Can cryptocurrencies replace fiat currencies

[mu_enrico]

It would be best if OP defines what is cryptocurrency before this debate can even start. Is CBDC a cryptocurrency? Is any token that uses blockchain/hashing can be categorized as a cryptocurrency? You know the government can build fiat on top of "blockchain technology" so why they need to replace it?

[1714856923]

1714856923

[Snappycoco]

In the near future, it will. As trees are slowly depleting, and more plastics are being used in fiats, I could see a future of digital currency for all over the world. I just couldn't see what cryptocurrency could ever be used in the future. I can't see it as bitcoin due to its max supply that can't be used by almost 10B humans by 2050.

[ven7net]

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?

Of course, in the future, paper money will disappear and others will come to replace them, but which ones at the moment are still very difficult to say. However, there is already a lot of information that many large countries are working on the creation and launch of their national cryptocurrencies. Probably in the future, each country will have its own national cryptocurrency, BTC and other cryptocurrencies will be as auxiliary or, for example, as an asset to preserve and increase their capital.

[Ozero]

In the near future, it will. As trees are slowly depleting, and more plastics are being used in fiats, I could see a future of digital currency for all over the world. I just couldn't see what cryptocurrency could ever be used in the future. I can't see it as bitcoin due to its max supply that can't be used by almost 10B humans by 2050.

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.

[LogitechMouse]

Why do people still think that cryptocurrencies will replace fiat currencies in the future?
Is Satoshi's main reason why he/she/they created Bitcoin is because to replace fiat currencies?

Bitcoin's reason why it is created is to be our own bank. To not rely too much on banks when it comes to transactions purposes and not to replace Fiat currencies. After all, there are people who are still convenient to use fiat currencies but at the same time there are people who are convenient to use cryptocurrencies in their daily payments. Lets just think crypto as an alternative mode of payment since that is what currencies are created and lets not think that crypto will replace fiat since it will never happen.

[wahyu wida]

In the near future, it will. As trees are slowly depleting, and more plastics are being used in fiats, I could see a future of digital currency for all over the world. I just couldn't see what cryptocurrency could ever be used in the future. I can't see it as bitcoin due to its max supply that can't be used by almost 10B humans by 2050.

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.

for now it seems bitcoin is difficult to replace fiat currency, even almost all countries have not been able to legalize it to be used as a means of payment, let alone to replace fiat currency. but in the future, I don't think anyone knows what it will be like, because replacing it will certainly be a long process. at least now elsalvador has started so that we will grow optimism in the future

[sana54210]

Basically bitcoin is here to eliminate the involvement of banks with every transactions we make bit we never know that each and every transaction is going to happen via oeer to peer mode since bitcoin blockchain is not actually ready to process such hige amount of transactions which let people to create other cryptos which are generally called as altcoins but nowadays cryptos becomes assets more than actual payment mode so for now we are actually in the direction of adopting cryptocurrency as a currency in the future.

That's the whole point of blockchain and bitcoin that people keep ignoring and forgetting. I mean people think that bitcoin is something that we should be focusing on as it is, but that is not the case, bitcoin is not just a profit making machine where you buy low and sell high, that is just not the case at all.

In bitcoin you can do that, but this world is not just something you should get in to make a profit and leave, that is just missing all of bitcoin all together and doing something wrong, sure try to make a profit which is always good but when you get you should also focus on making a bit more than that, it would be smarter to end up doing something that would be more like leaving fiat world behind and being more crypto. I can't even remember the last time I got a fiat in salary, it must be about 5 years ago or so, ever since then I am full time crypto for example.

[Shenzou]

I don't think that bitcoin is going to reach the point where it is going to be used as a total replacement for a fiat, and that is due to the fact of the high transaction fees and the long time that it requires to verify it, if you want to go buy something worth 10 dollars you have to pay half of it in fees, cryptocurrency is inevitable and it is going to replace fiat eventually but it is not going to be bitcoin that replace it, maybe some currency made by the government.

[Caldear]

At present, cryptocurrency will not replace legal currency. Fiat currency is a currency supported by the government. People are accustomed to buying goods with fiat currency in daily transactions, the price of legal currency is stable, and it is a relatively safe currency.
Cryptocurrency is more suitable for investment. Its price is unstable and fluctuating, and there is a certain degree of risk. It also does not apply to transaction currencies.

[DPrillio]

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?

Crypto currency nowadays is almost as useful as fiat as our world is at the edge of digital technology and internet are almost in every corner around the globe but replacing fiat still impossible on every government unless there is only one world government. Fiat determines the economy of each nation so I think  maybe in coming future.

[TheUltraElite]

Crypto currency nowadays is almost as useful as fiat as our world is at the edge of digital technology and internet are almost in every corner around the globe but replacing fiat still impossible on every government unless there is only one world government.

First one world government will never happen. You cant expect every human being on earth to follow a single government, while the cooperation between governments to establish world peace is enough.

Also bitcoin does not need a government to be useable. Anyone can use it as long as they have a internet connection and a device with a wallet and electricity supply. However this will not replace fiat because these two things are necessary and cannot be availed by every person living on the earth.

Fiat determines the economy of each nation so I think  maybe in coming future.

Economy is determined by the country's GDP and not the price of the currency with respect to other currencies. You can express that number in bitcoins as well but someone may not like that. However it is unlikely that a country would put up bitcoin as its sole currency, it is foolish to think so as well.

[EvieLannister]

I don't think cryptocurrency will replace fiat currency. They may always coexist because there are many types of cryptocurrencies. If Bitcoin is set as legal tender, Bitcoin is limited. What everyone values is the stored value of Bitcoin. And now everyone is investing in Bitcoin, and some people who hold Bitcoin will continue to hold it, not saying that they are selling their own Bitcoin or paying with Bitcoin.

