Will cryptocurrency replace other currencies?

[FMCPAY_GLOBAL]

Giant banks may face their biggest fear

Swiss Credit Suisse has been facing financial difficulty lately. There are some rumours about the corruption of the oldest and most prestigious bank in the world. Bankruptcy will trigger a new financial disaster in the world. The crisis-related atmosphere that has surrounded Credit Suisse in recent weeks seems to have subsided. Still, the strategic issues that sparked rumours of a near-death experience and a decline in the company’s share price continue.

Credit Suisse’s problems may be its own, but a recession in Europe – which at this point appears to be all but inevitable – would have effects well beyond the continent. Commentators continue to debate whether or not the U.S. can avoid the same destiny, but even if it does, recession worries often drive down bank stocks and many other assets.

Is this a chance for cryptocurrency to replace other currencies?

The economy is inflationary, at risk of a downturn. As a result, cash and traditional currencies constantly lost their value. Therefore, in Europe, their citizens decide to invest in cryptocurrency as their solution because everyone can make money by investing and trading crypto. According to FMCPAY Exchange, the number of new registers from Spanish has been increasing since last week. There are thousands of people from Spain submitting their KYC information everyday on this platform.

Choosing the best cryptocurrency exchange platform

Prepare for the next step of currency evolution, cryptocurrencies gradually have their own place in the economy. Now it’s your turn to join the crypto world.

One of the most trusted, safest cryptocurrency exchanges and also the most suitable platform for newbies in this new evolution economy is FMCPAY Exchange. FMCPAY is the world’s most trusted platform for trading cryptocurrency, and digital securities registered in the USA. Market cap & rank, prices, exchange volumes, and currency conversion! Track your holdings with our new portfolio and make detailed comparisons – plus stay updated with crypto news.

Looking at the current crypto ecosystem and the exchanges that abound, FMCPAY comes with a different promise in terms of its transaction fee billing which is pegged at 0.04%. This fee can even be lower depending on the user’s VIP level. The FMCPAY Exchange offers a full suite of services bordering on Margin, Spot, wallet and affiliate services among others.

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Conclusion

Giant banks maybe still survive after the crisis this time. But we cannot negate the fact that cryptocurrency is a remarkable factor in the economy. The number of people starting to trade and invest in crypto is rising day by day. And this is the perfect time for you to join the crypto race with other investors.

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[Argoo]

Undoubtedly, the position of the cryptocurrency is strengthening over time, the demand for it is growing. Cryptocurrency has a number of advantages over the national currency of states, but also has a number of disadvantages. If we compare cryptocurrency and fiat, and also talk about their prospects, first of all, it should be taken into account that the currency of states is protected by the power of the state and its authorities and administrations. This currency can disappear or change only if there is a corresponding decision of the state itself. States can allow the circulation of cryptocurrency and create certain conditions for this, but they will not actively support its development. Therefore, cryptocurrency cannot displace or destroy fiat. You shouldn't even hope for it. It will be optimal if the cryptocurrency will exist along with the fiat and they will complement each other with their different functions.

[TastyChillySauce00]

Im thinking about how smart you are by inserting FMC that doesn't even related with the topic. There's no urgency to replace currency other than crypto that exist in the market. That's actually BS. people are still need fiat money no matter how hard they were blaming it but they will always need it for their daily life. Talking about crypto to replace a other currency and what currency is it? It doesn't even suitable with the reality when market is still being dominated by fiat money.
The tech is slowly forcing people move from doing a transaction manually to be automatically but it must be noted if this is only applicable in the country that has a good infrastructure to support it.

[Eureka_07]

<snip>

I guess this is one of their way to introduce their business. It's smart indeed, including it to the topic that can have a good number of viewers and engagers. It's good for marketing but are there any forum rule in line with this?
Regardless, I've heard that some banks are planning to adapt cryptocurrency... what are your thoughts about it ?

[KaliLinux]

Will this happen in this same system where when there is a little dip in the crypto market, most people will be shouting Bitcoin is Dead and there is panic everywhere? the truth is that even most people are not even ready for that to happen, A Crypto takeover of Fiat currency even if we see people posting it here. For now, I am still trying to understand how the Governments will give up their own currency for Crypto as the main currency but I however believe they can coexist without one replacing the other.

[kryptqnick]

A few years ago I read about predictions of a recession at the beginning of this decade, and my thought was that this time, the crisis will cause such a devaluation of fiat that fiat model will be abandoned and cryptos will replace it because between volatility and hyperinflation people would choose the former. Later, I figured that it was a very naive thought. The recession is here, it will get worse, and fiat is indeed suffering, even the world's most respected currencies. However, I still think society is far from ready to abandon fiat as a model. People will forgive it, even if they lose tons of their savings' value because they were saving in fiat or because the salaries won't keep up with inflation. Cryptos can become more prominent as a potential investment, but fiat will remain the standard model for currencies in terms of being used as money.
As for the exchange, it doesn't seem to have a good reputation and blatantly marketing it as 'world's most trusted' is just asking for people to get angry, IMO.

[noorman0]

-snip-
As a result, cash and traditional currencies constantly lost their value.

Certain cryptocurrencies have other scenarios that could be self-inflation, some even being schemes set up for it. So the answer is no, the advantages and disadvantages of each are mutually exclusive solutions to each other.
In addition, there is a group of centralized institutional fanaticism that you are not aware of, they only believe in the currency issued by the government.

