Can cryptocurrencies replace fiat currencies

nur rochid

full member

Activity: 1050

Merit: 100

Quote from: laredo7mm on August 08, 2021, 06:34:52 AM

Quote from: joniboini on July 12, 2021, 11:01:54 PM

I think crypto becoming the underlying value for fiat, like gold, is more likely to happen. As mentioned above, fiat still has its own uses, especially for countries and governments who want to gain control over their economy. Relying on a tech where everyone can contribute might not be the best choice for them.

Exactly, In a country like china govt won't allow such a thing. Govt wants to control the system and money is fuel to run it. So they won't allow people to gain too many towers so that they have the ability to collapse the govt.

Bitcoin was created to create a decentralized financial system where everybody has control over their funds. Crypto is already doing that but storing value without any help from banks.

in crypto, everyone seems to have their own bank, and it seems difficult for crypto to replace fiat, because here there is a role for the government which wants to strengthen its own currency, especially the currency of a country is a symbol of that country, and we haven't thought about where the whole country is. has only one symbol, namely bitcoin

Alucard1

full member

Activity: 574

Merit: 125

I don't think that cryptocurrency will possibly replace fiat currency, there are so many things that cryptocurrency needs to change before it replaces fiat currency. The transaction fee is one of the things that makes it not good to replace fiat currency, as cryptocurrency has so many fees unlike fiat currency. The time it takes before the transaction has been completed as well is another reason.

Gudhal Untu

full member

Activity: 845

Merit: 100

Quote from: Alucard1 on August 08, 2021, 07:25:40 AM

I don't think that cryptocurrency will possibly replace fiat currency, there are so many things that cryptocurrency needs to change before it replaces fiat currency. The transaction fee is one of the things that makes it not good to replace fiat currency, as cryptocurrency has so many fees unlike fiat currency. The time it takes before the transaction has been completed as well is another reason.

The security factor is a basic thing that must be fixed, although the private key looks very safe with 52 characters but the fact is that almost every day we hear cases of wallets being hacked, I'm afraid if it becomes fiat the balance will be zero because the wallet is hacked.

laredo7mm

hero member

Activity: 1498

Merit: 537

Quote from: joniboini on July 12, 2021, 11:01:54 PM

I think crypto becoming the underlying value for fiat, like gold, is more likely to happen. As mentioned above, fiat still has its own uses, especially for countries and governments who want to gain control over their economy. Relying on a tech where everyone can contribute might not be the best choice for them.

Exactly, In a country like china govt won't allow such a thing. Govt wants to control the system and money is fuel to run it. So they won't allow people to gain too many towers so that they have the ability to collapse the govt.

Bitcoin was created to create a decentralized financial system where everybody has control over their funds. Crypto is already doing that but storing value without any help from banks.

Melody kdl

jr. member

Activity: 55

Merit: 5

I personally think that cryptocurrency will not replace currency.
The most important basis of the legal currency we currently use is stability, while Bitcoin has no value stability. Only stability can be widely recognized. Once unstable, it will inevitably cause people to panic. From this perspective, it is difficult to replace legal currency.
In addition, the circulation of Bitcoin is 21 million, and there will be no additional issuance after the issuance. If the world widely recognizes Bitcoin and uses Bitcoin as legal currency, then there will be more and more consensus that Bitcoin will continue to rise, just like the current gold, as long as the total amount does not increase significantly, then there will be no inflation.
So Bitcoin, to a certain extent, can resist inflation, but it has no meaning for money. Because the value of currency lies in its ability to dynamically adapt to changes in the economy.

MKings

jr. member

Activity: 62

Merit: 6

Cryptocurrency is unstable. If you use cryptocurrency as work compensation, you can accept payment of 1,000 in the first month, 2,000 in the second month, and 500 in the third month. Do you pay 5000 for the fourth month? (Although it is a bit exaggerated, the price of cryptocurrency fluctuates up and down)
The government will not accept a currency that cannot be controlled as legal tender.
When the price of encrypted currency stabilizes in the future, it may develop into legal currency, but it is impossible to achieve it at present.

kapalmabur

sr. member

Activity: 2002

Merit: 250

Quote from: Gudhal Untu on August 09, 2021, 01:29:46 AM

Quote from: Alucard1 on August 08, 2021, 07:25:40 AM

I don't think that cryptocurrency will possibly replace fiat currency, there are so many things that cryptocurrency needs to change before it replaces fiat currency. The transaction fee is one of the things that makes it not good to replace fiat currency, as cryptocurrency has so many fees unlike fiat currency. The time it takes before the transaction has been completed as well is another reason.

