When will the role of fiat currency disappear against crypto.

[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.

It is better you do not get your hopes too high about this happening in the future, while many of those that came early to the market and adopted bitcoin have had a similar dream the truth is that was not a goal of satoshi, satoshi created bitcoin in order to help you to truly own your money and become your own bank by not relying on a third party to approve your payment, satoshi succeed since you can already do that and the dead of fiat currencies is not really needed.

The world economy is a fairly organized process under the control of the state bodies of the leading states, therefore, it is rather naive and far-sighted to hope that these states will withdraw themselves and happily switch to decentralized cryptocurrencies. At best, we expect the parallel existence of fiat currencies in digital format and partly based on blockchain, as well as decentralized cryptocurrencies, mostly as a speculative asset, a means of accumulation. I still don't want to think about the bad scenario of a total ban, because there is a great hope that the governments of the states will have the prudence to leave their citizens the opportunity to play with their own financial independence

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[dunfida]

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.

Fiat wont be gone.Period.

We arent talking about which coin would be gone and which coin would remain yet basically these two things would simply exist on this market and would serve out different purpose.

Decentralized vs Centralized and at least people do have their own choice on which one they would tend to engage on.Role of fiat would exist and stay no matter what as long
government exist then they cant just let things like that to happen.It is impossible even into my own dreams so better cross out this possibility.

[Vaskiy]

One is better than the other on different purposes. When you eliminate the usage of USD (it can be the traditional one or the stablecoin) there arises the trading difficulty. Majority of the users make trading against the stablecoin and rarely against other cryptocurrencies. Everything has got a reason/need. In terms of usage the USDT and other stablecoins aren't used much on physical stores or on any online stores. Now or then, the cryptomarket will coexist with the traditional system and won't intend to replace fiat.

[Natalim]

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.

Fiat wont be gone.Period.

We arent talking about which coin would be gone and which coin would remain yet basically these two things would simply exist on this market and would serve out different purpose.

Decentralized vs Centralized and at least people do have their own choice on which one they would tend to engage on.Role of fiat would exist and stay no matter what as long
government exist then they cant just let things like that to happen.It is impossible even into my own dreams so better cross out this possibility.

Exactly. As long as the government still backed fiat, then it will have no chances for crypto to dethrone it. IMO, instead of wishing fiat to be replace by crypto, why don't we'll just hope for them both. I think it will be of great advantage for crypto and fiat enthusiasts that they will no longer choose which one to use because they are free to use both. We always dream of bitcoin to be a good currency in the future, yes it will surely happen but hoping beyond that is already a fantasy. I mean let's be practical here. No matter how high the price of bitcoin or even how many countries will backed bitcoin, as long as it remains to be decentralized, then it will never be accepted by the government.

[paxmao]

To put it into perspective, you could ask when is the role of fiat going to disappear versus gold. As you can see, it is not going to happen. A legal tender is the currency in which taxes and payments can be legally settled in a country. No state is going to voluntarily decide to fully give away their monetary policies just because bitcoin is cool (not even El Salvador has btc only as tender).

[beerlover]

One is better than the other on different purposes. When you eliminate the usage of USD (it can be the traditional one or the stablecoin) there arises the trading difficulty. Majority of the users make trading against the stablecoin and rarely against other cryptocurrencies. Everything has got a reason/need. In terms of usage the USDT and other stablecoins aren't used much on physical stores or on any online stores. Now or then, the cryptomarket will coexist with the traditional system and won't intend to replace fiat.

I guess fiat being gone is not something that is completely possible. Sure it could be used a lot less but just like you said we peg crypto against something and we use it. That means crypto could grow a lot larger, and I mean like a lot, I mean like bitcoin could be one million dollars per bitcoin type of level and I would not be shocked. However at the end of the day if you are not spending it and calculating based on bitcoin itself and still calculate how much it equals in fiat then you are not going to see much change in crypto.

Fiat will get weaken, even USD gets weakened every year by the politicians and their horrible fiscal responsibility (both democrat AND republican) but crypto would make it faster. Being bigger and being better are different things, fiat is too big, it is much bigger and it is not even remotely close to each other, but it is not better.

[LogitechMouse]

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.

You are right that there are many types of stablecoins out there already like the ones you said.
To answer your question into whether crypto will replace the role of fiat currency, try to answer this one first.
- How much of the world's population right now have access into crypto?

