Is the end of Fiat money at hand?

[Proro]

From the inception of bitcoin, it was intended to be used as normal currency so every part of the world could use one online trading currency (electronic currency). But due to its price volatility it makes it a bit difficult to actualize that dream.

But in recent times, other Cryptocurrencies have emerged which are called stable coins, they are stable in price, and are fixed to an existing currencies around the world. They can be used as electronic payment for a per to per transactions so long the receiver and the payer have their wallets.

There are many types of stable coin such as USDT, DIA, BUSD, TUSD, UST etc. And most people uses this insted of fiat money, will it be that later in the future countries will no longer use Fiat money but these electronic currency?

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[Upgrade00]

From the inception of bitcoin, it was intended to be used as normal currency so every part of the world could use one online trading currency (electronic currency). But due to its price volatility it makes it a bit difficult to actualize that dream.

Bitcoin has been used globally for Peer to Peer transactions as it was intended, it is accepted as a means of payment by numerous merchants, including oflline and online stores.
Volatility and speculative value adds trading to the list of Bitcoin utilities.

But in recent times, other Cryptocurrencies have emerged which are called stable coins, they are stable in price, and are fixed to an existing currencies around the world. They can be used as electronic payment for a per to per transactions so long the receiver and the payer have their wallets.

Bitcoin was not intended to operate as a stable coins.
Stable coins are mostly not decentralized.

And most people uses this insted of fiat money, will it be that later in the future countries will no longer use Fiat money but these electronic currency?

"Most" people do not use stable coins instead of Fiat and fiat would not likely be replaced.
Countries might just simply adopt the blockchain through CBDCs.

[hugeblack]

Stablecoins are not supposed to have no value outside the platforms or to non-traders, because the idea is to stable profits digitally because the attempt to stable profits by converting to fiat money takes some time.

As for its use as an alternative to paper money, it is not possible due to the absence of regulatory cover for it, and these currencies are used as a reserve to stabilize the price, which is much less than the reserve of central banks or government policies.

[nakamura12]

No it's not the end of fiat. If that's the goal or aim to achieve then why is it that the fiat still exist and bitcoin is not used as the main currency in an online store?. Bitcoin won't become a stable coin or unstable coin for the same uses as fiat so I don't think that fiat will ceases to exist because of Bitcoin. Even stable coins exist alongside fiat money even though you know that stable coin is similar to fiat money.

[qwertyup23]

There are many types of stable coin such as USDT, DIA, BUSD, TUSD, UST etc. And most people uses this insted of fiat money, will it be that later in the future countries will no longer use Fiat money but these electronic currency?

Like what I previously mentioned, I doubt that we will be seeing a shift to "electronic currency" or cryptocurrencies in the near future.

The technology of a country must adhere to such system before it can be implemented. In addition, countries also must globally accept and view such currency as the universal currency that must be circulated throughout the world. Given that majority of the countries are still underdeveloped, this kind of shift would be too costly to adapt at the current setting.

Again, why can't fiat and cryptocurrencies co-exist? Why does it have to be that cryptocurrencies SHOULD replace fiat? They harmonize pretty well and they can exist at the same time without being too much of a problem in today's era.

[uchegod-21]

There are many types of stable coin such as USDT, DIA, BUSD, TUSD, UST etc. And most people uses this insted of fiat money, will it be that later in the future countries will no longer use Fiat money but these electronic currency?

There are alot of stable coins, no doubt stable coins are cryptocurrencies that run on blockchain but majority of them are centralized just like the fiat which actually makes no difference.
I am not therefore seeing the end of fiat, but I am seeing a shift from the hardcopy fiat to the digital version called CBDCs.

Comparing CBDC and centralized stable coins, I think I will go for CBDC. So be expecting fiat to go digital in massive adoption.

[ShowOff]

The adoption rate of stablecoins compared to bitcoin outside of these platforms is simply not comparable in my opinion. Bitcoin is much more acceptable and adopted in many countries than stablecoin which incidentally are an alternative for stability or keeping your profits stable from high volatility.

