Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: TomPluz on December 29, 2021, 05:13:01 AM
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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.
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Some people have this assumption that eventually fiat money will go and be erased from the history of humankind...however we have to understand that it is not so easy to happen as we have governments and sovereignty to deal with. The only way for this to happen is if we can get rid of governments but this can never happen...maybe not in our lifetime.
Also this can be a great reset and a big revolution and as in every real revolution there can be chaos and when there can be chaos people can suffer. And I am not sure if the people in general can be ready for financial and economic upheavals just because we are replacing the fiat money with cryptocurrencies.
Now, having said that, I think what we should wish and work for is to have a working alternative financial system without necessarily destroying what we have now. The government should be looking at cryptocurrencies like foreign exchange money that are allowed to be circulated in the economy though the official tender will always be the one now used by the country - with exemption of El Salvador of course since they do not have official legal tender anyway.
I Agree as long as the Central government was functioning the fiat currency circulation will remain as the backbone currency of any country in the world because it was guaranteed by the state itself and for that particular reason cryptocurrencies cannot become a dominant currency/asset in the world that's why it must co-exist be the traditional fiat currency in order to exist in harmony.
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Yes fiat money can’t be replaced as it has a different purpose because Bitcoin and other cryptocurrencies are subject to price volatility. I’ve seen some conversations in various social media channels sharing about crypto replacing fiat within a decade, bla bla bla, etc. But the truth is that it cannot be replaced by any means necessary. Both fiat and crypto can co-exist with different functions and use cases.
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I totally concur with your observation @op, this is exactly what people don't understand and they keep lying to themselves as Well as their friends and families, and this what I call ignorance.
I've seen a friend telling a friend to invest all his fiat money in crypto that soon, fiat will become useless as the only means of paying for goods and services will come through crypto, I laughed hard at this because this kind of people are into crypto but don't fully understand what crypto is all about.
Crypto and fiat are going to co-exist for a very very long time if not for ever, even after the whole world must have adopted crypto into our financial system.
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Crypto adoption or usage will definitely grow over time but expecting Fiat money to fade is not easy. The government will come up with new ideas for sure even most of the countries are planning to create their own country digital currency I believe that would be a stable currency. Yes, we should focus on the crypto adoption rate and should work on it that common people would understand about it how easy it is to use.
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Some people have this assumption that eventually fiat money will go and be erased from the history of humankind...however we have to understand that it is not so easy to happen as we have governments and sovereignty to deal with. The only way for this to happen is if we can get rid of governments but this can never happen...maybe not in our lifetime.
Also this can be a great reset and a big revolution and as in every real revolution there can be chaos and when there can be chaos people can suffer. And I am not sure if the people in general can be ready for financial and economic upheavals just because we are replacing the fiat money with cryptocurrencies.
Now, having said that, I think what we should wish and work for is to have a working alternative financial system without necessarily destroying what we have now. The government should be looking at cryptocurrencies like foreign exchange money that are allowed to be circulated in the economy though the official tender will always be the one now used by the country - with exemption of El Salvador of course since they do not have official legal tender anyway.
I don't think it is something to even think of because I don't think that it will also happen in the far future even. The more the Economy develops the more the Government to have full control of its resources and I don't see the Government as anyone for that matter as long as their economy has not fallen into serious devaluation like what El Salvador experienced, replacing Fiat with crypto is a no-no.
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I am convinced that fiat money will not go anywhere even after 100 years, even with the high popularity of cryptocurrency. In any case, cash will always be there, because there are "stone" shops, markets where in any case it is necessary to pay in cash, I think mankind will not get away from cash.
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Fiat money will not be replaced by crypto money. as long as the government rejects the existence of crypto, even if they accept crypto only for online payments maybe
and at least crypto and fiat side by side
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I think that replacing fiat money will be very difficult, so this will not happen soon. And in less developed countries it won't come to that at all.
