Getting Rid of Fiat Money

[TomPluz]

Some people have this assumption that eventually fiat money will go and be erased from the history of humankind...however we have to understand that it is not so easy to happen as we have governments and sovereignty to deal with. The only way for this to happen is if we can get rid of governments but this can never happen...maybe not in our lifetime.

Also this can be a great reset and a big revolution and as in every real revolution there can be chaos and when there can be chaos people can suffer. And I am not sure if the people in general can be ready for financial and economic upheavals just because we are replacing the fiat money with cryptocurrencies.

Now, having said that, I think what we should wish and work for is to have a working alternative financial system without necessarily destroying what we have now. The government should be looking at cryptocurrencies like foreign exchange money that are allowed to be circulated in the economy though the official tender will always be the one now used by the country - with exemption of El Salvador of course since they do not have official legal tender anyway.

[masterrex]

Some people have this assumption that eventually fiat money will go and be erased from the history of humankind...however we have to understand that it is not so easy to happen as we have governments and sovereignty to deal with. The only way for this to happen is if we can get rid of governments but this can never happen...maybe not in our lifetime.

Also this can be a great reset and a big revolution and as in every real revolution there can be chaos and when there can be chaos people can suffer. And I am not sure if the people in general can be ready for financial and economic upheavals just because we are replacing the fiat money with cryptocurrencies.

Now, having said that, I think what we should wish and work for is to have a working alternative financial system without necessarily destroying what we have now. The government should be looking at cryptocurrencies like foreign exchange money that are allowed to be circulated in the economy though the official tender will always be the one now used by the country - with exemption of El Salvador of course since they do not have official legal tender anyway.

I Agree as long as the Central government was functioning the fiat currency circulation will remain as the backbone currency of any country in the world because it was guaranteed by the state itself and for that particular reason cryptocurrencies cannot become a dominant currency/asset in the world that's why it must co-exist be the traditional fiat currency in order to exist in harmony.

[cheezcarls]

Yes fiat money can’t be replaced as it has a different purpose because Bitcoin and other cryptocurrencies are subject to price volatility. I’ve seen some conversations in various social media channels sharing about crypto replacing fiat within a decade, bla bla bla, etc. But the truth is that it cannot be replaced by any means necessary. Both fiat and crypto can co-exist with different functions and use cases.

[Fivestar4everMVP]

I totally concur with your observation @op, this is exactly what people don't understand and they keep lying to themselves as Well as their friends and families, and this what I call ignorance.
I've seen a friend telling a friend to invest all his fiat money in crypto that soon, fiat will become useless as the only means of paying for goods and services will come through crypto, I laughed hard at this because this kind of people are into crypto but don't fully understand what crypto is all about.

Crypto and fiat are going to co-exist for a very very long time if not for ever, even after the whole world must have adopted crypto into our financial system.

[gurunanakji777]

Crypto adoption or usage will definitely grow over time but expecting Fiat money to fade is not easy. The government will come up with new ideas for sure even most of the countries are planning to create their own country digital currency I believe that would be a stable currency. Yes, we should focus on the crypto adoption rate and should work on it that common people would understand about it how easy it is to use.

[Anonylz]

Some people have this assumption that eventually fiat money will go and be erased from the history of humankind...however we have to understand that it is not so easy to happen as we have governments and sovereignty to deal with. The only way for this to happen is if we can get rid of governments but this can never happen...maybe not in our lifetime.

Also this can be a great reset and a big revolution and as in every real revolution there can be chaos and when there can be chaos people can suffer. And I am not sure if the people in general can be ready for financial and economic upheavals just because we are replacing the fiat money with cryptocurrencies.

Now, having said that, I think what we should wish and work for is to have a working alternative financial system without necessarily destroying what we have now. The government should be looking at cryptocurrencies like foreign exchange money that are allowed to be circulated in the economy though the official tender will always be the one now used by the country - with exemption of El Salvador of course since they do not have official legal tender anyway.

I don't think it is something to even think of because I don't think that it will also happen in the far future even. The more the Economy develops the more the Government to have full control of its resources and I don't see the Government as anyone for that matter as long as their economy has not fallen into serious devaluation like what El Salvador experienced, replacing Fiat with crypto is a no-no.

[Callisto]

I am convinced that fiat money will not go anywhere even after 100 years, even with the high popularity of cryptocurrency. In any case, cash will always be there, because there are "stone" shops, markets where in any case it is necessary to pay in cash, I think mankind will not get away from cash.

[MUGNIA]

Fiat money will not be replaced by crypto money. as long as the government rejects the existence of crypto, even if they accept crypto only for online payments maybe
and at least crypto and fiat side by side

[viki]

I think that replacing fiat money will be very difficult, so this will not happen soon. And in less developed countries it won't come to that at all.

[smart_oa]

We are still a long way from that milestone. We can not get rid of fiat money yet because most of our community members are not aware of crypto and how to use them. Many of them don't have any device to use crypto either. So to get rid of fiat money first we need to make the condition comfortable for crypto adoption. It needs more time i think.

[KaliLinux]

I understand why some people will think that Fiat money will be replaced by Cryptocurrencies especially Bitcoin but I don't think that will be the case.  In previous times we have had things that have become soo popular and accepted by all and yet they never replaced the Fiat currency, Gold, Silver, etc. I do know why those might be a bit difficult in that regard because of physical weight and some will say that crypto is different but we must also understand that Crypto is decentralized which means no one single controls it and that doesn't follow what the Government might want for an Economic point of view which could literarily mean, they don't have the power to control their economy.

[Gravatai]

We are still a long way from that milestone. We can not get rid of fiat money yet because most of our community members are not aware of crypto and how to use them. Many of them don't have any device to use crypto either. So to get rid of fiat money first we need to make the condition comfortable for crypto adoption. It needs more time i think.

Yes, now there are few places where you can use cryptocurrencies as payment. But it is worth noting that now there are more online stores and services that accept cryptocurrencies and this is a good signal. In a few years, cryptocurrencies will be more common among people.

[yurez]

I think that replacing fiat money will be very difficult, so this will not happen soon. And in less developed countries it won't come to that at all.

You're right. To completely move away from fiat money, we need stable and uninterrupted Internet access around the globe, and that is not feasible right now. Fiat money will stay with us for a very long time.

[Callisto]

We are still a long way from that milestone. We can not get rid of fiat money yet because most of our community members are not aware of crypto and how to use them. Many of them don't have any device to use crypto either. So to get rid of fiat money first we need to make the condition comfortable for crypto adoption. It needs more time i think.

Yes, now there are few places where you can use cryptocurrencies as payment. But it is worth noting that now there are more online stores and services that accept cryptocurrencies and this is a good signal. In a few years, cryptocurrencies will be more common among people.

Cryptocurrency is undoubtedly growing in its popularity, and indeed at the moment there are a lot of services for cryptocurrency payment methods. But all the same, fiat money has been commonplace for everyone for many years, perhaps centuries, I am sure it will remain so, no matter how much we want it.

[Cakra bumi212]

Crypto currency will not be able to get rid of fiat currency, because fiat money is a payment instrument issued by the official government in a country that is centralized and its position cannot be erased