Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: TROXIE on February 27, 2021, 11:06:28 AM
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Cryptocurrency is a digital currency which is designed & expected to be operated, spent digitally, presently we have USD as the major value of it's distribution, most of us could transact daily after converting or cashing it out in our individual country's currency. USD is a fiat currency value.If crypto currency should mint out their own coin or not,it has possessed a fiat value, Do you think crypto can actually do away with fiat totally?
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I believe that cryptocurrency can easily replace fiat, because everything is already moving towards this, it just takes a lot of time for some states and certain people
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I think the cryptocurrency world can do without fiat currencies. The problem is we the users cannot do without fiat, because that's what we utilize for our day to day transactions
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Cryptocurrency is a digital currency which is designed & expected to be operated, spent digitally, presently we have USD as the major value of it's distribution, most of us could transact daily after converting or cashing it out in our individual country's currency. USD is a fiat currency value.If crypto currency should mint out their own coin or not,it has possessed a fiat value, Do you think crypto can actually do away with fiat totally?
Crypto currency and fiat cannot do without one another; and for a very long time; will continue to co exist and fulfil their seperate roles in the world economies. Crypto is needed to sell fiat; fiat is needed to buy crypto currency. Crypto helps with easy and cheap cross border transfers; fiat helps facilitate payment locally and internationally.
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Perhaps in the future, cryptocurrencies will completely replace fiat, but at the moment there are still too many problems in the cryptocurrency sphere and the whole world is not ready to switch to cryptocurrencies, so it will take some time for all mankind and technologies to be able to switch to cryptocurrencies, and of course it won't be soon.
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Perhaps in the future, cryptocurrencies will completely replace fiat, but at the moment there are still too many problems in the cryptocurrency sphere and the whole world is not ready to switch to cryptocurrencies, so it will take some time for all mankind and technologies to be able to switch to cryptocurrencies, and of course it won't be soon.
Under the existing government arrangement, people will not be able to switch completely to cryptocurrency without the appropriate government influence. Even today we would gladly give up taxes, but no one will be able to allow us to do this.
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All of that is difficult to happen because crypto currency and fiat have their own functions. Crypro currency is a digital asset whereas fiat is a legal means of payment and exchange in the real world. Crypto currency and fiat will always coexist and need each other, because without fiat crypto currency cannot be bought, and vice versa crypto currency is sold to generate fiat.
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At some point, fiat money as we know it will be abolished.
The governments will not just let the current cryptocurrency dominate, they will create their own cryptos to do the job.
Regulations and taxes are required by governments before making their own cryptocurrency. And that will be something like stable coins.
But first they have to buy my bitcoins 8)
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Plainly answered... Yes, crypto currencies can actually do away with fiat but you know, due to bad and corrupt government we have almost in all the major countries of the world today, it's gonna be difficult, we should all know that for crypto currencies to successfully do away with fiat, it has to become our major currency for buying and selling both offline and online, we have to be able to spend it in the real world for goods and services just like fiat is being spent, but I also figure that another problem we are actually going to have is those in the rural areas that don't have any means of connecting to the internet, even if given a smart phone, don't know how to operate it cus they are not learned, this is why am of the opinion that before crypto can take over from fiat, this generation will must have been wiped off from the face of the earth.
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Cryptocurrency is important for digital transactions. Cryptocurrencies are transacted through virtual. Which is very easy to distribute, more dollars to each user. But who will never replace cash. There will be cash transactions and cryptocurrency transactions will increase as well. However, the cryptocurrency contains some Fiat values. However, the new cryptocurrency will never replace Fiat.
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I think the cryptocurrency world can do without fiat currencies. The problem is we the users cannot do without fiat, because that's what we utilize for our day to day transactions
Exactly, this is going to be a long way from now because there are still a lot of people around the world that we do our daily transactions with that are still not into crypto yet even though some of us don't mind this argument and even the big organisations, how many of them are really into taking crypto as a means of payment for now? Let us not even talk about the Government :(
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Over the years, governments will create their own digital currencies (there are already several countries doing it) and then the FIAT will disappear. But make no mistake, for that you have to "educate" the population that knows nothing about technology, the Internet or smartphones, so doing something like this will still take decades, after all those years, the FIAT will cease to exist and absolutely all money will be digital.
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First of all, there should be purchasing power, and while there is no such thing, it is premature to start talking about moving away from fiat money. After all, at the moment, the number of organizations that accept cryptocurrency as a means of payment is negligible.
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The need for fiat and trading pairs in the crypto market is a necessity for a complete trade. The crypto market also needs fiat which is a stable coin that will help stabilize the price of coins in the market when trading. It also stands as a safe place for cash when there is a deep in the price of coins in the market. Fiat coin(s) has their own functionality in the system. That is the beauty of the crypto space design, where everything has its own functioning part attached to it.
I will answer this question with NO. Fiat has its own stand and purpose which cannot be taken by other coins. Somehow, I call fiat coins as safe coin, where the losses is on a low to zero percentage.
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In the near future cryptocurrencies may have more power than fiat currencies, because we see many new crypto investors every day and it's both companies and individuals! Crypto is known all over the world now, if all countries will legalize crypto then we can see it on top of fiat currencies.
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it can't, because the main source of benchmarks when you are cashing in crypto, it would be worthless if fiat was removed by crypto. The fact is that even if USD becomes a crypto pair and you exchange it for fiat, it is based on the value of your country's currency.
So basically everything has a very important position, considering there are still a lot of people out there who depend on fiat, we are just the smallest part of the growth of cryptocurrency.
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It still needs much more time to use crypto instead of fiat. Very few people have good knowldge about crypto and how it works. Also we need to give access to internet to all people around the world that is still a very hard task as underdeveloped countries doesnt have decent internet connection.
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I believe that cryptocurrency can easily replace fiat, because everything is already moving towards this, it just takes a lot of time for some states and certain people
I think It is not easy mate, because we will change the habit. Fiat is more popular and has been used for along years ago. Crypto currency is digital currency, I think It will be used at the coming future , but not replace fiat soon.
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currently crypto does not delete anything, Fiat has often been used and new crypto has been developed, no altcoin price has a stable value except for stablecoins, even though stablecoins and other altcoins have not been accepted as an official digital currency for legal payment systems in several countries, we can only use the payment system between crypto users via P2P on the exchange if we want to pay for it and convert it into fiat or crypto
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Perhaps in the future, cryptocurrencies will completely replace fiat, but at the moment there are still too many problems in the cryptocurrency sphere and the whole world is not ready to switch to cryptocurrencies, so it will take some time for all mankind and technologies to be able to switch to cryptocurrencies, and of course it won't be soon.
How can cryptocurrency replace fiat, that is, the national currencies of states? This, of course, will never happen. For this, the states need to take an appropriate decision on this. However, which state will voluntarily abandon financial regulation of its economy? Then why would it be necessary? This is completely absurd.
If we just imagine that the world will switch to the use of cryptocurrency, the systematic development of the economy of each state will be impossible. And the state will not be able to fully function then.
In practice, states will destroy any threat to their existence from whoever such a threat comes from. It is better not to pretend to cryptocurrency, otherwise it will be destroyed by states or, at best, driven deep underground, and the persons who use it will face a long prison term.
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Cryptocurrency and fetish cannot do without each other and will continue to play a separate role in global economies for a very long time to come. It will permanently maintain and fulfill its separate role in the global economies. Crypto is required to sell fruits. Fiat is required to purchase cryptocurrency.