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We are still a long way from that milestone. We can not get rid of fiat money yet because most of our community members are not aware of crypto and how to use them. Many of them don't have any device to use crypto either. So to get rid of fiat money first we need to make the condition comfortable for crypto adoption. It needs more time i think.
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I understand why some people will think that Fiat money will be replaced by Cryptocurrencies especially Bitcoin but I don't think that will be the case. In previous times we have had things that have become soo popular and accepted by all and yet they never replaced the Fiat currency, Gold, Silver, etc. I do know why those might be a bit difficult in that regard because of physical weight and some will say that crypto is different but we must also understand that Crypto is decentralized which means no one single controls it and that doesn't follow what the Government might want for an Economic point of view which could literarily mean, they don't have the power to control their economy.
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We are still a long way from that milestone. We can not get rid of fiat money yet because most of our community members are not aware of crypto and how to use them. Many of them don't have any device to use crypto either. So to get rid of fiat money first we need to make the condition comfortable for crypto adoption. It needs more time i think.
Yes, now there are few places where you can use cryptocurrencies as payment. But it is worth noting that now there are more online stores and services that accept cryptocurrencies and this is a good signal. In a few years, cryptocurrencies will be more common among people.
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I think that replacing fiat money will be very difficult, so this will not happen soon. And in less developed countries it won't come to that at all.
You're right. To completely move away from fiat money, we need stable and uninterrupted Internet access around the globe, and that is not feasible right now. Fiat money will stay with us for a very long time.
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We are still a long way from that milestone. We can not get rid of fiat money yet because most of our community members are not aware of crypto and how to use them. Many of them don't have any device to use crypto either. So to get rid of fiat money first we need to make the condition comfortable for crypto adoption. It needs more time i think.
Yes, now there are few places where you can use cryptocurrencies as payment. But it is worth noting that now there are more online stores and services that accept cryptocurrencies and this is a good signal. In a few years, cryptocurrencies will be more common among people.
Cryptocurrency is undoubtedly growing in its popularity, and indeed at the moment there are a lot of services for cryptocurrency payment methods. But all the same, fiat money has been commonplace for everyone for many years, perhaps centuries, I am sure it will remain so, no matter how much we want it.
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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
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People are creatures that live in society. At first it was a herd, but now it is a more complex social superstructure called the state, on behalf of which the government acts. We need such a social structure, because without it, without establishing general rules of behavior, any strong would allow himself to take away the property of the weak. In order not to carry with him sometimes heavy objects and values that played the role of money, a person invented paper money that began to replace them. As a general rule, paper money should be printed as much as material values exist in the circulation of the state. That is, cashless and cash are closely related to the economy of each state.
Cryptocurrency is a completely different type of financial asset, which cannot fully replace the state's money. Under certain conditions, paper money of the state can be replaced by non-cash money of this state.
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I think that replacing fiat money will be very difficult, so this will not happen soon. And in less developed countries it won't come to that at all.
You're right. To completely move away from fiat money, we need stable and uninterrupted Internet access around the globe, and that is not feasible right now. Fiat money will stay with us for a very long time.
Even with fully accessible uninterrupted internet there will still be Fiat money and will still be most countries' legal tender. Even most of the youths or Cryptocurrency enthusiasts now that are calling for this, trust if they happen to find themselves in the Government, they to will change their tone after understanding why that cannot happen.
NB: I am all for cryptocurrency too.
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Fiat money will remain and will be the main payment system around the world. Maybe someday the day will come when there will be no cash at all, but this day will not come soon. Cryptocurrency is like an auxiliary element for transactions and transfers.
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Fiat money will remain and will be the main payment system around the world. Maybe someday the day will come when there will be no cash at all, but this day will not come soon. Cryptocurrency is like an auxiliary element for transactions and transfers.