[nakamura12]

I don't think that cryptocurrency will replace other currencies if you mean about crypto replacing fiat. Governments must have control of a digital asset so that they can earn profit from it and in cryptocurrency, government doesn't have any control of it though it doesn't mean they can't adapt cryptocurrency like creating an exchange or wallet where they earn from exchange fee when you are selling your crypto. Governments might create their own cryptocurrency but a centralized one where they have control over it just like.

[Bananington]

Governments might create their own cryptocurrency but a centralized one where they have control over it just like.

No matter the success of cryptocurrency, The most likely to replace fiat will be CBDC's that are controlled by the government and we can see that most governments are already creating their own issued CBDC. Cryptocurrency may become accepted by the government but they will not be willing to leave the financial system completely unregulated without their control.

[goinmerry]

That was too much to expect. That won't happen even if we count for centuries. Digital banking will replace the traditional banking method but the same fiat currencies will still be used. Technology is evolving and it will bring the banking system to a higher level.

I'm a pro-crypto but cryptocurrency can co-exist and work with the usual currencies.

I don't see why replacing should happen.

[JoyMarsha]

How possible is it for a government-owned currency to be replaced with a digital currency that government has no control over? Is just like removing a ruling King and replacing him with a commoner to rule over him. In this case, it's unimaginable to think of.

Since I love and want crypto to spread across the globe I can't imagine using it more often than my country's currency. The world is advancing in digital currency but that doesn't mean, fiat will go out of use in the country.

 

[eightdots]

That was too much to expect. That won't happen even if we count for centuries. Digital banking will replace the traditional banking method but the same fiat currencies will still be used. Technology is evolving and it will bring the banking system to a higher level.

I'm a pro-crypto but cryptocurrency can co-exist and work with the usual currencies.

I don't see why replacing should happen.

Yes, why do we feel the need to change? We should try to use it together. Then many things we want will come true. Crypto will find its true value after a while. It will take its place among other currencies. They do not need to be changed. Because I don't think other currencies will be wiped out of the market. Crypto must first exist firmly. So what I want to say from this sentence is that the world has to accept it. I think this will happen. Then we will say the name of crypto along with the currencies.

[jossiel]

Nope.

We're still far from that situation for which cryptos going to replace the casual currency that we have. The governments have no power and authority to cryptocurrencies.

The giant banks will always survive no matter what the situation is and that is because the government is on their back patting their shoulders.

[Jawhead999]

Any cryptocurrency including Bitcoin wouldn't replace other currency e.g. fiat because everyone are scared with high volatility and the price isn't stable. Even though El Salvador and Central African Republic already accept Bitcoin as legal tender, but it's still not replace Bitcoin and it's used as an alternative payment only. Maybe on the next generation where all countries already transparent and using full of technology, Bitcoin could be used for the primarily currency.

[tbct_mt2]

There is no completely replacement for other currencies. Cryptocurrency is one of things that is used by human society, from fiat currencies, precious metals like Gold, silver and other means to exchange value.

They are parts of way people use daily to buy or sell things, to exchange between one and another, to trade, to invest. If anyone says cryptocurrency will replace fiat currency, that is not true.

You can see an example between paper book and e-book, they are co-exist as in the society, there are different people who would like to read paper book and others would prefer to read e-book. There are people who are ready to use both types of books for their convenience.

[justdimin]

There is no completely replacement for other currencies. Cryptocurrency is one of things that is used by human society, from fiat currencies, precious metals like Gold, silver and other means to exchange value.

They are parts of way people use daily to buy or sell things, to exchange between one and another, to trade, to invest. If anyone says cryptocurrency will replace fiat currency, that is not true.

You can see an example between paper book and e-book, they are co-exist as in the society, there are different people who would like to read paper book and others would prefer to read e-book. There are people who are ready to use both types of books for their convenience.

Alternate to something is not a bad thing neither, I mean we could always have something that is both used at the same time. I love the example of books and e-books, that is definitely something we could compare with crypto and fiat as well, they are both used and they are both working at the same time.

I believe that it is going to be a good deal in the long run, doesn't mean that it’s going to be a trouble but it could definitely be a good thing in the long run. I am not saying that fiat will not be disrupted in the future, by the obvious examples of how we are doing worse, there is a good chance that it could go down but it wouldn't be because of bitcoin for sure.

[agustina2]

Banks are afraid of crypto?
Banks want to eliminate crypto?
Banks are evil and crypto is good?

We should debunk this idea about banks as never they have an impression like that in bitcoin or in cryptocurrencies.

Why should we just only taste the benefits of crypto if they can work at the same time with the usual currencies?

The banking system is even considering the integration of a blockchain network.

[passwordnow]

Forget about banks being scared of cryptocurrencies. They have no reason to be scared of it or being replaced by it, they'll just go to continue serving the public with all the services that they have.
And with the thread you've made, I'm now feeling that the topic isn't really all about the banks and crypto but about the project that you're working on which is the fmc token.

[adzino]

I doubt crypto currencies would replace any other currencies anytime soon. Maybe after few decades, but not yet. Crypto currencies are still in their early stage and needs a lot of improvement before they can actually be used as a regular currencies. None of the coins out there is perfect enough to be used as a currency for making day to day transactions. Right now people prefer holding the coins because of the potential profit they can gain in the future. And do we really want crypto currencies to replace fiat currency? What's wrong with using both?

Looks like you are trying to promote a token. Make a proper announcement thread or people will think you are shilling/promoting for a shitcoin.

[lumbanrang]

I think that it is unlikely that cryptocurrencies will replace other currencies now or in the future. On the other hand, cryptocurrencies and other currencies will complement each other and will not interfere with each other, because each has its own users and uses. So for those who say that cryptocurrencies will replace other currencies, especially fiat, stop thinking that way because it won't happen.