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Yes and no. the problem for cryptocurrency right now is that people are more interested with it as an investment vehicle rather than as a form of money and that is why there had never been a big boom of merchants accepting cryptocurrency on their respective platforms. Yes, for sure, there are some big and known firms accepting cryptos, but this is what we want...we want millions of merchants moving to cryptocurrency and this is just on the other side because the first side should be that people must be spending their cryptos with these merchants directly. Is this happening at a big scale right now? I doubt that. And no wonder why cryptos for now has become a speculative tool or if you wish a store of value. Nothing wrong with that, of course. In the first place, why would I spend my Bitcoin or any cryptocurrency on buying a shoe when I am convinced that the value of what I am holding can be worth millions later?
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Perhaps in the future, cryptocurrencies will completely replace fiat, but at the moment there are still too many problems in the cryptocurrency sphere and the whole world is not ready to switch to cryptocurrencies, so it will take some time for all mankind and technologies to be able to switch to cryptocurrencies, and of course it won't be soon.
How can cryptocurrency replace fiat, that is, the national currencies of states? This, of course, will never happen. For this, the states need to take an appropriate decision on this. However, which state will voluntarily abandon financial regulation of its economy? Then why would it be necessary? This is completely absurd.
If we just imagine that the world will switch to the use of cryptocurrency, the systematic development of the economy of each state will be impossible. And the state will not be able to fully function then.
In practice, states will destroy any threat to their existence from whoever such a threat comes from. It is better not to pretend to cryptocurrency, otherwise it will be destroyed by states or, at best, driven deep underground, and the persons who use it will face a long prison term.
You lack a little imagination. Of course, it's possible.
Not as we are now experiencing, but regulated by governments and completely centralized. Why should this be impossible? A cryptocurrency like Dodge that can be made from nothing if necessary. This kind of money is also an advantage for climate protection. And I even go so far as to say that in this way you can also create a kind of global currency that is valid in every country.
Bitcoin has the same value everywhere, but the value changes quickly and is too volatile. It also uses a lot of electricity, just like gold, by the way.
But Crypto doesn't necessarily mean Bitcoin.
So far, cryptocurrencies have been more of an addition than a replacement for the global monetary system.
But have you heard for CBDC?
Central Bank Digital Currency - CBDC for short - is the digital crypto currency of the central banks that can be made available to a broader public.
Depending on the model, however, it can differ significantly from fiat money. This digital money is regulated and does not behave like partially highly volatile crypto money based on Distributed Ledger Technology (DLT).
With CBDC, the costs of obtaining money are reduced, and payment processes between machines - initiated via so-called smart contracts - are legally secure and can be divided into the smallest units of value (keyword “micropayment”). Money laundering becomes virtually impossible. Centralized IT solutions already enable transfers here. However, a standardized ecosystem based on DLT offers many advantages.
It's just a matter of time, believe me ;)
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As a matter of concern the whole matter here I don't think crypto currency will really function well without fiat currency, I can say that the major drive of Cryptocurrency is a fiat currency, the both currency need each other more depending on the country currency pairs with the digital currencies.
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Cryptocurrency is a digital currency. If each of them creates coins or others, they don;.t become a cryptocurrency again. And this will not be special again. If the coin becomes fiat, who will regulate it, and who will use it? It is better to be digital currency so that we can use it globally easily
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Cryptocurrency exists as a solution for ease of digital payments and it cannot be done by Fiat currency. However, this does not mean that Fiat will die and will be replaced by Cryptocurrency, which means that Fiat will be left behind. Fiat will continue to exist and Cryptocurrency will also be widely used, Fiat and Cryptocurrency will run together forever.
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What do you mean? Crypto cannot replace fiat but it should be together to make a better financial system in the world. I think it is the reason why crypto is created. I have followed many discussions, all people agree that crypto cannot stand alone without Fiat in the future. Both fiat and crypto are important.
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Technically and calculations, Fiat or banknotes take a lot of time and money to make.
If every country withdraws Fiat and replaces it using crypto, then they will reduce the costs and I think that will happen soon because we are still having problems with the coronavirus at the moment.
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I agree more that cryptocurrency is used as an investment instrument rather than being used as payment. But I still support if cryptocurrency is used as a payment like fiat.
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I agree more that cryptocurrency is used as an investment instrument rather than being used as payment. But I still support if cryptocurrency is used as a payment like fiat.
You're mate, time will come digital money is used to be any mode of payment such as paying bills, go transportation and seems some country that has advance technology who already use this modern way of life. As of now cryptocurrency usually used as an investment with high risk.
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No totally?
USDT may be fiat, but this is still cryptocurrency that is not regulated under a government issue and laws. SO far, we can also see other stable coins. But to replace the exact fiat with crypto is still too far away and maybe will never happen.
Let's use crypto as crypto, not for fiat right now
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Do you think crypto can actually do away with fiat totally?
Maybe it won't happen today, but in the future, yes, Fiat will still exist but in the form of digital currency
I think every country has done a lot of research on this subject, they will not continue to print large amounts of banknotes.
but with blockchain technology, digital currencies can be made as needed and determine the amount of supply
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Do you think crypto can actually do away with fiat totally?
Maybe it won't happen today, but in the future, yes, Fiat will still exist but in the form of digital currency
I think every country has done a lot of research on this subject, they will not continue to print large amounts of banknotes.
but with blockchain technology, digital currencies can be made as needed and determine the amount of supply
at least when Bitcoin increases its capitalization 20 times, then it will be possible to hope for the stability of this asset.And then it is more likely that Bitcoin will begin to replace fiat funds and act not only as an output asset, but also as a safe storage, and also as a means of payment.
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Do you think crypto can actually do away with fiat totally?
Maybe it won't happen today, but in the future, yes, Fiat will still exist but in the form of digital currency
I think every country has done a lot of research on this subject, they will not continue to print large amounts of banknotes.
but with blockchain technology, digital currencies can be made as needed and determine the amount of supply
at least when Bitcoin increases its capitalization 20 times, then it will be possible to hope for the stability of this asset.And then it is more likely that Bitcoin will begin to replace fiat funds and act not only as an output asset, but also as a safe storage, and also as a means of payment.
For bitcoin to have little volatility, a huge number of bitcoins must be in the small hands of a few people. Because if a lot of people own bitcoins, they will sell at a high price and the exchange rate will fall. But this will not happen soon. The big players need to shake the small players out of the market.
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if you mean turning crypto altcoins into visible currencies the answer is no because they called digital currencies for a reason and thats the same reason blokchain created,its for spreading the decentralized idea in the world and between governments ..
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Crypto is more used for digital assets not as a currency because it will really relate to the rules and regulations of a country. For example in certain countries, crypto is legal as commodity but it is not legal as currency. SO, it may be very difficult for crypto to go away fiat or replace it
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Cryptocurrency will make the world financial system is better, I am very optimistic about this belief. Fiat will last a long time in the world, people need it because it is an effective tool for payment. And cryptocurrency will complete fiats to have a better system and make the transactions faster.
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Crypto is not acceptable in every country that's why we generally depend on USDT or our own country's native currency. If all of us have the option to make payments in cryptos for our daily needs certainly we will use crypto instead of fiat but its not seems possible at the moment because adoption of crypto is very very less if we see it in percentage. The fact is in the current time we will be dependent on fiat currencies and we can use crypto but we have to convert in our own native currency.
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Only when Bitcoin increases its capitalization by at least 10 and 20 times, then it will be possible to hope for the stability of its price and this will bring a real opportunity to use Bitcoin as a means of payment, which can practically be considered a direct action to replace fiat funds.
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@Condorlaib I don't think it is due to the current or future price of Bitcoin or crypto in general. It's more about political and business interests, I doubt that the government of a country wants to use cryptocurrencies for the simple reason that most of the known blockchains are public and anyone could access that information. If those governments created their own crypto, they could make private blockchains, so they could hide whatever they want.
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Do you think crypto can actually do away with fiat totally?
