@Deloitte: "The fiat currency will be gone in 5 to 10 years".

[LeGaulois]

Deloitte has released its annual Blockchain report
https://www2.deloitte.com/content/dam/insights/articles/US144337_Blockchain-survey/DI_Blockchain-survey.pdf

Digital assets are disrupting the entire financial market

These are the first words of the paper...

For those who do not know this company Deloitte is one of the Big Four accounting organizations and the largest professional services network in the world by revenue and number of professionals

Notice they don't mention "Bitcoin" per se. Instead, they use "digital asset" since they considered CBDC as well, or "crypto-assets" .
Cybersecurity and regulations are the main barriers to mass adoption but they will be very important for decentralized finance.
But overall, the path to digital finance is soon complete.

Forget the cheques, it's good for grandpa. (just joking, I still use it myself)
We will all be living with digital money and digital wallets. 5 or 10 years, it's like tomorrow.

The paper is based on a survey of 1,280 executives with an understanding of crypto, digital assets, and blockchain. 320 were from the financial sector, including 70 digital asset pioneers. So not the teenagers at school.

Almost 80% of all respondents said that digital assets will be "very/fairly important" in the near future.

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[Kusman]

A time period like 5 years or 10 years is really short to witness fiat currencies just being gone. Someday, this will definitely happen. I haven't any doubt about it. FED is continuing to print money like it is nothing. But their action is very important in fact. As they print an amount of money which is more than needed, US dollar continues to lose its value against many other fiat currencies. If governments follow policies like this, fiat currencies can really be gone before the time even most people expected.

[Hydrogen]

A good percentage of fiat cash based transactions cannot be tracked.

Ex: how to track men slipping cash into the thongs of strippers, tips for waiters/waitresses/pizza delivery or businesses that pay employees strictly in cash under the table.

Many cash based transactions cannot be tracked, and so some demographics seek to eliminate cash based transactions, to make it easier for them to track and regulate everything.

Digital assets also can be difficult to regulate and track in some instances. Essentially what we're seeing is an arms race between the surveillance state wanting to track and control everything and paper cash and digital assets which make that job harder for them.

"5 to 10 years" is a running joke at this point. Its what they say when they have no idea how long it will take, but want to throw a random number out there in the hope of people believing "its real" helping to make it a reality.

[bittraffic]

A time period like 5 years or 10 years is really short to witness fiat currencies just being gone. Someday, this will definitely happen. I haven't any doubt about it. FED is continuing to print money like it is nothing. But their action is very important in fact. As they print an amount of money which is more than needed, US dollar continues to lose its value against many other fiat currencies. If governments follow policies like this, fiat currencies can really be gone before the time even most people expected.

Its starts with one step and gradually digital assets are going to take over. The greatest experiment of Bitcoin is that El Salvador, it's happening. Government observing the effects in that country influencing crypto companies to come over there and start building business to join the development in the country.

Although CBDC is the most preferred by governments, there will still be no stopping for Bitcoin and other cryptocurrencies, they are going to be used. 5-10 years these countries will also have CBDCs.

[Kong Hey Pakboy]

Given how we love electronic these days, I am pretty sure that it's a possiblity that can happen but I don't think that fiat will ever be gone, we still have snail mails even though there's already an email right?

[Hamphser]

Given how we love electronic these days, I am pretty sure that it's a possiblity that can happen but I don't think that fiat will ever be gone, we still have snail mails even though there's already an email right?

Fiat would never be gone and its impossible as long do government exist. Everything might go digital but fiat would still remain.There are transactions where fiat is efficient than on doing digital.

Hence, not all are really that literate if everything would go to digital aspect thats why its really hard to believe on that kind of such full integration but we know on what would

happen in the future thats why lets just take a pinch of salt as of now.

[Wexnident]

I'd reckon digital fiat would still stay even after said years, Transitioning from the usage of fiat to CBDC seems like it would take quite some time, and I hardly doubt the world could rapidly adjust to the usage of CBDC even. It will happen that we are sure of, but saying it would in the span of 5-10 years seems to be rushing it imo. Not to mention that the only country so far with a solid study and research on CBDC is China, and the rest are still in the process of developing and researching about it. Plus, it's still questionable whether fiat would actually disappear in the first place even with CBDC in place.

[Argoo]

Given how we love electronic these days, I am pretty sure that it's a possiblity that can happen but I don't think that fiat will ever be gone, we still have snail mails even though there's already an email right?

Fiat would never be gone and its impossible as long do government exist. Everything might go digital but fiat would still remain.There are transactions where fiat is efficient than on doing digital.

Hence, not all are really that literate if everything would go to digital aspect thats why its really hard to believe on that kind of such full integration but we know on what would

happen in the future thats why lets just take a pinch of salt as of now.

