Can cryptocurrency do away with fiat?

[Noverteno]

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.

[collinsjie]

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.

[Alcor]

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.

[nakmantu99]

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.

[pieppiep]

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.

[owlest]

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.

[masterrex]

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. 

[owlest]

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.

[doc]

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.

[mahadev]

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.

[vitek146]

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.

[Evgenklm]

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.

[owlest]

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.

[Senin]

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.

[Astra]

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.