I am completely sure that as long as there are different states, their money will also exist. The fiat currency of states, in fact, is part of the sovereignty of the state, it protects its economy from outside influence. Fiat may change forms, but it will always be. The volume of cash may fall over time and their non-cash forms of payment are used more. It's just the influence of time and new technologies. Cryptocurrency can exist in parallel with fiat, but with the leading role of fiat money.
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Fiat money will remain and will be the main payment system around the world. Maybe someday the day will come when there will be no cash at all, but this day will not come soon. Cryptocurrency is like an auxiliary element for transactions and transfers.
Fiat money will exist, will go ahead together with digital currency.
But I think at the digital era, banks will allow and adopt digital currency.
As you said, It won't happen now or the next few years
But It will happen at the coming years.
I believe digital era will come. Let's see brother.
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Fiat has paper money and Debit card options for payment, crypto has many products for payment for example PundiX, Freecoin and many more, technology is currently developing rapidly, Fiat / paper money seems to be no longer used if some governments implement rules for electronic payment methods like debit cards.
I hope that in the future all payments can use fiat, crypto and other things, because there are still many countries that do not have internet access in villages and the people there only have Fiat because there is no internet access
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Fiat money will remain and will be the main payment system around the world. Maybe someday the day will come when there will be no cash at all, but this day will not come soon. Cryptocurrency is like an auxiliary element for transactions and transfers.
I agree with you, although many of these Crypto communities say Fiat will be destroyed and will be replaced by Bitcoin/Cryptocurrency.
It will be difficult to happen, Fiat is a legal means of payment, easy to use, Stable value unlike Crypto whose fluctuations are very high.
Bitcoin exists actually only as a tool, namely a tool to find more Fiat. Because with Bitcoin, we can easily get profit.
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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
That's true fiat will alway be payment instruments that the government allowed.
I also believe crypto will never get rid fiat money.
I think both will have own way. they are two different thing.
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Fiat money will never disappear. As long as states exist, their fiat money will also exist. They can only acquire and change their form, but not their essence. Cryptocurrency is completely different in essence. Therefore, fiat money and cryptocurrency are not interchangeable and cannot displace each other. But they may well coexist.
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So far, fiat money is still needed because too few people know about cryptocurrencies or other virtual currencies, because in order to get rid of fiat money altogether and switch to cryptocurrencies, for example, it is necessary that all people must know how to use cryptocurrencies, but unfortunately this will be not so near and it takes time for the whole world to learn how to use cryptocurrencies, so for now we need fiat money.
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So far, fiat money is still needed because too few people know about cryptocurrencies or other virtual currencies, because in order to get rid of fiat money altogether and switch to cryptocurrencies, for example, it is necessary that all people must know how to use cryptocurrencies, but unfortunately this will be not so near and it takes time for the whole world to learn how to use cryptocurrencies, so for now we need fiat money.
Fiat funds will not disappear in the next century? I don’t think, because the digital ruble, digital cryptocurrencies are already a means of exchange that can be used today. This decentralization has come quite recently, thus the reach of the audience is increasing.
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So far, fiat money is still needed because too few people know about cryptocurrencies or other virtual currencies, because in order to get rid of fiat money altogether and switch to cryptocurrencies, for example, it is necessary that all people must know how to use cryptocurrencies, but unfortunately this will be not so near and it takes time for the whole world to learn how to use cryptocurrencies, so for now we need fiat money.
Digital currency needs internet connection, There are still many place without internet connection.
So I think crypto will never get rid of fiat money.
it will take several years again.
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Digital currency needs internet connection, There are still many place without internet connection.
So I think crypto will never get rid of fiat money.
it will take several years again.
Yeah, current problem for digital currency is internet connection,
But anything can happen at the coming future, Maybe crypto will get rid of fiat money.
But let's see the crypto progress at the next three years again.
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Digital currency needs internet connection, There are still many place without internet connection.
So I think crypto will never get rid of fiat money.
it will take several years again.
Yeah, current problem for digital currency is internet connection,
But anything can happen at the coming future, Maybe crypto will get rid of fiat money.