In the near future, the most urbanized and technically developed countries with a high level of income of the population may abandon cash. However, even in this case, I am not sure that this experiment will be successful. We see from the example of El Salvador that the population, especially the elderly, are not yet ready to switch completely to the use of digital currency, even if they are decentralized. I want to say that people will only lose from the transition to digital fiat. After all, cash is the least tracked by governments. Therefore, I am not happy with the statements that in 5-10 years we can switch to using only digital money. Of course, digital fiat will go anyway.

[KaliLinux]

A time period like 5 years or 10 years is really short to witness fiat currencies just being gone. Someday, this will definitely happen. I haven't any doubt about it. FED is continuing to print money like it is nothing. But their action is very important in fact. As they print an amount of money which is more than needed, US dollar continues to lose its value against many other fiat currencies. If governments follow policies like this, fiat currencies can really be gone before the time even most people expected.

I totally agree with the timing given with regards to digital assets taking over Fiat currencies. I do however believe just like you that this might be Inevitable for a number of reasons now seeing how some countries' Fiat currencies are almost worthless but saying or thinking that this will happen overall within 10 years time frame is a bit of a stretch. So I am asking this question, Today Sept. 7 is the rollout of a new law set to make the cryptocurrency legal tender in El Salvador, does this mean that their Fiat currency will be totally abandoned? I guess time will tell with regards to the "Take Over" digital currencies V Fiat.   

[MKings]

Each country is preparing its own country's CBDC. However, there will still be legal currency (paper currency).
Few people in the world have no electronic equipment. If digital currency is implemented, electronic equipment is required. This still needs to be popularized in every country.
The elderly are relatively weak in accepting new things. Popularization takes time.

[paxmao]

Yeah, the usual smoke selling from the big 4 that has happened with so many technologies. Once something falls into their hands they will pump the smoke until people think that this technology is pretty much a snake -oil for all the problems in the world and is going to be the next revolution in humanity. They will pump the peak of inflated expectations until they have extracted all the money they can from their clients and then move onto the next thing.

Believe or not, this is NOT good news ... perhaps is not news at all.

[el kaka22]

You do not have to be a wizard to know that digital assets (aka crypto mainly) disrupts the regular markets. However it doesn't have to mean that they will no longer exist, of course they will be fine however that means we are going to end up with basically crypto AND fiat together, not with just crypto. Fiat will be here forever, it will be 100% guaranteed to be here in 5-10 years, that is already way too quick to make an assumption, like maybe in 100 years that would be true but in 5-10 years we will definitely have fiat.

The only difference to past 10-20 years will be the fact that more and more places will accept crypto and less and less people will use fiat. This doesn't mean that fiat will be gone neither, it will be 90% main option but it will just have lesser usage rate, that's it. Think about cash vs cards right now, a lot less cash is used these days right? People mainly use their cards to pay, same logic.

[stompix]

Notice they don't mention "Bitcoin" per se. Instead, they use "digital asset" since they considered CBDC as well, or "crypto-assets" .

This is the most important part, it doesn't mean they see government-controlled currency going completely away, they will just be replaced by a different version of "fiat money".
But even so, the period is way too short, debit and credit cards weren't able to even outrank digital payments methods, with Germany, Italy and Spain still having over 80% cash purchases at PoS, no way combined digital payments, meaning CCs, crypto, and CDBC will be able to overcome that difference in just 10 years.

So I am asking this question, Today Sept. 7 is the rollout of a new law set to make the cryptocurrency legal tender in El Salvador, does this mean that their Fiat currency will be totally abandoned?   

There is no such thing, Salvador is using the united states dollar as a currency.

[fiulpro]

Not trying to brag anything about fiat but we have to understand that:

1. We cannot get rid of fiat currency so easily since at the end of the day fiat is something which is the only way that the not so fortunate part of the society use.
Do you expect the side vendors in poor parts to use visa? Card? Even bitcoins?
-No
How about we sort this probelm out first, the entire reason so as why fiat is very important is because not every sector of the society is same and therefore we cannot generalize these kinds of terms.

2. Fiat does not really need any mathematics, energy, science, extra education and knowledge, therefore it can be used by the elderly, kids and even the non educated sector, but with Bitcoins and other online banking you might be well off if you would actually know these basic things since these things are a little more complicated.

[LeGaulois]

I disagree. Let me explain

1) Of course, we will not get rid of cash for good. It is simply a matter of usability. For example, it is quite understandable that elderly people have problems with the new technology. Even using a bank card is already a problem.
But society is evolving and must evolve along with progress. It's sad to say but once the elderly persons are dead, the new old people will already know.
Look at cheques, nowadays hardly anyone uses them anymore.