The security factor is a basic thing that must be fixed, although the private key looks very safe with 52 characters but the fact is that almost every day we hear cases of wallets being hacked, I'm afraid if it becomes fiat the balance will be zero because the wallet is hacked.

What you say is true and we don't need to cover up that cryptocurrency wallets are still not completely secure,
whether it's the negligence of the user or not, this is certainly an important issue so that security can be improved again,
and I'm not sure cryptocurrency can replace fiat currency

ninkdwi

member

Activity: 364

Merit: 14

Quote from: ?? on ??

Yes true, if we pay attention, what fiat does can be replaced with crypto even better because it is faster, safer and the transaction fees are cheap. I hope many countries will think about this so they accept crypto.

with a fluctuating nature, it will be very difficult for crypto if it is used as a substitute for fiat. even if many countries adopt crypto and legalize it, fiat will still be the main means of payment and crypto will remain an alternative both now and in the future.
this is certainly not without reason referring to the volatile system that exists in crypto, it will be very difficult for us to regulate the price because by the nature of crypto it is difficult to guess other than that a transition like this at least needs to be thought about carefully because the majority of people today are still many. who likes fiat and it will be very difficult to change this habit

fulcare

sr. member

Activity: 588

Merit: 254

Quote from: jaysabi on August 07, 2021, 11:59:08 PM

Quote from: fulcare on July 30, 2021, 04:39:08 AM

Quote from: ROSEDF on July 29, 2021, 08:39:55 PM

I think that cryptocurrency and fiat currency can be used together. The feature of cryptocurrency is that fiat currency does not have, and the feature of fiat currency is that cryptocurrency does not. If there is no fiat currency, how do we buy cryptocurrency, and now various countries are launching digital fiat currency , This is actually a threat to cryptocurrency, because the government cannot control cryptocurrency. It will prohibit the use of cryptocurrency for everyone to use legal digital currency. It will be a blow to cryptocurrency at that time, but we Everyone likes to use cryptocurrency because it is relatively free, not regulated by the government, and there is no third party. Your own information will not be easily leaked, and now transaction payments are more convenient and fast

Digital fiat currency isn't much of a threat to decentralized cryptocurrencies. Digital fiat currencies are a threat to society because they undermine privacy like no tool did ever before. You can't transact anymore without the banks and the government knowing where you were at what point in time and what type of items you most likely bought. If you have to go to a pharmacy twice a week and buy something, they know you must be sick like hell. If you pay the price for a package of cigarettes and they see the exact same amount every day on your financial report, they know you are a heavy smoker.

What you're describing isn't any different from electronic payments as they currently are. You don't even need a digital currency. There's no reason to suspect that a digital currency though would allow the government to know what specific items you're purchasing though, just like the current digital payment systems don't provide that information. That concern is overblown, but I agree a digital currency is a potential nightmare for consumers because of the extra power it grants the government over the economy.

Alright, let's assume you go to a store and a certain bottle of well known cheap whiskey has a certain price. You go to that store seven days a week and buy that bottle, most of the time between 6 and 7 pm. Maybe you add some other stuff that has a price everyone could pretty easily identify. Now you ask your bank for a loan. Don't you think they might have a clue because of your spending habits? What if you attend a "certain" doctor three times a week and you pay privately? Do you think the doctor has a hidden company on the Cayman Islands such that nobody knows you are visiting that doctor three times a week when the transaction with all details shows up on our account every single time? No, it will say "Doctor Smith bla bla bla". What about paying in a whorehouse? Or going into a pub more often than the average person, paying your bill with digital money there? Or you frequently have to pay a lawyer, anything wrong with you? Are you a criminal? Should I go on? I know I am mentioning stuff that might reveal so called "weaknesses" of some people. But as long as they don't harm anyone when they drink 7 bottles whiskey a week and have usually been paying back reliably, are you sure that insurance companies and banks won't use that data?

jakdanyel

sr. member

Activity: 1666

Merit: 304

kycfree

I don't think that cryptocurrencies can replace fiat money in the future. And they have no such aim to do so either. Cryptocurrencies are good alternatives to fiat. Their field of usage is not much widespread for now and they are one of the good options to invest into. And I think that it will go on like this forever unless the market is gone forever.

