Can cryptocurrencies replace fiat currencies

[GeorgeJohn]

No matter how influential and valuable cryptocurrency or bitcoin is today, it can not replace a fiat currency from my perspective, because emphasising on fiat, it's very obvious and understandable that fiat currency is father's of all currencies as per say Bitcoin is father's of cryptocurrencies, now considering the fact that before introduction or  awareness of cryptocurrency fiat is already in ground.

So narrating this using the ancient period of human life living and present methods of life currently, it's clear to the blinds and very audible to dealf that cryptocurrency can't dominate or take over fiat currency, because without Fiat currency a cryptocurrency or bitcoin in particular cant exist, but without cryptocurrency a Fiat will keep on existing till century or further notice, so referring us to fifty years a go when it's only coins and some paper money were in existence which is Fiat, everything is still moving in orderly manner.

So using this medium to recapitulate this, cryptocurrency can't dominate over fiat, even though it takes crypto ten (10) years or twenty (20) years on Earth, reasons because it's a decentralized currency and no one can view or see it physically except in a digital form, secondly fiat is already in existence before any other currency, or creation, introduction of cryptocurrency, and finally, fiat is more influential than any digital currency

[1715032915]

1715032915

[1715032915]

1715032915

[1715032915]

1715032915

[Quidat]

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.

0% chance but there are crypto supporters that do really believe that crypto could replace fiat without thinking up the considerations or factors needed before it would really become mainstream.
Thinking of first that as if government would really let this thing to happen? No they wont. Centralized things will always rule in the end and crypto would really be just ending up to
be an alternative and theres no really chance for bitcoin or crypto could replace fiat currencies and we do already have some CBDC's been existing or even that
Digital Yuan and wont be surprised if there ould be more in the future.

[tygeade]

Can? Yes it can. Will it? No it will not. The simple reason for crypto not being able to change the world works is the simple fact that it is way too technological. My mom and dad still uses cash, they use credit card a bit as well and that's it, they do not have their banks mobile app, they do not have anything remotely technological, they do not even understand what bitcoin is let alone use it.

It means we need a whole new population of people grow old while others die in order to see this happen. That is about 30-40 years in the future for everyone to be as technologically talented enough to understand how crypto works. After all of that is done, there are people who do not have access to clean water all over the world, let alone a computer and internet access and maybe even mobile phone, they do not have WATER, how can they use bitcoin? So it is not easy, the infrastructure is not there.

[Viscore]

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.

0% chance but there are crypto supporters that do really believe that crypto could replace fiat without thinking up the considerations or factors needed before it would really become mainstream.
Thinking of first that as if government would really let this thing to happen? No they wont. Centralized things will always rule in the end and crypto would really be just ending up to
be an alternative and theres no really chance for bitcoin or crypto could replace fiat currencies and we do already have some CBDC's been existing or even that
Digital Yuan and wont be surprised if there ould be more in the future.
 

Bitcoin will eventually reach the point that will be accepted and legalized by the government but it will only be an option to the existing fiat. If fiat will be totally replaced, the government will definitely be against it.

In the near future, we will have two currencies that will be used globally and if you chose to be more convenient with online transactions, then you can use bitcoin but if you want physical transactions, fiat would likely to be used. Maybe by that time the high volatility of bitcoin will not be an issue anymore.

[Twinkledoe]

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.

0% chance but there are crypto supporters that do really believe that crypto could replace fiat without thinking up the considerations or factors needed before it would really become mainstream.
Thinking of first that as if government would really let this thing to happen? No they wont. Centralized things will always rule in the end and crypto would really be just ending up to
be an alternative and theres no really chance for bitcoin or crypto could replace fiat currencies and we do already have some CBDC's been existing or even that
Digital Yuan and wont be surprised if there ould be more in the future.
 

Bitcoin will eventually reach the point that will be accepted and legalized by the government but it will only be an option to the existing fiat. If fiat will be totally replaced, the government will definitely be against it.

In the near future, we will have two currencies that will be used globally and if you chose to be more convenient with online transactions, then you can use bitcoin but if you want physical transactions, fiat would likely to be used. Maybe by that time the high volatility of bitcoin will not be an issue anymore.

I can agree that bitcoin may increase the scope of the acceptance among governments but won't be replacing fiat for that matter. Still, the governments will stick to fiat as they have full control of its circulation. I don't see btc replacing fiat in our lifetime but maybe the usage of btc will tremendously increase in the coming years. Let us just be happy that these days some countries are now recognizing btc as legal tender. That's a very nice step for btc adoption.

[Yatsan]

This have been a really old tackle since cryptocurrency have existed and many people are now seeing its importance and usage and acknowledge its existence compared to what it is before. Now, cryptocurrency and fiat currency are two different existing bodies that can both coexist in the society. There is no need for the other one to be replaced as for they are still serving their purpose of existence. People can freely use crypto or fiat currency depending on their needs and wants. It is not intended to forcibly have just one type of currency to be used by the people since not all are into using cryptocurrency. Cryptocurrency and fiat currency are both good in their own unique way and how people are using them in the financial aspects.

