not going to happen for many reasons, the main one being inability to process enough transactions per second
even if it is going to take over , fiat money are not going anywhere , not just yet
otherwise we are heading to electronic concentration camps with people turned on/off the grid at will
all the utopian societies fiction flicks would look like heaven if this happens
imagine not being able to pay for food or water if you do not have your internet banking account access and no other way to pay for it?
Topic: [2018-11-18]Cryptocurrency to Replace Fiat Money Within Next Ten Years, Expert C (Read 241 times)
December 01, 2018, 01:49:35 PM
December 01, 2018, 02:59:56 AM
This is possible but it will be that hard to happen because cryptocurrency has different features compared to money and that is the highly volatile value of the crypto. As we all know that the market price or value of crypto is being determined by the people with their demand. The higher the demand of the people the higher the market price of cryptocurrency.
November 30, 2018, 06:50:45 PM
Bold predictions for sure.
The most probable thing if cryptocurrencies ever did replace fiat completely would be that the central bank moved the nation's currency onto a blockchain. Sort of like all of the cryptocurrency projects that Venezuela has been doing.
Essentially by that, they are digitizing the currency supply, but still retaining control over the economy.
As others have mentioned, I can see bitcoin being used as an alternative currency for day to day online purchases, and a safe haven for investors. But if only a decade is given, I don't think that there will be enough adoption to say that fiat is completely replaced, even though individual's finances can be conducted completely in BTC. Central banks and the traditional banking system will also certainly not be willing to let go of the control that they have right now.
The most probable thing if cryptocurrencies ever did replace fiat completely would be that the central bank moved the nation's currency onto a blockchain. Sort of like all of the cryptocurrency projects that Venezuela has been doing.
Essentially by that, they are digitizing the currency supply, but still retaining control over the economy.
As others have mentioned, I can see bitcoin being used as an alternative currency for day to day online purchases, and a safe haven for investors. But if only a decade is given, I don't think that there will be enough adoption to say that fiat is completely replaced, even though individual's finances can be conducted completely in BTC. Central banks and the traditional banking system will also certainly not be willing to let go of the control that they have right now.
November 29, 2018, 08:26:23 AM
It will be faster if some countries adopt cryptocurrencies to their economies. There is a lot af shops and platforms that using crypto as payments.
November 22, 2018, 08:26:47 AM
This won't happen. Cash transactions will still be a thing for market places and builders. Not everyone want to have a cashless system for tax purposes etc...
November 22, 2018, 01:57:32 AM
Sounds good to me, the predications are often wild and in their extremes. Will be interesting to see how the Bitcoin will go, personally I think it will go much much higher.
November 21, 2018, 07:53:11 PM
Digital transactions will be much more appreciated in the next decade but it will never replace fiat. People who want to stay inside of their houses most of the time will transact virtual money or crypto and those who want to go outside will always bring fiat with them
November 19, 2018, 07:57:28 AM
As long as governments and central banks exist, I don't see it happening. There's also a large disconnect between "speculative asset" and "currency" and I'm not sure how it's all going to play out. I see cryptocurrencies taking some market share from fiat currencies, but not replacing them.
The funny thing is he tweeted this bold prediction right before BTC started dipping in prices again. Obviously this guy's tweets consists mainly of hype and promotions, and he might be using this bold predictions and generally being bullish about Bitcoin in order to have more followers and believers in order to promote his main business. This kinds of "experts" although are wrong in most of their claims are highly successful on fooling a lot of people because they have gained the trust of a lot of people on the course of their hyping.
November 19, 2018, 05:36:44 AM
It's not that I disagree completely with the above comments criticizing Nicholas Merten, but I want to remind you one thing, guys. We are at war with over 95% of the world population right now. This is an information war where the vast majority of people thinking that Bitcoin is a fraud with no future on the one side and the minority, less than 5%, thinking that Bitcoin is the future, on the other. And Nicholas Merten is on our side in this war. The fact that he is popular (he has two times more subscribers on Youtube than Andreas Antonopoulos) means that he speaks with the audience in a language the audience understands. And he tells the audience that Bitcoin is something worth putting your trust in. Let's give him some credit for that.
November 19, 2018, 04:34:34 AM
Not as long as people are thinking to hold Bitcoin, only to sell for their precious dollars. Ten years might not be an impossible timeframe for tech to innovate and embed, but it isn't as long as it seems, either. The major currencies still have a lot of life left in them, even if they're bleeding profusely.
That's because he's not an "expert" at all. He's a self-styled "blockchain and crypto enthusiast" with a Youtube channel.
I scrolled through his Twitter to see if I could find some more elaboration on this idea. I couldn't find much. For some reason, he thinks "cryptocurrency replacing fiat money" is just a natural progression from "institutional speculation."
As long as governments and central banks exist, I don't see it happening. There's also a large disconnect between "speculative asset" and "currency" and I'm not sure how it's all going to play out. I see cryptocurrencies taking some market share from fiat currencies, but not replacing them.
"Expert" has long joined an array of terms rendered meaningless, thanks to the marketing efforts of so-called blockchain/crypto projects. Along with "disrupt", "revolutionary" and others... can't recall all of them but I'll only need to visit the altcoin section ANN posts to refresh my memory.
