Can cryptocurrency do away with fiat?

[MrSpasybo]

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.

[Freemind]

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.

[innerpumper]

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?

[Boginya Valyutnaya]

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.

[Fenix]

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.

[tervel]

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.

[Anonylz]

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.

[Afony]

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.

[Tristanerus]

-snip-
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.

[legend45]

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.

[DAMKAR]

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.

[Sharelock]

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

[Nimix]

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......

[nelson4lov]

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.

[kent47400]

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.