Cryptocurrency: The Future of Finance in a New World Order?

[ivankoh]

I do believe that there is a middle ground somewhere in there. I do believe that fiat will always stay in power and nothing else (even crypto) will pass it.

Lol, The power of fiat will be nothing but the fact that it is printed by money machines and always supports inflation or offsets called shortfalls.  It's always like that.  Currently, bitcoin and crypto are still not mature enough to serve as real fiat substitutes but the power of crypto probably doesn't need to be verified.  The future of traditional finance has stood a new sun step by step.
It will be very soon when all countries that cannot legalize bitcoin will be at a great disadvantage.
The Australian Commission is drawing up recommendations to promote the crypto business.
This is new news for Australia. https://www.bloomberg.com/news/articles/2021-10-20/australia-committee-outlines-measures-to-boost-crypto-industry

[tbterryboy]

I am still yet to understand the reason why some of you would think that it is for replacing fiat and physical cash that bitcoin was created for? It’s simply for transaction, yes a lot of people would choose it, but it is not replacing anything. It’s a mindset that bitcoin is replacing our conventional currencies that’s making governments in some countries to be banning it, we should stop giving them that impression.

Everything is going to be balanced, although I do know that there will be some sectors of the banking world that will be destabilized because of bitcoin, such as Western Union, MoneyGram and the rest of them, because will choose to use Bitcoin for international transactions, than going to banks and doing paper works and waiting for days for their transactions to be carried out.

[Wawa2013]

I am still yet to understand the reason why some of you would think that it is for replacing fiat and physical cash that bitcoin was created for? It’s simply for transaction, yes a lot of people would choose it, but it is not replacing anything. It’s a mindset that bitcoin is replacing our conventional currencies that’s making governments in some countries to be banning it, we should stop giving them that impression.

Everything is going to be balanced, although I do know that there will be some sectors of the banking world that will be destabilized because of bitcoin, such as Western Union, MoneyGram and the rest of them, because will choose to use Bitcoin for international transactions, than going to banks and doing paper works and waiting for days for their transactions to be carried out.

I agree Bitcoin was created not to replace fiat, but as a payment alternative. So we can have payment options other than fiat, it would be much
better if Bitcoin and fiat could complement each other. Because Bitcoin also has drawbacks, so after all fiat is still needed. For example, in my country
there are still some areas where there is no internet network, of course in that area can not use Bitcoin for transactions. Therefore I support
if cryptocurrency is included as a subject in school, so that the younger generation can learn crypto properly. So hopefully more and more people
don't misunderstand cryptocurrencies. Because as we know there are still many countries that get misinformation about cryptocurrencies, so they
choose to reject Bitcoin. Though Bitcoin has many benefits, one of which can be a source of income and change economy for the better.

[lixer]

The power of fiat will be nothing but the fact that it is printed by money machines and always supports inflation or offsets called shortfalls.  It's always like that.  Currently, bitcoin and crypto are still not mature enough to serve as real fiat substitutes but the power of crypto probably doesn't need to be verified.  The future of traditional finance has stood a new sun step by step.
It will be very soon when all countries that cannot legalize bitcoin will be at a great disadvantage.
The Australian Commission is drawing up recommendations to promote the crypto business.
This is new news for Australia. https://www.bloomberg.com/news/articles/2021-10-20/australia-committee-outlines-measures-to-boost-crypto-industry

Power of fiat will always be something strong as long as nations and governments can back it. The "power" of Zimbabwe dollar (or whatever their money is called) is nothing, it is as worthless as toilet paper, in fact toilet paper is more valuable considering at least it is clean, their money always looks like it is dirty and digged out of ground, it is worst money anyone can even imagine in all aspects.

But the power of USD is something else, it is still VEEEERY powerful all around the world, in my nation 100 bucks is a good amount of money, 60k yearly median salary in USA would be a wealthy person in my nation, and that's like not even someone who can afford to buy a house in that nation, I bought a house here while making less than 12k dollars per year. So, "power" of fiat depends on the fiat we are talking about, as long as a government can back it, it will be valuable.

