Will cryptocurrency replace other currencies?

[wxa7115]

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.

Those which believe that have a view of the word which is too idealistic, governments and banks are simply too powerful and they are never going to allow for this to happen.

The best we can expect is the scenario we are seeing playing out right now, in which this market is slowly making progress and people all over the word are adopting cryptocurrencies but without leaving fiat behind, in the end as long as I can use my coins as freely as I can while maintaining some level of privacy then that is good enough for me.

[mindrust]

It probably won’t because the other currencies are issued by the central banks and people pay their taxes using these currencies. Because of their centralized nature, national currencies are fast to transact and can handle millions of users unlike crypto. Crypto will have its place among these currencies  but won’t replace them.
Also crypto can be banned by the government and can lose its hard gained adoption in a day.

[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.

Agreed, banks never fear about cryptocurrencies. In recent days banks have been trying to go along with cryptocurrency usage. This means more banking services have begun to provide cryptocurrency related services.

In the past banks opposed the cryptocurrency usage heavily for some reason. When we go deeper we'll understand the prime reason. According to me, the banks lost huge revenue loss as people used bitcoin for large scale transactions which doesn't require any big procedure to be followed.

Yes, just like what we're trying to do and that's adopting crypto with our lives. They don't have to fear it anymore unlike before that it seems too many rumors about them fearing the adoption of crypto. But, that's not how it goes now because too many financial institutions are liking this are progress, and they're joining. So, if there goes the idea of them having a crypto service, that's very likely and IIRC, Western Union is about to have it.

[irhact]

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.

Current cryptocurency excluding Bitcoin doesn't have what it take to replace the fiats, Bitcoin could have done that easily but the vulnerability of the coins make it an unsuitable currency for global trade instead more of a perfect currency for speculation purpose which is why is seems Bitcoin is been used as an asset more than a currency. People hardly want to spend their Bitcoin instead they want to hold more because they believe it'll increase in price in the future. This alone is stopping Bitcoin from been used as a currency and if the most famous cryptocurrency can't be used then others as well can't be used.
If the government are looking for alternative to the fiat, they'll still need a currency that's centralized and controllable as that's how they monitor their citizens and cryptocurency don't provide such advantage so it'll be of no use to the government.

[sukmo]

There is no doubt that cryptocurrencies have many benefits over existing physical currencies, even the value of crypto currencies is getting stronger from time to time even though basically investing in cryptocurrencies carries a high risk.

Some of the benefits of cryptocurrencies are that they are universal, transactions are carried out quickly, are transparent and can be carried out privately without the need for the help of second and third parties.

It is not impossible if one day crypto currency can replace the existing physical currency.

[Hypnosis00]

If we just take a look at the reason why these crypto are created, never we can think this will replace fiat money but we can say it was just an alternative currency. And this will serve as an option to which currency we use that is available in our country. Adopting this never means that we are throwing away local currency, not even the USD but as I've said above, it will remain like that as it was the main purpose of its existence.

I hold crypto and I hold fiat money as well because never been said that 10 years or 50 years from now, nobody will accept fiat money.

[Reid]

Other countries might do but I doubt cryptocurrencies will be their main currency. It will always be cash as the preferred means of payment.
We are not yet in the world where the government will really provide everything just so his countrymen will have the means to use cryptocurrency especially the poor.
It will be a waste of funds, or some will say it is not a wise investment at all. It could've been for food, for roads, infrastructure, and others but will never be for freebies like smartphones and there's a chance they won't even use it.
Knowledge is another investment; you will have to add it to the school curriculum.

[kapalmabur]

It probably won’t because the other currencies are issued by the central banks and people pay their taxes using these currencies. Because of their centralized nature, national currencies are fast to transact and can handle millions of users unlike crypto. Crypto will have its place among these currencies  but won’t replace them.
Also crypto can be banned by the government and can lose its hard gained adoption in a day.

I also think like that and actually I have never doubted crypto but to be able to replace currency seems to be difficult,
but the possibility will always be there and to be honest I don't see it will happen,
not all countries allow crypto and of course that will be an obstacle

[Mr. Magkaisa]

-  You're right there, but of course, we still can't say 100% that cryptocurrency will replace other currencies. Because I don't think it's designed for that kind of thing. Instead, in my view, it was done not only to make a profit for the owners but of course also to allow others who are looking for a different way to earn here in this industry.

And if the number of people who are interested in investing in cryptocurrency continues to increase, it is because they see it as an innovation in the few years that it has been around the world today.

[Kadal Ijo]

Change always occurs, and what happens to the future is difficult to think, if now Cryptocurrencies becomes very popular but I'm sure that the future of the transaction system can be better and replace Cryptocurrencies.

[Odusko]

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 CBDCs. Cryptocurrency may become accepted by the government but they will not be willing to leave the financial system completely unregulated without their control.