Maybe it won't happen today, but in the future, yes, Fiat will still exist but in the form of digital currency
I think every country has done a lot of research on this subject, they will not continue to print large amounts of banknotes.
but with blockchain technology, digital currencies can be made as needed and determine the amount of supply
Fiat will always exist as long as there are states. Yes, it can change its form, be digital or have another cash or non-cash form, but its essence will not change. It will be issued by the state within the limits established by it, and the state will completely control its circulation. A significant part of fiat can be in the form of stablecoins, that is, the digitized currencies of the central banks of states, but it will still be the same fiat.
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In fact, this is a difficult question, if we consider cryptocurrency as a basis, then how to determine how much a cryptocurrency costs if we do not take fiat into account?
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I don't think the fiat will be gone because of the cryptocurrency.. Maybe some people will not prefer cryptos but they prefer fiat instead. In the future we need fiat as a second option for payment in case we lost our mobile or no internet connection..
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Cryptocurrency is a digital currency which is designed & expected to be operated, spent digitally, presently we have USD as the major value of it's distribution, most of us could transact daily after converting or cashing it out in our individual country's currency. USD is a fiat currency value.If crypto currency should mint out their own coin or not,it has possessed a fiat value, Do you think crypto can actually do away with fiat totally?
In a nutshell, no, not without government control. I would be the first to put my hand up to these utopian society idea's, it would be wonderful...I have my doubts (realistically, sad to say)
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I don't think so, Cryptocurrency will not completely remove FIAT but Cryptocurrency and Fiat will go hand in hand as the currency that society uses. They will complement each other. But in the future, there will be more people using Cryptocurrency compared to now.
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It takes more years to abolished fiat and turn into crypto. There are terms and rules, agreement between the countries and the world bank, fiat treasuries from the past, lending of fiat, and the likes should be put into consideration before implementing crypto. There are a lot of major things that will change and affected by the crypto abolishing the fiat. The world must be prepared to that kinda advance technology in order to anticipate the worse possible scenarios all over the world.
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Crypto is experiencing a very rapid development and is now getting a lot of government support. But I think this crypto will still take a long time to become like fiat, it will still need to be reexamined.
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Crypto is experiencing a very rapid development and is now getting a lot of government support. But I think this crypto will still take a long time to become like fiat, it will still need to be reexamined.
Yes I agree, I think.several government already supported crypto currency. Many big investor bought bitcoin and altcoin..So I think crypto will compete to fiat at the coming future . Many predicted said fiat will be replaced by crypto currency at the coming future.
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Crypto is crypto and fiat will be still fiat. We cannot replace fiat, but we can be part of fiat. Never imagine replacing fiat because it will be very difficult and also hard to achieve because it relates to the governance of each country where they will never allow it.
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Crypto is crypto and fiat will be still fiat. We cannot replace fiat, but we can be part of fiat. Never imagine replacing fiat because it will be very difficult and also hard to achieve because it relates to the governance of each country where they will never allow it.
This topic will continue to fly around where some crypto enthusiast still believe some day, crypto will replace the Fiat currency. Even though we are itching for a cashless economy and this is part of the crypto characteristics, that don't mean it should or will replace fiat. Crypto and the Fiat currencies have to be examined side by side by this agitators to understand why this can not be just for one major reason which most already know.
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In cryptocurrency market fiat currency is the most targeted currency when it comes to Cryptocurrency trading in most exchanges in the crypto currency pairs Fiat is much more needed so I don't think Cryptocurrency will do away with fiat currency, that's what I think.
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I think that it will not end with fiat, because many countries have introduced a ban on cryptocurrency, it is not only impossible to pay with it, but you can not own it at all
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I think the process to make the world totally turn to digital concept requires time and much efforts to let it happen. We know in every country there's a different culture and belief with regards to financial status and traditional concept. Before the total digital concept will impose there's much debate to settle every possible aspects and issues to face during implementation. Fiat is hard to kill at this global rate.
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Cryptocurrency is a digital currency which is designed & expected to be operated, spent digitally, presently we have USD as the major value of it's distribution, most of us could transact daily after converting or cashing it out in our individual country's currency. USD is a fiat currency value.If crypto currency should mint out their own coin or not,it has possessed a fiat value, Do you think crypto can actually do away with fiat totally?
By itself, gaining physical shape by a cryptocurrency does not add intrinsic value to it. Therefore, in what form it will exist, it does not matter much.
Cryptocurrencies have absolutely no chance of replacing the common currencies of states. This process will always be tightly controlled by states and their central banks. And the economy of any state can exist only when interacting with its national money. Therefore, no state will allow cryptocurrency to take a dominant position in the economy and will not give up its national money. And the cryptocurrency itself is not capable of regulating the economy of the state.
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Crypro currency is a digital asset whereas fiat is a legal means of payment and exchange in the real world.
All of that is difficult to happen because crypto currency and fiat have their own functions. Crypto currency and fiat will always coexist and need each other, because without fiat crypto currency cannot be bought, and vice versa crypto currency is sold to generate fiat mind.
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Crypro currency is a digital asset whereas fiat is a legal means of payment and exchange in the real world.
All of that is difficult to happen because crypto currency and fiat have their own functions. Crypto currency and fiat will always coexist and need each other, because without fiat crypto currency cannot be bought, and vice versa crypto currency is sold to generate fiat mind.
I interest with your opinion, without fiat , we cannot buy crypto currency. I think fiat has function as legal payment and we can use this to bank transaction. I agree with you fiat and crypto need each other
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I believe that in the future, cryptocurrencies will replace fiat money anyway. by that time, the government will have to come to terms with a centralized financial system, In the meantime, we can use cryptocurrency today primarily as a speculative asset in order to earn a certain amount of capital for ourselves.
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Cryptocurrency is a digital currency which is designed & expected to be operated, spent digitally, presently we have USD as the major value of it's distribution, most of us could transact daily after converting or cashing it out in our individual country's currency. USD is a fiat currency value.If crypto currency should mint out their own coin or not,it has possessed a fiat value, Do you think crypto can actually do away with fiat totally?
I don't really buy that take. In fact, it is very necessary both can existed and used interchangeably. Fiat is government backed and that really makes it a lot powerful and it there is anything, it should never been though of crypto taking over from fiats as traditional financial system. So, I don't think so.
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I also believe that it is technically possible, that crypto/virtual currency totally replace fiat in interpersonal exchanges, but it will not be an immediate thing, it will take time
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Some countries are trying to create their own national cryptocurrency but this is not a cryptocurrency! This is something to the harm of ripple.
I believe that until the earth has no common interests and open world borders, then there will be no victory of cryptocurrency over fiat money.
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I keep my opinion: in the short term, crypto cannot completely replace fiat for a number of reasons:
+ Crypto requires the user to have internet and software + hardware for storage and transactions. This is very difficult for the poor. Fiat is more accessible to them;
+ The price of a cryptocurrency also fluctuates greatly and users cannot trust its value. It is being seen as an alternative to fiat to harness the power of blockchain;
+ The majority of countries are still governed by authoritarian governments, they will not easily give up their power in fiat.
In the short term, I think crypto should become a part of the economy and then make up the majority of global trading volume. Fiat should continue to exist.
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Keep in mind that for this to happen many years must pass, first you have to "educate" the population about the use and operation of cryptocurrencies or "digital money" as banks call it. And it is also necessary to remember that it will be impossible to use cryptocurrencies or digital money in all areas of the world, there are still many places where the population does not have an internet connection, maybe Starlink is a possible solution to that, but I'm not sure.
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Never will. I am sure if there is one country that is right to make cryptocurrency 100% legitimate payment, and leave fiat, then they will be destroyed. Because it can't be controlled. Imagine if a country put 100% of their assets and they lost their private keys because of an accident. Who can help them?