But let's see the crypto progress at the next three years again.
When digital era comes, I think everything will be use digital.
So digital currency will get rid of fiat money, except fiat money will improve and adopt digital technology and will be used there.
We as crypto enthusiasm, will see crypto currency more popular and will more be needed there.
But It's just prediction about digital era.
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When digital era comes, I think everything will be use digital.
So digital currency will get rid of fiat money, except fiat money will improve and adopt digital technology and will be used there.
We as crypto enthusiasm, will see crypto currency more popular and will more be needed there.
But It's just prediction about digital era.
Yeah, I think If digital era comes, it will get rid of fiat money
Maybe several people don't not agree with my opinion.
But I believe crypto currency will replace fiat money at the coming future.
Crypto is the future currency, at digital era we will see paperless.
So Fiat money will be replaced.
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I believe the existence of cryptocurrencies is aimed at perfecting fiat. does not mean eliminating its existence. Cryptocurrency is a digital version of fiat money. whereas some financial systems that are not achieved by fiat will be reachable by cryptocurrencies. however, we need fiat to estimate the value of bitcoin itself.
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I believe the existence of cryptocurrencies is aimed at perfecting fiat. does not mean eliminating its existence. Cryptocurrency is a digital version of fiat money. whereas some financial systems that are not achieved by fiat will be reachable by cryptocurrencies. however, we need fiat to estimate the value of bitcoin itself.
Crypto currency will grow and more popular than fuat at the coming future.
Okay I agree crypto won't to get rid of fiat money, but crypto will replace fiat money function at the digital era.
Maybe at several countries or city that don't have internet connection will use fiat money.
But crypto will dominant at the world.
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In this life nothing seem to be impossible, the coming of crypto was never thought that it will get to this tremendous popularity and adoptions as it is today .it started like a play thing but is has withness unpresentable growth.
Now, Fait is control by government but also remember that fait was invented on a certain day, and may not be out of place to say that some day, fiat may be remove by a more popular means of transaction. I think digital money is gonna take charge in future wether government accept it or no.
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I believe the existence of cryptocurrencies is aimed at perfecting fiat. does not mean eliminating its existence. Cryptocurrency is a digital version of fiat money. whereas some financial systems that are not achieved by fiat will be reachable by cryptocurrencies. however, we need fiat to estimate the value of bitcoin itself.
I get the point, however, we need fiat to estimate the value of bitcoin itself.
Yeah , fiat as indicator that make we know the value of bitcoin and altcoin.
But I think It's possible to happen, crypto will get rid of fiat money
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I believe the existence of cryptocurrencies is aimed at perfecting fiat. does not mean eliminating its existence. Cryptocurrency is a digital version of fiat money. whereas some financial systems that are not achieved by fiat will be reachable by cryptocurrencies. however, we need fiat to estimate the value of bitcoin itself.
It is hardly worth agreeing with your statement that crypto currency is a digital version of fiat money. The national currency of states (fiat) has a completely different nature of functioning than crypto currency and therefore they are not even an improvement on one another. In this regard, it can be said that the non-cash money of states using blockchain technology really acquires improved functions, as their transactions become faster and cheaper. But still, the essence of non-cash fiat does not change from this.
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Yes fiat money can’t be replaced as it has a different purpose because Bitcoin and other cryptocurrencies are subject to price volatility. I’ve seen some conversations in various social media channels sharing about crypto replacing fiat within a decade, bla bla bla, etc. But the truth is that it cannot be replaced by any means necessary. Both fiat and crypto can co-exist with different functions and use cases.
If the reason why fiat money cannot be replaced because bitcoinnnad altcoins are volatile, I'm not agree with this.
The main reason is crypto needs internet connection for their transaction, and we all know there are many places that didn't have internet connection.
but I believe bitcoin has potential to replace fiat money.