[nakamura12]

I can agree that bitcoin may increase the scope of the acceptance among governments but won't be replacing fiat for that matter. Still, the governments will stick to fiat as they have full control of its circulation. I don't see btc replacing fiat in our lifetime but maybe the usage of btc will tremendously increase in the coming years. Let us just be happy that these days some countries are now recognizing btc as legal tender. That's a very nice step for btc adoption.

This is what most government will do if they legalised bitcoin. Right now, my country have their own ways to ear money from those who have bitcoin. The buyer will pay $1000 dollar to buy bitcoin let's just say that $1000 is 0.02920193 btc but when you sell the same amount of btc after you bought then you will get $953 which is not $1000 anymore and this has nothing to do with the price increase or decrease.

[zanezane]

I don't think so but CBDCs can do the job probably since they're just basically an electronic fiat, the main difference between the two is that you will sacrifice anonymity with CBDC since it's controlled by the government unlike the traditional fiat that still has some level of anonymity.

[Vaskiy]

I can agree that bitcoin may increase the scope of the acceptance among governments but won't be replacing fiat for that matter. Still, the governments will stick to fiat as they have full control of its circulation. I don't see btc replacing fiat in our lifetime but maybe the usage of btc will tremendously increase in the coming years. Let us just be happy that these days some countries are now recognizing btc as legal tender. That's a very nice step for btc adoption.

This is what most government will do if they legalised bitcoin. Right now, my country have their own ways to ear money from those who have bitcoin. The buyer will pay $1000 dollar to buy bitcoin let's just say that $1000 is 0.02920193 btc but when you sell the same amount of btc after you bought then you will get $953 which is not $1000 anymore and this has nothing to do with the price increase or decrease.

Whats been stated is just the trading process followed on each and every country. Even in my country there is such a difference between the buying and selling. This difference in amount is based on the percentage of margin thats been set by the respective trader. This doesn't have anything to do with the cryptocurrency replacing fiat.

[nakamura12]

Whats been stated is just the trading process followed on each and every country. Even in my country there is such a difference between the buying and selling. This difference in amount is based on the percentage of margin thats been set by the respective trader. This doesn't have anything to do with the cryptocurrency replacing fiat.

It's what the government plans to benefit in adopting bitcoin since the government can't take full control of cryptocurrency so, in order to benefit from it, they have to do this type of increase and decrease when you buy and sell on a hybrid wallet where you can and exchange crypto. There is a wallet exchange exist in my country and also it is also regulated by one of the bank in my country.

[Davidvictorson]

Simple answer, Bitcoin can't replace Fiat. I disagree with you and with several fintech experts who opined that by 2050 Fiat will be replaced by Bitcoin.

Yes, it's true that the popularity of Bitcoin and other cryptocurrencies have skyrocketed  among institutions and retail investors and also among the majority of the central banks in the world in recent years, however, I believe Bitcoin will coexist with other legal tenders around the world just as we have seen with El Salvador.

Besides if Bitcoin replaces Fait then the purpose of decentralization and anonymity will be defeated. Besides, why should Bitcoin replace Fiat? Is Fiat that bad?

[lixer]

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?

Cryptocurrencies are really cool, but I can’t imagine it being possible for them to overcome the fiat that we are using now. I do think that they can become part of the system, but not as a replacement. I am not saying this because cryptocurrency is new or whatever, because that’s the reason some do give, that cryptocurrency is still new, no that’s not my reason for saying that.

The reason why I think cryptocurrency cannot replace fiat is because cryptocurrency is an internet, and it’s not everybody in the world that makes use of internet, and not everyone is interested in internet. There are lots of people that makes use of cash, and it’s part of our daily ways of spending. So I personally think that we can just make cryptocurrency a part of the system, but not to replace fiat. We still need that.

[xSkylarx]

I can agree that bitcoin may increase the scope of the acceptance among governments but won't be replacing fiat for that matter. Still, the governments will stick to fiat as they have full control of its circulation. I don't see btc replacing fiat in our lifetime but maybe the usage of btc will tremendously increase in the coming years. Let us just be happy that these days some countries are now recognizing btc as legal tender. That's a very nice step for btc adoption.

This is what most government will do if they legalised bitcoin. Right now, my country have their own ways to ear money from those who have bitcoin. The buyer will pay $1000 dollar to buy bitcoin let's just say that $1000 is 0.02920193 btc but when you sell the same amount of btc after you bought then you will get $953 which is not $1000 anymore and this has nothing to do with the price increase or decrease.

Whats been stated is just the trading process followed on each and every country. Even in my country there is such a difference between the buying and selling. This difference in amount is based on the percentage of margin thats been set by the respective trader. This doesn't have anything to do with the cryptocurrency replacing fiat.