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This will be difficult to do since governments do not want to accept crypto. But I think it will happen in the next 10 years.
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This will be difficult to do since governments do not want to accept crypto. But I think it will happen in the next 10 years.
Governments will never abandon national currencies or switch to decentralized cryptocurrencies. This is excluded in principle. Even if we assume that there are people in the government who do this, then the economy of such a state will quickly deregulate and decline, since it will be impossible to manage and regulate it.
Cryptocurrency can exist only along with fiat and there are no other options as long as there are various states with different economic and political interests in our world.
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The national government will always have a huge influence on the value of fiat money, which in turn impacts a country’s economy as a whole. When its value plummets or rises, the government may have a hand in it.
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Never will. I am sure if there is one country that is right to make cryptocurrency 100% legitimate payment, and leave fiat, then they will be destroyed. Because it can't be controlled. Imagine if a country put 100% of their assets and they lost their private keys because of an accident. Who can help them?
Even though I agree with you on the process of Cryptocurrencies replacing fiat in never happening due to many reason which the most obvious will be the Inability for the Government to totally have control over it since every investors have access and control of their assets and if the Government will eventually have all investment in crypto, losing their PK wouldn't be the case cos I know that will be well handled.
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It is very difficult to say that cryptocurrency will replace fiat money, but it can happen. Even today, it is clear that banks are going to this, most use bank cards and they have almost no money in their pocket, and soon there will be only electronic currency.
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Do you think crypto can actually do away with fiat totally?
Maybe it won't happen today, but in the future, yes, Fiat will still exist but in the form of digital currency
I think every country has done a lot of research on this subject, they will not continue to print large amounts of banknotes.
but with blockchain technology, digital currencies can be made as needed and determine the amount of supply
at least when Bitcoin increases its capitalization 20 times, then it will be possible to hope for the stability of this asset.And then it is more likely that Bitcoin will begin to replace fiat funds and act not only as an output asset, but also as a safe storage, and also as a means of payment.
I think some country's already use bitcoin currency as a mode of payment which as alternative into fiat. In my perception bitcoin can't be replace into our fiat because bitcoin is not stable and very volatile.
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It is very difficult to say that cryptocurrency will replace fiat money, but it can happen. Even today, it is clear that banks are going to this, most use bank cards and they have almost no money in their pocket, and soon there will be only electronic currency.
Of course, every thing can happen at crypto space, because crypto currencies have potential to replace fiat money. But It will take along time again. Crypto need internet connection, we all know, It will problem at several places without internet connection.
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It is very difficult to say that cryptocurrency will replace fiat money, but it can happen. Even today, it is clear that banks are going to this, most use bank cards and they have almost no money in their pocket, and soon there will be only electronic currency.
Of course, every thing can happen at crypto space, because crypto currencies have potential to replace fiat money. But It will take along time again. Crypto need internet connection, we all know, It will problem at several places without internet connection.
I'm not agree mate. I think crypto will not replace fiat money. It is really difficult to change the habbit. Because I think almost all of people really believed in fiat money and If we will use crypto, it will need internet connection. In several countries, it will be problem.
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Very unlikely to happen. If a country legalizes cryptocurrency as fiat money, that country will destroy the country's finances.
Because cryptocurrency is only a digital transaction tool and does not have a legal law
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In my view, if this will ever happen, it's definitely going to be a long time from now. Yes, because Cryptocurrency and Fiat work interwovenly....... And for them to work without each other, it will take a lot of brainstorming and work......
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Cryptocurrency is a digital currency which is designed & expected to be operated, spent digitally, presently we have USD as the major value of it's distribution, most of us could transact daily after converting or cashing it out in our individual country's currency. USD is a fiat currency value.If crypto currency should mint out their own coin or not,it has possessed a fiat value, Do you think crypto can actually do away with fiat totally?
Well in my own opinion I don't think there's anyway we can do away with fiat, since crypto cannot be spent or used without being connected to a working Internet, this is one of the major hassle with using cryptocurrency no Internet no way to carry out transactions, unlike the fiat with is a physical money and can be used effectively for short distance transactions and it doesn't need an Internet connection, for now fiat will always be used faster medium of exchange, maybe if someday crypto can be used with the Internet then we can definitely do away with fiat.
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It shouldn't be like that either because Fiat is the currency for everyone around the world and it can stabilize the price of any cryptocurrency asset.
We should treat Fiat as special, just like cryptocurrency because without Fiat cryptocurrency is just a digital asset and has no currency value.
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I think the cryptocurrency world can do without fiat currencies. The problem is we the users cannot do without fiat, because that's what we utilize for our day to day transactions
Yeah true, as far as I know fiat isn't needed in crypto world since crypto/bitcoin was originally created to di away with it, but frankly speaking we the users can't avoid or stop using fiat since it is the only accepted in our country/locality, Cryptocurrency have not been adopted by the mass or even accept them for payment, maybe someday when crypto is fully accepted by everyone on earth then we'll see people do away with fiat.
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I think the cryptocurrency world can do without fiat currencies. The problem is we the users cannot do without fiat, because that's what we utilize for our day to day transactions
Yeah true, as far as I know fiat isn't needed in crypto world since crypto/bitcoin was originally created to di away with it, but frankly speaking we the users can't avoid or stop using fiat since it is the only accepted in our country/locality, Cryptocurrency have not been adopted by the mass or even accept them for payment, maybe someday when crypto is fully accepted by everyone on earth then we'll see people do away with fiat.
No, this will not happen. Cryptocurrency is unable to do away with fiat. The statement here that cryptocurrency was created in order to replace fiat, that is, the currency of states, is not true. The cryptocurrency was created to become an alternative to the existing current payment system, and not replace it. States will simply not allow cryptocurrencies to become a threat to the security of their financial system. They always have methods of regulation or even prohibition by which they can actively influence any processes taking place in the state.
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Cryptocurrency is a digital currency which is designed & expected to be operated, spent digitally, presently we have USD as the major value of it's distribution, most of us could transact daily after converting or cashing it out in our individual country's currency. USD is a fiat currency value.If crypto currency should mint out their own coin or not,it has possessed a fiat value, Do you think crypto can actually do away with fiat totally?
good question If you asked Can cryptocurrency do away with fiat? No, It will never happen.
The government will always keep their own currency, FIAT money.
because crypto currency need internet connection,
not all places have internet connection
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Do you think crypto can actually do away with fiat totally?
Yes, crypto currency can replace fiat at digital era.
Because at digital era, we will see crypto currency dominant.
Fiat money will be leaved by people
But It will take several years again.
It will be happen at the coming future.
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Do you think crypto can actually do away with fiat totally?
Yes, crypto currency can replace fiat at digital era.
Because at digital era, we will see crypto currency dominant.
Fiat money will be leaved by people
But It will take several years again.
It will be happen at the coming future.
In the future, of course, cryptocurrencies will occupy a very important place in the economies of countries, but it takes a lot of time for them to completely displace fiat. It is necessary for a whole generation of people to be re-educated and get used to cryptocurrencies, since older people are very big supporters of fiat and completely deny cryptocurrencies.
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It seems to me that globally, this is unlikely. Perhaps somewhere locally, at the level of some sales networks, or even small states. But everywhere it is not. This is certainly inconvenient in some way, but better than a complete universal ban.
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In my opinion, as strong or as expensive as any cryptocurrency, it will still never be able to replace fiat, because fiat in my opinion is more accepted and there are clear rules that currency must have an intrinsic form and can be held in real physical form so that it can be said as money.
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cryptocurrency is undoubtedly the future, but I think that paper money will always be present, this is inevitable for at least the next 50 years, until the Internet appears in every home.