If you have an answer to that one then you will know the answer into whether it will replace fiat. You are asking this question because you yourself are involved into crypto for a long time and to think that it will replace fiat currency? A currency that has been there for just 12 years will replace it? Not all of the people worldwide have access into crypto and in fact, there are a portion of people in the world that has no access to smartphones or whatever technology that it needs to access cryptocurrency.

On the other hand, crypto and fiat can exists at the same time so why the thinking of "Bitcoin will replace fiat in the future" and the like? I don't get the idea with this TBH because at first place, crypto isn't created to replace fiat.

[watergold]

Since the beginning of creation bitcoin was not intended to replace current currencies including fiat, so forever it will not be able to replace them in this life.
it's too high risk when they replace currencies, especially fiat and it's enough like this bitcoin only needs recognition and trust regardless of legal payments or not it depends on the policies of each government because the authority is in them and when it is decided to be a legal payment ( not a substitute) means they are ready with the consequences.

[Shenzou]

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.

We have to  face the realty that the fiat  that are issued by the government will never be replaced, as long as government exist so will the fiat, and for that reason all these coins that are based on USD, are nothing but stable coins that just exist to make it easier and more relatable to sue crypto, we have to take in consideration that there are a lot of people who prefer to use fiat, and there is a lot of people who invest in crypto just for the profit and don't care about its nature, so i don't think that it would be replaced.

[ivankoh]

I don't think the market is ready to phase out fiat yet.  At least until there is a stable coin that has a 1:1 exchange rate to usd and can be decentralized or mined without depending on any CEX exchange.  However, p2p fiat is expanding the popularity of bitcoin and crypto, which will be good for the market before the world is ready to accept bitcoin as I guess legal - new forms of payment are enacted

[Ozero]

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.

It is better you do not get your hopes too high about this happening in the future, while many of those that came early to the market and adopted bitcoin have had a similar dream the truth is that was not a goal of satoshi, satoshi created bitcoin in order to help you to truly own your money and become your own bank by not relying on a third party to approve your payment, satoshi succeed since you can already do that and the dead of fiat currencies is not really needed.

If you are still thinking that fiat will be eliminated soon and that crypto will be a global currency, that is still too far from reality. They might coexist in the future, as well as crypto can be integrated in bank's transactions, but crypto will never replace fiat. People might be amaze thinking how bitcoin can be a good currency but when it comes bitcoin as the only legal tender in different countries, big adjustments will definitely arise. So let's just be contented having them both. I guess it will even create a harmonious relation between fiat and crypto and the people will definitely love using them both.

Indeed, one should not even hope that cryptocurrency will ever replace the national money of states. Cryptocurrency is not intended for this. It was created only as an alternative to the currently existing payment system, as a payment system that does not lend itself to inflation and practically does not depend on the traditional currencies of states. On the other hand, states will not abandon their national currencies, since they are directly linked to their economies. In addition, states have sufficient coercive means to prevent such a substitution, even if it were possible.

[TheUltraElite]

Why are people so obsessed with crypto (bitcoin) replacing fiat currency? Do we really need them to replace fiat currency?

Human nature my friend. People tend to assume that a new thing in the market will always replace the old thing, on the contrary, if both have different uses, they usually conexist - something that humans are not "comfortable" with - it explains majority of the power struggles and reasons why wars have happened over centuries.

Can't they both be used together?

The living proof is right under their nose. In today's world, they are both being used together. What better proof does anybody need?

Bitcoin will never replace fiat currency unless somehow the government manages to make the whole bitcoin network somewhat centralized which I doubt will ever happen.

That much centralization is beyond imagination. Very less likely to happen.

If they use stablecoins to run their fiat in the form of digital currency, then the situation also remains same. Just the coins you carried in your purse is now in the blockchain. Stablecoins dont equate to bitcoin in any aspect.

[Finestream]

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.

We have to  face the realty that the fiat  that are issued by the government will never be replaced, as long as government exist so will the fiat, and for that reason all these coins that are based on USD, are nothing but stable coins that just exist to make it easier and more relatable to sue crypto, we have to take in consideration that there are a lot of people who prefer to use fiat, and there is a lot of people who invest in crypto just for the profit and don't care about its nature, so i don't think that it would be replaced.

