Getting Rid of Fiat Money

[Fenix]

By seeing the progress and the popularity of crypto currency, I think many people believe crypto will replace fiat money.
But It will take several years again.
It's just prediction, crypto will get rid of fiat money

And how can cryptocurrency get rid of fiat money? Fantasists, show a real scenario how this can happen. The state and the economy of the state can only work on fiat. Cryptocurrency is not able to replace fiat and serve the economy of the state. Therefore, this is all empty and unnecessary talk. Governments will destroy any financial system that gets in the way of their fiat.

[Jaephoenix]

I dont think fiat is going away anytime soon. Its a government tool and needs to be in control by them to prevent anarchy. Crypto is enough headache for the government considering its decentralized manner. And I think fiat would definitely be modified to live up to the times, including the shape of CBDCs

[alltalk]

We can fully avoid using fiat money. For example in my country where crypt coins are forbidden to use as payment tools. So, we only have 1 option that using fiats to pay for services or goods. People who can get rid of fiat money are only people in the countries that accept crypto coins are payment tools.

[Alcor]

It is impossible to completely get rid of fiat money and there is no point. In addition, neither the states and their governments, nor individual strata and groups of people will allow this to be done. Fiat money and cryptocurrencies have their advantages and disadvantages. Therefore, it is better to use the advantages of both. Cryptocurrency and fiat do not need to be opposed. In any case, this will not be in favor of cryptocurrency. We have no other choice but to learn how to combine them.

[Jaephoenix]

I don't think first money would be around at the end of this century. I am certain it would be replaced with something much more technological inclined like CBDCs or even better. Fiat is so much trouble and the seigniorage costs are quite hefty for a medium of exchange or legal tender. And i think it would exist along with crypto

[zilzylian]

There is still a long way to go, I don't think crypto can be accepted with regulations that will be implemented in every bank, but for now, Crypto has machines and technologies that are ready to be used as payments, Bitcoin ATMs, credit cards from Binance and Pointpay, stuff this can be an option to use Crypto with the system they have, in the future when the internet is widespread, maybe we will see Fiat no longer exists and switch to digital currency

[Carbitcoin]

Among the advantages of cryptocurrencies, anonymity, speed and low cost of transactions, cross-border transfers that are not limited by barriers, full ownership of assets, lack of government regulation and payment of taxes, unlike fiat money, are noted.

[Astra]

Among the advantages of cryptocurrencies, anonymity, speed and low cost of transactions, cross-border transfers that are not limited by barriers, full ownership of assets, lack of government regulation and payment of taxes, unlike fiat money, are noted.

It can hardly be said that the cryptocurrency is characterized by the absence of state regulation and the payment of taxes. Where cryptocurrencies are unregulated and in a gray area, this is temporary. The regulation of cryptocurrencies by the states will definitely happen, and this process is gradually starting to gain momentum. It is government regulation that will not allow cryptocurrency to rise above fiat. And fiat will exist as long as the states themselves exist.

[doc]

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

Yeah, I think the government won't let that happen.
Fiat money will always become payment method at country.
and I think crypto currency will always being digital assets.
But we don't know what will happen at the coming years.
Maybe it will be.
crypto will replace fiat money. Let's see.

[Hope4life]

I think for now cryptocurrency will not replace fiat money, it is only used as an alternative to decentralized transactions and also as a trading commodity. To achieve this requires stability, protection against money laundering practices and the financing of terrorism which is one of the main risks of using virtual currency, I'm sure this will happen but maybe in the future.

[Speaker]

Many tokens are not used as a means of payment.They are created as an internal product of the ecosystem.

[Callisto]

I agree with you, because fiat money can be regulated and cryptocurrency cannot be regulated, and in addition, anonymity is at its best. Perhaps when young rulers come to power, who will be able to make a breakthrough in the reforms of their states in the field of cryptocurrency, and we will see a reboot of the financial system, but this is in the distant future.

[Bobcrypto]

I doubt the possibility of crypto wiping off fiat money, even in the future, it looks very impossible. There are many people and nations that still has know ideal of cryptocurrency and how it works, and the ability to spread to every places is not yet attained. Obviously crypto is gaining some momentum in recent times but it may not be able to wipe off Fiat currency because various governments of the world backed it up with several regulations. I think fiat will remain side by side with crypto in future, though cryptocurrency may have the upper hand.

[gunhell16]

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

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

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

First, we still need fiat money, we cannot say now that it is no longer needed and replace it, although there are problems that need to be fixed but not to the point of removing Fiat.

But I support what you say that cryptocurrency is a good alternative way to make an additional profit while we are at the end of the pandemic in this era. And other countries are open to these virtual currencies like this crypto or Bitcoin.

[Folderol]

In general, fiat currency prices are more stable than cryptocurrency prices and values. Because cryptocurrency is still relatively new, it may one day be as stable as money. Each has pros and downsides, but cryptocurrency use is increasing. While cryptocurrencies can be used to make payments, we are not yet at a place where they pose a danger to fiat currencies.