Can cryptocurrency do away with fiat?

[$crypto$]

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.

[robert20]

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.

[elbans89]

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.

[Ghozrd]

~snip~

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

[Fenix]

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.

[ashraf786100]

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.

[TomPluz]

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?

[Ferki]

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 

[Delgboke]

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.

[gotbounty]

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

[Seerge]

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.

[xeroz]

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.

[zilzylian]

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.

[Thymoty]

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.

[Tristanerus]

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.