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If the reason why fiat money cannot be replaced because bitcoinnnad altcoins are volatile, I'm not agree with this.
The main reason is crypto needs internet connection for their transaction, and we all know there are many places that didn't have internet connection.
but I believe bitcoin has potential to replace fiat money.
It seems to be difficult to happen, because the government will protect the national currency. Because it will have a lot of impact if bitcoin replaces fiat money.
Bitcoin is volatile, and the government cannot control bitcoin, this will have an impact on national finances.
Such as inflation etc.
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I don't think Fiat money will be obsolete it will also remain as we all know at present very less no of the percentage of people rely on cryptocurrency. The reason behind this is the security as we daily heard someone's wallet is hacked and all the money withdrawn by the hacker and there is no way to get back the money so it's complicated for a common man. They don't want tension but we all know many countries will legalize cryptos in the future but Fiat is more reliable than the cryptocurrency in my opinion if we talk about the current market scenario.
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In the very distant future I can imagine digital money replacing fiat money, but I think that the more likely scenario is the creation of CBDC's rather than the acceptance of current cryptocurrencies. This is just my personal opinion, though.
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In the very distant future I can imagine digital money replacing fiat money, but I think that the more likely scenario is the creation of CBDC's rather than the acceptance of current cryptocurrencies. This is just my personal opinion, though.
CBDC is the government strategy to reduce domination of crypto currency at the coming future.
But I think crypto will still dominant at the coming future, because crypto gas been created to replace fiat money at the future
that's the fact, everything will be digital and we will see paperless
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I believe the existence of cryptocurrencies is aimed at perfecting fiat. does not mean eliminating its existence. Cryptocurrency is a digital version of fiat money. whereas some financial systems that are not achieved by fiat will be reachable by cryptocurrencies. however, we need fiat to estimate the value of bitcoin itself.
I agree with you, Crypto and fiat will go together according to their respective advantages. Cryptocurrency was created not to eliminate fiat, but to improve it. So we can't be wrong, let alone say that in the future Crypto will replace Fiat. I thought it would be impossible!.
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There are still many out there who do not understand the use of digitalization and it will feel like discrimination if they have to remove Fiat money because I believe that creating digital currency in a country must have various stages.
I also have a thought that using digital money will definitely require a tortuous process because changing habits usually takes time, like changing someone who smokes to not smoking.
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The war between Russia and Ukraine has shown that cryptocurrencies can be more useful than regular fiat money, as funds can be raised quickly to help the citizens of Ukraine. There are no borders for cryptocurrencies and its transfer, which is great.
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I believe the existence of cryptocurrencies is aimed at perfecting fiat. does not mean eliminating its existence. Cryptocurrency is a digital version of fiat money. whereas some financial systems that are not achieved by fiat will be reachable by cryptocurrencies. however, we need fiat to estimate the value of bitcoin itself.
Crypto currency will grow and more popular than fuat at the coming future.
Okay I agree crypto won't to get rid of fiat money, but crypto will replace fiat money function at the digital era.
Maybe at several countries or city that don't have internet connection will use fiat money.
But crypto will dominant at the world.
It is naive to think that cryptocurrency will ever dominate the world. Even if the cryptocurrency was capable of this, then the states will not look at it indifferently. If they recognize that cryptocurrencies pose a threat to the security of their financial sector, they will immediately take action up to and including a complete ban on cryptocurrencies. This will not completely destroy her, but will reduce her circulation dozens of times, even in comparison with the current situation. Cryptocurrency needs to coexist peacefully in the currency of states, because it will not win the war with fiat.
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The war between Russia and Ukraine has shown that cryptocurrencies can be more useful than regular fiat money, as funds can be raised quickly to help the citizens of Ukraine. There are no borders for cryptocurrencies and its transfer, which is great.