Bitcoin is a decentralized currency or means of payment, meaning that by stablecoin you mean a centralized currency that many people will not like even if it is more stable in value than bitcoin. People will consider the decentralized currency “bitcoin” for privacy, so stablecoin are not one of them.

Anyway, I think this thread fits better on an economics board than beginners and help.

[MidNite36]

Don't even think about it, Fiat belongs to the real world and crypto belongs to both but right now one can't survive without the other, you can't get BTC without using Fiat to buy unless you buy asic miners with Fiat and start mining BTC, again if you plan to sell those BTC for money you are going go exchange those BTC to Fiat isn't it?.

[isaac_clarke22]

~

I had never basically used stablecoins to ever pay in my transactions  and if I can recall correctly, I only use those when market is not in the mood to go green for now.
It is not meant for purchasing stuffs.
Stablecoins are capable of being frozen, so imma pass with that.

[noorman0]

For the umpteenth time I read a comparison like this. The presence of any stable coin will not shift the dominance of fiat because fiat is the first condition for the launch of a stable coin.
The role of fiat will always be more important than the stable coins themselves, even the stable coins can collapse at any time if the government forces to withdraw fiat reserves from their vault.

[Findingnemo]

From the inception of bitcoin, it was intended to be used as normal currency so every part of the world could use one online trading currency (electronic currency). But due to its price volatility it makes it a bit difficult to actualize that dream.

But in recent times, other Cryptocurrencies have emerged which are called stable coins, they are stable in price, and are fixed to an existing currencies around the world. They can be used as electronic payment for a per to per transactions so long the receiver and the payer have their wallets.

There are many types of stable coin such as USDT, DIA, BUSD, TUSD, UST etc. And most people uses this insted of fiat money, will it be that later in the future countries will no longer use Fiat money but these electronic currency?

When you say that stable currency it means the value of token is backed by a Fiat currency like USD so as you said if stable currency is used all over the transaction which means the fiat is the actual king right because the values are based on fiat not based on its own demand and supply.

By the way you need to know fiat currencies never had stable value, the inflation keeps the value decreasing but not in the noticable level for days but take a look at the years chart you will see the downtrend only.

[Franctoshi]

 Almost impossible to do away with fiat in this current century , though Change can occur dramatically.
If that would happen that is probably when the old guys are no longer in existence, Because with the current old people from 90s,
They would find it difficult to go Blockchain, therefore making most Government not to adopt the technology,
So it's not going to happen in this century where we gonna have a total end to fiat moneytory system in my view.

[Oceat]

You just think that way because you see the price as a whole BTC equal to what the actual price today but you didn't consider it as a value of the USD. If you look at that way you will see that the price is just the same in USD value but not in Bitcoin since the price of it is volatile.

We could use satoshi value if you think the price is kind of expensive and stable coin is not that recommendable at least to hodl unlike Bitcoin that has a potential to grow in the future.

Fiat and crypto currency should coexist at the moment although we don't know yet what would happen in the future but for now it needs more adoption that's why fiat and crypto should coexist.

[Myleschetty]

From the inception of bitcoin, it was intended to be used as normal currency so every part of the world could use one online trading currency (electronic currency). But due to its price volatility it makes it a bit difficult to actualize that dream.

The price volatility of Bitcoin didn't stop it from being used as currency and from what you said I think you guys focus more on the negative impact of the volatile nature of crypto than its positive impact.

But in recent times, other Cryptocurrencies have emerged which are called stable coins, they are stable in price,

Even the so call Stablecoins are not stable in price either and at a certain time they also experience a dump in price

and are fixed to an existing currencies around the world.

They are mostly backed with the currency which it failure was the reason why cryptocurrency was created.

[Darker45]

...uses this insted of fiat money, will it be that later in the future countries will no longer use Fiat money but these electronic currency?

No.

First, the price of stablecoins are pegged on fiat. If you remove fiat, how would the owners of stablecoin companies determine their coin's value? Without the US dollar, for example, what should be the value of USDT?

