Are FIAT Currencies Facing an Extinction Level Event? - page 2.

mrjoy15

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Quote from: MicroGuy on January 20, 2017, 12:38:44 AM

The automobile obsoleted the horse and buggy as a means of daily transport. Email obsoleted the old snail mail system as a means of written correspondence.

Are fiat currencies at risk of being replaced by Bitcoin and other cryptocurrencies? And if so, how soon?

There no possibility at all.FIAT currencies will be safe and must be dominated in near future such as bitcoins that dominated other crypto currencies.Fiat currency has a long history,we can't imagine one day long without FIAT currencies.Any government don't support bitcoin instead of Fiat currencies while FIAT are one of the best source of profit and so more source of income.

jtipt

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Quote from: MicroGuy on January 20, 2017, 12:38:44 AM

Are fiat currencies at risk of being replaced by Bitcoin and other cryptocurrencies? And if so, how soon?

Nah, no where in near future. I think fiat are safe for another decade or two even after that its hard to say if cryptos or bitcoin would take over the whole economy and right now the threat to fiat is almost negligible(comparing to what is needed for fiat to get extinct).

xuan87

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It won't be happening, fiat is really important for a country, it is the pillar of economy, without fiat the country economic can be struggle, bitcoin and other digital currency is only can be used as sub currency, and if a country rely too much on internet for payment it can be dangerous

iram3130

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People nowadays are giving more preference to the digital and cryptocurrencies. But there is no way that Fiat currencies will face an extinction level event. Mainly because fiats are centralized and governments need them in order to run. Do you have any idea as how many countries are still unknown with even digital currency.? So the extinction level event is yet far in the future.

nelson4lov

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Quote from: erickkyut on January 20, 2017, 07:50:51 AM

FIAT have proven its worth ever since the civilization began. I mean there was no FIAT before and people are only using barter but since FIAT was invented, the trading became easier. The last time I know wherein there was a FIAT extinction was centuries ago. I just read those on some history books.

Fiat are centralized currencies, I know that. But FIAT can't go extinct. Regardless of the fact that Bitcoin makes things easy, You can't just leave Fiat out. So No, FIAT will still be around even If all countries legalize Bitcoin.

erickkyut

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FIAT have proven its worth ever since the civilization began. I mean there was no FIAT before and people are only using barter but since FIAT was invented, the trading became easier. The last time I know wherein there was a FIAT extinction was centuries ago. I just read those on some history books.

Karpeles

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Some people with power wants to abolish cash and use only digital money, so they will have total control of people's finances, but it still is far away from being reality, because still several people don't use digital money, either because they don't have bank accounts or because they don't know how to use computer(elder people etc)

qiwoman2

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Fiat will never die because governments and big corporations like the banks can't and won't allow themselves to fal, BUT Bitcoin is gaining more momentum so that will just give BTC an edge and a way for people to guard their wealth as a safe haven in the future, a bit like gold.

Juggy777

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Quote from: MicroGuy on January 20, 2017, 12:38:44 AM

The automobile obsoleted the horse and buggy as a means of daily transport. Email obsoleted the old snail mail system as a means of written correspondence.

Are fiat currencies at risk of being replaced by Bitcoin and other cryptocurrencies? And if so, how soon?

Your linking up of the things that were replaced are nice but to link this with the extinction of Fiat is way to big. Don't get me wrong, I love btc, the power of the btc is amazing and it makes Fiat look obsolete but there's just one small problem, Fiat is unlimited Bitcoin isn't. Fiat every one btc few have, normally btc is exchanged for Fiat and very less other way round. For btc to be supreme we would have to make it unlimited and every one has to be owning it, which as we know is not going to happen so I don't think Fiat will ever be obsolete.

ChrisPop

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I believe that the fiat currencies will be replaced by digital currencies but I not very soon as people are used to using paper money and a lot of people don't even know about cryptos yet so I would estimate that in 10-20 years the crypto-currencies will be used more than fiat,but the complet replacement of fiat could only happen in more than 50 years in my opinion. Wink

rivoke

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Fiat and bitcoin still consider as different money.

