Will cryptocurrency replace other currencies?

[crutu]

Is this a chance for cryptocurrency to replace other currencies?

The economy is inflationary, at risk of a downturn. As a result, cash and traditional currencies constantly lost their value. Therefore, in Europe, their citizens decide to invest in cryptocurrency as their solution because everyone can make money by investing and trading crypto. According to FMCPAY Exchange, the number of new registers from Spanish has been increasing since last week. There are thousands of people from Spain submitting their KYC information everyday on this platform.

this is only a temporary diversion so that people can be productive by choosing to trade and invest in cryptocurrencies, completely crypto will not replace the local currency they use.  the more people who use crypto will be able to boost its popularity and affect its price increase

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[Abiky]

I don't think crypto will and can replace fiat, even though the value of fiat is getting lower and even worthless later, because basically fiat has become the currency of every country and is recognized by the world,
even if it has to turn digital, I think the state/government will create digital money.
the government is very afraid of the value of crypto which has high volatility and the price is unstable the main reason why until now crypto has never been recognized

As long as governments and central banks exist, don't count on the disappearance of Fiat anytime soon. It'll be here to stay no matter what. Even though inflation is "killing" Fiat, central banks have the power to strengthen their currencies by raising interest rates. While this results in severe pain towards risk assets like stocks and crypto, it's only for a short period of time. Once inflation is reduced by a large margin, Fiat currencies will return back to their former glory.

Let's face it, crypto will never beat Fiat because of its decentralized and censorship-resistant design. It will only serve as an alternative to those willing to "escape the system". I'm fine with that as long as crypto works as intended. With CDBCs on the brink of becoming a reality, I see a future where both Fiat and crypto will exist for generations. Just my opinion

[Augustine Carrie]

Is this a chance for cryptocurrency to replace other currencies?

The economy is inflationary, at risk of a downturn. As a result, cash and traditional currencies constantly lost their value. Therefore, in Europe, their citizens decide to invest in cryptocurrency as their solution because everyone can make money by investing and trading crypto. According to FMCPAY Exchange, the number of new registers from Spanish has been increasing since last week. There are thousands of people from Spain submitting their KYC information everyday on this platform.

Cryptocurrencies will not replace other currencies, but they can coexist. Both cryptocurrencies and fiat currencies have their own advantages, and they can bring different benefits. Replacing fiat currency with cryptocurrencies is difficult, and it is only accepted as a payment method in a few countries. Due to its decentralization and volatility, it has not been recognized by countries all over the world.

[wxa7115]

I don't think crypto will and can replace fiat, even though the value of fiat is getting lower and even worthless later, because basically fiat has become the currency of every country and is recognized by the world,
even if it has to turn digital, I think the state/government will create digital money.
the government is very afraid of the value of crypto which has high volatility and the price is unstable the main reason why until now crypto has never been recognized

As long as governments and central banks exist, don't count on the disappearance of Fiat anytime soon. It'll be here to stay no matter what. Even though inflation is "killing" Fiat, central banks have the power to strengthen their currencies by raising interest rates. While this results in severe pain towards risk assets like stocks and crypto, it's only for a short period of time. Once inflation is reduced by a large margin, Fiat currencies will return back to their former glory.

Let's face it, crypto will never beat Fiat because of its decentralized and censorship-resistant design. It will only serve as an alternative to those willing to "escape the system". I'm fine with that as long as crypto works as intended. With CDBCs on the brink of becoming a reality, I see a future where both Fiat and crypto will exist for generations. Just my opinion

And that is more than enough, can you imagine a world without bitcoin? In a world in which governments can already do pretty much whatever they want this will be much worse if bitcoin did not existed.

At least now we have an alternative, and while the adoption of bitcoin is still low, it may get to the point in which we could use it almost everywhere, and that will be more than enough for the people like us which are looking for at least some level of economic freedom.

[Abiky]

And that is more than enough, can you imagine a world without bitcoin? In a world in which governments can already do pretty much whatever they want this will be much worse if bitcoin did not existed.

At least now we have an alternative, and while the adoption of bitcoin is still low, it may get to the point in which we could use it almost everywhere, and that will be more than enough for the people like us which are looking for at least some level of economic freedom.

Having Bitcoin as an alternative to Fiat is a blessing. Especially during these times where governments are becoming more intrusive into people's lives. With Bitcoin you're able to enjoy true financial freedom as no one will be able to confiscate or freeze your funds at will (that is if you control access to your private key or seed). Not like Fiat where it's easy enough for the government to cut access to your funds for no reason. In these times where Russian citizens are cut off from the global banking system (due to sanctions against the Russian government), Bitcoin would be the best choice to participate in the global economy without restrictions or limitations whatsoever. That's thanks to the decentralized and censorship-resistant design of the cryptocurrency.