Yes fiat money can’t be replaced as it has a different purpose because Bitcoin and other cryptocurrencies are subject to price volatility.and you know crypto price is not stable,I have seen some conversations in various social media channels sharing about crypto replacing fiat within a decade, etc. But the truth about the matter is that it cannot be replaced by any means necessary. Both fiat and crypto can co-exist with different functions and use cases while in aspects of crypto holding a good coin like $RGEN is a great one and it is already listed on pancakeswap and can be tracked on coinmarketcap as well
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I believe the existence of cryptocurrencies is aimed at perfecting fiat. does not mean eliminating its existence. Cryptocurrency is a digital version of fiat money. whereas some financial systems that are not achieved by fiat will be reachable by cryptocurrencies. however, we need fiat to estimate the value of bitcoin itself.
Cryptocurrency is not a digital version of fiat money. The digital version of fiat money is government CBDC, and CBDC and cryptocurrency are far from identical concepts. Cryptocurrency and fiat operate according to completely different economic laws, which is why it cannot replace fiat. In addition, the cryptocurrency will not be allowed to do this by states that need fiat money to maintain their economy. Cryptocurrency can only rely on parallel circulation with fiat and nothing more.
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I don't believe crypto will get rid of fiat money.
I think government will keep their fiat money, also the bank.
Because crypto and fiat money are different platform
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we need synergy.Cryptocurrency is unlikely to become a legal tender, but it should take its place as a digital financial asset
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I don't believe crypto will get rid of fiat money.
That's right, Bitcoin and other Cryptocurrencies are unlikely to replace Fiat as a whole as a means of payment.
Even though, after all, using Fiat is easier than Cryptocurrency, maybe in the future there will be a lot of Crypto that will be used as a means of payment, but that doesn't mean it will replace Fiat.
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I don't believe crypto will get rid of fiat money.
That's right, Bitcoin and other Cryptocurrencies are unlikely to replace Fiat as a whole as a means of payment.
Even though, after all, using Fiat is easier than Cryptocurrency, maybe in the future there will be a lot of Crypto that will be used as a means of payment, but that doesn't mean it will replace Fiat.
Yeah, every investors want bitcoin will replace fiat money at the coming future.
But we should be realistic.
Because the government will keep their fiat money cannot be replaced by others.
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Fiat money has the main purpose as a means of payment and is in real form, in contrast to btc which can only be used for commodities that support it but the value is not as stable as fiat
and i press btc can never replace fiat in life
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Yes, I also entirely agree with you Fiat can not be replaced fully as far as I think because still, a huge no of the population is not like the cryptocurrencies because of their high volatility they avoid them and a common man does not want to take a risk he wants a simple and peaceful life even some people are satisfied with the current system so they don't like the changes and yes when cryptos will be widely used as a legal tender more and more people will adopt the cryptocurrencies without fear.
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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
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Things will happen slowly. People way of living is becoming convenient in any way as much as possible due to the fact that pandemic teach humanity a life time lesson to be adoptable and flexible. Today majority of people know how to deal digital transactions and high technology that can make things hassle free or less hassle.
Therefore, whether we like it or not, it is very possible that fiat will be obsolete and will be written on history in the future.
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Before fiat money becomes obsolete, we need to start using non-cash payments all over the world. And while this is not the case, we will see the ups and downs of the crypto market for a long time.
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We all know fiat money is always being keep and controlled by the government.
I think crypto will never ge rid of fiat money.
Both will grow together
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We all know fiat money is always being keep and controlled by the government.
I think crypto will never ge rid of fiat money.
Both will grow together
Cashless is waving at the world door. Fiat would be gone due to technology advancement and people choice of convenient way of living in day to day basis. Microchip is another factor to see the future where fiat is in digital asset and no more in actual.
Of course it takes time and years before everything will embrace new way of living using technology advancement to innovative transaction and assets lifestyle.
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Fiat money and crypto both will stay. Different countries have different reactions on the adoption of cryptocurrencies. Some countries are bound to laws while others are adopting crypto. It will not completely vanish the fiat currency.