CBDC has become the must-sort-after financial project for most countries lately, and CBDC aims to play a role that will compete with other cryptocurrencies like bitcoin ethereum e.t.c.
But the challenge with some CBDCs is that they don't run on the blockchain so therefore can't be properly computed on the blockchain which make them not different from paper Fiat currencies.

[danherbias07]

I doubt that.
It's just too much to ask from a world that had been relying on fiat for most of their life and their ancestors. It's still early to say that we are near that kind of era.
But, I would like to see that before I am six feet under.
Transactions using cryptocurrencies with ease. Fast and secured. There may be a time that will happen but I just don't see it right now.

[Rengga Jati]

This is something that is very often asked.
Unfortunately, this will be very difficult to happen. Although cryptocurrency has been received by many countries, mass adopted, and also used for investment and payment tools, they may not be able to replace Alainny currency in a country. This is a system built by a country and this system is very complex. I am not sure if this can happen especially because they have power and government also will not let cryptocurrencies replace Fiat Currency. Most likely Cryptocurrency will only be one of the currencies that can be used for transactions, but not to replace.

[Mario Yamasaki]

Cryptocurrencies are now trending and are in great demand by many companies, but as investors we cannot excessive fanatics, change will continue to occur and someday there will be a system that will replace cryptocurrencies, now Cryptocurrencies are currently easy to use for fraud.

[Blawpaw]

Cryptocurrencies are here to stay, that is an undeniable truth. But are they going to replace other currencies such as Fiat currencies as we know it?

Well, the reality is that cryptocurrencies as Satoshi envisioned are in a dying process. The total regulation over the Ethereum network and its change to a POS network that turned into a completely centralized network is clear proof of it. Now, once CBDCs come in, we may be seeing state digital currencies taking over while a total ban on unregulated cryptos is lifted...

[uneng]

Cryptocurrencies are here to stay, that is an undeniable truth. But are they going to replace other currencies such as Fiat currencies as we know it?

Well, the reality is that cryptocurrencies as Satoshi envisioned are in a dying process. The total regulation over the Ethereum network and its change to a POS network that turned into a completely centralized network is clear proof of it. Now, once CBDCs come in, we may be seeing state digital currencies taking over while a total ban on unregulated cryptos is lifted...

The come in of CBDCs represent the takeover of cryptocurrency over fiat currencies, at least in technological terms, because nothing will change regards centralization since it remains the same even when dealing with cryptocurrency.

Crypto as it started with bitcoin, decentralized, won't replace centralized currencies, but it can remain as a side currency we have the possibility to use simultaneously while trying to avoid regulators' intervention with mechanisms we have at our disposal on the internet which can take us closest as possible to anonymity.

[Abiky]

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.

...

Crypto could replace mainstream currencies, but they will never succeed because governments and banks won't allow it. Such entities will simply launch CBDCs of their own to stay in power as much as possible. As far as decentralized cryptocurrencies are concerned, they will only remain as an alternative to the current monetary system for those who need them the most. Just like Gold is living alongside Fiat, the same will happen with Bitcoin and other cryptocurrencies. You can see why El Salvador hasn't abandoned the US Dollar completely even though it adopted Bitcoin as legal tender a year ago.

You can't simply avoid Fiat altogether when the world is too attached to it. Transitioning from the Fiat standard to the Bitcoin standard is going to take a lot of time and effort to become a reality (if it ever does). Let's face it, banks are too powerful and there's nothing we can do to stop them. As long as governments exist, don't count on Fiat's disappearance anytime soon. Just my thoughts

[SirLancelot]

Cryptocurrencies are here to stay, that is an undeniable truth. But are they going to replace other currencies such as Fiat currencies as we know it?

Well, the reality is that cryptocurrencies as Satoshi envisioned are in a dying process. The total regulation over the Ethereum network and its change to a POS network that turned into a completely centralized network is clear proof of it. Now, once CBDCs come in, we may be seeing state digital currencies taking over while a total ban on unregulated cryptos is lifted...

It seems that centralized currencies and fiat's are the one that can take over crypto but we can't consider it as a replacement since they are already there before the cryptos came. Not all cryptos can remain but only the best ones are going to say just like bitcoin.

We are now in a bear where the prices of most coins are dumping but it does not mean they are dying. Regulations are slowly coming on here but not all of it are affected so chill man. Btc and other decentralized cryptos will remain as it is but eth is already expected to switch in POS because it's already centralized ever since the start. Some CBDC's are already there but only a few are using it.

[lalabotax]

I'm not sure whether the goal of your project coin will be successful or not. But here, I will comment on whether cryptocurrencies are able to replace currencies. I think this will be very difficult to happen and will not happen. Currencies issued by the government are the result of a system. If you want to replace it, maybe you should also step in and tear down the system. And this is not possible because a country still has its system and governance. Maybe cryptocurrency can be one of the currencies in a country, but not to replace it.

[ThemePen]

First of all we need to spread the knowledge about cryptocurrencies to the people. Because, 70% people still didn't know much about crypto world. When they will come to know then they will be able to use. And then crypto world be able to replace the other one.