[Rasa nanas]

At present, cryptocurrency will not replace legal currency. Fiat currency is a currency supported by the government. People are accustomed to buying goods with fiat currency in daily transactions, the price of legal currency is stable, and it is a relatively safe currency.
Cryptocurrency is more suitable for investment. Its price is unstable and fluctuating, and there is a certain degree of risk. It also does not apply to transaction currencies.

no government in any country will replace fiat currency with digital currency. Fiat money in a country is a symbol of a country and has become the pride of society. I don't think it's appropriate to compare fiat currency with digital currency even if it's a stable coin.

[Shasha80]

I don't think that bitcoin is going to reach the point where it is going to be used as a total replacement for a fiat, and that is due to the fact of the high transaction fees and the long time that it requires to verify it, if you want to go buy something worth 10 dollars you have to pay half of it in fees, cryptocurrency is inevitable and it is going to replace fiat eventually but it is not going to be bitcoin that replace it, maybe some currency made by the government.

With some of the shortcomings that Bitcoin has, it seems impossible to replace fiat right now. Moreover, with Bitcoin transaction fees which are
quite high, it cannot be used to buy cheap goods. The most ideal for now is Bitcoin as a payment alternative, so fiat and Bitcoin can go together.
Some countries do plan to create their own cryptocurrencies or create digital currencies, there is a possibility that it can replace fiat.

[traderethereum]

At present, cryptocurrency will not replace legal currency. Fiat currency is a currency supported by the government. People are accustomed to buying goods with fiat currency in daily transactions, the price of legal currency is stable, and it is a relatively safe currency.
Cryptocurrency is more suitable for investment. Its price is unstable and fluctuating, and there is a certain degree of risk. It also does not apply to transaction currencies.

I agree that crypto will be preferably for investment but do not forget that crypto has a stable coin that is not too fluctuating.
But crypto will not replace fiat currency because it will depend on the country and the government and I do not think that they like to see the crypto price moves fluctuate because that can make their heartbeat so fast.
It is better to use fiat currency for our daily lives and we also have an investment besides the current investment.
That will help people financially because they can save their money in the crypto form and sell it when they see a profit.

[Dread Pirate Roberts]

To say completely replace flat currencies to be honest as people who support bitcoin are also have doubts about it, but if you say will replace digital payments of the future. I'm very sure of that. Digital activity will always evolve. and the people and their generation too. very possible in my opinion when talking as digital payments.

[Vishnu.Reang]

With some of the shortcomings that Bitcoin has, it seems impossible to replace fiat right now. Moreover, with Bitcoin transaction fees which are
quite high, it cannot be used to buy cheap goods. The most ideal for now is Bitcoin as a payment alternative, so fiat and Bitcoin can go together.
Some countries do plan to create their own cryptocurrencies or create digital currencies, there is a possibility that it can replace fiat.

The experienced bitcoiners hardly ever talk about Bitcoin replacing fiat. It is mostly the noobs who put up with such arguments, in order to increase their post count and to get one or two merit points. For Bitcoin to become widely acceptable, it doesn't need to replace fiat. I am sure that fiat currency and cryptocurrency can exist together in a mutually beneficial manner. The adoption of Bitcoin by PayPal is one of the best examples. Bitcoin has advantages and disadvantages compared to the fiat. Advantage is that it is protected against inflation and it is more suitable for large-sized transactions. But at the same time, it is not suitable for small, instant payments. So we need both the options available in the payments sector.

[iv4n]

To say completely replace flat currencies to be honest as people who support bitcoin are also have doubts about it, but if you say will replace digital payments of the future. I'm very sure of that. Digital activity will always evolve. and the people and their generation too. very possible in my opinion when talking as digital payments.

It's not about having doubts about crypto replacing fiat, simply that is not possible now! It's not possible for many reasons, in my opinion, the most important reasons are infrastructure and people! We can't have crypto everywhere if we don't have internet everywhere, and many people don't understand how fiat works, how to expect them to know what crypto really is? So one day when people wake up, and there's an infrastructure that can support crypto on every inch of the whole world, we will see crypto replacing fiat currencies! I believe this will happen one day, but it's stupid to predict will it happen in the next 50-100 years, maybe earlier or later... who knows! It's something that depends on many things, but one day all the pieces will lay where they should!

[Taskford]

With some of the shortcomings that Bitcoin has, it seems impossible to replace fiat right now. Moreover, with Bitcoin transaction fees which are
quite high, it cannot be used to buy cheap goods. The most ideal for now is Bitcoin as a payment alternative, so fiat and Bitcoin can go together.
Some countries do plan to create their own cryptocurrencies or create digital currencies, there is a possibility that it can replace fiat.

The experienced bitcoiners hardly ever talk about Bitcoin replacing fiat.  For Bitcoin to become widely acceptable, it doesn't need to replace fiat. I am sure that fiat currency and cryptocurrency can exist together in a mutually beneficial manner. The adoption of Bitcoin by PayPal is one of the best examples. Bitcoin has advantages and disadvantages compared to the fiat. Advantage is that it is protected against inflation and it is more suitable for large-sized transactions. But at the same time, it is not suitable for small, instant payments. So we need both the options available in the payments sector.

Well there is still assumptions towards this idea if this scenario will came but actually it has possibilities but the chances is so thin since fiat is already establish and if some other things threat to replace it then maybe they will go first for so many challenges and we know how strong the fiat since there are so many laws surrounds it. But who knows if fiat will collapsed in future most provably bitcoin will be the closest option since for sure this will became more establish in future and government will easily see that.

[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.