[Ozero]

I am still yet to understand the reason why some of you would think that it is for replacing fiat and physical cash that bitcoin was created for? It’s simply for transaction, yes a lot of people would choose it, but it is not replacing anything. It’s a mindset that bitcoin is replacing our conventional currencies that’s making governments in some countries to be banning it, we should stop giving them that impression.

Everything is going to be balanced, although I do know that there will be some sectors of the banking world that will be destabilized because of bitcoin, such as Western Union, MoneyGram and the rest of them, because will choose to use Bitcoin for international transactions, than going to banks and doing paper works and waiting for days for their transactions to be carried out.

Of course, cryptocurrency cannot replace fiat money. This requires the decision of the relevant government agencies, and they will never agree to this because of their planned economy, which will require a relatively stable centralized currency. At the same time, we see that banks are switching to using blockchain technology and their system is becoming more efficient in their work. The stablecoins of the central banks of states will also increase the efficiency of the current global financial system. That is, over time, cryptocurrency will simply occupy its niche in the current financial system.

[dzonikg28]

I am still yet to understand the reason why some of you would think that it is for replacing fiat and physical cash that bitcoin was created for? It’s simply for transaction, yes a lot of people would choose it, but it is not replacing anything. It’s a mindset that bitcoin is replacing our conventional currencies that’s making governments in some countries to be banning it, we should stop giving them that impression.

Everything is going to be balanced, although I do know that there will be some sectors of the banking world that will be destabilized because of bitcoin, such as Western Union, MoneyGram and the rest of them, because will choose to use Bitcoin for international transactions, than going to banks and doing paper works and waiting for days for their transactions to be carried out.

Of course, cryptocurrency cannot replace fiat money. This requires the decision of the relevant government agencies, and they will never agree to this because of their planned economy, which will require a relatively stable centralized currency. At the same time, we see that banks are switching to using blockchain technology and their system is becoming more efficient in their work. The stablecoins of the central banks of states will also increase the efficiency of the current global financial system. That is, over time, cryptocurrency will simply occupy its niche in the current financial system.

I wouldn't be so certain about this. I agree with you that most likely we won't see cryptocurrencies fully replace fiat in the next 20 or even 30 years, but the economy and the global financial system will certainly change somehow. But could it be possible that the global financial system will one day be ruled more by the private sector than by the public sector? Or that we have some algorithms and applications taking on some of the roles the government now has?

I am not saying I am certain it will be like that, but I would neither rule that possibility out. Taking into account that governments are not very well known for driving innovation, chances are high that privately developed applications and infrastructure will play an ever more important role over time.

[Turbolinea]

Digital currencies are definitely the future of the finance now. There is no way out of this so some people who are antagonists to Bitcoin and the rest of the cryptocurrencies should stop their attitude for their own benefit. In the future, we won't have any fiat currency left. In this kind of a world, people will have no choice other than using digital currencies. It is better to make an effort to get used to them already now.

[dzonikg28]

Digital currencies are definitely the future of the finance now. There is no way out of this so some people who are antagonists to Bitcoin and the rest of the cryptocurrencies should stop their attitude for their own benefit. In the future, we won't have any fiat currency left. In this kind of a world, people will have no choice other than using digital currencies. It is better to make an effort to get used to them already now.

Yes but the OP referred to a potential new world order, hence who is in control over the currency that the people are using? Is it a decentralized network like Bitcoin and will it stay decentralized for its most part? Or will it be a digital currency forced up onto the citizens around the world? Those are two very different scenarios with different consequences for everyone. No matter what is going to happen, but it is important to have decentralized systems like Bitcoin, Ethereum etc. just to have some counterpart to any Central Bank Digital Currency that might get established. Nobody can really know how it pans out exactly over the next ten or so years, but a ban of cryptocurrencies passed by old politicians would be a mistake and shortsighted.

[doomloop]

Digital currencies are definitely the future of the finance now. There is no way out of this so some people who are antagonists to Bitcoin and the rest of the cryptocurrencies should stop their attitude for their own benefit. In the future, we won't have any fiat currency left. In this kind of a world, people will have no choice other than using digital currencies. It is better to make an effort to get used to them already now.