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Fiat money and crypto both will stay. Different countries have different reactions on the adoption of cryptocurrencies. Some countries are bound to laws while others are adopting crypto. It will not completely vanish the fiat currency.
Maybe yes. But the fact that technology is disabling or i mean helping the traditional way of transaction to dynamic and super efficient method using a finger. Old history of trading were vanished. So for my opinion fiat would gone too but it takes more years before the world are into crypto. Adoption and correct management would take place once the world government are united to let crypto be legal.
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Fiat money and crypto both will stay. Different countries have different reactions on the adoption of cryptocurrencies. Some countries are bound to laws while others are adopting crypto. It will not completely vanish the fiat currency.
I agree, and maybe this is what will happen in the future. Bitcoin and Cryptocurrency will be widely accepted by countries and Fiat will still be used, Bitcoin cannot be separated from Fiat because this will be used as a benchmark for comparing Bitcoin prices.
If Fiat is removed, it will be difficult. I really hope that in the future maybe in 5 years more countries will accept Bitcoin as a legal tender.
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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.
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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
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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.
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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.
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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
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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
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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.
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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.
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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.
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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.
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Many tokens are not used as a means of payment.They are created as an internal product of the ecosystem.
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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.
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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.
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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.
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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.
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Many project tokens are not a means of payment in a broad sense, although they have such a function. Therefore, I do not think that they will become stable as a fiat currency.
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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.
A decentralized cryptocurrency cannot become price stable. In this it differs from fiat and will always differ from it. But the main thing is that the cryptocurrency is not able to replace the national currencies of states. The currency of states is the equivalent of the value of all commodity values, and which may be in circulation on the territory of this state. Therefore, the development of the state economy through fiat can be planned. This cannot be done with cryptocurrencies. In addition, states will simply not allow their fiat to be replaced by cryptocurrency.
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cryptocurrency is an inevitable progress in the evolution of the traditional established financial market. Yes, it will not possibly become a legal tender, but many of its functions and technologies will be used in traditional finance.
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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.
Nope. In the future everything will be under regulations to promote much better use case and common good in both parties. Nevertheless, for today let fiat and crypto work on its own way since crypto is not yet totally recognize globally as safe and good to use like fiat. After the case of LunaC and FTX, regulations is under negotiation.But if course it takes time to implement since crypto for now is known as decentralized market.
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Currently, it is very impossible to get rid of fiat in this era. Maybe if fiat ever goes away, they should first establish the internet around the world before it happens to remove fiat around the world.
Because until the internet is established worldwide, fiat will never disappear and cryptocurrency will still be secondary as virtual money in the whole world in my own opinion only.
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Fiat funds have made a person a slave. A person goes to work to earn money. Wages are not enough to live on. Prices are rising every day higher and higher. The man complains and he doesn't like it. Banks can not cope with the loans of the population. That's right, something more is coming soon! Cryptocurrency can offer much more than fiat money - the freedom to accumulate your funds. But at the same time, a person cannot live without fiat money, because you need to live on them. How soon the cryptocurrency will replace fiat funds is not known, and whether it will be at all!
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Many project tokens are not a means of payment in a broad sense, although they have such a function. Therefore, I do not think that they will become stable as a fiat currency.
The whole essence of cryptocurrencies is based on the ability to make profits from your investment. Let us take our minds back to when people didn't appreciate the Bitcoin they had back then, like in this instance;
a software programmer from Florida, Laszlo Hanyecz, became well known in the crypto world after trading 10,000 bitcoins for two Papa John's pizzas. (http://businessinsider.com/national-bitcoin-pizza-day-celebrated-crypto-laszlo-hanyecz-fans-2021-5?r=US&IR=T) who is going to spend that much BTC on pizzas now? as we know there are other incidents like this.
That said, aside from the stablecoins that we already know, I don't see any crypto becoming stable as fiat currency, and Getting rid of fiat money isn't happening any time soon, if ever.
