When will the role of fiat currency disappear against crypto.

[sakbahagiaku]

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.

[mk4]

[One doesn't need to replace the other; they can coexist, and I think they will coexist for a long long time. And bitcoin totally replacing fiat currency is wishful thinking imo, imagine thinking that a certain country's government would allow a decentralized currency to replace their local currency. It's highly unlikely that they'd just simply bend the knee.

[rosenbauer02]

There are situations won't be solved by cryptocurrency if it ever replaced fiat currency. For as long as I remeber, fiat abd cryptocurrency coexist for many years now and I don't see any reason why both can't coexist. Government want to have control of such currency but in cryptocurrency it is a decentralised so it won't be possible but it may ve possible that bitcoin will become a legal tender like in el salvador.

[TheUltraElite]

Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others. 

It is just me, or are users on this forum talking about stablecoins a bit more than general? Stablecoins did not solve a problem, they only added to the cesspool of altcoins that keeps on increasing everyday. The only use I see for them is a intermediary to hedge against volatility at times of need.

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). 

Fiat based economy vs crypto based economy if you try to find some metrics on this, you would have understood your mistaken logic a long time back. Crypto is still in baby steps and is nowhere near to compete with fiat. Although we are currently seeing some countries accepting crypto as legal, it takes a lot more than that to educate and spread awareness about crypto to the general public who are comfortable with fiat.

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.

Fiat and crypto have their pros and cons. One cannot replace the other but they will coexist.

However I do not like the fact that you equate crypto to stablecoins pegged to fiat, because the latter is not a cryptocurrency but fiat in a digital form only. Unless you broaden the definition of cryptocurrency. For me, it is a decentralized censorship resistant currency and that is bitcoin.

[electronicash]

not gonna happen, countries today are developing their own stablecoin through CBDC. this is the path where governments are going through where cryptocurrencies are going to work along with it.

But I think there will still be a debasement of fiat when it comes to currency trading. it could be Yuan or YEN or probably in the future where BTC will be the reserve base currency.

[mindrust]

As long as we buy our groceries with FIAT, it will never happen. FIAT is crap and evil but it is a necessary evil so far. What are going to trade your crypto against when FIAT fails anyway? Other crypto? Most of them are shit too. FIAT will become shittier and shittier but it will be around for a long time.

[Reid]

Well, the good part is they learned something else.
Cash is not just about having paper money, a coin, or a plastic card that you swipe away to pay for all the purchased products.
They could use the blockchain technology to enhance it and maybe make this world a better place to lessen the production of plastics and cutting trees.
We are not yet there where it is widely adopted but the hope that someone will benefit from it especially your kids is something to look forward to.

[worle1bm]

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 think this topic has been discussed a lot of time and what members could do is to use the forum search tool to have a look at such topics and we will possibly see less of the repeated ones.The a answer is still the same that crypto can't replace fiat so easily as will government allow the legal tender to disappear and people lose faith in it so easily? I am not in favour of fiat myself also but still there is lot of time for this to happen in reality and till the time they can be used alternatively with more and more accepting them.

[rodskee]

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.

EL salvador already adopted bitcoin as legal tender meaning they can use the coin like what fiat do , but do you hear them talking about abandoning fiat?
of course no right? because they know that both can coexist in which nothing needs to be replace one.
instead they only need to use both to have better option for their people and this is what we must understand,
care nothing about USD dominance because even our local exchange has equivalent in fiat towards cryptocurrency so either USD or other fiat they are all needed in this section.

[Kong Hey Pakboy]

As long as we buy our groceries with FIAT, it will never happen. FIAT is crap and evil but it is a necessary evil so far. What are going to trade your crypto against when FIAT fails anyway? Other crypto? Most of them are shit too. FIAT will become shittier and shittier but it will be around for a long time.

