Can cryptocurrencies replace fiat currencies

[gundala]

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.

Even though the digital era is growing, and online payment systems are increasing, it seems that cryptocurrency will not be able to completely replace fiat, but only as an alternative to payments. Yes, it is true, regulatory constraints are obstacles, but it is the right of every country to maintain its economic sovereignty. e-money can also be effective in online transactions.
but lately, there are several countries that have had a discourse to create their own cryptocurrency. I don't know if it's just a rumor or a plan to deal with digitalization and the rapid development of technology.
what is clear, cryptocurrency and fiat have their respective advantages, there is no need to debate which one will lead in the future. whatever is important is that we can use it comfortably.

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[AndySt]

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.

Digital currencies can also be issued by the states themselves, which these states have recently been using very well and are looking for new options Whether the states will want such a competitor as digital cryptocurrencies is a very big question, because there are a lot of pitfalls, for example, about the level of emission. No offense, as the head of state, you would like to influence the inflation rate in your state and somehow try to influence it. Now imagine when there are guys from a foreign state who are trying to influence this... Personally, if I were the head of this state, I would think about it a little... And even more so about the displacement of the national currency by some competitor...

[Marvell1]

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 right. everyone comes to cryptocurrency looking for profit and get rich quick.I don't think it's entirely good that crypto will replace fiat.It would be great for the government to accept cryptocurrencies, both co-exist and use together.

[YOSHIE]

will cryptocurrency be used in the world instead of fiat currency?

People should think that this type of crypto is not just Bitcoin, there are thousands of types of crypto circulating in the market today, why should people think crypto should replace as fiat currency, think logically, how can thousands of fish in the sea be made into meat.

Crypto is still crypto, it's just used as a medium of exchange that is measured by the value of fiat currency in each country such as Bitcoin etc.

For me, I don't have a strong reason that crypto will be turned into fiat, what's happening now is better than what hasn't happened yet.

there is not and will not happen, in all countries in the world using one currency/crypto/Bitcoin, and it will not happen that one country uses many currencies with hundreds of crypto types, impossible.

[Dewi Aries]

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 don't think so. Because government maybe not want anything disrupt their fiat, maybe in future if people force them to use crypto instead of fiat, Government will do something that maybe can made us really hard to use our crypto like maybe made it illegal and closed every centralized exchange, although there are a lot of decentralized exchange, not resist that user of centralized exchange will get disruption because they usually use centralized exchanges.

[terrorJR]

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

I really don't understand what you're saying, because basically the global currency used today is usd and we can't ignore it let alone replace it with bitcoin.
and besides that if you look at bitcoin's fluctuating attitude at least we should be able to think of a solution when the price of bitcoin goes up or down because this is very risky when bitcoin is used as a substitute for fiat in the future this will be a problem which I think will take a very long time to be resolved and this requires a lot of sacrifice

[shield132]

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?

No, no and no! BIG NO! Cryptocurrencies aren't that decentralized anymore and a lot of regulations are set on them and more comes as time goes. Also, people don't invest in them because of how innovative they are and the last price history and it's action to certain "Tweets" proves that. People invest in cryptocurrencies blindly, follow someone's advice that you can get rich by buying bitcoin or following someone's tweets that promise them that they'll rise the price (and yeah, I mean Elon Musk).

Bitcoins won't replace the fiats, the government will never/ever lose control on the money and its supply/circulation. And why will they replace fiat? You can easily use visa/master card, amex, union pay, etc, you can easily send/receive money online via regular bank transfer or via neobank. Fiat is digitalized and very comfortable to use. If there is any crypto offered by the government, it will be under their control too.

[Sithara007]

That's not possible for cryptocurrency to replace fiat legally, because lawmakers will deal on it seriously. Due to volatility and unstable value it won't sustain for the economy, and though there's a good potential for this coin to gain positive reactions from every person but I think it will turn to conflict with economy. Unlike traditional fiat system, the regulation is present with stable price which economist can't manipulate to cause sudden price collapse.

Disagree with your view. Already El Salvador has made Bitcoin as the legal tender. It is not necessary for Bitcoin to replace fiat, as they can exist side-by-side. But theoretically, it is possible for Bitcoin to replace fiat currency in a legal way. However, it should be noted that El Salvador didn't had a national currency since 2001 (they were using the US Dollar for most purposes, while the Salvadoran Colon existed only in documents). However, I have heard that Panama is also considering to make Bitcoin as the legal tender (along with their national currency - Panamanian Balboa).

[Tahsin Kabir Kollol]

Cryptocurrency current feature review, I don't think cryptocurrency is going to take the place of fiat currencies. Because the monetary system and monetary policy of a country play a special role for the government to run a state. As a result, it is very difficult and almost impossible for a government to run a country using cryptocurrency as a currency. The value of a country's currency is determined by its prosperity and natural resources, it is not possible by cryptocurrency. Moreover, due to the volatility of cryptocurrency prices and its complete reliance on technology, it may not be acceptable to everyone. So I don't think cryptocurrency can take the place of fiat currencies.

[dimox]

like the other thing, like can government replace 'analog stuff' to 'digital stuff'? they can implement if government help weaker to improve their life, teach them the different about this and this. its take time, but slowly will give good impact.
so, crypro cant replace if our mindset always thing that bitcoin is for investment. if user want to work together as team, and want to go to rimland, introduce to people who dont know about it, slowly, people will replace. notes, not all people will do it.