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Currently, it is very impossible to get rid of fiat in this era. Maybe if fiat ever goes away, they should first establish the internet around the world before it happens to remove fiat around the world.
Because until the internet is established worldwide, fiat will never disappear and cryptocurrency will still be secondary as virtual money in the whole world in my own opinion only.
In order for fiat to disappear, that is, the currency of states, it is necessary for the states themselves to disappear. However, mankind does not yet know another form of social organization, except for the union in the state. Therefore, as long as states exist, their currency will exist, which they will protect.
Cryptocurrency, if it does not want to be destroyed by states, or at least driven into deep underground, it is necessary to peacefully coexist with the currencies of states and take its place in the existing global financial structure.
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I do not think that cryptocurrency can be a threat or a substitute for money at all, it is a new paradigm with its own technologies, innovations and products, some of which will be integrated into the traditional sector.
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I do not think that cryptocurrency can be a threat or a substitute for money at all, it is a new paradigm with its own technologies, innovations and products, some of which will be integrated into the traditional sector.
Cryptocurrency can never replace Fiat money because both of them have different physiques and uses. Digital currencies like Bitcoin and others will only be alternative payments that can help many people make transactions wherever you are with sellers who have long distances.
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People go to work in order to make money. It is impossible to live off of wages. Every day, prices continue to rise steadily higher. He doesn't like it when the man complains. The population's loans are too much for the banks to handle. That's true, there will be more shortly! Cryptocurrency can give you considerably more freedom to accumulate your money than fiat money can.
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Actually, it will be very difficult to wipe out fiat money from existence and be replaced with digital currencies. I don't think the digital systems alone will ever be implemented by any country of the world; but I think both currencies must exist side by side for easy access. There are areas that has no access to internet and the possibility of using only digital currencies like Bitcoin/altcoins may be impossible.
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People go to work in order to make money. It is impossible to live off of wages. Every day, prices continue to rise steadily higher. He doesn't like it when the man complains. The population's loans are too much for the banks to handle. That's true, there will be more shortly! Cryptocurrency can give you considerably more freedom to accumulate your money than fiat money can.
As people who have the goal of accelerating wealth gain, they will try to do all the work to keep getting enough income to grow their assets, Cryptocurrency can be a great place to grow assets by taking advantage of coin price movements on the market .
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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
agreed, crypto currency won't getting rid of fiat money for the next few years.
But maybe at the digital era , it will be.
Anything might happen at crypto space.
In my opinion, crypto has potential to be.
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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
agreed, crypto currency won't getting rid of fiat money for the next few years.
But maybe at the digital era , it will be.
Anything might happen at crypto space.
In my opinion, crypto has potential to be.
She has a huge potential and a high speed of adaptation. Let's see what will come out of all this over time.
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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
agreed, crypto currency won't getting rid of fiat money for the next few years.
But maybe at the digital era , it will be.
Anything might happen at crypto space.
In my opinion, crypto has potential to be.
Cryptocurrency will never get rid of fiat money at all. Cryptocurrency has no chance here. Cryptocurrency and digital money in general can only be an addition to fiat and nothing more. States will never abandon their national currencies. And everything that will pose a threat to the stability of their global financial system will be destroyed. Cryptocurrency should strive to coexist peacefully with the currencies of states and not claim a dominant role.
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This is not yet possible in our time, we know its importance in this age. Just think if the money is lost, what will be replaced with it? cryptocurrency? oh, outdated bitcoin or cryptocurrency should be exchanged for fiat.
Because, all over the world today, our internet technology is not yet stable, especially in the mountains that it has not yet reached. So what's happening now in this industry is that we just need to keep going and continue what we started here.
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I for one don't think fiat money is going to go out on extinction any time soon. It would still be around in the next 50 years anf be coexisting with CBDCs and cryptocurrencies. Some mainstream population would still prefer fiat especially for micro transactions