Crypto will rival or replace fiat in 10 years?

[Abiky]

There is no doubt that bitcoin will challenge the fiat currency in the future because bitcoin is a digital currency that's fast, secure, and decentralized. If you look at the other hand you may see that fiat currency is a paper currency that is slow in terms of making transactions, centralized controlled by the banks, yet has more expensive transaction fees. Bitcoin is by far a more reliable option compared to a fiat currency because it works day and night, it has no closing hours or weekends like banks.

Bitcoin may have certain benefits over Fiat, but it's still far from replacing it. That's because governments don't want to give away their power over to the people. After all, governments can't control Bitcoin. Something they can't control or manipulate, will be considered as a threat to banks' very existence. The rise of crypto/Blockchain tech's popularity has led banks to create digital currencies of their own. It shouldn't be long enough before banks embrace Blockchain technology at its fullest, eventually solidifying their position in the global economy.

What matters is that crypto remains decentralized so people can have an exit route from the banking system. As long as people are able to achieve financial freedom with crypto, nothing else matters. Just my thoughts

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[bengsabeng]

I prefer crypto to be a rival to replace fiat, many things can't be done or can replace the function of fiat, even though fiat is fully controlled by the central bank but this makes the value of fiat more stable than crypto which is turbulent and difficult to predict.

I think fiat and crypto will never compete because they have very different functions and roles, crypto can't replace fiat and fiat can't replace crypto. Fiat is used as a means of payment because it has a stable value, while crypto is used by many people as a means of investment because the value of crypto can grow very quickly.

[chikading2016]

Well I see that there are country that already adapting Bitcoin and maybe there's alot more in the next generation, so I believe that soon crypto will maybe replace fiat but 10 years is a very short tome, I think it will happen 40 to 50 years considering the fact that not all countries are adapting crypto so maybe it will take more than 10 years before this happen.

[rahmatrf331]

Well I see that there are country that already adapting Bitcoin and maybe there's alot more in the next generation, so I believe that soon crypto will maybe replace fiat but 10 years is a very short tome, I think it will happen 40 to 50 years considering the fact that not all countries are adapting crypto so maybe it will take more than 10 years before this happen.

I'm not sure that in 10 years crypto can replace fiat money because not all transactions can be used crypto. transactions that can replace crypto are only at the upper level, while the lower level does not necessarily have access to crypto.

[Sirait]

76% of finance professionals believe that digital assets “will serve as a strong alternative to, or outright replacement for, fiat currencies in the next 5-10 years,” according to Deloitte’s annual global blockchain survey.

Is there any possibility that this could happen or this was just another speculation that is impossible to believe, but if we are going to look at the percentage of finance professionals that believe on the possible replacement of fiat with digital assets I think we are in 90% basis in favor of rival or replacement of fiat. Show me your comments about this news guys if you believe or not with this possible replacement?

the future is a mystery that really will not be known but I believe when mass adoption of crypto occurs then people will use crypto and forget fiat. Many people will not like fiat money more and prefer to transact with crypto which is very fast, safe, easy, and efficient.

[famososMuertos]

You have to understand that it is a very short term, which requires parameterizing and creating the conditions for this to be fulfilled, so speculating with the price of an asset is something in a certain way of "free words," changing economies is not something to be taken lightly with a survey.

In fact, crypto assets have a large number of characteristics that make them innovative and accessible to new ways of managing funds, it is a radical change, not only as a technology, but also how common people access these assets, among many other advantages, But today we see weaknesses in different cryptocurrencies that must be improved, then the assertion that in 10 years the cryptocurrencies will replace the Fiat currency may not be so successful or that it should happen so quickly.

[carlfebz2]

76% of finance professionals believe that digital assets “will serve as a strong alternative to, or outright replacement for, fiat currencies in the next 5-10 years,” according to Deloitte’s annual global blockchain survey.

Is there any possibility that this could happen or this was just another speculation that is impossible to believe, but if we are going to look at the percentage of finance professionals that believe on the possible replacement of fiat with digital assets I think we are in 90% basis in favor of rival or replacement of fiat. Show me your comments about this news guys if you believe or not with this possible replacement?

the future is a mystery that really will not be known but I believe when mass adoption of crypto occurs then people will use crypto and forget fiat. Many people will not like fiat money more and prefer to transact with crypto which is very fast, safe, easy, and efficient.

No one could predict the future but speaking on forgetting about fiat is something not possible to happen no matter how hard ive been thinking off.

Lets say that crypto would make out some significant noise and popularity and adoption but that wont really be enough on completely stopping or

eradicating fiat on existence.Why? As long government exist then it is something an impossible thing to happen.

[bitgov]

Well I see that there are country that already adapting Bitcoin and maybe there's alot more in the next generation, so I believe that soon crypto will maybe replace fiat but 10 years is a very short tome, I think it will happen 40 to 50 years considering the fact that not all countries are adapting crypto so maybe it will take more than 10 years before this happen.