Yes but the OP referred to a potential new world order, hence who is in control over the currency that the people are using? Is it a decentralized network like Bitcoin and will it stay decentralized for its most part? Or will it be a digital currency forced up onto the citizens around the world? Those are two very different scenarios with different consequences for everyone. No matter what is going to happen, but it is important to have decentralized systems like Bitcoin, Ethereum etc. just to have some counterpart to any Central Bank Digital Currency that might get established. Nobody can really know how it pans out exactly over the next ten or so years, but a ban of cryptocurrencies passed by old politicians would be a mistake and shortsighted.

I would suggest that if we ever have "new world order" which I believe won't happen, then it is likely that something like a decentralized cryptocurrency would be at the top of it. I understand that not everyone falls in love with that idea right now and governments will try their best to not get that happen and will use all of their police power to sotp it if it comes to that.

However, if we are talking about new world order then people at the top (there is always some people at the top) may look at crypto in a different light. That is why I believe that crypto could be the currency of the future, or maybe none of that will happen and crypto will just become a popular alternative to payment methods we have right now.

Like we do pay with cash, or we pay with card, that is 95%+ of all payments in the world when you go to a place, or we wire transfer money to other people if it is not in person payments, all of that could be replaced with crypto, so it will be a good alternative in the future.

[Abiky]

Of course, cryptocurrency cannot replace fiat money. This requires the decision of the relevant government agencies, and they will never agree to this because of their planned economy, which will require a relatively stable centralized currency. At the same time, we see that banks are switching to using blockchain technology and their system is becoming more efficient in their work. The stablecoins of the central banks of states will also increase the efficiency of the current global financial system. That is, over time, cryptocurrency will simply occupy its niche in the current financial system.

Unless governments adopt decentralized cryptocurrencies on top of Fiat, I don't see the current banking system going anywhere soon. With CBDCs bound to become a reality soon, crypto will only remain as an alternative to Fiat. It's hard to believe that a "New World Order" will rely on a single currency when governments are unable to reach a common agreement. A CBDC (Central Bank Digital Currency) cannot be called a cryptocurrency simply because it's centralized. We're still in the early stages of crypto/Blockchain tech development, so anything can happen in the future.

What matters is that decentralization prevails in order to render governments' efforts futile. As long as people have financial freedom, nothing else matters. Just my thoughts

[bengsabeng]

Digital currencies are definitely the future of the finance now. There is no way out of this so some people who are antagonists to Bitcoin and the rest of the cryptocurrencies should stop their attitude for their own benefit. In the future, we won't have any fiat currency left. In this kind of a world, people will have no choice other than using digital currencies. It is better to make an effort to get used to them already now.

bitcoin really cannot replace fiat currency because the price of bitcoin is very unstable or very volatile. one of the requirements to become a currency is to have a stable value, of course this requirement cannot be met by bitcoin. maybe if every country created their own crypto that has a stable value it could happen, but to replace fiat currency as a whole seems very difficult.

[izsara]

I am still yet to understand the reason why some of you would think that it is for replacing fiat and physical cash that bitcoin was created for? It’s simply for transaction, yes a lot of people would choose it, but it is not replacing anything. It’s a mindset that bitcoin is replacing our conventional currencies that’s making governments in some countries to be banning it, we should stop giving them that impression.

Everything is going to be balanced, although I do know that there will be some sectors of the banking world that will be destabilized because of bitcoin, such as Western Union, MoneyGram and the rest of them, because will choose to use Bitcoin for international transactions, than going to banks and doing paper works and waiting for days for their transactions to be carried out.

Of course, cryptocurrency cannot replace fiat money. This requires the decision of the relevant government agencies, and they will never agree to this because of their planned economy, which will require a relatively stable centralized currency. At the same time, we see that banks are switching to using blockchain technology and their system is becoming more efficient in their work. The stablecoins of the central banks of states will also increase the efficiency of the current global financial system. That is, over time, cryptocurrency will simply occupy its niche in the current financial system.