Second, don't ever expect that central banks and governments would abandon fiat and embrace a currency which is owned and controlled by private companies and individuals. This is not going to happen as this is tantamount to the government giving such huge power to a private entity.

[pooya87]

Saying bitcoin will replace fiat is silly, saying shitcoins will replace fiat is something beyond silly.

Stablecoins are essentially centralized shitcoins that are issued and fully controlled by one company. They should not even be used by users let alone be used at large scale. The risk of them is just too huge to justify using them, to put simply the law enforcement can easily shut them down for printing money!

The only reason why you see a lot of these types of shitcoins is because of the huge altcoin trading volume that needs to happen using something stable these days specially since smallest bitcoin drops causes huge altcoin dumps and newbies are also scared of buying bitcoin. So their option is either fiat or stableshitcoins and since most altcoin exchanges don't have fiat they have to choose these shitcoins.

[Slottie]

From the inception of bitcoin, it was intended to be used as normal currency so every part of the world could use one online trading currency (electronic currency). But due to its price volatility it makes it a bit difficult to actualize that dream.

But in recent times, other Cryptocurrencies have emerged which are called stable coins, they are stable in price, and are fixed to an existing currencies around the world. They can be used as electronic payment for a per to per transactions so long the receiver and the payer have their wallets.

There are many types of stable coin such as USDT, DIA, BUSD, TUSD, UST etc. And most people uses this insted of fiat money, will it be that later in the future countries will no longer use Fiat money but these electronic currency?

FIAT money will never be replaced by stable coins because we have a few fossils running countries on this planet and will never accept this type of technology. This is my opinion.

[NeuroticFish]

FIAT money will never be replaced by stable coins because we have a few fossils running countries on this planet and will never accept this type of technology. This is my opinion.

You are somewhat right.

First of all, some governments do or will push CBDCs. Those can be seen as government issued stablecoins, they are not cryptocurrencies and they're clearly centralized. Those pose some risk against fiat in hand, and not 3rd party issued stable coins or cryptocurrencies.
Yes, some also accept now Bitcoin as legal tender, but they're too few yet and don't change the actual state.

No matter what digital currencies governments approve or push, fiat money in hand cannot easily go extinct. There are always areas (usually remote areas or in closed places - like caves where tourists still go) where internet may reach with difficulty, there are cases (power outages) when life have to be able to go on normally, and yes, there are people who, for whatever reasons, will not use the technology. The governments must ensure everybody has access to money, hence they'll have to keep some amounts of hard cash in circulation.

[CryptoHeadlineNews]

From the inception of bitcoin, it was intended to be used as a normal currency so every part of the world could use one online trading currency (electronic currency). But due to its price volatility, it makes it abit difficult to actualize that dream.

That's right because people are afraid to lose a penny because of the volatile nature of bitcoin. But if you come to think of it, people are always happy when the price of Bitcoin rise but cry when it falls. Have they ever asked themselves where the profit in the rise comes from?

But in current times, other Cryptocurrencies have emerged which are called stable coins, they are stable in price, and are fixed to an existing currencies around the world. They can be used as electronic payment for a per to per transactions so long the receiver and the payer have their wallets.

Stable coin was introduced to limit the risk in cryptocurrrencies for those who wish to mentain the invested value of their asset

[Kasabus]

For the umpteenth time I read a comparison like this. The presence of any stable coin will not shift the dominance of fiat because fiat is the first condition for the launch of a stable coin.
The role of fiat will always be more important than the stable coins themselves, even the stable coins can collapse at any time if the government forces to withdraw fiat reserves from their vault.

Fiat will always dominate and will never be replaced by a stable coin in the future. Although stable coins are sometimes become the preferred coins  when other cryptocurrencies value are dropping, but it does not happen most of the time. So fiat will always exist even if the government will start to approve digital currencies in the future. Fiat will always be the official currency, all those digital currencies will only be alternatives.