I also believe that a period of 10 years is definitely too short. It is possible that within 10 years we will stop using cash and mainly use electronic money. However, replacing money for cryptocurrency will take much longer. It is even possible that it will never fully happen and there will be fiats and cryptocurrencies existing on the market together.

[Slow death]

Fiat is irreplaceable, each country has its sovereignty, each country has its history and policy, so to say that bitcoin will replace fiat I think it is a big exaggeration, in fact it is unrealistic, bitcoin will coexist with fiat side by side. countries will always continue to use fiat.

Well I see that there are country that already adapting Bitcoin and maybe there's alot more in the next generation, so I believe that soon crypto will maybe replace fiat but 10 years is a very short tome, I think it will happen 40 to 50 years considering the fact that not all countries are adapting crypto so maybe it will take more than 10 years before this happen.

I also believe that a period of 10 years is definitely too short. It is possible that within 10 years we will stop using cash and mainly use electronic money. However, replacing money for cryptocurrency will take much longer. It is even possible that it will never fully happen and there will be fiats and cryptocurrencies existing on the market together.

even if it were 50 years from now the fiat will be the dominant currency of each country

[Vaskiy]

Fiat is irreplaceable, each country has its sovereignty, each country has its history and policy, so to say that bitcoin will replace fiat I think it is a big exaggeration, in fact it is unrealistic, bitcoin will coexist with fiat side by side. countries will always continue to use fiat.

Well I see that there are country that already adapting Bitcoin and maybe there's alot more in the next generation, so I believe that soon crypto will maybe replace fiat but 10 years is a very short tome, I think it will happen 40 to 50 years considering the fact that not all countries are adapting crypto so maybe it will take more than 10 years before this happen.

I also believe that a period of 10 years is definitely too short. It is possible that within 10 years we will stop using cash and mainly use electronic money. However, replacing money for cryptocurrency will take much longer. It is even possible that it will never fully happen and there will be fiats and cryptocurrencies existing on the market together.

even if it were 50 years from now the fiat will be the dominant currency of each country

This is the fact, countries won't let the sovereignty get away. Countries will always try to have control over it. As mentioned cryptocurrency will always coexist with the traditional currency. We can see this happening now with some of the banking and other financial services. Another thing, maybe small countries can adopt cryptocurrency and consider it as legal tender same as El Salvador have done in recent days.

[Vannie12]

I think that the foundation of fiat governed by the government is not that easy to replace. If by chance, the economy might be at stake. Imagine how would a country fund itself if all of the people use decentralized currency. Taxes and fees may be a bit off but still we do know that some have a cause. We just see it as a bad thing most of the time.
I know both fiat and crypto are very in contradicting to each other. But coexisting makes it beneficial.
I would say crypto is an alternative but not a replacement.

[goldkingcoiner]

I think crypto will replace fiat in the coming years. Whether it will be in 10 or 100 years I cannot really tell. What I can say is, is that the current system of printing money endlessly does not work and is completely corrupt. It is not trustless or without third parties. Crypto is deflationary and does not require trust in the first place. Its just a better money system. But i doubt the corrupt bankers like that.

[Abiky]

I think crypto will replace fiat in the coming years. Whether it will be in 10 or 100 years I cannot really tell. What I can say is, is that the current system of printing money endlessly does not work and is completely corrupt. It is not trustless or without third parties. Crypto is deflationary and does not require trust in the first place. Its just a better money system. But i doubt the corrupt bankers like that.

As much as I'd like crypto to replace Fiat, I don't think it'll materialize anytime soon. Banks and governments won't give up Fiat just because the system is collapsing. They will continue to print more money for their own benefit. Why would they switch to crypto if they can't control it? It's this reason why banks are planning to launch CBDCs. They want to "cripple" decentralized cryptocurrencies with a digitized version of Fiat that's stable in price but with "all of the benefits" of crypto. People will be fooled into thinking CBDCs are decentralized, when they'll be much worse than paper money.

10 years is a lot of time in the crypto/Blockchain space, so it's likely Blockchain tech will be much better than what it is right now. Everything else will remain the same as Fiat won't be going anywhere. I'm fine with that as long as crypto remains decentralized. Just my thoughts

[Abiky]

Fiat currencies are simply too convenient for the governments to let go, they are very aware of the enormous amount of power that they are getting out of the current arrangement and they're not going to be willing to part ways with fiat that easily, and I personally believe that it is never going to totally happen, but what it can happen is that bitcoin could force the hand of the government by becoming so powerful that they have no option but to accept the fact that people are going to use it and there is nothing they can do about it.