When it comes to crypto that will never replace FIAT I totally agree with you and even I personally don't expect Crypto to replace them.
On the other hand Crypto will continue to grow and indeed even though they will never replace fiat but they have so far been a pretty good thing to watch and will continue to do so.
I think the future economy will indeed use the same system, which is still in a centralized style, but on the other hand, crypto will continue to exist and even I think its position will become more equal and even more popular in the future.

[Rufsilf]

Digital currencies are definitely the future of the finance now. There is no way out of this so some people who are antagonists to Bitcoin and the rest of the cryptocurrencies should stop their attitude for their own benefit. In the future, we won't have any fiat currency left. In this kind of a world, people will have no choice other than using digital currencies. It is better to make an effort to get used to them already now.

I really don't know where you get that information, because it's slightly opposite from the reality. Or maybe you're the one who's out of reality.
Anyways, yes, cryptocurrencies also known as digital currencies is indeed the future of finance especially bitcoin and other trusted promising altcoins. Why? Because cryptocurrencies were originally made to help the mankind after the 2008 economic crash, to have other options for securing assets and some were created as digital currencies for online transactions, etc.
But if you say that crypto will replace fiat? Nah, that ain't gonna happen because local fiats are their for a reason, and it's backed by the government and their gold reserve. Fiats will always be there because there are still plenty who will choose it over crypto like for paying bills and groceries.

[fiulpro]

In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.




https://www.ithb.ac.id/en/article/Cryptocurrency:-Masa-Depan-Keuangan-Tatanan-Dunia-Baru--31

1. The launch cannot be said it was official perse since it was not until the price spike that it was recognized all around the world, by the governments as well.

2. It does not serve as a threat to the existence of non-conventional finances since at the end of the day, it works hand in hand with most banks, trading and converting it into fiat is very essential.

3. They are the future of the finance only when integrated with the traditional system and with the support of the government and people alike
They are giving people financial freedom and stability which most traditional assets fail to provide during pandemic.


4. They should not be seen as a threat but rather an upgrade!! This is just my thinking.

[LUCKMCFLY]

Digital currencies are definitely the future of the finance now. There is no way out of this so some people who are antagonists to Bitcoin and the rest of the cryptocurrencies should stop their attitude for their own benefit. In the future, we won't have any fiat currency left. In this kind of a world, people will have no choice other than using digital currencies. It is better to make an effort to get used to them already now.

bitcoin really cannot replace fiat currency because the price of bitcoin is very unstable or very volatile. one of the requirements to become a currency is to have a stable value, of course this requirement cannot be met by bitcoin. maybe if every country created their own crypto that has a stable value it could happen, but to replace fiat currency as a whole seems very difficult.

I fully agree with you, because I think that BTC should not have any kind of confrontation with FIAT money, both FIAT money and BTC and cryptocurrencies represent money and money is what everyone is looking for.

Also, if BTC were to replace fiat, and if fiat disappears, what would be the currency to buy for the price of BTC? Would all of that be handled by gold? since gold would respect "Safe" for many people in the world. These questions is the one I always ask myself if there is an eventual fall in USD and Euros, and all currencies at the global level, what value would BTC take?

[Abiky]

I fully agree with you, because I think that BTC should not have any kind of confrontation with FIAT money, both FIAT money and BTC and cryptocurrencies represent money and money is what everyone is looking for.

Also, if BTC were to replace fiat, and if fiat disappears, what would be the currency to buy for the price of BTC? Would all of that be handled by gold? since gold would respect "Safe" for many people in the world. These questions is the one I always ask myself if there is an eventual fall in USD and Euros, and all currencies at the global level, what value would BTC take?

If BTC replaces Fiat, then it'll become the "gold standard" of our economy. There's no need to measure its value against Gold, since the cryptocurrency is able to live on its own. In a future where decentralized cryptocurrencies reign supreme, people will value things in terms of Bitcoin instead of Fiat. This would make more sense if Bitcoin becomes the next reserve currency of the world. But I don't think this will ever happen, especially when governments don't want to lose control over the mainstream economy. Countries will have their own currencies, just like it's the case today. The only difference is that paper money will no longer be used, as central banks digitize Fiat through CBDCs. People will get to choose their currency of preference depending on their needs. As long as decentralization prevails, nothing else matters. Just my thoughts

