How Fiat Will Always Be The Norm

[Kasabus]

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.

Most of the present politicians are still fiat centered and they stay in their position to keep on taking advantage on fiat. So if you were in their position, they would not really want to replace fiat with other currency since they can totally control fiat. However, if new mindset of politicians will be in the position in the future, for sure crypto will be very much welcome as these politicians will now think the welfare of the people, and not for their own's welfare.

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[D ltr]

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

Yes, because basically FIAT is the first payment/exchange instrument they know, especially for parents who are not in the millennial era above 2000, which indirectly civilization in 2000 and above has followed the times and thecnology

[Lanatsa]

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

Yes, because basically FIAT is the first payment/exchange instrument they know, especially for parents who are not in the millennial era above 2000, which indirectly civilization in 2000 and above has followed the times and thecnology

We are not all tech savvy which its understandable and its true that people who had been born on  high tech era would be most likely able to adapt on whats new in speaking with innovation which is relate to it which

its really normal that they would rather stick out on traditional ones as they do find out that crypto is too technical for them to understand which is something not surprising or very common in some communities or

places thats why people would be always preferring fiat and also in speaking with volatility then people would freak out if they do saw their money is decreasing.

[Crypto Library]

One day the fiat currencies will disappear and the cryptocurrency will run the world economy. Then there will be no money to hold hands. And I think it will happen soon, although most people around the world are still ignorant about it, but the cryptocurrency issue is spreading like wildfire. And if its benefits reach the common man in this way then the days of fiat currencies will be over soon and  the era of cryptocurrency will begin

[rby]

Fiat is a Norm but it is not very certain that fiat will continue to be the norm.

Reasons why fiat is the Norm
1. There are people who do no find any problem with the fiat. They don't know and neither will they agree that fait is a major cause of inflation. These people do not bother themselves much about what the economy is all about and where it is heading to. This set of people trust the government to the later and they don't see any reason to stop trusting the government.

2. There are people who do not understand or know about cryptocurrencies. We should sti agree that crypto is a new technology and a new financial order. It does not matter if it has lasted for more than a decade. Since it is not widely accepted, it can be called a new technology. For the people who are not aware of crypto or who are aware but don't know how to go about it. Fiat is the norms.

3. The civil servants and the public servants receive their payments, gratuity and everything in fiat and when they go for loan they recieve the money in fiat. So fiat is like a culture to them. You can hardly change it.

[Smack That Ace]

One day the fiat currencies will disappear and the cryptocurrency will run the world economy. Then there will be no money to hold hands. And I think it will happen soon, although most people around the world are still ignorant about it, but the cryptocurrency issue is spreading like wildfire. And if its benefits reach the common man in this way then the days of fiat currencies will be over soon and  the era of cryptocurrency will begin

Fiat is the best tool for the government to control us, how would they control us without fiat. I never thought this scenario would happen, the government would never let fiat disappear. Certainly in the future cryptocurrency will be widespread and accepted, but the government will make regulations and regulate it.

The fact is that fiat is still very good in our lives, the use of cryptocurrencies is not always convenient for us. Do you want to pay for a coffee in bitcoin where the transaction fee could be more expensive than what you pay for that coffee?, fiat would be a better choice than crypto in this case.

[Argoo]

Crypto could take over fiat, but fiat's strengths are it's trust and interoperability. Right now it's the easiest method to use, and that could be the very reason people end up using it as their main currency. Crypto payments are still not fully understood by many companies, and they aren't integrated into existing processes and systems. Bitcoin still isn't used enough which means it's still not a great solution for commerce, and fiat is the only widely accepted payment method around.

You just need to accept the fact that as long as there are states, their currency will also exist. Moreover, even when states as a form of social order fall apart, fiat is still likely to exist in a slightly modified form. It is assumed that our world will soon be ruled not by states, but by powerful corporations. But they will also have their own currency and it will not differ much from the currencies of states. Cryptocurrency is almost not vulnerable technologically, but its circulation in society will always be regulated by a political superstructure - states or another form that can replace them. Cryptocurrency will always be in demand by a part of society, but fiat will always be more powerful because it will always be protected.

[Furious 7]

Fiat is the best tool for the government to control us, how would they control us without fiat. I never thought this scenario would happen, the government would never let fiat disappear. Certainly in the future cryptocurrency will be widespread and accepted, but the government will make regulations and regulate it.

The fact is that fiat is still very good in our lives, the use of cryptocurrencies is not always convenient for us. Do you want to pay for a coffee in bitcoin where the transaction fee could be more expensive than what you pay for that coffee?, fiat would be a better choice than crypto in this case.

This is what will definitely happen, we know that Fiat is still in control right now, especially for our lives because it still can't be freed from it because as you said Fiat will still exist and will continue to exist until whenever. Crypto is an option but this option will only happen if the government allows it and it definitely goes back to the regulations they set in it.

I think that if we are already aware of this when we don't like fiat, it's also useless because even if we don't like it, it doesn't mean we can get away from them because this is an impossibility now.