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cryptocurrency is undoubtedly the future, but I think that paper money will always be present, this is inevitable for at least the next 50 years, until the Internet appears in every home.
Yes, I think paper money will always be present, because if be replaced by crypto currency, it will need internet connection.
We all know ,not all areas have internet connection.
So, It will take several years again.
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cryptocurrency is undoubtedly the future, but I think that paper money will always be present, this is inevitable for at least the next 50 years, until the Internet appears in every home.
Yes, I think paper money will always be present, because if be replaced by crypto currency, it will need internet connection.
We all know ,not all areas have internet connection.
So, It will take several years again.
Future will tell. Generation come and go so we might see things differently when that time comes. For now fiat is the basis of crypto value. Without fiat we cannot determine the exact value as we can see even usdt is now in crypto sphere. In the future fiat usdt may invalid if everything will be digital.
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I don't think that cryptocurrencies in the next couple of years will be able to become so strong that we forget about fiat. And if it happens that states adopt a digital currency then it will definitely not be bitcoin, in El Salvador this is an experiment and that is an addition to dollar.
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Do you think crypto can actually do away with fiat totally?
Yes, crypto currency can replace fiat at digital era.
Because at digital era, we will see crypto currency dominant.
Fiat money will be leaved by people
But It will take several years again.
It will be happen at the coming future.
If this happens, then not bitcoin and not any of the currently existing cryptocurrencies will be used for payment. These will be ordinary cryptocurrency dollars, which are provided by the state. To pay in everyday life, you need a less volatile currency.
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I don't think that cryptocurrencies in the next couple of years will be able to become so strong that we forget about fiat. And if it happens that states adopt a digital currency then it will definitely not be bitcoin, in El Salvador this is an experiment and that is an addition to dollar.
Crypto currency is getting stronger, bigger and wider more than expected and triple the people's global awareness about crypto. How's that possible? Basically the NFT and gaming industry has a lot of contribution to open up the mind of the people that crypto is not all about ponzi and scam as what the people normally think.
The proof is already prepared and now is so evident and couldn't neglect the fact that cryptocurrency is becoming strong.
Well, with regards to forgetting fiat. I don't think it as easy task since the world is so much fan of fiat. That is why as you can see the wide range use case of digital transaction not limited to cryptos. Money, ticket payment, bill payment, rent payment, insurance, education, negotiations, and etc.., are the door to easily embrace how crypto works.
The world are getting close to crypto use case though it might take some time yet the effect is slowly but surely. Big impact cannot be denied.
In the future fiat is possible be intangible value (who knows).
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I don't think that cryptocurrencies in the next couple of years will be able to become so strong that we forget about fiat. And if it happens that states adopt a digital currency then it will definitely not be bitcoin, in El Salvador this is an experiment and that is an addition to dollar.
Yes, me too.
I don't think crypto currency will replace fiat money, but I still believe it will take several year again.
Not for the few years, maybe at the coming future.
Fiat money will be replaced by digital currency.
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I don't think that cryptocurrencies in the next couple of years will be able to become so strong that we forget about fiat. And if it happens that states adopt a digital currency then it will definitely not be bitcoin, in El Salvador this is an experiment and that is an addition to dollar.
Yes, me too.
I don't think crypto currency will replace fiat money, but I still believe it will take several year again.
Not for the few years, maybe at the coming future.
Fiat money will be replaced by digital currency.
It doesn't have to be a cryptocurrency. All money can be transferred to a cashless payment. In addition, such a cryptocurrency will not be used for investment. And many people do not know the technical features of money and will not even notice the transition from fiat to cryptocurrency.
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Do you think crypto can actually do away with fiat totally?
Yes, crypto currency can replace fiat at digital era.
Because at digital era, we will see crypto currency dominant.
Fiat money will be leaved by people
But It will take several years again.
It will be happen at the coming future.
No, cryptocurrency cannot replace fiat. And in the first place, states will not allow it. After all, their economy is closely tied to their own currency, and a decentralized cryptocurrency cannot fully fulfill their functions. Cryptocurrency can find its niche in the overall global financial system and will be in circulation along with all financial assets.
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Cryptocurrency is a digital currency which is designed & expected to be operated, spent digitally, presently we have USD as the major value of it's distribution, most of us could transact daily after converting or cashing it out in our individual country's currency. USD is a fiat currency value.If crypto currency should mint out their own coin or not,it has possessed a fiat value, Do you think crypto can actually do away with fiat totally?
I have always maintained that I don't see this happening and I believe I will still keep it at that level for now. I don't think that cryptocurrencies will replace Fiat even though this has been a reoccurring question simply because, what is Bitcoin measured by today? the USD. Aside from that, this is going to be a long time thing cause even though some countries might have embraced this and some looking to, most others don't even think of it for now, so this is a lifetime thing and might not even happen in totality because we can say it already did if we want to consider that some firms, organizations, county have already adopted it but I believe we are talking in general, which is a long way off.
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cryptocurrency is undoubtedly the future, but I think that paper money will always be present, this is inevitable for at least the next 50 years, until the Internet appears in every home.
There is no way cryptocurrency can do away with fiat, as cryptocurrency is a means of payment. Everything happens in a decentralized manner. I don't think cryptocurrencies harm fiat funds. There is no reason for today.
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cryptocurrency is undoubtedly the future, but I think that paper money will always be present, this is inevitable for at least the next 50 years, until the Internet appears in every home.
There is no way cryptocurrency can do away with fiat, as cryptocurrency is a means of payment. Everything happens in a decentralized manner. I don't think cryptocurrencies harm fiat funds. There is no reason for today.
Cryptocurrencies were separate from fiat and they will remain so. The fiat market is a completely different phenomenon that we are all used to. Cryptocurrencies have relatively recently appeared in our lives, but thanks to them you can earn, which can not be said about fiat. These two systems will exist separately but complement each other.
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There are few organizations that accepts cryptocurrency now as medium of exchange but not yet generally acceptable.
For now cryptocurrency and fiat are still inseparable, since we will have to cash for our petty trading in our local currency. Maybe until bank totally shift to full time e- transaction all around the world. To achieve this is possible, it will only take good time.
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It depends. Currently we still carry and use fiat wherever we go and some business still prefer fiat, so yes, we need fiat. Governments would adopt crypto yet as currencies so we are stuck with it
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Cryptocurrency is a digital currency which is designed & expected to be operated, spent digitally, presently we have USD as the major value of it's distribution, most of us could transact daily after converting or cashing it out in our individual country's currency. USD is a fiat currency value.If crypto currency should mint out their own coin or not,it has possessed a fiat value, Do you think crypto can actually do away with fiat totally?
I don't believe crypto currency will do away fiat totally, I think the government will keep their own currency because It will have big effect for economic of country. So far the government always keep from inflation, It is the reason why the government always control fiat money.
Let's think, crypto currency is can't be controlled.
I think the government won't accept this
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I think the cryptocurrency world can do without fiat currencies. The problem is we the users cannot do without fiat, because that's what we utilize for our day to day transactions
Yeah true, as far as I know fiat isn't needed in crypto world since crypto/bitcoin was originally created to di away with it, but frankly speaking we the users can't avoid or stop using fiat since it is the only accepted in our country/locality, Cryptocurrency have not been adopted by the mass or even accept them for payment, maybe someday when crypto is fully accepted by everyone on earth then we'll see people do away with fiat.
Cryptocurrency was not created to replace fiat. This opinion is erroneous. The cryptocurrency was created to become an alternative to the current payment system. The people themselves must choose which payment systems to use.
We also all perfectly understand that the circulation of fiat is completely dependent on governments, and they will under no circumstances give up their national money, because their national money is closely related to the economies of these states.