[xSkylarx]

Digital currencies are definitely the future of the finance now. There is no way out of this so some people who are antagonists to Bitcoin and the rest of the cryptocurrencies should stop their attitude for their own benefit. In the future, we won't have any fiat currency left. In this kind of a world, people will have no choice other than using digital currencies. It is better to make an effort to get used to them already now.

bitcoin really cannot replace fiat currency because the price of bitcoin is very unstable or very volatile. one of the requirements to become a currency is to have a stable value, of course this requirement cannot be met by bitcoin. maybe if every country created their own crypto that has a stable value it could happen, but to replace fiat currency as a whole seems very difficult.

Well, that is not the main point of replacing it as a fiat. The truth is that Fiat is also volatile, but with cents only, but it has a huge impact on the economy. It doesnt mean that if it is volatile, then it cant replace the fiat. The main reason is that Fiat is really established right now, in remote areas where they can use it, unlike Bitcoin, in those remote areas that don't know what it is and how to use it. It should be used by everyone. There are no flaws in our fiat system right now, but I know that in the future it will be digitalized.

[Sikinkato]

Cryptocurrency will not replace traditional currencies. Cryptocurrency will only become the future economic trend. It has not been used by more countries, and it is not very convenient in daily transactions. It has many problems and cannot always be used as a major currency.

[andriarto]

Digital currencies are definitely the future of the finance now. There is no way out of this so some people who are antagonists to Bitcoin and the rest of the cryptocurrencies should stop their attitude for their own benefit. In the future, we won't have any fiat currency left. In this kind of a world, people will have no choice other than using digital currencies. It is better to make an effort to get used to them already now.

bitcoin really cannot replace fiat currency because the price of bitcoin is very unstable or very volatile. one of the requirements to become a currency is to have a stable value, of course this requirement cannot be met by bitcoin. maybe if every country created their own crypto that has a stable value it could happen, but to replace fiat currency as a whole seems very difficult.

Well, that is not the main point of replacing it as a fiat. The truth is that Fiat is also volatile, but with cents only, but it has a huge impact on the economy. It doesnt mean that if it is volatile, then it cant replace the fiat. The main reason is that Fiat is really established right now, in remote areas where they can use it, unlike Bitcoin, in those remote areas that don't know what it is and how to use it. It should be used by everyone. There are no flaws in our fiat system right now, but I know that in the future it will be digitalized.

Indeed, fiat is currently the most relevant means of payment, but it is not impossible that in the future it will change to digitalization, as fiat used to shift the barter system which gradually became less relevant. basically everything will change along with the needs of the world, so from if it was legalized around the world, then the volatility would probably be more stable

[globalpain]

Digital currencies are definitely the future of the finance now. There is no way out of this so some people who are antagonists to Bitcoin and the rest of the cryptocurrencies should stop their attitude for their own benefit. In the future, we won't have any fiat currency left. In this kind of a world, people will have no choice other than using digital currencies. It is better to make an effort to get used to them already now.

bitcoin really cannot replace fiat currency because the price of bitcoin is very unstable or very volatile. one of the requirements to become a currency is to have a stable value, of course this requirement cannot be met by bitcoin. maybe if every country created their own crypto that has a stable value it could happen, but to replace fiat currency as a whole seems very difficult.

Well, that is not the main point of replacing it as a fiat. The truth is that Fiat is also volatile, but with cents only, but it has a huge impact on the economy. It doesnt mean that if it is volatile, then it cant replace the fiat. The main reason is that Fiat is really established right now, in remote areas where they can use it, unlike Bitcoin, in those remote areas that don't know what it is and how to use it. It should be used by everyone. There are no flaws in our fiat system right now, but I know that in the future it will be digitalized.

Indeed, fiat is currently the most relevant means of payment, but it is not impossible that in the future it will change to digitalization, as fiat used to shift the barter system which gradually became less relevant. basically everything will change along with the needs of the world, so from if it was legalized around the world, then the volatility would probably be more stable

The possibility of that happening will always be there because after all we can't deny that technology is growing rapidly,
but if we talk short term fiat will still exist,
anything can happen and continue to follow developments to be more clear