Without Bitcoin, we would've completely doomed by now. Some may say it's impossible for crypto (especially Bitcoin) to replace Fiat, as governments won't let that happen. I'd say that's somewhat true, but that would depend if people are willing to continue to trust banks after the near-collapse of Fiat. With more people joining the Bitcoin bandwagon, there's a possibility the cryptocurrency will replace Fiat in the future. For what I know, the sky is the limit. Who knows if "hyperbitcoinization" becomes a reality faster than we could've ever imagined? Just my thoughts

[Crypto-Ivan]

Is this a chance for cryptocurrency to replace other currencies?

The economy is inflationary, at risk of a downturn. As a result, cash and traditional currencies constantly lost their value. Therefore, in Europe, their citizens decide to invest in cryptocurrency as their solution because everyone can make money by investing and trading crypto. According to FMCPAY Exchange, the number of new registers from Spanish has been increasing since last week. There are thousands of people from Spain submitting their KYC information everyday on this platform.

I don't think crypto will replace legal currency. Although the status of cryptocurrency is strengthening and being recognized by more and more people, if it is not accepted by the country, it cannot be used in daily transactions. Payments for daily life must also be made in legal tender.

Giant banks maybe still survive after the crisis this time. But we cannot negate the fact that cryptocurrency is a remarkable factor in the economy. The number of people starting to trade and invest in crypto is rising day by day. And this is the perfect time for you to join the crypto race with other investors.

Although the value of legal currency is getting lower and lower, it has become the currency of every country and is recognized by the world. Everyone is familiar with it and accepts it. Legal currency will continue to exist. In the future, the banking system may consider integrating the blockchain network to develop a better economic system.

[valeneu]

Cryptocurrencies will not replace fiat money, nor will governments and banks allow it. In many countries where people rely more on fiat currencies, cryptocurrencies are not widely accepted globally as a form of payment. Fiat currencies will not disappear as long as governments and central banks exist.

[Toni Ross]

Cryptocurrencies will not replace fiat money, nor will governments and banks allow it. In many countries where people rely more on fiat currencies, cryptocurrencies are not widely accepted globally as a form of payment. Fiat currencies will not disappear as long as governments and central banks exist.

That’s true, as of now fiat and crypto co-exist as a payment method. As a merchant, I have integrated both fiat and crypto payment gateways and I really like the significant difference between the transaction costs as I'm only paying 0.5% with capitalwallet. Cryptocurrencies have provided us the transparency and speediness that we have always longed for. So, it will be no surprise if cryptocurrencies replace fiat as a payment method in future.

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[Argoo]

A system that has been running for centuries and has been accepted on all fronts will be difficult to change or can be said to take time to change it, which is why the doubts always raises that crypto can replace fiat and until now it seem difficult to happen, even to make the government at least accept cryptocurrencies especially Bitcoin just an alternative to fiat still difficult to implement, moreover until now country that accept Bitcoin as legal tender has not shown a good change in the country

Once upon a time, in the role of fiat money, people used pebbles, or something like that, but then the time came for fiat money as we know it today. Time will pass and there will be only digital currencies in the world, and cryptocurrencies will have their important place in this system. This takes time, everything cannot happen immediately, there must be a period of acceptance and adaptation, this is normal.

It is unlikely that we will ever see a period when only digital currencies will be used. For this, technical progress and the standard of living in most states must rise to very high levels. However, now we continue to observe wars with their inevitable destruction of economies and a decrease in the level of well-being of citizens, new diseases and epidemics, global climate change for the worse, which provokes new cataclysms like the recent earthquakes in Turkey and Syria.

States are able to issue and issue digital currencies only as a kind of their non-cash payments. Therefore, the cryptocurrency can only go in parallel with the fiat of the states and is not able to replace the national currencies of the states. As long as states exist, they will not allow crypto to surpass their fiat.

[lixer]

It is unlikely that we will ever see a period when only digital currencies will be used. For this, technical progress and the standard of living in most states must rise to very high levels. However, now we continue to observe wars with their inevitable destruction of economies and a decrease in the level of well-being of citizens, new diseases and epidemics, global climate change for the worse, which provokes new cataclysms like the recent earthquakes in Turkey and Syria.