Agree that this is how the exchange or the bank would profit. I believe that we are now far from the reality of crypto replacing fiats because fiat is very established right now since its beginnings. I am not saying that crypto isn't, but not everyone knows what it is and not everyone in the world has access to the internet. But, as we can see now, when a pandemic strikes, there are a lot of cashless transactions, which means that people are adopting to the internet, unlike in the past. At the moment, people prefer to do cashless transactions rather than pay it in cash. That's what I've noticed recently, and it means that in the future, we might actually use crypto instead of the fiat we're currently using.

[fuguebtc]

Cryptocurrency replacing fiat will certainly never happen. Governments and central banks will not allow that to happen. Cryptocurrencies will be the trend in the future and will exist alongside fiat. Cryptocurrencies give people more options in their payment methods or become another trusted place to invest and store assets.

[Barinekapaul]

The target of any organization is to overtake its predecessors and those ahead of them, bringing about competition.
cryptocurrency has the same potential of it being the most used and valuable currency in the world so the target could be achieved.
the Fiat currency has been in use and for a very long time but the crypto with its rapid recognition can be used to replace it in due time.

The most important factor is "TIME" and we will see its manifestation.

[Sir Legend]

Cryptocurrency replacing fiat will certainly never happen. Governments and central banks will not allow that to happen. Cryptocurrencies will be the trend in the future and will exist alongside fiat. Cryptocurrencies give people more options in their payment methods or become another trusted place to invest and store assets.

I think so, cryptocurrencies certainly can't be applied like fiat, there are many conditions that cryptocurrency cannot fulfill to replace fiat, for example is a security system, I'm worried if I want to pay with crypto then the internet is disrupted so the transaction fails.

[add1ct3dd]

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 do not understand why people do worry about getting to replace fiat currencies anyway, should that be the aim we have? Are there people who want that to happen? I can honestly say that there is a good chance we could stay as alternative and make the biggest noise from this stance instead.

If we tried to overtake fiat as the most used currency, if bitcoin and maybe few others became something so common that you see people spending crypto instead of anything else outside, when they go to grocery store, when they go to a cafe, when they pay their gym membership, when they go to vacation, basically all around the world people are spending crypto instead of fiat, in that scenario don't you think as soon as we get closer then the whole world governments suddenly start attacking us? Why would they let their fiat become even more worthless when bitcoin becomes the main currency? They will attack from all fronts and stop us anyway. So I rather stay as alternative and grow here.

[Bitstar_coin]

Only when people have developed such strong faith in crypto and stop being easily influenced by some of the crypto elite, if you take what is currently happening in te market as a case study over 'crypto - fiat' thing you will be able to understand my point of view, crypto can be greater if people let it to be so, imo, i feel that still have more power over crypto and for this reason it will be hard for crypto to replace fiat, beside, i still don't understand the reason while it is necessary for fiat to replace crypro, it can coexist with fiat and serve as an option for those who are no longer interested in fiat transaction or those who finds using crypto a lot faster than fiat and so forth.

[NicNacCoin]

Cryptocurrency replacing fiat will certainly never happen. Governments and central banks will not allow that to happen. Cryptocurrencies will be the trend in the future and will exist alongside fiat. Cryptocurrencies give people more options in their payment methods or become another trusted place to invest and store assets.

Of course central bank and governments don't allow cryptocurrencies as a popular source of transactions instead of Fiat money. Fiat money is the best way of payment system. How could Fiat be replaced guys?

[TheUltraElite]

Only when people have developed such strong faith in crypto and stop being easily influenced by some of the crypto elite, if you take what is currently happening in te market as a case study over 'crypto - fiat'

One of the bad effects of social media manipulation on speculative markets. This exists in much smaller level on stock markets but since crypto is unregulated we see much more of it.

thing you will be able to understand my point of view, crypto can be greater if people let it to be so, imo, i feel that still have more power over crypto and for this reason it will be hard for crypto to replace fiat,

No, the bigger reason is less acceptance among merchants. People want to use a currency but they dont have a merchants accepting it they have no use but to speculate on its price.

beside, i still don't understand the reason while it is necessary for fiat to replace crypro, it can coexist with fiat and serve as an option for those who are no longer interested in fiat transaction or those who finds using crypto a lot faster than fiat and so forth.

It will co-exist, that is the point of this thread and discussion and all the previous such threads. It is a democracy and people are free to use any currency they wish to. Using altcoins is also therefore no going to stop.

For a person who lives where crypto is not every accepted, fiat is their only option for spending. Majority of the countries are in this state, though I hope things will change in future.

Of course central bank and governments don't allow cryptocurrencies as a popular source of transactions instead of Fiat money. Fiat money is the best way of payment system. How could Fiat be replaced guys?

You can see that this question came into existence a long time back and people have made threads on this every year. It is just a point of debate because crypto does not see global acceptance yet but fiat already does. Logic says that fiat cannot be replaced. It would be stubborn to think otherwise or try to argue otherwise.