Are FIAT Currencies Facing an Extinction Level Event? - page 3.

n0ne

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Quote from: MicroGuy on January 19, 2017, 11:38:44 PM

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?

Soon or later fiat won't get replaced by the bitcoin or other digital currencies. The better part is that email and other innovations reduced the work force with its acceptance in a short, at the same postal services still in use. The same is with our bitcoin its getting acceptance little by little and even if the digitization happens it functions as a alternative.

davis196

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Quote from: MicroGuy on January 19, 2017, 11:38:44 PM

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?

The fiat money might be replaced by some personal bio data like fingerprints or technologies that scan the human eye.
Maybe the cryptosurrency developers will embrace such technologies too.

dunfida

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Quote from: MicroGuy on January 19, 2017, 11:38:44 PM

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?

This thing wont really happen at all even thinking that sooner we would have cashless society but bitcoin will surely remain on its place and cant really be considered to be the main currency of the future.Extinction of fiat wont happen as long there are governments would able to backed it up.

Immakillya

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I believe fiat can never be die or extinct. Thats not gonna happen. In terms of stabilty. Fiat is more stable than bitcoin. We all know that. Imagine if bitcoin is our main currency. Decrease and increase of price happens to often. What will happen to economy? Bitcoin is for investment. And not a main currency of a country.

pooya87

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Quote from: MicroGuy on January 19, 2017, 11:38:44 PM

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 if bitcoin or any other cryptocurrencies become as efficient and easy to use as fiat then yeah, it is possible to replace fiat.
but for now because they are as efficient (for example the limited number of transactions bitcoin can handle) and also because they are decentralized and that is a big problem for government to let it happen, i say it is hard for them to replace fiat and make it extinct.

Yakamoto

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Quote from: MicroGuy on January 19, 2017, 11:38:44 PM

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?

No, right now they are pretty far from any sort of extinction level event.

The closest they have ever been to becoming extinct has been the prevalence of Bitcoin, and to be honest it's not even that big compared to the huge power structure of fiat currencies.

The closest replacement time is something like 20 years (if you're generous), assuming growth rates are the same for Bitcoin.

piloder

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Quote from: MicroGuy on January 19, 2017, 11:38:44 PM

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

I don't think we will see this happening anytime soon and as future is quite unpredictable anything can happen like another new form of currency may challenge cryptocurrencies/bitcoin or law makers try to ban use of bitcoin completely due to its increasing number of criminal use.

Fiat currencies are one of the source of profit for banks by manipulating price and supply, so i don't think they will allow bitcoin to replace their income source. Grin

MicroGuy

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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?

Topic: Are FIAT Currencies Facing an Extinction Level Event? - page 3. (Read 2070 times)