How Fiat Will Always Be The Norm

[BlackHatCoiner]

However, the majority of the population are not willing to do this and still only see FIAT as the main money system.

I highly doubt the majority knows how it works, though. Understanding the banking system isn't easy for one who just smelled sweet profit. Let alone how can Bitcoin help in blunting its corruption. What most think when they hear "Bitcoin"? Internet gold, high risk investment and money laundering tool.

What type of solutions are there to fix this problem?

Affect your social cycle. Motivate your people, encourage them learn more if they seem interested. Ask merchants if they accept Bitcoin. Those are from the top of my head.

[evilgreed]

               The fiat currency that the majority of the people in the world has already gotten well accustomed to isn't that easy to remove from the equation. Other alternatives may offer great convenience but it will mot replace the ease of exchanging goods when fiat is used. And so, we can only be satisfied that bitcoin or any crypto currency is already being massly adopted and not being rejected by the world of being labelled as fully illegal by the governments. With this, I can only see fiat still being the primary choice for the majority in the near future.

[Digitalbitcoin]

Fiat will be always there for exchanging Bitcoin or other cryptos, without fiat, there will be no value for crypto.

However, the majority of the population are not willing to do this and still only see FIAT as the main money system.

Fiat is properly designed and embedded in the system which most of the population using for many years. As we all know there are many factors involved in day-to-day life, related to financial activities. For this fiat is necessary. Crypto could be an option for this but has a lack of major factors considering transaction costs, time for confirmation, etc.

What type of solutions are there to fix this problem?

To date, no apps for dealing with crypto has introduced for day-to-day life. Implementation of crypto for payment structure can be the best solution to increase the use of crypto instead of fiat in day-to-day life.

[ivankoh]

This will be for sure a spiral down to something really bad in the next while. What type of solutions are there to fix this problem?

Fiat is the medium of exchange of goods and services in the circulation of supply and demand.  Not to mention the issues surrounding inflation.  What is the angle of fiat not being able to live up to the expectations of modern fiat, where value for fiat is used for any form of online payment?  oh no that's why the demand for cryptocurrencies is increasing, bitcoin is in maximum form, inflation hedge, usage mindset and self-regulatory is a good education  Rather, the only criterion that fiat has is the subconscious of obsolescence.

[kryptqnick]

I wouldn't go as far as to say it'll always be the norm. After all, even though it seems that fiat has been more of less around since the 7th century in China, there have been around 150 years of great popularity in the West of the gold standard of money, and the US, famously, abandoned the standard and went for fiat in the early 70s of the previous century. Some there can easily come a period of time when fiat gets abandoned in various countries. But I don't think this time is near, so I do agree fiat will probably remain the norm for decades to come. And I agree even more that people are not ready to abandon fiat for cryptos. Some are, but the vast majority certainly aren't. I don't think there's a way of fixing it, though.

[Franctoshi]

So far this 21century is concerned ,I think fiat will always be the normal form of money, though technology can grow rapidly.
But the time I expect we're all going to do away with fiat currency is going to be in the next century,
because we're still being ruled by the old guys who doesn't want to embrace the new technology BTC.

[Fivestar4everMVP]

What type of solutions are there to fix this problem?

Well, the thing is, crypto is still very young and I think it's rather too early to begin to discuss on matters like that this.
But then, the discussion isn't out of place though, truth is, crypto will sure dominate and become a major form of buying and selling in the future, but it's gonna take time, and when I say it's gonna take time, I mean it's gonna take a lot of time, government are gonna do all they can to make sure fiat continue to stay dominant over crypto but crypto will eventually take over from fiat.

It only takes big companies (that is manufacturers) to start accepting crypto payments, ones they do, then smaller businesses (retailers) will start accepting crypto payments and then to the consumers who will be willing to spend their crypto to pay for goods and services, when this begins to happen, then you know the war against fiat is being won, it will happen but might not be so soon.

[Fatunad]

So far this 21century is concerned ,I think fiat will always be the normal form of money, though technology can grow rapidly.
But the time I expect we're all going to do away with fiat currency is going to be in the next century,
because we're still being ruled by the old guys who doesn't want to embrace the new technology BTC.

If we do consider on how fiat money had made out its existence for how many decades or centuries then it is really not surprising about these kind of mindset or presumptions on how it would be still
remaining on upcoming future or years to come even with our lifetime or even more.Considering that government would exist then its no surprise that they would really be still remaining on this
system even how innovation or changes would progress out.Also, people had get used to fiat system and would simply stick out into it no matter how many much better options that we do have
digitally which i couldnt really blame them off on having those kind of perceptions.

[goldkingcoiner]

The only reasons FIAT "needs" to remain as the norm is only because all the governments in the world have one thing in common: They want to stay in control. They are terrified of giving up power. Just look at what happens when a government is afraid of their people too much, we get Russia and North Korea.

But that does not necessarily mean that Fiat will remain the norm.

If anything, the unsuccessful attempt by governments to squash out Bitcoin or control it is proof that we are headed towards a new era of money. A new generation of money, in fact.

In a true democracy, we cannot have corruption and shady third parties which have control over our monetary freedom. Thats why Fiat will NOT remain the norm.

[glendall]

However, the majority of the population are not willing to do this and still only see FIAT as the main money system.

the majority do not want to change their currency because for him bitcoin is very risky with prices that are not fixed like stable fiat for local currencies,
that's just my opinion which is a little primitive but that's what is in my country where people don't know much about bitcoin, especially in my environment people who don't understand crypto issues

[Gyfts]

Economic systems change all the time. Did you think that cash based systems were the norm? I'm sure everybody did, then credit card technology was released and transactions became digital. The entirety of someone's net worth can be demonstrated by pixels on a screen, and wealth transfer can be instant. This tech only took some number of years to come to fruition and so give it some time for people to discard traditional currencies for crypto. The governmental trust between the government and its citizens already fragile. It takes little to break the bond. Bump the inflation rate through irresponsible spending and you'll see how quickly the people begin to lose faith in their government's fiat currency. I don't view government as an obstacle granted every citizen is on board. Challenge isn't really government, it's an ignorant population.