Why do you think that way? If it's evil then why are you still using it? Also, there's no such thing as necessary evil, it's all evil. Middling, lesser or necessary, they're all evil. You're one of the people that the Cracked video was parodying with their video about Cryptocurrency.

[Gozie51]

Fiat currency like USD Euro Pounds and other individual country's currency are not disappearing in a hurry because they are traditionally routed to support the country's economic development and environment. Cryptocreency are more urbanized system that is yet to be understood and adopted to the local people. Just very few understand the role of stable coins which is a new way to deal with fiat. So until that is understood properly, we can still be stalking cash inside the wallet all day long. Fiat money is not going away it is going to coexist with cryptocurrency and digital currency.

[TheNineClub]

There are numerous factors that need to be taken into consideration for instance, what type of crypto are we talking about, how much government control will be placed over said crypto, will there be one crypto to rule them all or are we just gonna revert to everyone using government based crypto that, in the end, is just FIAT At this point, I think there needs to be coexistence and if that can be achieved, then that in itself is a huge victory for crypto. So I think we should strive for that first and foremost.

[Kyraishi]

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.

Unless fiat is actually made obsolete by crypto, I honestly find it hard to see these stablecoins go away.

People seem to still measure value in terms of fiat and this is not going to help the cause of decentralized crypto adoption in my opinion. Until people start thinking about bitcoin in terms of bitcoin, the influence of fiat will still be here.

These stablecoins are dangerous af. Many of them run on fractional reserve.

[Mauser]

So far crypto currencies and other national currencies couldn't reduce the dominance of USD. I remember when the Euro was created many people said that it would be a new counterweight against the USD. Then when China was lowering the control of the Yuan investors again said it would be the new opposition to the USD. Both of these currencies are important but are no real threat to the USD. After the recent crypto boom investors might believe that the world could rely on them to take offer the role as world currency. In my opinion this not rely possible at the moment. USA is still the largest economy in the world and all mayor commodities and currencies are quoted in USD. For this link to be weakened we would need to sse the American economy to shrink and be surpassed by other countries like Japan and China. But this doesn't seem very realistic at the moment.

[Ucy]

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.

The sovereign nations would want to fully control their fiat currencies. Stablecoin doesn't give that kind of control if it is on True Blockchain or decentralized network. The Blockchain/Blockchains have to be control by them (national governments)... which is not the right kind of decentralized networks any True Cryptocurrency should be built on.


True Cryptocurrency should be independent of the system... not a good idea to compete with it.

[sunsilk]

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.

Not yet.

Just accept that crypto and fiat will co-exist. No matter how advance the evolution of fiat, they can't remove crypto and vice versa. The future of bitcoin is undetermined but in a positive manner.

There's a lot of positive possibilities that we can see for bitcoin and I won't think about the disappearance of fiat's value. While bitcoin is deflationary, fiat has inflation.

[Taskford]

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.

What made you think about that? Do you think law makers around the world would like that idea? Maybe not since think about this as an alternative and its not good to compare this two since we know if government will rule the law for sure crypto will be eliminated so best to think that this two currencies could work together and they are perfectly fit as a pair in terms of trading.

[dastardleek]

Fiat is kind of a reflection of the value we put in a certain country, assets that it has under management (that includes citizen) and the total sum of its financial transactions.
Kind of a faster index than a bond and there's value in that, like with altcoins.

As for crypto vs fiat as a medium of exchange -- well a lot of countries are already working on minting their national stablecoins. So fiat basically transitions into digital and that's it.

[michellee]

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.

[ILuckyGuyI]

If you mean you are thinking that cryptocurrencies will replace fiat currencies in the future, then it will happen and won't at the same time. When it comes to volatile cryptocurrencies, I don't think that they will ever be able to replace fiat currencies because of their high volatility. Most governments won't be leaning towards making this happen to secure their economy. But the digital currencies that are developed by the same governments will replace fiat indeed in the future. They won't be volatile so there won't be any problem in terms of this.