Exactly. No one said crypto was meant to replace the existing banking system in the first place. Since cryptocurrencies are decentralized, I'd be hard to imagine governments giving up their control over Fiat anytime soon. Something they can't manipulate or control would be considered as a threat to the very existence of central banks and governments alike. With the introduction of CBDCs, it seems that Fiat will be here to stay for a long time.

People should learn to live with both decentralized cryptocurrencies and Fiat, instead of thinking which will replace the other. Everything will look almost the same as it is right now within the next 10 years. The only difference is that crypto will be much bigger and stronger in the future. Who knows if we're close to a cashless society than we've ever thought? Just my opinion

[Falconer]

Exactly. No one said crypto was meant to replace the existing banking system in the first place. Since cryptocurrencies are decentralized, I'd be hard to imagine governments giving up their control over Fiat anytime soon.

Unless a country does not have its own currency like El Salvador, then bitcoin can replace it.

For any country that has its own currency and has also long adopted a centralized financial system then bitcoin or a decentralized financial system is only suitable as an alternative. Some of these countries will not easily legalize or adopt it because it is against existing regulations, but some countries can also adopt it and may have done so in some trading centers.

[famososMuertos]

Exactly. No one said crypto was meant to replace the existing banking system in the first place. Since cryptocurrencies are decentralized, I'd be hard to imagine governments giving up their control over Fiat anytime soon.

Unless a country does not have its own currency like El Salvador, then bitcoin can replace it.

For any country that has its own currency and has also long adopted a centralized financial system then bitcoin or a decentralized financial system is only suitable as an alternative. Some of these countries will not easily legalize or adopt it because it is against existing regulations, but some countries can also adopt it and may have done so in some trading centers.

All financial systems are centralized, all of them. In any case, it is not about substituting or even making it a legal currency in more countries, it is allowing "formally" you have access to bitcoin as any currency or currency of any country.

But  if it happens with the dollar , the euros even if it is not allowed to make local transactions in a different currency, the dollar is always there, it does not replace your local currency "formally" but it does so shamelessly in the background and it happens globally.

So 10 years?: The bitcoin already does, replace, better than the dollar any local currency, that is happening... not formally but it happens.

[bitterguy28]

76% of finance professionals believe that digital assets “will serve as a strong alternative to, or outright replacement for, fiat currencies in the next 5-10 years,” according to Deloitte’s annual global blockchain survey.

Is there any possibility that this could happen or this was just another speculation that is impossible to believe, but if we are going to look at the percentage of finance professionals that believe on the possible replacement of fiat with digital assets I think we are in 90% basis in favor of rival or replacement of fiat. Show me your comments about this news guys if you believe or not with this possible replacement?

I love to agree with this but also I hate to believe because this will only bring frustration for me, I love Bitcoin and i will support this as long as i live, but i don't want to completely lose my trust in fiat because we knew its existence that will be there for all our life.
what i wanna believe is that in time? both Bitcoin and fiat will join force to serve all the people in the world.
yes there will be advantage about digital assets but we also knew the disadvantage things that fiat will provide.

[KennyR]

People doesn't want others to control their lives, same is with the financial activities. This has made people move along with bitcoin. Bitcoin along with blockchain isn't an unproven technology, it has grown as a fully fledged financial system. People are worried about the monetary policies as well as the fiat currencies losing its value.

Replacing fiat might happen here and there as we have with El Salvador, but governments around won't easily allow it. At the beginning cryptocurrency need to get integrated with banking services through which complete replacing could happen in the long run.

[Cryptock]

76% of finance professionals believe that digital assets “will serve as a strong alternative to, or outright replacement for, fiat currencies in the next 5-10 years,” according to Deloitte’s annual global blockchain survey.

Is there any possibility that this could happen or this was just another speculation that is impossible to believe, but if we are going to look at the percentage of finance professionals that believe on the possible replacement of fiat with digital assets I think we are in 90% basis in favor of rival or replacement of fiat. Show me your comments about this news guys if you believe or not with this possible replacement?

I would very much like the financial market in the world to be regulated through decentralization. However, I am sure the banks will never allow it. Even governments, anticipating that the power of cryptocurrencies will grow, have already started creating their own cryptocurrencies. I think that in 5-10 years, cryptocurrencies will be more popular, but in fact, they will never replace fiat money.

[STT]

Never allow ?   Even in USSR people still used dollars to trade despite it being totally outlawed, why because it was the most efficient way to trade.   The free market is substantially more powerful then governments even military based dictatorships.  
   I would still think it will take more then 5 years before the majority or even a large amount of trade is carried out via alternative digital assets.  I think generally the path of least resistance is what will occur, most people are poor and hold onto their money only for a few days a week before some other entity has it.    If we all had 1 years worth of wages to take care of (in cash) we'd not be using the junk standard that is FIAT currently but most are transitionary in their use of currency & so to digital must be efficient in that type of immediate use economy in order to take over.