And yes Visa is accepted even in poor countries. Look at my country "Beggars to be equipped with payment terminals to accept credit cards" Look in India https://www.dailymotion.com/video/x2gy6y8
It costs cheap to use a terminal, the sellers who don't use it is because there is no demand. If there is no demand its because the population is unbanked. In the US there are millions. But Bitcoin solves that

2) Fiat doesn't need energy? Are you sure about this? How the banks are running? How printing money is done?
Education is needed as well. How can you use a bank if you don't understand how it works? No need for mathematic when you want to know how much left can be paid with the card?. Do you know what I mean? The weekly and monthly limits credit card companies have.

Forget what we know as bitcoiners. The population will mainly use "ready to use solutions" with easy-to-use UI etc. They won't even need to be worried about their private keys.

[PrivacyG]

Fiat will surely NOT be gone within a decade.  While digital currencies will be more heard of and known about within the next 10 years, removing cash is going to be hard.  There will always be a way around and cash will probably therefore never cease to truly exist.

Yes, the elderly of our days hardly get accommodated even to the more basic methods of payment such as card.  Times will change soon enough however.  The more this technology sticks with us, the more of the elderly will get accustomed to it and simultaneously, methods of payment become even more user-friendly and newbie-friendly.

Let's think about Bitcoin.  From Bitcoin Core, we now have wallets that are ready for use within seconds post-install.  This is a huge improvement (although SPV is not the best thing) and it did help getting more newbies onto the Crypto train.

On the other hand, card and other digital payment methods are nowadays being kind of forced into our lives.  How many of your local stores have recently (in the recent years) swapped cashiers with payment terminals at which you do the job yourself and how many of these allow cash payments?  What if one day they will have no more cashiers and the only way to pay at your favorite store will be digital?

You see, the more they remove the possibility of paying in cash from our lives the less humans will use it in their lives.  Once accommodated to instant wireless payments, it's hard to bring them back to the ol' paper.  As far as I am concerned, teens nowadays prefer card over cash due to the lack of having to count bills and due to the rapidity of digital payments.  Faster payment equals more Instagram time, right?

Even if they get to at least partially eliminate cash from our lives, it is not going to be a natural switch but rather a forced one.  They want your transactions to be traced and they will try to achieve this through all the possibilities they have.

-
Regards,
PrivacyG

[jakdanyel]

5 or 10 years is a really short time period for seeing fiat currencies to be gone. We still need more time to enter the digital currency era completely. Firstly, governments will need to develop their digital currencies and make sure of them about being useful. They will want to be sure about if it will not be detrimental to their economy especially. After making sure of the crucial things, governments will start to decide leaving fiat currencies for good. And this might take more than 10 years I believe.

[Kasabus]

Notice they don't mention "Bitcoin" per se. Instead, they use "digital asset" since they considered CBDC as well, or "crypto-assets" .

This is the most important part, it doesn't mean they see government-controlled currency going completely away, they will just be replaced by a different version of "fiat money".
But even so, the period is way too short, debit and credit cards weren't able to even outrank digital payments methods, with Germany, Italy and Spain still having over 80% cash purchases at PoS, no way combined digital payments, meaning CCs, crypto, and CDBC will be able to overcome that difference in just 10 years.

So I am asking this question, Today Sept. 7 is the rollout of a new law set to make the cryptocurrency legal tender in El Salvador, does this mean that their Fiat currency will be totally abandoned?    

There is no such thing, Salvador is using the united states dollar as a currency.

The President of El Salvador has not issued a law that stops US dollar from being as a currency. I know it will never be eliminated as easy as that as most of the citizens will still prefer to use fiat especially for those who are not inclined using the new technology.

So this will also be applied worldwide. Even if digital coins will become mainstream, the use of fiat will still continue and as long as the government unable to control crypto, so it will not allow fiat transactions will be replaced as easy as that.

[sikke]

Notice they don't mention "Bitcoin" per se. Instead, they use "digital asset" since they considered CBDC as well, or "crypto-assets" .

This is my major concern.

They are probably referring to CBDCs when they say that digital currencies will completely disrupt paper fiat currencies.

Don't forget that Deloitte, PwC etc. all base themselves on the fiat economy in order to thrive. They will try their best to appease the regulators etc. and it would be too much of a radical truth to say that BTC and decentralised cryptos will disrupt in the near future.

[Darker45]

The paper is based on a survey of 1,280 executives with an understanding of crypto, digital assets, and blockchain. 320 were from the financial sector, including 70 digital asset pioneers.

Which means the survey results may not be representative of the public's general sentiment. The respondents have relatively high appreciation of the subject because they know and understand what it is. However, I believe only a minor percentage of the overall population in the world knows about crypto and blockchain. If the respondents were chosen randomly and widely scattered from different classes of people, economic status, education, and so on, the results could have been very different.

Anyway, I don't think the fiat currency will be gone in 5 to 10 years.