Can cryptocurrencies replace fiat currencies

[bosede1]

Many trends have tackled the point that it cannot totally replace fiat currency, like you said it is internet-based do you know how many places in countries over the world don't have access to Electricity not to talk of internet access. It can be used in place of fiat most time for some occasions but not even all because for some countries that are even banning the trade where do we start with that.

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[awik p]

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.

at least if given leeway that crypto can be an alternative payment instrument other than fiat, then the public will judge for themselves. that way there will be many people who know crypto and give an assessment, and if it is considered crypto is better, then over time crypto can replace fiat completely

[Joca97]

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 when the certain period passes that Cryptocurrency will replace fiat honestly.That might not happen in 10-15 years but in a long run 50+ years i think it might happen as we evolve.Governments and central banks are fighting against it hard but they will end up losing in the end. El Salvador already made future with accepting bitcoin.We will see a lot more countries doing the same thing in a few months or years.

[blue_nexus15]

I don't think cryptocurrencies can replace fiat money. Although cryptocurrency and blockchain technology are in the development stage, many countries are still apprehensive about cryptocurrency replacing and taking over fiat currency in aspects of coins, banknotes and concerns concerns about the environment surrounding Bitcoin mining.

[jostorres]

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.

That is what Germany basically did, they allowed banks to be used like wallets so in that situation a person whose all information is already given to a bank because of fiat reasons, ended up also using those same banks for crypto as well. All of your buys and sells and sends everything is there, if you send crypto to another person in Germany you are basically giving them a chance to follow that up as well.

Simply put Germany allowed crypto to be very very very supported, but meanwhile also keeping track of every single crypto move in their country. That is going to be basically the case for many nations in the future, because that is the way you can track it, all nations will eventually understand that they can't control crypto world, they will only have to track it to make sure what everyone is doing, if they realize it, it will be very easily spreading to all nations.

[Republikcoin.com]

Of course, we all don't want influencers to undermine cryptocurrency prices just by mentioning names on Twitter or other social media. Make cryptocurrency a payment alternative side by side with fiat. Let the state control its people to keep the economy under control, I think it is wiser than Elon Musk to control the economy with the power of his mouth.

Use crypto if you can use it or really need it. There is no need to impose our ideals as believers in cryptocurrencies.

[izsara]

Cryptocurrency cannot replace legal currency now, but there may be a chance to realize it in the future. Bitcoin is decentralized, and it is not regulated by the government. Many people who like to control their own financial power like to use Bitcoin. Many areas that initially banned bitcoin are now gradually accepting bitcoin, and El Salvador also uses bitcoin as legal tender. The massive circulation of Bitcoin means that people's consensus will continue to increase, and the development potential of Bitcoin is also unlimited.

The reason for being volatile is still a very big scourge here so it will be difficult to realize it if you plan to replace fiat with crypto because we all know that it is volatile here and it will be difficult to adjust the price of the product you want to sell.
In addition, the replacement will also be very difficult for the community to accept because they have long used fiat as a tool in transactions so it will be difficult to change these habits and it will take a long time for new habits to be changed

[bryant.coleman]

I think when the certain period passes that Cryptocurrency will replace fiat honestly.That might not happen in 10-15 years but in a long run 50+ years i think it might happen as we evolve.Governments and central banks are fighting against it hard but they will end up losing in the end. El Salvador already made future with accepting bitcoin.We will see a lot more countries doing the same thing in a few months or years.

I don't think that it needs 50 years. Because already we have countries recognizing Bitcoin as legal tender (El Salvador). Both US Dollar and Bitcoin are legal tender in El Salvador and I don't think that one needs to replace the other. Let both fiat currency and cryptocurrency co-exist, so that those who want either of the two can do it as per their convenience. And by recognizing Bitcoin as legal tender, El Salvador has classified it as a currency. Those who have made profit with Bitcoin doesn't need to pay capital gains tax as a result of this classification.

[retreat]

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.

that's true and I'm sure the government will not allow cryptocurrencies to replace their fiat currency that has been around for a long time. what the government can do in the future when mass adoption of cryptocurrencies is created is to make cryptocurrencies an alternative currency.

[imstillthebest]

Many trends have tackled the point that it cannot totally replace fiat currency, like you said it is internet-based do you know how many places in countries over the world don't have access to Electricity not to talk of internet access. It can be used in place of fiat most time for some occasions but not even all because for some countries that are even banning the trade where do we start with that.

and even if we have electricity
, there are still times where we experience a power interuption or internet issues which prevents us from transacting digital currencies and if we notice in countries that legalize btc ,
 they still have and they still use their local currencies so i guess it was not really possible fiat currencies to be replaced because they can work together if one isnt available or difficult to use depending on the situation .

