When will the role of fiat currency disappear against crypto.

[Ngemmeng]

even though a country makes its own crypto and the value of its currency is the same as the country's fiat currency it seems that digital currency cannot replace fiat currency. Fiat money has been a part of society for a long time so it is very difficult to replace fiat currency with digital currency as a whole.

[Rajamuda]

What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.

Well indeed many people have thought or predicted about this, but here we see that ordinary currencies have absolutely become the hallmark of each country, which I think will be difficult to be replaced by new currencies, such as cryptocurrencies that only exist in the internet (not in physical form), where people must first need an internet connection.
This will be complement only, due to its advantages that so far has been proven to provide to push the human financial side.

[molsewid]

even though a country makes its own crypto and the value of its currency is the same as the country's fiat currency it seems that digital currency cannot replace fiat currency. Fiat money has been a part of society for a long time so it is very difficult to replace fiat currency with digital currency as a whole.

Fiat currency will never be vanished just because crypto is now in picture of a certain country's economy this is impossible because not all of the constituents of a country could afford to have a gadget or simply there were have a certain portion of a country's population that could not easily adopt the fast changing technology. If ever fiat money like for example USD will be converted into digital money then it would simply look like a stable coin like USDT and even let's think this way to other fiat currency if same scenario happen.

[finaleshot2016]

Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others.  To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins).  What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.

I'm not sure why there should be only one that accepts both fiat and cryptocurrencies. Many people continue to use the traditional method, which is fiat and, of course, far safer than crypto when dealing with large sums of money. There is no need for fiat currency to vanish in this society simply because cryptocurrency exists; they can both exist and be used by different people. Because your experiences and rewards from crypto aren't the same as those of others, it means that some people still prefer to use traditional methods over new.

[Piggymonster]

Talking about replacing fiat money with cryptocurrencies is like discussing what will happen in the next century. Bitcoin is a decade old but still in its infancy stage especially in the developing countries. Only a small percentage of the population know about it and owns a bit. Still, there is so much to learn specially for non tech-savvy on how to purchase, sell and keep track of bitcoin. Perhaps, in the many years to come, eventually, all the people will be crypto ready but right now lets wait for it to grow and mature.

lol but it's true
even though instead of bothering to talk about things that will never end when talking about bitcoin and fiat and the advantages and disadvantages of each, I think it would be wiser if we use these two types of currencies to support the life we live.
because indeed, when talking about bitcoin and fiat, they will always have their own opinions, whether they support the change or indeed those who support bitcoin as a payment option only.

Yeah right, after all it is just money, both can be use for payments and a store of value. The only difference is that cryptocurrencies is a digital currency, intangible, exist virtually while fiat money is the real world money. Right now, we used the fiat money to buy crypto so they should co exist. Still, the bitcoin supply has not reach its cap, lets just wait what will happen in the future.

[henmark]

Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others.  To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins).  What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.

So, if fiat is to be eliminated, then what is going to be used in place of USD?? It’s not bad that we have the USD, cryptocurrencies are calculated based on their value against USD or other conventional currencies that we have in the world. If you’re to remove them, then what are you going to use when calculating or comparing the value of other currencies and assets? You’re free to make use of any currency you want to use, whether it is fiat or crypto, and both of them can coexist. So, I don’t think that something like this what you should be worrying yourself about.

[AndySt]

Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others.  To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins).  What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.

So, if fiat is to be eliminated, then what is going to be used in place of USD?? It’s not bad that we have the USD, cryptocurrencies are calculated based on their value against USD or other conventional currencies that we have in the world. If you’re to remove them, then what are you going to use when calculating or comparing the value of other currencies and assets? You’re free to make use of any currency you want to use, whether it is fiat or crypto, and both of them can coexist. So, I don’t think that something like this what you should be worrying yourself about.

In the near future, this will definitely not threaten us and the fiat system will continue to function as before in the usual mode, helping the economy to function, as well as helping the state to effectively influence the processes in the economy. Also, I don't see any reason to replace fiat currencies with cryptocurrencies yet, because this will all create chaos, and it seems that no one wants to live in conditions of chaos and financial collapse. But the mutual coexistence of fiat currencies and cryptocurrencies is quite possible and to some extent useful, because it's no secret that ordinary citizens are separated from the financial and stock system by various barriers, and cryptocurrencies help to remove some of these barriers for ordinary citizens.

[TheEconomists]

Faith currency has been in existence for a long time know I do believe you are aware and there is no way Bitcoin or crypto currency can any way eliminate it completely, and if you are waiting to to see a day such will happen then you will continue to wait till eternity because it will not come to pass. The measurements of Bitcoin and crypto currency generally are all on the faith currency and that was why they have values, for without faith currency, crypto currency will have no values quotes me any where brother.