Fiat will never be replace by any currency as long as it is backed by the government. Crypto i think is not also created to compete or reach to the point of replacing fiat because the government won't definitely allow that. A decentralized crypto will only be good as an investment, having it as a currency will make it more complicated just like what El Salvador had experienced. Although in the long run, bitcoin became a legal tender but we should not expect that it will also accepted by other country's government, unless if the government alone had already invested in crypto secretly.

[Kimonoe]

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.

We have to  face the realty that the fiat  that are issued by the government will never be replaced, as long as government exist so will the fiat, and for that reason all these coins that are based on USD, are nothing but stable coins that just exist to make it easier and more relatable to sue crypto, we have to take in consideration that there are a lot of people who prefer to use fiat, and there is a lot of people who invest in crypto just for the profit and don't care about its nature, so i don't think that it would be replaced.

Fiat will never be replace by any currency as long as it is backed by the government. Crypto i think is not also created to compete or reach to the point of replacing fiat because the government won't definitely allow that. A decentralized crypto will only be good as an investment, having it as a currency will make it more complicated just like what El Salvador had experienced. Although in the long run, bitcoin became a legal tender but we should not expect that it will also accepted by other country's government, unless if the government alone had already invested in crypto secretly.

right, of course the government does not want to lose its control over the economy in its country. and of course we don't know in the future even though technological developments continue to increase and I think fiat will still exist. I think crypto being an alternative means of payment is already a good achievement

[Semar Mesem]

To eliminate the role of fiat of course it will take a long time, this is because there are many things that need to be improved from crypto, such as the rules for making crypto, currently anyone is free to make crypto so it is widely used to carry out fraudulent projects and I hope that strict regulations will be implemented soon.

[Sanitough]

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.

We have to  face the realty that the fiat  that are issued by the government will never be replaced, as long as government exist so will the fiat, and for that reason all these coins that are based on USD, are nothing but stable coins that just exist to make it easier and more relatable to sue crypto, we have to take in consideration that there are a lot of people who prefer to use fiat, and there is a lot of people who invest in crypto just for the profit and don't care about its nature, so i don't think that it would be replaced.

Fiat will never be replace by any currency as long as it is backed by the government. Crypto i think is not also created to compete or reach to the point of replacing fiat because the government won't definitely allow that. A decentralized crypto will only be good as an investment, having it as a currency will make it more complicated just like what El Salvador had experienced. Although in the long run, bitcoin became a legal tender but we should not expect that it will also accepted by other country's government, unless if the government alone had already invested in crypto secretly.

right, of course the government does not want to lose its control over the economy in its country. and of course we don't know in the future even though technological developments continue to increase and I think fiat will still exist. I think crypto being an alternative means of payment is already a good achievement

Even for me, needless to say but having crypto in the future being accepted as a payment method to co exist with fiat in our own country is already good enough. There's no need to dream bitcoin replacing fiat because that will always be a dream. The people are now used to fiat even with its continuous inflation. And as long as the government remained hesitant to crypto, then even using it as a reserved currency will definitely take a long process before it can be realized. But somehow, crypto will certainly stop the inflation once it will be utilize.

[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.

[darewaller]

Can't they both be used together?

The living proof is right under their nose. In today's world, they are both being used together. What better proof does anybody need?

I do not get why people do not understand that bitcoin and fiat can used together. Can you trade them between each other? You could give dollars and get crypto or you could give crypto and get dollars right? We are doing that right now. Do you spend crypto to buy something? I have been spending crypto to get so many things, especially for talent as well because people accept to get paid in crypto and I can get their services.

This is why I believe that we are in a situation where we are making crypto payments easily. This is why I believe that we should not be forgetting that crypto is something that we could use with fiat without a problem. Yes, it is not so much yet, it is going to need to grow a lot more and eventually it is going to happen and I do not know when that will happen but I know that it is dual right now and could continue like this in the future.

[bekti3]

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.

[jaysabi]

Why would fiat disappear, and more importantly why would an objectively inferior currency like bitcoin replace it?
Bitcoin is practically unusable as a currency over any period of time because of it's absolute failure to hold a steady value. People rail on the USD for depreciating slowly but predictably, but think that something you won't know the value of tomorrow is somehow a better system? It's completely idiotic. If bitcoin was a viable currency, the concept of stablecoins would never have arisen. Stablecoins arose to do the one thing bitcoin will never be able to do- hold a predictable value, which is the most important aspect of a currency.