[dansus021]

yes in fact we still using fiat for everyday use not in everywhere accept crypto even tho elsavador accept bitcoin as currency we can take look there is community who dont accept bitcoin as currency.

in my opinion crypto wont replace fiat, if they do government will usually banning in because they dont have control of it. so maybe in couple of year crypto will start to be regulated first and then get along with fiat but wont ever replace fiat but maybe we can see many merchant will start acepted

[yazher]

We need to understand that we are towards the slow changes where cryptocurrencies will be dominant especially when WWIII takes place which will gonna lower the value of each nation's currencies involved in that war. They will surely migrate their assets into one of the cryptocurrencies available, especially bitcoins and when that happened, the price of BTC will drastically increase. Slowly changes are happening right now because if you look at the companies that don't even care back then, they are now one of the proudest companies to say that they are gonna use it on their platform.

[Ozero]

I don't think Fiat will always be the norm. It is so right now becayse old man are still in power and unwilling to give it up. A few politicians control the fate of millions. It's the same kind of governments all around the world. Politicians first think about themselves and only later about the ordinary people. It would be good for society if crypto currencies would be playing a bigger role, but for that to happen fiat money needs to lose some power. The problem we face with switching to a more independent financial system is that governments would need to act more prudent and couldn't keep issuing new debt every year. Unfortunately politicians are not willing to make that sacrifice yet. Maybe in 10-20 years we will have a new area of more open minded politicians.

Highly developed states will not switch to the use of cryptocurrencies and at the same time abandon their monetary unit. Their currency is the key to successful economic development. Cryptocurrency works on a completely different principle and this is unacceptable for states. Of course, we see that there are various exceptions to this in the world. But they will remain the exception. But the general rule remains. Cryptocurrency will walk in society along with the currency of states, and no more.

[rugrats]

This issue of crypto and fiat comparison is as old as hills. Fiat is there in different forms from the time man started life on this planet earth. Crypto is just decade old and has challenged the monopoly of institutes controlling wolrd finance through fiat. I don't think fiat is going somewhere atleast in near future, while crypto adoption may increase with time it won't replace fiat for daily living for many reasons.

Even if crypto is widely accepted in the world, fiat will still be the standard by which all are measured. Not only cryptocurrencies but gold or other precious metals will be exchanged without fiat. If Fiat was indeed superseded by some other method, I think Fiat would not have existed for centuries.

[South Park]

I don't think Fiat will always be the norm. It is so right now becayse old man are still in power and unwilling to give it up. A few politicians control the fate of millions. It's the same kind of governments all around the world. Politicians first think about themselves and only later about the ordinary people. It would be good for society if crypto currencies would be playing a bigger role, but for that to happen fiat money needs to lose some power. The problem we face with switching to a more independent financial system is that governments would need to act more prudent and couldn't keep issuing new debt every year. Unfortunately politicians are not willing to make that sacrifice yet. Maybe in 10-20 years we will have a new area of more open minded politicians.

It is a mistake to think that just because things are a certain way right now they cannot change, money has evolved through the ages and at some point I am sure people thought the same way about the gold standard until fiat became the new standard, people will understand the hard way why it was a mistake to accept the fiat system, and once they see themselves directly affected by the fiat system that is when they will look for a change, and even if the politicians want to still sustain some form of fiat system the opposition to it will be enormous at the time.

[molsewid]

Even if crypto is widely accepted in the world, fiat will still be the standard by which all are measured. Not only cryptocurrencies but gold or other precious metals will be exchanged without fiat. If Fiat was indeed superseded by some other method, I think Fiat would not have existed for centuries.

The use of fiat cannot be replaced nor vanished by any means of financial system not even cryptocurrency because whether we like it or not any new development on financial system or maybe another new digital finance comes up at the end of the day if it would be adopted and accepted globally it would only be part of the financial system circulating around the global economy. The way of living of every person in the world is not the same and that only means there would be some or many people left behind and vanishing fiat will worst the situation of those people struggling in life.

[dataispower]

Inflation of fiat currency has being happening before cryptocurrency is introduce to the world. Inflation can not run away because of digital currency like bitcoin. Before cryptocurrency as digital currency, fiat and some of the digital currency has being reigning years back. And you suppose to know that bitcoin is not with competition with fiat currency each of them play their own roles weather inflation and no inflation no competition with the two

[e_abrams]

"Always" is a very long time. We have no idea what the situation will be like in a few years, what is left for in a few decades. Even now the popularity of cryptocurrencies is increasing immensely. According to recent data, some 40% of 18 to 35 year olds are currently planning to use crypto assets as a payment method for both services and goods. The trend has increased by 10% since 2021. By 2024, the research states, 23% of all online businesses will be adopting crypto payment methods. That is huge. If the trend continues like that, we'll see even more adoption.

[Alisha FR]

fiat looks ordinary to those who don't care about the existence of crypto. they think crypto is the same as stocks, so it doesn't interfere with fiat. especially in areas where life is still primitive, which is still lagging behind in technology and only uses fiat as a transaction tool in their country of course fiat will run normally. For those of us who already know the benefits of crypto, of course, we no longer prioritize fiat. we only use fiat to buy goods or daily bills. the rest prefer to invest in crypto.