[Anguwa]

Actually Fiat currencies have their role and also crypto has its own role, I don't think fiat can be taking over by cryptocurrency completely, because there are still restrictions about crypto in some countries, and also to a layman that only knows fiat for transaction, it will look very difficult for them to accept crypto as mode of exchange. Government bodies like CBN will also not make that happen as they will still want to be I control of many transactions,  but cryptocurrency gives us the control of our entire assets. I belive cryptocurrency will do it best but can't take over fiat completely.

[TheUltraElite]

even though a country makes its own crypto and the value of its currency is the same as the country's fiat currency it seems that digital currency cannot replace fiat currency.

It is not even a crypto then. It is a digital version of the fiat, therefore this should not be the point of discussion.

People are making this mistake of considering country-based cryptocurrency to be new thing. In fact it is nothing different from fiat.

If there is not application of decentralization and censorship-resistance there is no meaning of buying that asset as compared to buying bitcoin.

Yeah right, after all it is just money, both can be use for payments and a store of value.

Though the current generation tends to put crypto as a store of value more than mode of payment. This comes from the rise in price due to speculation. I agree that supply and demand play a role but there should be a balance between using it as currency and storing it.

Still, the bitcoin supply has not reach its cap, lets just wait what will happen in the future.

Bitcoin reaching it max supply does not change anything. Those who believe in the use of crypto and have applications for its advantages will continue using it. Fiat will co-exist because not every person will be able to use or own crypto.

[sukmo]

If you ask if cryptocurrencies can replace fiat money.
If I answered under government rules in the country I live in, cryptocurrencies would not be able to replace fiat money.
The government still sets fiat currency as a legitimate means of payment and does not support cryto currency as a means of payment.
The government only allows cryptocurrencies to be an investment and insists that if there are losses and bad things happen to users, the government does not want to be held responsible.
All risks are borne by the user.
With these regulations, I just hope that cryptocurrencies and fiat currencies can develop side by side well in the future, making it easier for users.

[Piggymonster]

Though the current generation tends to put crypto as a store of value more than mode of payment. This comes from the rise in price due to speculation. I agree that supply and demand play a role but there should be a balance between using it as currency and storing it.

That should have been the case but here in my country bitcoin is not recognized as legitimate currency yet and no merchants accept bitcoin as payment. But since my country has embraced cryptos and installed a reliable platform that protects crypto customers and also encourages bitcoin uptake, then it becomes easy for us to invest and make money with bitcoin.

[Piggymonster]

Bitcoin reaching it max supply does not change anything. Those who believe in the use of crypto and have applications for its advantages will continue using it. Fiat will co-exist because not every person will be able to use or own crypto.

Bitcoin popularity are growing everyday and more investors are betting that it will become mainstream asset in the future and they begin to stockpile bitcoin. And global crypto adoption has taken off and some countries may likely to follow El Salvador to declare bitcoin as legal tender though there are also some countries banning it. But still there are billions of people in the world and bitcoin has a limited supply, what will happen then? How can you say that it does not change everything? 

[Koro-Sensei]

Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others.  To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins).  What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.

I dont think it works like that. Every country has its own independence and rights to have their own currency. However, cryptography might help in solving economic problem of one country.
In terms of replacing ones fiat currency, it needs a one whole government where every country will follow. One world currency using bitcoin is kind of impossible at the moment and the near future,
many banned it and some countries oppose the use and trading of cryptocurrency. Governments nowadays sees BTC as an investment but not like El Salvador's approach of legalizing it as a mode of
Payment.

[ifarted]

I do not think that crypto will replace the role of currency in our daily lives but I think crypto can work together with fiat to fills our daily needs. If that can happen, many people will have a chance to make money and not just from their regular job but they can also try crypto. Maybe the government will create their own digital fiat to work with crypto and give ease to transact. As long as fiat still exists and the government is not changing its regulations, crypto will not replace fiat.

Indeed, i totally agree with you. Fiat will exist no matter what. Crypto can't replace it's role. Every country has its own decisions, regulations and rights to choose.
 
Right now fiat currency has its superiority against crypto because honestly fiat is needed in our daily lives to buy food and pay water and electric bills. Also to our other needs like in case of an emergency, not all hospitals accepts crypto for payment, they prefer fiat.

However, i also thought that crypto and fiat would work together in the future too.

[iv4n]

I do not think that crypto will replace the role of currency in our daily lives but I think crypto can work together with fiat to fills our daily needs. If that can happen, many people will have a chance to make money and not just from their regular job but they can also try crypto. Maybe the government will create their own digital fiat to work with crypto and give ease to transact. As long as fiat still exists and the government is not changing its regulations, crypto will not replace fiat.

Indeed, i totally agree with you. Fiat will exist no matter what. Crypto can't replace it's role. Every country has its own decisions, regulations and rights to choose.
 
Right now fiat currency has its superiority against crypto because honestly fiat is needed in our daily lives to buy food and pay water and electric bills. Also to our other needs like in case of an emergency, not all hospitals accepts crypto for payment, they prefer fiat.

However, i also thought that crypto and fiat would work together in the future too.