Fiat is currency and bitcoin is investment like gold , etc. The advantage for bitcoin is they have value like fiat so people can use bitcoin like fiat
Some country still block bitcoin , makes their popularity difficult to grow exponentially but since I trust bitcoin, doesn't mean it impossible to happen

szpalata

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Unless the whole world adapts a single fiat currency I doubt it's extinction, even though cryptocurrencies are evolving by the day. The worst that could happen to fiat is promotion of cashless society by respective governments around the world which would restrict us to use electronic forms of fiat.

Xester

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Fiat currencies will not face an extinction level. It can never be replaced by cryptocurrencies. I am not against cryptocurrencies but fiat currencies is controlled by the government and they will not allow it to perish since it is the life force of the society. Instead of cryptocurrencies replacing fiat currencies it is the fiat currency that is going digital using blockchain technology.

Jet Cash

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Taditional money exchange systems were replaced long ago. The current fiat system is based on virtual currencies with no PoS or PoW basis.
The initiative now is to remove cash, and to promote the electronic recording and transfer of fiat currencies. The systems already exists, but there are likely to be some slight changes and enhancements.

The real question is - can governments ban cash? If they do, what will replace it? precious metal coins are one alternative that is re-emerging. Bitcoin is another. It is likely that other cryptocurrencies will gain popularity as they try to block cash transactions.

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Quote from: MicroGuy on January 20, 2017, 12:38:44 AM

The automobile obsoleted the horse and buggy as a means of daily transport. Email obsoleted the old snail mail system as a means of written correspondence.

Are fiat currencies at risk of being replaced by Bitcoin and other cryptocurrencies? And if so, how soon?

I think Fiat is useful for our life at the present but Bitcoin or other cryptocurrencies are increasingly dominant in purchase, investment and exchange of goods. Bitcoin is not popular as like as fiat in the world but it will become central digital currency in the near future.

Herbert2020

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Quote from: MicroGuy on January 20, 2017, 12:38:44 AM

The automobile obsoleted the horse and buggy as a means of daily transport. Email obsoleted the old snail mail system as a means of written correspondence.

Are fiat currencies at risk of being replaced by Bitcoin and other cryptocurrencies? And if so, how soon?

well automobile didn't put horses out of business the first day it came out, it was first a big thing that needed to be started with a turning of a handle in front of the car and it was a slow vehicle at first. the same as any other technology it takes time to become more advanced and get adopted.

and the least thing we can expect is the extinction of the current form of fiat.

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Quote from: NorrisK on January 20, 2017, 03:56:00 AM

Fiat in its physical form is already slowly disappearing. Card transactions are rising, as well as NFC payments through mobile devices.

The system behind fiat is a different beat ofcourse. It will only be replaced when the governments decide to and if it takes the form of a cryptocurrency, you can bet it is a centralized one.

Yeah. I notice that.. I seldom used physical money in my wallet as of now because it is annoying to carry in my pocket especially coins. I'm just using my atm card on paying bills and buying on shopping malls or online store. But i'm not agree that physical will be abolish and just replace it by cryptocurrency. There is a lot of risk in crypto world and i'm afraid to lose all my money when i'm sleeping just because i have weak password. Grin

ralle14

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Quote from: Immakillya on January 20, 2017, 01:30:06 AM

I believe fiat can never be die or extinct.

Fiat can die but now is not the right time, change will come to make a replacement fiat in the future.

Quote from: MicroGuy on January 20, 2017, 12:38:44 AM

Are fiat currencies at risk of being replaced by Bitcoin and other cryptocurrencies? And if so, how soon?

There's tons of payment services supported by fiat so it's hard to say that fiat is at risked of getting replaced.

NorrisK

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Fiat in its physical form is already slowly disappearing. Card transactions are rising, as well as NFC payments through mobile devices.

The system behind fiat is a different beat ofcourse. It will only be replaced when the governments decide to and if it takes the form of a cryptocurrency, you can bet it is a centralized one.

Amph

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In some country with poor economy that is certain but i bet they will be replaced mostly with an enchaned fiat system than bitcoin, like a centralized blockchain that reduce their cost

since bitcoin is not contorlled i highly doubt any government will ever allow it as a main currency, but only as a side one

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