurrencies to be utilized in novel avenues.

[Expecto]

It's a topic we've been discussing about for a very long time. If we're talking about volatile cryptocurrencies, then I don't think that they will replace fiat. But if we're considering the digital currencies which are developed by governments, then they can and they will replace fiat in the future surely. It's an inevitable reality and people who are against it should digest this truth.

[Wawa2013]

It's a topic we've been discussing about for a very long time. If we're talking about volatile cryptocurrencies, then I don't think that they will replace fiat. But if we're considering the digital currencies which are developed by governments, then they can and they will replace fiat in the future surely. It's an inevitable reality and people who are against it should digest this truth.

Although this topic has been discussed many times, it is indeed very interesting to talk about, because there are still many people who believe Bitcoin
will replace fiat in the future. Even though this possibility is impossible, however the government will not allow fiat to be replaced by uncontrollable
Bitcoin. If fiat is to be replaced, I also believe for sure by the digital currency that is being developed by the government. Therefore, Bitcoin was created
not to replace fiat, but to become an alternative payment. So humans if they want to make payments there are other options.
The presence of cryptocurrencies is not supposed to threaten the existence of fiat.

[Koro-Sensei]

When digitalisation are fully developed and all transaction could be paid online, I don't see why fiat cant be replaced by digital money. I could see a future where physical money are not needed no more. More advance payment method are built and in the next 100 years, I could see humanity being away from fiats. The reasons are resources. Resources to make fiats and more likely depleted that time and the universal solutions is to have a more sustainable, secure and regulated cryptocurrency.

- In your opinion, flea markets and street vendors probably don't need to be open anymore, giving money to the homeless also requires swiping a card and in short, our lives will revolve around technology and no physical currency in the future, do you feel that this idea is relatively viable? Resources and technology, even knowledge can grow but this growth rate will be accompanied by convenience in certain issues, some saturated problems will not be able to use technological solutions, need traditional elements such as fiat currency

Yeah why not. Do you really think all of these things aren't gonna be solved in the future? What if I tell you that there are beggars right now who accepts electronic money through their respective applications and for your information, most street vendors in El Salvador accepts BTC even those whose at flea market as you say.

[ivankoh]

It's a topic we've been discussing about for a very long time. If we're talking about volatile cryptocurrencies, then I don't think that they will replace fiat. But if we're considering the digital currencies which are developed by governments, then they can and they will replace fiat in the future surely. It's an inevitable reality and people who are against it should digest this truth.

Cryptocurrencies are not meant to eliminate or replace fiat. I mean fiat doesn't have a basic self-balancing instinct anymore and crypto will creep into it all in an effort to create a better, fairer state and accumulate the inflations that arise from it by procedures and intermediaries. Crypto will not replace fiat in the future but it will better play a role between operations, managing or mitigating risks.

[Liamttw]

Cryptocurrency will not replace legal currency yet, it is just a new trend, there are still many people who have never heard of Bitcoin. Cryptocurrency prices fluctuate greatly and are not suitable for daily transactions. Some countries also do not allow the use of it, and even suppress the prohibition of cryptocurrency. It will take a long time if cryptocurrency replaces fiat currency.

[Kittygalore]

Given how deeply rooted fiat and banking is in our society, I don't think that it's a good idea to replace them suddenly because there's a big void that cryptocurrencies has to fill to accommodate not to mention that if your country is a big participant in the global trade and economy, things will start to crumble. The best approach is to slowly integrate and let the old one slowly phase out.

[TheGreatPython]

We are entering increasing the era of digitalization covering almost all fields including finance, many countries have planned the development of fiat currencies in digital but will they imitate crypto even without supply limits. In my opinion, crypto will be very profitable because crypto has mastered digitization since the beginning of the creation of BTC, but Replacing fiat will take a long time.

I don't see the fiat cryptos or CBDC being too popular or successful because decentralization is the key and all these cryptos developed by governments are always going to be centralized and monitored.

We are a long way from cryptocurrencies to disrupt the fiat market and become the dominant payment option. I mean even today, apart from trading, cryptocurrencies are not that useful because not many service providers are still accepting BTC because of the volatility issue. To some extent, it has been soled by stable coins but still a long way to go. Once amazon or a big platform starts accepting BTC as a payment option, it might pave the way for others. I expected Tesla do to the same but Elon had other ideas.

[Semar Mesem]

I give no chance for cryptocurrencies in the market to replace fiat money in the near or far future. And actually, cryptocurrencies don't have such aim also. They will stay as a very good alternative to fiat. Even when the digital currencies developed by governments replace fiat, cryptocurrencies' place will stay the same I think.

I think so, crypto is not meant to replace fiat, because it's too complicated to become fiat, for example security issues, I'm worried that if I have to change the address contract every day because it was previously hacked, it's better to be an alternative to local or global transactions like now.

[SacriFries11]

I do not think so. It seems like it will just be an alternative as a store of value. Because the government will not allow it to become the main type of currency in their country and replace the fiat currency. This will be an alternative to banks such as storing your assets. When it comes to cryptocurrencies, it will not be controlled by the government because it is a decentralized ledger. The only thing the government can do is issue restrictions on the use of cryptocurrencies.

[Tumanggor]

actually this is just a growing myth among economists that cryptocurrencies will replace fiat
let's take a deeper look that cryptocurrency was created not to replace fiat but to be an alternative currency other than fiat

if the world's governments are willing to sit down together to discuss the potential of cryptocurrencies then they will definitely accept and make it a payment alternative
Cryptocurrencies were created not to replace but rather to improve the financial system

[perfect999]

When digitalisation are fully developed and all transaction could be paid online, I don't see why fiat cant be replaced by digital money. I could see a future where physical money are not needed no more. More advance payment method are built and in the next 100 years, I could see humanity being away from fiats. The reasons are resources. Resources to make fiats and more likely depleted that time and the universal solutions is to have a more sustainable, secure and regulated cryptocurrency.

You are confusing fiat with paper money. When someone asks can crypto replace fiat, they are not asking whether digital payments will overtake manual and physical transactions because of course moving forward digitalization is going to happen but digital fiat and crypto are two different things.

My opinion on the matter is:
Will digital transactions take over physical paper-money-based transactions? Yes, they will at some point.

Will crypto replace fiat? No, as much as I like the theory, I cannot imagine a world without banks, and crypto is meant to kill banks.

[Silberman]

Cryptocurrency is a new trend in the modern financial economy, and it is an Internet-based medium of exchange that can be traded using cryptographic functions.
The decentralization and transparency of cryptocurrency makes it free from government supervision and control, and it is the owner who controls own wealth. The benefits of cryptocurrency make many new users to invest in it, and it has been accepted and recognized by more people. Some countries have banned bitcoin from the beginning to now accept and use it, and some countries use bitcoin as legal tender.
With the passage of time and the increase in value, will cryptocurrency be used in the world instead of fiat currency?

It depends on the scope of your question, if you mean this worldwide then the answer is no as governments are never going to stop printing their own currencies as a great deal of their power derives from having their own currencies, however if you mean that to some people bitcoin will in fact replace fiat currencies then the answer is yes, some people will elect to receive their payments in bitcoin and then will use it directly without ever touching fiat again, effectively replacing fiat on their lives.

[nakamura12]

I don't think there is a chance that cryptocurrency will replace fiat money. I do believe that the government may create their own digital currency that is based on the fiat and also a centralized currency. Government wants to take control of it but in bitcoin there is no a group of people or a person who has a control of bitcoin so I don't think that it will happen if they replaced fiat with bitcoin or other crypto currency.