So we need to change governments and maybe new governments can/will adopt the new and improved system, crypto?!

Bitcoin needed a breakthrough, and entry point, call it as you like, to this world! To be recognized Bitcoin needed some value in fiat, and Bitcoin got that years ago! What happened after is that Bitcoin is taking more and more from fiat, add other alts to that, crypto world is growing for years, but what do you all think where it's growing? Who suffers from that growth?

Before everything else, crypto and fiat are two different systems! I see crypto as an advanced system, that can make some changes, in other to that it must grow, to grow it will take more and more from fiat, and when crypto grows enough, and I am sure it will, fiat (and all digital versions) will become obsolete!

[ifarted]

---snip---

Indeed, i totally agree with you. Fiat will exist no matter what. Crypto can't replace it's role. Every country has its own decisions, regulations and rights to choose.
 
Right now fiat currency has its superiority against crypto because honestly fiat is needed in our daily lives to buy food and pay water and electric bills. Also to our other needs like in case of an emergency, not all hospitals accepts crypto for payment, they prefer fiat.

However, i also thought that crypto and fiat would work together in the future too.

So we need to change governments and maybe new governments can/will adopt the new and improved system, crypto?!

Bitcoin needed a breakthrough, and entry point, call it as you like, to this world! To be recognized Bitcoin needed some value in fiat, and Bitcoin got that years ago! What happened after is that Bitcoin is taking more and more from fiat, add other alts to that, crypto world is growing for years, but what do you all think where it's growing? Who suffers from that growth?

Before everything else, crypto and fiat are two different systems! I see crypto as an advanced system, that can make some changes, in other to that it must grow, to grow it will take more and more from fiat, and when crypto grows enough, and I am sure it will, fiat (and all digital versions) will become obsolete!

We can't change governments because only the government itself holds the power to control the country. We, as civillians cannot just make decisions to change the government and tell them to make a new one, with new regulations and rules.

However, other than that i thought you are also right about fiat and other digitals will become obselete. Crypto can make changes in many years to come but we don't really know what will happen in the future. We wouldn't know because what if there are technical changes too that can affect crypto to breakdown?. We should all consider that because we are not living in the future to know such things.

I also wanted to add that i still think that fiat still has its superiority towards crypto. Most people join cypto to earn fiat and we all know that, they needed it for them to support themselves in many ways.

[paxmao]

Faith currency has been in existence for a long time know I do believe you are aware and there is no way Bitcoin or crypto currency can any way eliminate it completely, and if you are waiting to to see a day such will happen then you will continue to wait till eternity because it will not come to pass. The measurements of Bitcoin and crypto currency generally are all on the faith currency and that was why they have values, for without faith currency, crypto currency will have no values quotes me any where brother.

A recurring topic indeed. No, fiat will not disappear since no government will allow a distributed decentralised system to take over their instruments of monetary policy. They are quite trigger happy to print money before elections and they are perfectly positioned to choose the legal tender that they consider more interesting for controlling the economy.

It is sad that such a powerful instrument is being used irresponsibly in many cases and, in may, with pure incompetence. 

[Lanatsa]

Faith currency has been in existence for a long time know I do believe you are aware and there is no way Bitcoin or crypto currency can any way eliminate it completely, and if you are waiting to to see a day such will happen then you will continue to wait till eternity because it will not come to pass. The measurements of Bitcoin and crypto currency generally are all on the faith currency and that was why they have values, for without faith currency, crypto currency will have no values quotes me any where brother.

A recurring topic indeed. No, fiat will not disappear since no government will allow a distributed decentralised system to take over their instruments of monetary policy. They are quite trigger happy to print money before elections and they are perfectly positioned to choose the legal tender that they consider more interesting for controlling the economy.

It is sad that such a powerful instrument is being used irresponsibly in many cases and, in may, with pure incompetence. 

And they should really be realizing on what they are talking about fiat on being replaced? Havent they considered nor even think that there's government who

would be the one will really be against with that idea on letting crypto to take over on everything in terms of financial system and other connected to it.
We do just know on how much they do hate up on things that they couldn't control.

We shouldn't not really believe on things about on this one.

[AndySt]

And they should really be realizing on what they are talking about fiat on being replaced? Havent they considered nor even think that there's government who would be the one will really be against with that idea on letting crypto to take over on everything in terms of financial system and other connected to it. We do just know on how much they do hate up on things that they couldn't control. We shouldn't not really believe on things about on this one.

There are always people who have a simplified picture of the world and who think that a couple of steps can destroy the entire existing system and build a new system on new principles, much more equitable than the existing one. To their great regret, life constantly refutes such judgments and most often it is even good that such a thing does not find real implementation, because usually destruction leads to chaos and loss of control over the state system. The fiat system is well-developed enough, it is effective enough to replace it with some other system, therefore, with proper application, it is not in danger. The most important thing is to avoid strategic miscalculations and use this system correctly, because if something is done wrong, it does not mean that the system itself is to blame.