[bitcrystal]

the crypto system will not work in a way that it will wipe out fiat, many people are looking for it to happen this way and i dont think thats the way it will work, fit has been fully incorporated into the world economy so it might take eternity to replace it . the simple important thing is to have a system that will accept bitcoin lets say for normal payment means and let it roll by side of fiat. at a point many would prefer bitcoin usage and things will move from there. this is also kind of difficult but its possible because of the centralized system that the feds and every government are used which will be difficult with bitcoin. we are improving to be honest, but might just take more time than normal only if big institution rise and give open support to make things faster.

[decodx]

Crypto could take over fiat, but fiat's strengths are it's trust and interoperability. Right now it's the easiest method to use, and that could be the very reason people end up using it as their main currency. Crypto payments are still not fully understood by many companies, and they aren't integrated into existing processes and systems. Bitcoin still isn't used enough which means it's still not a great solution for commerce, and fiat is the only widely accepted payment method around.

You just need to accept the fact that as long as there are states, their currency will also exist. Moreover, even when states as a form of social order fall apart, fiat is still likely to exist in a slightly modified form. It is assumed that our world will soon be ruled not by states, but by powerful corporations. But they will also have their own currency and it will not differ much from the currencies of states. Cryptocurrency is almost not vulnerable technologically, but its circulation in society will always be regulated by a political superstructure - states or another form that can replace them. Cryptocurrency will always be in demand by a part of society, but fiat will always be more powerful because it will always be protected.

Not necessarily. It might be better to say that some states’ currency will exist. Have you ever heard of monetary unification? Besides, this topic is not about whether state-issued fiat currencies will exist or not, but whether fiat will always be the norm.

And, what do you mean by the notion that cryptocurrency circulation in society will be regulated by a political superstructure? This is true for fiat, but not for cryptocurrencies.

[famososMuertos]

At what point did bitcoin arise, why does the idea of bitcoin continue; it was a direct response to the global collapse of 2008 (financial crisis).
We seem to forget "why," yes it is true that it is an asset that has value, if it is true that it is a technology that works, etc. but the norm is still being set by the same abusers, criminals, villains... bitcoin could become something of that which you mention, the norm, but if these parasites that govern do not change their way of thinking, the collapse would always be cyclical.

[Wexnident]

1. There are people who do no find any problem with the fiat. They don't know and neither will they agree that fait is a major cause of inflation. These people do not bother themselves much about what the economy is all about and where it is heading to. This set of people trust the government to the later and they don't see any reason to stop trusting the government.

They simply trust the government because it's convenient. It deducts a LOT of hassle to have a centralized party handle all the matters with regards to legality or whatnot imo. It's like stepping that steps 2-9 and only needing to do step 1 and step 10 to finalize a transaction. It's convenient, yes, but it also reduces the amount of control you have (which is what crypto can do, unlike fiat). And honestly, I just think that the average user of fiat has more urgent problems to concern them than thinking of inflation/economy stuff (that they probably don't know much about even).

~

anything is possible, just as Crypto could become part of the mainstream. it's only a matter of time, but for now FIAT is still the most important. Fiat is also present in digital form and it also makes transactions easier, but inflation is a problem that continues to occur on this earth.

Fiat and crypto are still side by side. If massive adoption happens to bitcoin I think Fiat will still survive.

And that's my point tbf, Fiat will survive whether we want it or not, solely because of the fact that it's convenient to use and that the centralized parties would probably never allow it to disappear.

[lixer]

We are not all tech savvy which its understandable and its true that people who had been born on  high tech era would be most likely able to adapt on whats new in speaking with innovation which is relate to it which

its really normal that they would rather stick out on traditional ones as they do find out that crypto is too technical for them to understand which is something not surprising or very common in some communities or

places thats why people would be always preferring fiat and also in speaking with volatility then people would freak out if they do saw their money is decreasing.

The famous Z generation grew up with bitcoin, I know some of them from telegram and I can tell you that not only they are familiar with crypto, they are in fact quite well adapted to it. The main reason for this is the fact that they lived only in a world where crypto existed.

Even the oldest Z generation person who lives ends up learning about it as early as 10 years old, probably later but at the end of the day they only lived in a world where crypto existed. Since time is a linear thing, we all will die, and eventually Z generation will be the oldest generation by population, which means that the world will live in a era where everyone lived ONLY in the crypto era.

[dataispower]

the crypto system will not work in a way that it will wipe out fiat, many people are looking for it to happen this way and i dont think thats the way it will work, fit has been fully incorporated into the world economy so it might take eternity to replace it . the simple important thing is to have a system that will accept bitcoin lets say for normal payment means and let it roll by side of fiat. at a point many would prefer bitcoin usage and things will move from there. this is also kind of difficult but its possible because of the centralized system that the feds and every government are used which will be difficult with bitcoin. we are improving to be honest, but might just take more time than normal only if big institution rise and give open support to make things faster.