[19Nov16]

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.

Now we think replacing fiat with cash is impossible, but with the progress of the project continuing to improve I have no doubt that it could happen soon. Before that happens then we better focus on investing bitcoin.

[geegaw]

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.

Now we think replacing fiat with cash is impossible, but with the progress of the project continuing to improve I have no doubt that it could happen soon. Before that happens then we better focus on investing bitcoin.

The point of improvement is what we should pay attention to, if crypto is focused on increasing the interoperability and getting enough government certificates, there is a high chance that it will be one of the products that will be on par with fiat and could offer an alternative if it does well. So far, the application of crypto in the hands of users has really increased the level of interaction quite high but the interface is still just a game and investment, not linked to the role of traditional fiat, the certificate is not as complete as expected

[CoolerSid]

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.

Now we think replacing fiat with cash is impossible, but with the progress of the project continuing to improve I have no doubt that it could happen soon. Before that happens then we better focus on investing bitcoin.

The point of improvement is what we should pay attention to, if crypto is focused on increasing the interoperability and getting enough government certificates, there is a high chance that it will be one of the products that will be on par with fiat and could offer an alternative if it does well. So far, the application of crypto in the hands of users has really increased the level of interaction quite high but the interface is still just a game and investment, not linked to the role of traditional fiat, the certificate is not as complete as expected

I agree, this is the trump card of cryptocurrencies, but there will definitely not be a complete transition, the authorities do not want to lose control over finances

[leetcoiner]

Not yet. The whole world is equal to the dollar, and is used to the dollar and local currencies.
I have no idea what will happen if financial systems disappear leaving only cryptocurrency, how will we determine the value of certain things in cryptocurrency?

[Sithara007]

Of course it doesn't depend on one or two cryptos, we need at least 20 cryptocurrencies to make it global money, I believe the presence of cryptocurrencies is the right solution to overcome the global economic gap.

How is it going to matter, if we have two or twenty different cryptocurrencies? In the fiat economy, there is only one reserve currency (US Dollar). So I don't think that there is a need for dozens of different cryptocurrencies. In fact I would say that one of the weaknesses I have witnessed in the cryptocurrency sector recently is the oversupply of coins. Right now, more than 10,000 different cryptocurrencies exist, and they result in dilution of the market cap for some of the good projects.

[Kong Hey Pakboy]

Not yet. The whole world is equal to the dollar, and is used to the dollar and local currencies.
I have no idea what will happen if financial systems disappear leaving only cryptocurrency, how will we determine the value of certain things in cryptocurrency?

I'll tell you what happens, we will see the whole financial world collapse right in front of our eyes because cryptocurrency alone won't be able to handle the sudden vacuum in power that was in place after the fiat is gone although that's not the likely scenario to happen, most likely it will be a slow absorption until it becomes all digital.

[HardCore12V]

The answer is no, what will truly replace fiat currencies are CBDC which is why China is no mad at miners in the country right now, they want to shift all attentions from crypto to CBDC to make it work in the country

[Ngemmeng]

Not yet. The whole world is equal to the dollar, and is used to the dollar and local currencies.
I have no idea what will happen if financial systems disappear leaving only cryptocurrency, how will we determine the value of certain things in cryptocurrency?

It will not happen. every country will definitely continue to maintain its fiat money because fiat money is one of the symbols of the country. another reason is because fiat money in a country is already known as the only legal tender and that will never change.

[Sirait]

fiat and cryptocurrencies will circulate together in the future.

The answer is no, what will truly replace fiat currencies are CBDC which is why China is no mad at miners in the country right now, they want to shift all attentions from crypto to CBDC to make it work in the country

CBDC is still a hot topic because the concept is still ambiguous, there are countries that make their currency 'digital fiat' and there are also those that make their currency 'crypto-based'. regardless of what they will use their currency for, I'm sure it won't interfere with long-standing Bitcoin and Altcoins.

[emmybd]

When it comes to transferring money, you may notice that Bitcoin works way better than fiat currencies. When there is an increase in bit coin's exchange value, you can expect an increase in its transfer amount. But one thing is for sure; it will remain less expensive than fiat currencies.
Bitcoin is more beneficial compared to fiat money. In the upcoming days, it may also happen that the entire world may have a single currency with a uniform value. The most interesting part of bitcoin is that gradually it is becoming the global currency of the world with many beneficial features. You cannot neglect the fact that bitcoin offers more flexibility compared to the other currencies of the world.