These days, influencers are experts, more so than academicians or even developers. Good old coding skills and experience are no longer qualifying requisites for expertise. Gotta disrupt the old world now and give way to these social media experts!
Didn't know Nicholas Merten before reading this article, but I am surprised on how he related the past and current significant events on cryptocurrencies and then leap out on a prediction that cryptocurrencies will replace Fiat.
That's because he's not an "expert" at all. He's a self-styled "blockchain and crypto enthusiast" with a Youtube channel.
I scrolled through his Twitter to see if I could find some more elaboration on this idea. I couldn't find much. For some reason, he thinks "cryptocurrency replacing fiat money" is just a natural progression from "institutional speculation."
As long as governments and central banks exist, I don't see it happening. There's also a large disconnect between "speculative asset" and "currency" and I'm not sure how it's all going to play out. I see cryptocurrencies taking some market share from fiat currencies, but not replacing them.
"Expert" has long joined an array of terms rendered meaningless, thanks to the marketing efforts of so-called blockchain/crypto projects. Along with "disrupt", "revolutionary" and others... can't recall all of them but I'll only need to visit the altcoin section ANN posts to refresh my memory.
These days, influencers are experts, more so than academicians or even developers. Good old coding skills and experience are no longer qualifying requisites for expertise. Gotta disrupt the old world now and give way to these social media experts!
November 19, 2018, 12:23:03 AM
Such a prediction is a great folly. Cryptocurrency by its nature cannot replace the national money of the states. They have no relationship with the economy of any state. Governments will never abandon the use of their national money in favor of cryptocurrency, because it will be a disaster for their economies. As long as there are states, a common currency will exist, a cryptocurrency can only go in parallel with such a currency.
November 18, 2018, 06:46:18 PM
If I were to tell people that in next 10 years governments will be replaced by ancap societies, anarcho-syndicalism or other theoretical political order, people would say that it's impossible, and would be right. The same goes for crypto and fiat - there's no way it will happen in such a short period of time, the masses don't really care, and even if they did, governments wouldn't let them. So much crypto "experts" are making claims that are out of touch with reality that it negatively reflects on this field as a whole.
November 18, 2018, 05:24:11 PM
replacement of fiat by crypto is already under way...
November 18, 2018, 04:41:08 PM
Didn't know Nicholas Merten before reading this article, but I am surprised on how he related the past and current significant events on cryptocurrencies and then leap out on a prediction that cryptocurrencies will replace Fiat.
That's because he's not an "expert" at all. He's a self-styled "blockchain and crypto enthusiast" with a Youtube channel.
I scrolled through his Twitter to see if I could find some more elaboration on this idea. I couldn't find much. For some reason, he thinks "cryptocurrency replacing fiat money" is just a natural progression from "institutional speculation."
As long as governments and central banks exist, I don't see it happening. There's also a large disconnect between "speculative asset" and "currency" and I'm not sure how it's all going to play out. I see cryptocurrencies taking some market share from fiat currencies, but not replacing them.
November 18, 2018, 04:17:38 PM
Didn't know Nicholas Merten before reading this article, but I am surprised on how he related the past and current significant events on cryptocurrencies and then leap out on a prediction that cryptocurrencies will replace Fiat. He didn't provide any kind of explanation on the road map/prediction he has provided, I see no point on believing in the outcome he is looking for at the ends. He didn't explained how volatility is a key factor on making cryptocurrencies as the first choice of consumers or even how legislation will help shape the course of cryptocurrencies in the future. In short this is another guy with with thousands of followers posting a senseless tweet.
Im already get use to it for those popular persona either on online or physical world to express of his own idea or opinion but if we do dissect carefully on such prediction there would still need a lot of debates or questions to be asked on how it would be possible. We know the differences of crypto and Fiat itself and no matter which angle i would tend to check out.This
thing wont really be possible no matter what. Crypto has its own space, it might be collaborated but it would just stays like that.
November 18, 2018, 03:02:06 PM
Didn't know Nicholas Merten before reading this article, but I am surprised on how he related the past and current significant events on cryptocurrencies and then leap out on a prediction that cryptocurrencies will replace Fiat. He didn't provide any kind of explanation on the road map/prediction he has provided, I see no point on believing in the outcome he is looking for at the ends. He didn't explained how volatility is a key factor on making cryptocurrencies as the first choice of consumers or even how legislation will help shape the course of cryptocurrencies in the future. In short this is another guy with with thousands of followers posting a senseless tweet.
November 18, 2018, 01:59:54 PM
Cryptocurrency to Replace Fiat Money Within Next Ten Years, Expert Claims
Popular blockchain and crypto enthusiast Nicholas Merten, hasn’t lost faith in financial technology and digital currencies, such as bitcoin, ripple, and ethereum. He is confident in the suggestion that cryptos will replace fiat currency in its primary position during 2020–2030.
Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/cryptocurrency-to-replace-fiat-money/
Popular blockchain and crypto enthusiast Nicholas Merten, hasn’t lost faith in financial technology and digital currencies, such as bitcoin, ripple, and ethereum. He is confident in the suggestion that cryptos will replace fiat currency in its primary position during 2020–2030.
Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/cryptocurrency-to-replace-fiat-money/
Jump to: