Can cryptocurrencies replace fiat currencies

[ROSEDF]

I think that cryptocurrency and fiat currency can be used together. The feature of cryptocurrency is that fiat currency does not have, and the feature of fiat currency is that cryptocurrency does not. If there is no fiat currency, how do we buy cryptocurrency, and now various countries are launching digital fiat currency , This is actually a threat to cryptocurrency, because the government cannot control cryptocurrency. It will prohibit the use of cryptocurrency for everyone to use legal digital currency. It will be a blow to cryptocurrency at that time, but we Everyone likes to use cryptocurrency because it is relatively free, not regulated by the government, and there is no third party. Your own information will not be easily leaked, and now transaction payments are more convenient and fast

[fulcare]

I think that cryptocurrency and fiat currency can be used together. The feature of cryptocurrency is that fiat currency does not have, and the feature of fiat currency is that cryptocurrency does not. If there is no fiat currency, how do we buy cryptocurrency, and now various countries are launching digital fiat currency , This is actually a threat to cryptocurrency, because the government cannot control cryptocurrency. It will prohibit the use of cryptocurrency for everyone to use legal digital currency. It will be a blow to cryptocurrency at that time, but we Everyone likes to use cryptocurrency because it is relatively free, not regulated by the government, and there is no third party. Your own information will not be easily leaked, and now transaction payments are more convenient and fast

Digital fiat currency isn't much of a threat to decentralized cryptocurrencies. Digital fiat currencies are a threat to society because they undermine privacy like no tool did ever before. You can't transact anymore without the banks and the government knowing where you were at what point in time and what type of items you most likely bought. If you have to go to a pharmacy twice a week and buy something, they know you must be sick like hell. If you pay the price for a package of cigarettes and they see the exact same amount every day on your financial report, they know you are a heavy smoker.

[Issa56]

Seriously I think cryptocurrency have different purpose which is serving and I believe fiat is also having is purpose for from my observation I don't think cryptocurrency can replace fiat because they are having different purpose and I believe fiat is also important so I don't think cryptocurrency can really replace fiat. So u don't think anybody should think cryptocurrency can replace fiat but I believe cryptocurrency is very important and people are beginning to adopt it but can't still compete with fiat.

[nicecrypto]

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 there was a special need for this to remedy the already bad financial system of that country, (one country for now). However, I don't believe this will be a global thing. Yes, some governments might not ban the trading and acceptance of Bitcoin and other cryptocurrencies by some organization that wants to in their country but I don't believe they will do away with their national monetary system for Bitcoin. 

[Kelvinid]

 Cryptocurrencies are predicted to be able to replace fiat currencies or the currencies we usually use today.  However, there is still a long way to go because of the fundamental differences between crypto and fiat currencies.

It was just you who think about it. I'd never find a strong reason why we have to replace fiat with cryptocurrency as in the very beginning, this was not the intention of their creation but just only to give some options.

If we think that we can save from paying taxes of having cryptos, no it's not. Maybe we can escape it by now but can't be sure a few years from now especially when the government obliges crypto holders to pay their taxes or else they will confiscate them. Just for now, we are still happy about the situation that we pay nothing for the government but in the other countries, it was already been started and that seems possible for all countries who support crypto will find no excuses but also to urge people to pay.

[conected]

Cryptocurrencies, particularly bitcoin, are in the limelight among investors, their acceptance is expanding.  In fact, those who were previously very anti-bitcoin have now started investing in this cryptocurrency with the largest market capitalization.

 Cryptocurrencies are predicted to be able to replace fiat currencies or the currencies we usually use today.  However, there is still a long way to go because of the fundamental differences between crypto and fiat currencies.

 The most prominent is the decentralization of cryptocurrencies, while fiat currencies are centralized or centralized.  The centralized system means that the currency is controlled by a certain entity, in this case the fiat currency is controlled by the government or the central bank.

- Millions of eyes are on the side of bitcoin and crypto just to expect higher prices from it, prove that people just hope this high cap market will continue to drive the current values, they are not ambitious it just stops at the replacement money level that they use every day because they know a bigger opportunity awaits them. The predictions just show that crypto and bitcoin can accomplish a lot of different tasks, so people's eyes will be especially good, instead of just a virtual transaction and few people know.

[qwertyup23]

Short answer: NO
Long answer: VERY POSSIBLE

The short answer is NO because fiat has been categorized by the whole world as the legal tender in our daily transactions. In order for fiat to be replaced by something different, all countries must first agree to the change and they must also view it as the main source or instrument for their transactions.

The long answer is YES because in the far future where digitalized transactions may take over, cryptocurrencies, along with the blockchain technology, is just more efficient and safe in the transactions. Having to pay digitally would be the convenient road to take in which the future may adopt.

[Dragonfund]

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.

Just imagine a situation like this. It cost a plate of chicken $20 equivalent to 0.0020btc for example, and then, you wake up one morning bitcoin double and the restaurant rule was no matter what, the cost of purchasing a plate of chicken remain 0.0020btc, that would be ridiculous cos I know much people would want to implement something like that and vice versa.
If one is selling goods and receiving cash in form payment, you would be at lost when bitcoin fall in price and if one isn't careful, you may be force to leave the market because the chance of buying more goods will be low.
Bitcoin is and will never be good for fiat replacement but perhaps for reserve.

[adzino]

I doubt many people buy crypto currencies because of their use cases or giving people the power or because it's decentralized. Most of them invest in crypto currencies to make short and long term profit. Once they reach their profit goal, they are going to go back to fiat. Sadly this is the truth. As long as people keep on depending on fiat currencies for everything, crypto currencies won't be able to replace them. At best we will be seeing both of the currencies being used side by side. Even if fiat gets replaced, it will be by some centralized currency.

[AndySt]

I doubt many people buy crypto currencies because of their use cases or giving people the power or because it's decentralized. Most of them invest in crypto currencies to make short and long term profit. Once they reach their profit goal, they are going to go back to fiat. Sadly this is the truth. As long as people keep on depending on fiat currencies for everything, crypto currencies won't be able to replace them. At best we will be seeing both of the currencies being used side by side. Even if fiat gets replaced, it will be by some centralized currency.

It depends on what currencies we are talking about. If the state cryptocurrencies of central banks, then this is quite possible in some cases, and the example of China with its experiments with the national digital currency fully confirms this. However, there is absolutely no question of a complete replacement. The use of decentralized cryptocurrencies of classical bottling in their activities is inconvenient for any state that at least to some extent controls or at least tries to control its economy. And there is no need to have any illusions about this, because no mentally sane government of any sufficiently large economy will rely on a tool developed by it is unclear where and it is unclear by whom, on which there are no levers of any influence. It's just that decentralized cryptocurrencies and fiat currencies are different tools for different tasks and goals.

[Xampeuu]

I doubt many people buy crypto currencies because of their use cases or giving people the power or because it's decentralized. Most of them invest in crypto currencies to make short and long term profit. Once they reach their profit goal, they are going to go back to fiat. Sadly this is the truth. As long as people keep on depending on fiat currencies for everything, crypto currencies won't be able to replace them. At best we will be seeing both of the currencies being used side by side. Even if fiat gets replaced, it will be by some centralized currency.

that's the reality at the moment. where people tend to make money from cryptocurrencies, which are considered easier and faster to make money, especially for those who are familiar with the cryptocurrency market. I think that in order to fully use crypto, the government is still rethinking the dominance of the country that has the most bitcoins, of course they are not willing to intervene with their own fiat currency

[Sithara007]

I doubt many people buy crypto currencies because of their use cases or giving people the power or because it's decentralized. Most of them invest in crypto currencies to make short and long term profit. Once they reach their profit goal, they are going to go back to fiat. Sadly this is the truth. As long as people keep on depending on fiat currencies for everything, crypto currencies won't be able to replace them. At best we will be seeing both of the currencies being used side by side. Even if fiat gets replaced, it will be by some centralized currency.

If this is the case, then the question posted by the OP should not even come to the picture. Because here the users are treating cryptocurrency as an investment asset and not as a currency. Also, none of the retail shops or supermarkets accept Bitcoin. You need to convert your BTC to gift cards, before being able to purchase from them. So the possibility of replacement of fiat doesn't even need to be considered here. But there are signs that this may change soon. For example, El Salvador recently recognized Bitcoin as a legal tender, which makes it possible to use BTC as a direct mode of payment.

[Argoo]

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.

Even if the world of the future is digital, this does not mean at all that it will be a cryptocurrency. Money from states or large corporations that can replace states will still exist. Cryptocurrency cannot exist alone. It can only go along with a currency that reflects the value of material values in society that are in circulation and are more stable in their price.
There are many reasons why cryptocurrency cannot replace fiat money.

[nelson4lov]

that's the reality at the moment. where people tend to make money from cryptocurrencies, which are considered easier and faster to make money, especially for those who are familiar with the cryptocurrency market. I think that in order to fully use crypto, the government is still rethinking the dominance of the country that has the most bitcoins, of course they are not willing to intervene with their own fiat currency

Well, it's a good thing crypto dominance isn't dependent on just one country. When satoshi created bitcoin, he wanted it to be open and owned by plenty of people - this is as a bid of putting monetary value in the hands of people (the community) and so far so good, I'd say that we're very close to reaching that goal. Government have to realize that there's no way one country will gain overall dominance over bitcoin since its an open protocol. Their best bet would be to launch their own current-wide cryptos but we all know people aren't ready to participate in such since the end game would always be to inflate and mint more supply later for the 1% to continue staying rich.

[nicecrypto]

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.

Just imagine a situation like this. It cost a plate of chicken $20 equivalent to 0.0020btc for example, and then, you wake up one morning bitcoin double and the restaurant rule was no matter what, the cost of purchasing a plate of chicken remain 0.0020btc, that would be ridiculous cos I know much people would want to implement something like that and vice versa.
If one is selling goods and receiving cash in form payment, you would be at lost when bitcoin fall in price and if one isn't careful, you may be force to leave the market because the chance of buying more goods will be low.
Bitcoin is and will never be good for fiat replacement but perhaps for reserve.

Exactly the Point. This is why it will be almost impossible to use Bitcoin or cryptocurrencies generally for purchases like Fiat is used and from your example, it wouldn't be easy for the restaurant to keep changing the amount of Bitcoin from say the 0.0020btc to a 0.0010btc because the price went up, so you might just end up paying more with you BTC for that same item because Bitcoins price went up.

[marilynmanson21]

Judging from developments, I think crypto can be a substitute for fiat money where fiat is the basis of the value of crypto itself, but prohibitions in some countries can hinder the process, because one country has its own fiat characteristics and usd is the world currency

[King Khaizan]

I think bitcoin and fiat currency will go hand in hand, and it's hard for bitcoin to replace fiat money even though the possibility exists.

[DU18]

the two currencies, both digital and fiat money, in my opinion have similarities, both are acceptable to the public because they have a function as a transaction tool in making payments and purchasing goods and services, fiat currency has value and is trusted as a medium of exchange because it is issued by the government while digital money apart from being an investment tool, digital money can also be used as a transaction tool even though it is not issued by the government, but in this case of course there are many policies from the government that prohibit the use of digital currency as a transaction tool and one of them is the nature of digital currency which is not limited and cannot be controlled by the government, however, along with technological advances in today's modern era, of course, one day the government will be able to accept digital currency as a substitute for fiat currency or the currency we usually use today, because currency digital has b many advantages both in terms of transaction speed, security and ease of storage.

[Kusman]

I think that cryptocurrencies are not to replace fiat money. It's not their main goal. They are a great alternative way to use and invest into. And as they are volatile, it's really difficult to see them being the world currency or the main currency of a country. And I'm pretty sure that they will stay like this in the future also.

[Republikcoin.com]

I think that cryptocurrencies are not to replace fiat money. It's not their main goal. They are a great alternative way to use and invest into. And as they are volatile, it's really difficult to see them being the world currency or the main currency of a country. And I'm pretty sure that they will stay like this in the future also.

Yes, indeed Bitcoin and cryptocurrencies will not replace fiat. However, Bitcoin and cryptocurrencies will not be like this forever, because every time Bitcoin and cryptocurrencies experience development which is a progressive rate of a powerful but not well-known technology.
I support Bitcoin to be more powerful, and cryptocurrencies are starting to become a mainstream payment tool, at least as an alternative payment gateway for those who want their privacy to be maintained.