States are able to issue and issue digital currencies only as a kind of their non-cash payments. Therefore, the cryptocurrency can only go in parallel with the fiat of the states and is not able to replace the national currencies of the states. As long as states exist, they will not allow crypto to surpass their fiat.

The internet and the digital currency are not new anymore but they still remain as is. They never change the fiat system that we have. It's better to have two option because if option A is not available, we still have option B. It's possible for a country to progress but I think most countries do have a slower rate in terms of growth.

It will only take forever and yet people are still using the same old fiat because their knowledge are not yet good enough or their country still lacks of high quality infrastructure to operate the digital currencies in a stable manner. And you said there are still other problems which might occur. It will be better to focus on those first because they are more deadly.

[Ozero]

A few years ago I read about predictions of a recession at the beginning of this decade, and my thought was that this time, the crisis will cause such a devaluation of fiat that fiat model will be abandoned and cryptos will replace it because between volatility and hyperinflation people would choose the former. Later, I figured that it was a very naive thought. The recession is here, it will get worse, and fiat is indeed suffering, even the world's most respected currencies. However, I still think society is far from ready to abandon fiat as a model. People will forgive it, even if they lose tons of their savings' value because they were saving in fiat or because the salaries won't keep up with inflation. Cryptos can become more prominent as a potential investment, but fiat will remain the standard model for currencies in terms of being used as money.
As for the exchange, it doesn't seem to have a good reputation and blatantly marketing it as 'world's most trusted' is just asking for people to get angry, IMO.

If you try to draw up a real plan to replace the currencies of states with cryptocurrency, it will become obvious that such a development of events is impossible. The form of social structure in people has always been the state, which has its own attributes of power, including its inherent currency. If the state loses control over the currency that circulates in the country, it will lose the ability to influence economic and political processes and will be replaced by the same form of government, only more viable. However, the essence remains the same.

It is predicted that in the future states may be replaced by the dominance of individual corporations. In practice, these will be the same mini-states and they will also have their own currency.
Cryptocurrency can only be an alternative to the currency of states and nothing more.

[abralzain17]

No, cryptocurrency cannot replace any currency, namely the legal currency of a government. but cryptocurrency can be used as a legal medium of exchange in certain circumstances. for example using crypto to pay for food or other shopping, in my opinion only like that can be used for transactions. the rest to replace the currency I don't think will happen

[Abiky]

If you try to draw up a real plan to replace the currencies of states with cryptocurrency, it will become obvious that such a development of events is impossible. The form of social structure in people has always been the state, which has its own attributes of power, including its inherent currency. If the state loses control over the currency that circulates in the country, it will lose the ability to influence economic and political processes and will be replaced by the same form of government, only more viable. However, the essence remains the same.

It is predicted that in the future states may be replaced by the dominance of individual corporations. In practice, these will be the same mini-states and they will also have their own currency.
Cryptocurrency can only be an alternative to the currency of states and nothing more.

States will begin to degrade until corporations take over the world. There will be little-to-no government influence in our future society. While crypto will never replace Fiat, it will prove to be an "escape route" from "evil corporations" for those who need it the most. Since privacy is decaying right now, people will switch to decentralized cryptocurrencies for true financial freedom. Crypto is just starting to blossom, so it's going to take decades before they become widely adopted by everyone worldwide.

We're early adopters of the revolution, considering that BTC is only 14 years old. The more unstable nation states become, the more people will trust crypto/Blockchain tech. Who knows if we'll be the ones laughing out in the end? Just my thoughts

[Pezroly]

No, cryptocurrencies will not replace other currencies, because it is not so easy to use them at shops. And they are not so popular as USD for example.

[kak uli]

Europeans are worried about the continuously decreasing value of their currency so many Europeans are migrating in virtual currency and most of them are investing in crypto to reduce their financial risk and this is also part of their solution to continue making money trading crypto.
In response to those concerns, I think their financial value will remain at a baseline, maybe a little bit of volatility doesn't mean their currency will lose value. I think that is a wrong understanding. cryptocurrency cannot replace currency in a country.

[Digital_Lord]

Cryptocurrency is very famous and very successful almost every person wants to be a part of it hence it provides a way to give you beneficial outcomes. But fiat currency have its own place and own reality so Cryptocurrency cannot replace fiat currency. One reason is that in many countries cryptocurrency is not permitted therefore people cannot use it and cannot be a part of it. Cryptocurrency is acceptable but not everyone accept it because they are in a fear that due to its changeable price therefore these are some reasons that cryptocurrency can be full of advantages and people can use it with their jobs but it cannot replace fiat currency.