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Cryptocurrency was not created to replace fiat. This opinion is erroneous. The cryptocurrency was created to become an alternative to the current payment system. The people themselves must choose which payment systems to use.
We also all perfectly understand that the circulation of fiat is completely dependent on governments, and they will under no circumstances give up their national money, because their national money is closely related to the economies of these states.
agree, I think crypto will always be the digital assets and won't replace fiat money.
I don't think Crypto currency will do do away with fiat, They are different thing and will always survive together.
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Cryptocurrency was not created to replace fiat. This opinion is erroneous. The cryptocurrency was created to become an alternative to the current payment system. The people themselves must choose which payment systems to use.
We also all perfectly understand that the circulation of fiat is completely dependent on governments, and they will under no circumstances give up their national money, because their national money is closely related to the economies of these states.
agree, I think crypto will always be the digital assets and won't replace fiat money.
I don't think Crypto currency will do do away with fiat, They are different thing and will always survive together.
The state of things when the cryptocurrency market exists to make money, and the fiat market in order to spend it, suits many at the moment. Therefore, cryptocurrencies will continue to exist in parallel with the fiat market, even though large percentages are taken for transactions when withdrawing cryptocurrencies to fiat.
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, Do you think crypto can actually do away with fiat totally?
I think no, Cryptocurrency is not here to eliminate Fiat completely. But Cryptocurrency will give everyone the option to transact with various advantages, but keep in mind that this Cryptocurrency can only be used with the internet while FIAT cannot. In my opinion, Crypto and Fiat will run together in the future, and will complement each other.
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Cryptos & fiat will co-exists long time... but governments will try regulate cryptos to the dead, hope they will fail ultimately. What happened in China & India is worrying... if US or EU does the same, then very bad for cryptos.
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Cryptocurrency is doing good but we need fiat as well to convert in our native currency because by that way we can buy the goods as we all know cryptos are not accepted against the goods across the world. There are some countries that accept it without any issue. In my opinion, Fiat is also required.
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Crypto is created to make a better economic and financial system in the world. I think crypto coins can be together with fiats, it is a good way to solve many problems in the financial system. With crypto, the transaction fees can be lowered and the transaction can be done without a third party. While we cannot leave fiats because it is already a part of our life.
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Crypto is created to make a better economic and financial system in the world. I think crypto coins can be together with fiats, it is a good way to solve many problems in the financial system. With crypto, the transaction fees can be lowered and the transaction can be done without a third party. While we cannot leave fiats because it is already a part of our life.
Yeah, crypto will make transaction easier, But several countries blocked crypto, maybe they didn't learn crypto currency or afraid crypto currency will be misused for illegal activities.
I think fiat and crypto will be together.
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I see no basis for such a statement. Even theoretically, cryptocurrency is not able to destroy the national money of states. Fiat is very tightly controlled by each state. Money is one of the ways of expressing power, in this case financial, and no state will give up its power in the field of finance. Therefore, the cryptocurrency itself will officially exist only within the framework that states will assign to it.
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I don't think so that cryptocurrency can do away with fiat currency. Even if the whole world is fully digitalized there will still be where we will need the fiat currency for local transactions either for local startup company or buying little things around us.
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In fact, the cryptocurrency does not affect the national currencies of states. No matter how cryptocurrency develops, it will exist only in parallel with fiat and will not be able to replace it. This issue is completely under the control of states and their governments. On the one hand, they will strictly control the procedure and conditions for the circulation of the cryptocurrency, and on the other hand, only they can also make any decisions regarding their national currency. Therefore, the cryptocurrency has absolutely no chance of replacing the common currency of states.
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In fact, the cryptocurrency does not affect the national currencies of states. No matter how cryptocurrency develops, it will exist only in parallel with fiat and will not be able to replace it. This issue is completely under the control of states and their governments. On the one hand, they will strictly control the procedure and conditions for the circulation of the cryptocurrency, and on the other hand, only they can also make any decisions regarding their national currency. Therefore, the cryptocurrency has absolutely no chance of replacing the common currency of states.
For now, I think crypto currency didn't affect the national currency yet
But We didn't know at the coming years, when crypto more dominance.
I think It will have effect for fiat money.
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cryptocurrency may coexist with fiat, it's just that maybe only a few can accept payments using cryptocurrency, and of course cryptocurrency is usually only used for tech-savvy people who can store their assets in digital currency while cash or fiat money is used to do things. transactions that cannot yet accept payments using cryptocurrency.
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cryptocurrency may coexist with fiat, it's just that maybe only a few can accept payments using cryptocurrency, and of course cryptocurrency is usually only used for tech-savvy people who can store their assets in digital currency while cash or fiat money is used to do things. transactions that cannot yet accept payments using cryptocurrency.
Some assets are even better than fiat for payment. But here the point is even that the authorities are not profitable with cryptocurrency as a payment. After all, they need an asset that they can control. And in this, some kind of compromise in the form of digital currency is better suited.
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I guess it will not since the mainstream financial system was controlled by the central government, the currency-issuing authorities like the central banks will continue to print money that can be used in the business and all other economic activities that's why cryptocurrencies will continue to trade with Fiat and converted with fiat so that they can be used to purchased goods and that we need.
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I guess it will not since the mainstream financial system was controlled by the central government, the currency-issuing authorities like the central banks will continue to print money that can be used in the business and all other economic activities that's why cryptocurrencies will continue to trade with Fiat and converted with fiat so that they can be used to purchased goods and that we need.
I think so too, but I think that not everyone can approve even purchases using cryptocurrency. After all, why should they allow it, because the purchasing power of people will grow. And this is not entirely profitable for the authorities, because in this case the state currency will become unnecessary.
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Cryptocurrency is a digital currency which is designed & expected to be operated, spent digitally, presently we have USD as the major value of it's distribution, most of us could transact daily after converting or cashing it out in our individual country's currency. USD is a fiat currency value.If crypto currency should mint out their own coin or not,it has possessed a fiat value, Do you think crypto can actually do away with fiat totally?
I think It's not easy, crypto currency will do away with fiat
Because Not easy to change the habbit.
We all know fiat money is more popular and has been used by many people.
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I guess it will not since the mainstream financial system was controlled by the central government, the currency-issuing authorities like the central banks will continue to print money that can be used in the business and all other economic activities that's why cryptocurrencies will continue to trade with Fiat and converted with fiat so that they can be used to purchased goods and that we need.
Agree, I think the government will keep their fiat money, and maybe will have own crypto currency.
But Its just prediction.
maybe government will allow crypto but fiat money always be there.
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There are reasons why countries worldwide moved off the silver and gold standards and adopted fiat currencies. For example, if the U.S. dollar was backed by gold, it would've been impossible for the Department of Treasury and the IRS to issue stimulus money in trillions of dollars over a period of few months without first mining abundant amounts of the commodity. And that would've led to a chronic depression instead of a quick recovery. The cryptocurrency cyberspace is rapidly evolving, and while government adoption is possible, it's safe to say that it'd take at least a decade to gain traction.
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I am sure and convinced that sooner or later cryptocurrency will replace fiat money, everything is going to this, many large countries are already working on it, these are China with crypto yuan and Russia with a crypto ruble.
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I am sure and convinced that sooner or later cryptocurrency will replace fiat money, everything is going to this, many large countries are already working on it, these are China with crypto yuan and Russia with a crypto ruble.
Cryptoyuan is not a cryptocurrency, it is a digital currency. Yes, these concepts are similar, but not that much. If I'm not mistaken, the only country that has accepted cryptocurrency as payment is El Salvador.
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I am sure and convinced that sooner or later cryptocurrency will replace fiat money, everything is going to this, many large countries are already working on it, these are China with crypto yuan and Russia with a crypto ruble.