Fiat will always be the option of those people who didn’t want to adopt change, but as we see now bitcoin already popular and even those who didn’t believe in it already believes now and even invest on it. We can’t eliminate fiat no matter what happen since it’s universal and easiest to use with no internet and technicalities needed but if we want something that can be also a investment at the same a way of doing transactions then crypto or bitcoin should be adopted already and use.

How do you think that paper currency can be eliminated. The bitcoin popularity can not shift bitcoin fiat currency to valueless in the society. Cryptocurrency and Bitcoin is having it popularity already and fiat currency already has the popularity over years. At this time both are important to choose as perfect one but one can not be use generally for the locales and it is bitcoin. Bitcoin is good for investment why fiat is good for spending and buying available of what you want

[twiki]

The problem with your premise is that there are countries that choose not to have a fiat currency. Many countries use USD as their currency, and USD is a hard currency to them because they have no control over it.

And what are these countries?

Something I don’t know of a single state that, being independent, used the currency of another country, even if it is the US dollar.

[BOAEDAN]

Don't forget even a marketplace or stores accepting Bitcoin as payment, you're paid the stuff based on fixed USD price not in BTC. Because if the stuff's price is fixed in BTC, it will be hard for people to determine how much the price of satoshi is... unlike USD even though inflation always increase. You still need one currency as a global currency where the price is pretty much stable. I don't see USD could be replaced with BTC in the current situation right now.

I completely agree with your opinion, for now btc cannot replace fiat, even though you enter a restricted area because this is a btc forum, but fiat currency is a currency that is used by everyone, and all investors and rich people still use currency fiat money for their needs, and their business, although every year there is always inflation but fiat currency is still the main choice, but I really believe that one day btc will definitely be needed by everyone, just like people need fiat currency.

[odolvlobo]

The problem with your premise is that there are countries that choose not to have a fiat currency. Many countries use USD as their currency, and USD is a hard currency to them because they have no control over it.

And what are these countries?
Something I don’t know of a single state that, being independent, used the currency of another country, even if it is the US dollar.

More than 65 countries peg their currencies to the U.S. dollar and eleven foreign nations use it as their official currency of exchange, according to Countries That Use the U.S. Dollar. The countries that use USD are: Ecuador, Republic of El Salvador, Republic of Zimbabwe, The British Virgin Islands, Democratic Republic of Timor-Leste, Bonaire, Federated States of Micronesia, Republic of Palau, Marshall Islands, Panama, Turks and Caicos.

Additionally, there are a few countries not in the E.U. that use the euro and there are countries in Africa that use the rand.

[Agbe]

How Fiat Will Always Be The Norm

How Fiat Will Always Be The Norm

Why the emphasis? Your emphatic clause does not reflect on the content to a satisfactory level but that is by the way. You tried for the thread. I also believe that fiat currencies will be continuing the norm until the Crypto Currencies or BTC can be used to buy things without changing it to fiat currencies. BTC is only high in value but not popular in all the Countries. And another problem faces by BTC is the usage. How many people are using BTC in the world countries? Like today I bought solar system because the light problem in my locality and I used fiat currency because BTC is not used to transact goods and services in the local or the rural areas.  Yes, plenty people have heard about Crypto Currencies or BTC but what of the usage. The usage of the currency is very poor. That also causes part of the inflation.

BTC now is own by big boys and girls. I don't think the average citizens own 1BTC in a country. The price of bitcoin compared to the fiat, it is high but how many people are using it to buy sweet, fish or others things in your locality? Anytime when dollar rise people cried because they can't afford it. That is the inflation we are talking about. Lastly, for BTC to replace the Fiat currencies in the world. BTC must be stable and it most be use by all both in Urban and rural dwellers.

[adzino]

True. Fiat isn't going anywhere. It will eventually be obsolete but that would be after many decades. Until them, fiat will be mainstream. Cryptocurrencies will also be used, but it won't be replacing the fiat nor the banks. Instead the banks will start to adopt crypto currencies but in a centralized way and sadly most people will choose this centralized way because they are too lazy to learn and understand how crypto currencies work. All they know would be that it is a store of value and will give it to the bank to hold it for them. But eventually, crypto currencies will be used as regular currency, and hence will be able to replace fiat one day.

[SirLancelot]

for now btc cannot replace fiat, even though you enter a restricted area because this is a btc forum, but fiat currency is a currency that is used by everyone, and all investors and rich people still use currency fiat money for their needs, and their business, although every year there is always inflation but fiat currency is still the main choice, but I really believe that one day btc will definitely be needed by everyone, just like people need fiat currency.

Fiat will always be there, we will be making use of it as the base currency, but Bitcoin will also be important to those of us who knows what it is worth. If you continue to hold Fiat you’re always going to be facing inflation and losing money, but when you start holding bitcoin you’re always going to be able to hedge against inflation and save value for yourself. It’s really important to have your money invested in Bitcoin, although not all your money, but at least a part of it should be invested.