[fulcare]

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

Yes true, if we pay attention, what fiat does can be replaced with crypto even better because it is faster, safer and the transaction fees are cheap. I hope many countries will think about this so they accept crypto.

Everything you mentioned as an advantage is not the case at the moment. If we deny the truth, we'll only do harm to the development process and progress of cryptocurrencies. The fact of the matter for now is that the safest cryptos we have are not faster and not cheaper in many cases, depending on the areas you want to transact from and to. The transaction capacity still is the big bottleneck that needs to be solved in order for crypto to be competitive in terms of speed and cost.

[Semar Mesem]

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?

Nothing is impossible in this world, in the past when digital money was first discovered, many people thought pessimistically that digital money could develop, the fact is that currently digital money transactions are bigger than cash, bitcoin and crypto have a good chance to be a solution to replace fiat .

[ninabobo]

Both currencies has their different functions and I don't think it will be so easy for bitcoin to replace cash because there are lots of obstacles involved, firstly the government which are against bitcoin won't accept bitcoin taking over it's local currency because their local currency is just like it's identity and also it's pride as a country, and there are many more reasons to why bitcoin will find it difficult to replace cash.

[suryana]

Both currencies has their different functions and I don't think it will be so easy for bitcoin to replace cash because there are lots of obstacles involved, firstly the government which are against bitcoin won't accept bitcoin taking over it's local currency because their local currency is just like it's identity and also it's pride as a country, and there are many more reasons to why bitcoin will find it difficult to replace cash.

Whatever the reason, fiat, physical currencies are still influential and are still very much sought after and used in society. Btc will not be able to replace them, they have their own values ​​and functions. Not easily then can replace it.

[jaysabi]

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.

What you're describing isn't any different from electronic payments as they currently are.  You don't even need a digital currency.  There's no reason to suspect that a digital currency though would allow the government to know what specific items you're purchasing though, just like the current digital payment systems don't provide that information.  That concern is overblown, but I agree a digital currency is a potential nightmare for consumers because of the extra power it grants the government over the economy.

[Kimonoe]

Both currencies has their different functions and I don't think it will be so easy for bitcoin to replace cash because there are lots of obstacles involved, firstly the government which are against bitcoin won't accept bitcoin taking over it's local currency because their local currency is just like it's identity and also it's pride as a country, and there are many more reasons to why bitcoin will find it difficult to replace cash.

Whatever the reason, fiat, physical currencies are still influential and are still very much sought after and used in society. Btc will not be able to replace them, they have their own values ​​and functions. Not easily then can replace it.

right, not easy to replace fiat, let alone btc. Currently, although there are countries that have legalized it, there are still many countries that have not been able to follow it. country is a parameter about the future of bitcoin, because this is where any regulations must be obeyed

[Falconer]

right, not easy to replace fiat, let alone btc. Currently, although there are countries that have legalized it, there are still many countries that have not been able to follow it. country is a parameter about the future of bitcoin, because this is where any regulations must be obeyed

Legalizing bitcoin for legal payments is not as easy as turning the palm of the hand even though the country of Salvador as the first pioneer country to legalize bitcoin, the purpose of legalizing bitcoin is because 70 percent of the population there does not have a bank account and other things are considered important because bitcoin is integrated globally.

*reference from google source search

[Obito]

If you mean that the volatile ones, then I say no. Because I wouldn't expect especially the governments of big countries to say OK to this. They wouldn't like to use a volatile currency as legal tender. It is really risky for the economy of a country. But when the digital currencies are developed by the governments, they will replace fiat surely. Because they won't be volatile, they will be stable.

I have to agree with this one, the volatility of the market is going to be really bad if we were to use it as a currency but in the hypothetical situation that there's no existing fiat currency, I think that we will be able to stabilize or remove the volatility altogether because there's no trading happening that can cause the sudden change in supply and demand.

[jakdanyel]

I don't think that cryptocurrencies can replace fiat money in the future. And they have no such aim to do so either. Cryptocurrencies are good alternatives to fiat. Their field of usage is not much widespread for now and they are one of the good options to invest into. And I think that it will go on like this forever unless the market is gone forever.

[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.

What you're describing isn't any different from electronic payments as they currently are.  You don't even need a digital currency.  There's no reason to suspect that a digital currency though would allow the government to know what specific items you're purchasing though, just like the current digital payment systems don't provide that information.  That concern is overblown, but I agree a digital currency is a potential nightmare for consumers because of the extra power it grants the government over the economy.

Alright, let's assume you go to a store and a certain bottle of well known cheap whiskey has a certain price. You go to that store seven days a week and buy that bottle, most of the time between 6 and 7 pm. Maybe you add some other stuff that has a price everyone could pretty easily identify. Now you ask your bank for a loan. Don't you think they might have a clue because of your spending habits? What if you attend a "certain" doctor three times a week and you pay privately? Do you think the doctor has a hidden company on the Cayman Islands such that nobody knows you are visiting that doctor three times a week when the transaction with all details shows up on our account every single time? No, it will say "Doctor Smith bla bla bla". What about paying in a whorehouse? Or going into a pub more often than the average person, paying your bill with digital money there? Or you frequently have to pay a lawyer, anything wrong with you? Are you a criminal? Should I go on? I know I am mentioning stuff that might reveal so called "weaknesses" of some people. But as long as they don't harm anyone when they drink 7 bottles whiskey a week and have usually been paying back reliably, are you sure that insurance companies and banks won't use that data?