Cryptoyuan is not a cryptocurrency, it is a digital currency. Yes, these concepts are similar, but not that much. If I'm not mistaken, the only country that has accepted cryptocurrency as payment is El Salvador.
The digitized yuan of China cannot be called a cryptocurrency also because it does not use blockchain technology at all. This is one of the forms of cashless settlement of the Chinese currency and we have yet to analyze what it will be like when it is officially launched.
Cryptocurrency does not have the slightest opportunity to replace the national currency of states, neither technically nor organizationally. States themselves will not allow this if cryptocurrency had such an opportunity. States have enough levers of influence for this.
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I am sure and convinced that sooner or later cryptocurrency will replace fiat money, everything is going to this, many large countries are already working on it, these are China with crypto yuan and Russia with a crypto ruble.
States have not worked and are not working on the issue of replacing their national money with cryptocurrency. This topic is generally unacceptable to them. Also, they will not create their own cryptocurrency. They are now working to create their own digitized national stablecoins for central banks. However, CBDC cannot be considered a cryptocurrency. This will be another type of non-cash payments for the currency of states, only using blockchain technology, and even then not in all cases.
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States have not worked and are not working on the issue of replacing their national money with cryptocurrency. This topic is generally unacceptable to them. Also, they will not create their own cryptocurrency. They are now working to create their own digitized national stablecoins for central banks. However, CBDC cannot be considered a cryptocurrency. This will be another type of non-cash payments for the currency of states, only using blockchain technology, and even then not in all cases.
I agree with everything you have said, but I would like to add the biggest problem that the world population will have with CBDC, it would be the same problem as with cryptocurrencies. To put ourselves in context, only 35% of the Chinese population uses the smartphone to make payments, followed by the Indian population, which is used by only 30% of the population. The education necessary to teach people to use digital devices to make payments will be the biggest problem for all governments.
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Cryptocurrency can develop without fiat market, however they're mutually connected to each other. Cryptocurrency still has the less influence on the market of fiat, while fiat market has bigger influence on cryptocurrency. Fiat market has bee nexisting for many years and almost a century, while crypto is too young for being influential. In my opinion, traders always have to pay attention to fiat market when they trade crypto, because the vast majority of accounts are attached to TetherUS which is attached to the US dollar. So, as you can see it's almost impossible to imagine crypto market without fiat, but it might be possible in future.
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How can cryptocurrency end fiat? By the gradual transition of citizens to the use of cryptocurrencies and the simultaneous refusal to use the currency of states? So in any case, not all people will use cryptocurrency. As for the states and their bodies, they will not give up their national currencies, since they support the economy of each country. So far, the exception is El Salvador, which has been using Bitcoin as its national currency since September. But this state has never had its own national currency.
In my opinion, cryptocurrency cannot replace the national currency of states.
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Cryptocurrency is a digital currency which is designed & expected to be operated, spent digitally, presently we have USD as the major value of it's distribution, most of us could transact daily after converting or cashing it out in our individual country's currency. USD is a fiat currency value.If crypto currency should mint out their own coin or not,it has possessed a fiat value, Do you think crypto can actually do away with fiat totally?
No,I don't believe crypto can actually do away with fiat totally.
We all know crypto has been banned at several countries, such as Chinese
But maybe It will happen at the coming years.
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I think in reality it's not until our respective government central bank has continued to print money, the centralized money called fiat will be the main currency in the world because there are only a few stores that accept cryptocurrencies as a payment that's why it's not reliable to buy our necessities cryptocurrency, for now, must co-exist with Fiat to survive and that's for real.
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We can use cryptocurrencies as dollars. And when it sells, it has to be calculated in dollars. Cryptocurrency can never keep Fiat away. Fiat is needed to calculate crypto.
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if cryptocurrencies remove fiat completely it may take time because fiat has been a transaction tool for a long time all over the world
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if cryptocurrencies remove fiat completely it may take time because fiat has been a transaction tool for a long time all over the world
It will be difficult, How long will it take for Cryptocurrencies to erase Fiat? Fiat is a currency that has been passed down for generations and is used as a means of transactions from all walks of life, both urban and rural people. I've already said that this will be completely difficult, but it will continue to work according to its respective functions.
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Cryptocurrency is a digital currency which is designed & expected to be operated, spent digitally, presently we have USD as the major value of it's distribution, most of us could transact daily after converting or cashing it out in our individual country's currency. USD is a fiat currency value.If crypto currency should mint out their own coin or not,it has possessed a fiat value, Do you think crypto can actually do away with fiat totally?
It seems difficult to happen, If we talk about Can cryptocurrency do away with fiat?
I think It will never happen.
Fiat money always being supported and kept by government.
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My answer is no for now but what will happen in the future we can't predict at the moment. Cryptocurrencies are doing good but Fiat is also the need of most of the crypto users to encash their money in their own country currency. Things can be changed when the big no of merchants starts accepting cryptos across the world without any issues then only we can say fiat is least required.
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My answer is no for now but what will happen in the future we can't predict at the moment. Cryptocurrencies are doing good but Fiat is also the need of most of the crypto users to encash their money in their own country currency. Things can be changed when the big no of merchants starts accepting cryptos across the world without any issues then only we can say fiat is least required.
I totally agree, maybe someday fiat will disappear, but it will not be at all soon. Moreover, cryptocurrency is more difficult to use and many people do not want to understand this.
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Fiat will never disappear. There will always be people who will only use fiat. At any level of development and implementation of cryptocurrencies.
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cryptocurrency will never be able to coexist with fiat because it has different types which in my opinion will not make fiat and cryptocurrency unite, it is better to remain different because in my opinion there are still many people who do not understand cryptocurrency, so that many people have difficulty using cryptocurrency and will switch to fiat.
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I think it can but I don't think it will. There is no way central banks will relinquish control of controlling who has money in society and in order for that to happen we will need to see widespread regulation of cryptos and I just don't think that will happen.
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I think crypto currency willnever do away with fiat money, because Not easy to change the habit.
We all know, people has used fiat for their transaction as long as years
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Though we can't deny the fact that cryptos are more valuable assets in near future though we should not under estimate the power of fiats , we cant compare USD strength with BTC, fiats have an underlying value but not cryptos!
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Though we can't deny the fact that cryptos are more valuable assets in near future though we should not under estimate the power of fiats , we cant compare USD strength with BTC, fiats have an underlying value but not cryptos!
Yeah , crypto is always being digital asset.
I don't think crypto will do away with fiat.
But anything can happen when digital era come.
Maybe crypto currency will dominate and many people prefer use crypto than fiat.
It's just prediction, but by seeing enthusiastic of people, I think It can be.
Although the government will have own consideration to against crypto.
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Of course, cryptocurrency cannot replace fiat. States will never allow this to be done, and cryptocurrency is simply not capable of this. Fiat will always dominate the world of finance and therefore it is better not to conflict with fiat. Cryptocurrency will develop and the percentage of its circulation will still increase, but until a certain time. But it will occupy some niche in the financial sector and nothing more.
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Of course, cryptocurrency cannot replace fiat. States will never allow this to be done, and cryptocurrency is simply not capable of this. Fiat will always dominate the world of finance and therefore it is better not to conflict with fiat. Cryptocurrency will develop and the percentage of its circulation will still increase, but until a certain time. But it will occupy some niche in the financial sector and nothing more.
Bloomberg strategist Mike McGlone predicts that in the fourth quarter of 2022 there will be changes in the cryptocurrency market and the price of bitcoin will increase even more.
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Until and unless we have the option to buy the goods and things with crypto money in our own country still there are many countries where you don't have the option to buy the things directly with crypto money so fiat has a huge role till that time.
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Yes I think, many has adopted crypto as a secondary mainstream payment method.
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As long as different states exist, so long will their currency exist. Cryptocurrency will not be able to displace the currency of states, since this requires the decision of the relevant authorities of the state itself. And many different groups of the population will not want to use only cryptocurrency. To use it, you need technical means, the Internet, the necessary knowledge and experience, including for safe use, and much more. In addition, the cryptocurrency has some advantages, and the currency of states others. It is better that citizens always have the right to choose.
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Of course, cryptocurrency cannot replace fiat. States will never allow this to be done, and cryptocurrency is simply not capable of this. Fiat will always dominate the world of finance and therefore it is better not to conflict with fiat. Cryptocurrency will develop and the percentage of its circulation will still increase, but until a certain time. But it will occupy some niche in the financial sector and nothing more.
Crypto currency is not a threaten for fiat money.
they will work together, I think.
I also believe crypto will never replace fiat money at the coming future.
Government will always keep their fiat money.
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There is no need to replace anyone, it is important to develop this new asset class, and not try to ban it and come up with stupid excuses...progress cannot be stopped
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As long as Fiat is very useful now in the entire world, it can't be replace. Meaning, for now if you are in the stage of doing cryptocurrency fiat is the only way for us to earn here in this field of business nothing else. This is the reality things happened for now, in short they are both important.
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Cryptocurrency has no chance to replace the currency of states. Firstly, the cryptocurrency is not capable of this, and secondly, even if it were possible, the states will not stand aside and will immediately take tough measures against any encroachment on their currency. And cryptocurrency should not be at war with states. It will be a definite loss.
Cryptocurrency should take its place in the financial system and coexist peacefully with fiat.
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no one is saying that cryptocurrency should become a full-fledged means of payment, it simply has to take its place as an asset class and should be regulated.
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With time I believe cryptocurrency will replace fiat currency. A lot of people are beginning used to the cryptocurrency and they have been seeing importance of it around the world.
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Perhaps in the future, cryptocurrencies will completely replace fiat, but at the moment there are still too many problems in the cryptocurrency sphere and the whole world is not ready to switch to cryptocurrencies, so it will take some time for all mankind and technologies to be able to switch to cryptocurrencies, and of course it won't be soon.
Fiat can be replaced by cryptocurrency only by individuals who wish, if they, of course, succeed. But on a national scale, this will never happen, because for this it is necessary for the state authorities to do this at the legislative level. And the state will never give up its national currency. This is primarily due to the fact that the crypto-currency is not able to serve the economy of the state. The work of the state with finances is built on completely different principles. Therefore, cryptocurrency can only exist in parallel with fiat.
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It's very true that BTC was initially developed to solve problems like those posed by intermediaries, curbing drawbacks to p2p payments. However, nowadays many see BTC as store of value, and hence it will never replace FIAT. Even if it served its original purpose to the core, being used mainly for payments and not long term investment per say, it can't still replace FIAT. The reason is because both crypto and FIAT are relevant, and crypto can't replace FIAT entirely in the real sense.
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With time I believe cryptocurrency will replace fiat currency. A lot of people are beginning used to the cryptocurrency and they have been seeing importance of it around the world.
it seems that what you say may be difficult to realize even though it is a necessity with crypto because the development of renewable technology is unavoidable.
there are still many people who are used to using fiat money and are still trading in the traditional way and the need for fiat is still important, it seems that this will be difficult to eliminate the same as the need for a bank.
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Though we can't deny the fact that cryptos are more valuable assets in near future though we should not under estimate the power of fiats , we cant compare USD strength with BTC, fiats have an underlying value but not cryptos!
From what I see with what's happening in cryptocurrency and the stock market even in most countries that have accepted it, I think it's going to be hard for it to go away because a lot of business people are embracing it, to be honest.
It seems that crypto and fiat are equally important in our generation today, and that is the truth in this incident.
Although different in literal terms because crypto is digital and fiat is not, it can be said that it is a currency that helps all people around the world when it comes to our financial needs as humans.
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One can not ignore the usage of Fiat currency apart from the cryptos. As we all know until and unless Crypto stable coins are accepted widely across the world we can not expect much from the cryptocurrencies even very few merchants accepted only limited crypto currencies so things should be changed to some extent then only we can expect otherwise I think one can not ignore the usage of Fiat currency.
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Cryptocurrency is not connected with fiat money and cannot influence them, just as banks cannot influence fiat money. It is difficult to talk about it now when fiat money disappears.
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It seems to me that they have a lot in common, but still to become a unit of calculation and a means of accumulation for many top projects whose coins come out - there is no goal.
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Cryptocurrency is a digital currency which is designed & expected to be operated, spent digitally, presently we have USD as the major value of it's distribution, most of us could transact daily after converting or cashing it out in our individual country's currency. USD is a fiat currency value.If crypto currency should mint out their own coin or not,it has possessed a fiat value, Do you think crypto can actually do away with fiat totally?
Cryptocurrency is not designed to replace the fiat currency. It seems that you have a wrong understanding of cryptocurrency dude, because if you look carefully it is an asset that can give us help in the future, and also can give us an opportunity to earn like an employee without a boss or company, do you get it?
Also in this day and age, fiat currency is still the majority that every country needs, and you know that for sure, I just don't know from where you got that mindset or familiarity with cryptocurrency.
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If cryptocurrency overtakes fiat, first it needs to find a strong base that it can attach its value to offline. If cryptocurrency value remains depending upon USD most of the time, then there is no question of crypto overtaking fiat. Moreover, crypto needs to become stable and have more liquidity in order to be used in day to day transactions.
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Of course, it will be impossible to do this with any cryptocurrency, even payment systems in banks cannot do this. Yes, the decrease in the turnover of fiat money has decreased, but on occasion, as is now happening in Ukraine, fiat money has increased its volume.
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Crypto currency is already becoming a very useful means of legal tender across various sectors globally. Do you even know that you can buy luxury properties in Dubai via DUC token . You can even buy pizza with QMN and these projects are all on the ducatus blockchain
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Of course, it will be impossible to do this with any cryptocurrency, even payment systems in banks cannot do this. Yes, the decrease in the turnover of fiat money has decreased, but on occasion, as is now happening in Ukraine, fiat money has increased its volume.
the amount of money has become less due to high inflation and various mechanisms to stimulate the economy , no cryptocurrency will replace money, but it will be able to take its place as a separate asset class .
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Crypto currency is already becoming a very useful means of legal tender across various sectors globally. Do you even know that you can buy luxury properties in Dubai via DUC token . You can even buy pizza with QMN and these projects are all on the ducatus blockchain
Cryptocurrency is sometimes used as a means of payment, but its use today is negligible compared to the fiat of states. The use of cryptocurrency still presents a certain difficulty for ordinary people. In addition, cryptocurrencies should be easily fungible with fiat, and states with their banking system should join this issue. But states in general are not interested in the widespread use of decentralized cryptocurrencies. But it is absolutely unrealistic to hope that cryptocurrency will replace fiat.
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Crypto currency is already becoming a very useful means of legal tender across various sectors globally. Do you even know that you can buy luxury properties in Dubai via DUC token . You can even buy pizza with QMN and these projects are all on the ducatus blockchain
Cryptocurrency is sometimes used as a means of payment, but its use today is negligible compared to the fiat of states. The use of cryptocurrency still presents a certain difficulty for ordinary people. In addition, cryptocurrencies should be easily fungible with fiat, and states with their banking system should join this issue. But states in general are not interested in the widespread use of decentralized cryptocurrencies. But it is absolutely unrealistic to hope that cryptocurrency will replace fiat.
Well, in many countries with the depreciation of their own national currencies, huge inflation and poor accessibility of the population to non-cash payments-transfer and payment with cryptocurrency just becomes the best solution)