Obito

sr. member

Activity: 1274

Merit: 293

Quote from: ?? on ??

If you mean that the volatile ones, then I say no. Because I wouldn't expect especially the governments of big countries to say OK to this. They wouldn't like to use a volatile currency as legal tender. It is really risky for the economy of a country. But when the digital currencies are developed by the governments, they will replace fiat surely. Because they won't be volatile, they will be stable.

I have to agree with this one, the volatility of the market is going to be really bad if we were to use it as a currency but in the hypothetical situation that there's no existing fiat currency, I think that we will be able to stabilize or remove the volatility altogether because there's no trading happening that can cause the sudden change in supply and demand.

Falconer

legendary

Activity: 2660

Merit: 1141

Quote from: Kimonoe on August 08, 2021, 01:58:18 AM

right, not easy to replace fiat, let alone btc. Currently, although there are countries that have legalized it, there are still many countries that have not been able to follow it. country is a parameter about the future of bitcoin, because this is where any regulations must be obeyed

Legalizing bitcoin for legal payments is not as easy as turning the palm of the hand even though the country of Salvador as the first pioneer country to legalize bitcoin, the purpose of legalizing bitcoin is because 70 percent of the population there does not have a bank account and other things are considered important because bitcoin is integrated globally.

*reference from google source search

Kimonoe

member

Activity: 700

Merit: 10

Quote from: suryana on August 07, 2021, 04:48:57 PM

Quote from: ninabobo on August 07, 2021, 02:58:06 PM

Both currencies has their different functions and I don't think it will be so easy for bitcoin to replace cash because there are lots of obstacles involved, firstly the government which are against bitcoin won't accept bitcoin taking over it's local currency because their local currency is just like it's identity and also it's pride as a country, and there are many more reasons to why bitcoin will find it difficult to replace cash.

Whatever the reason, fiat, physical currencies are still influential and are still very much sought after and used in society. Btc will not be able to replace them, they have their own values and functions. Not easily then can replace it.

right, not easy to replace fiat, let alone btc. Currently, although there are countries that have legalized it, there are still many countries that have not been able to follow it. country is a parameter about the future of bitcoin, because this is where any regulations must be obeyed

jaysabi

legendary

Activity: 2044

Merit: 1115

★777Coin.com★ Fun BTC Casino!

Quote from: fulcare on July 30, 2021, 04:39:08 AM

Quote from: ROSEDF on July 29, 2021, 08:39:55 PM

I think that cryptocurrency and fiat currency can be used together. The feature of cryptocurrency is that fiat currency does not have, and the feature of fiat currency is that cryptocurrency does not. If there is no fiat currency, how do we buy cryptocurrency, and now various countries are launching digital fiat currency , This is actually a threat to cryptocurrency, because the government cannot control cryptocurrency. It will prohibit the use of cryptocurrency for everyone to use legal digital currency. It will be a blow to cryptocurrency at that time, but we Everyone likes to use cryptocurrency because it is relatively free, not regulated by the government, and there is no third party. Your own information will not be easily leaked, and now transaction payments are more convenient and fast

Digital fiat currency isn't much of a threat to decentralized cryptocurrencies. Digital fiat currencies are a threat to society because they undermine privacy like no tool did ever before. You can't transact anymore without the banks and the government knowing where you were at what point in time and what type of items you most likely bought. If you have to go to a pharmacy twice a week and buy something, they know you must be sick like hell. If you pay the price for a package of cigarettes and they see the exact same amount every day on your financial report, they know you are a heavy smoker.

What you're describing isn't any different from electronic payments as they currently are. You don't even need a digital currency. There's no reason to suspect that a digital currency though would allow the government to know what specific items you're purchasing though, just like the current digital payment systems don't provide that information. That concern is overblown, but I agree a digital currency is a potential nightmare for consumers because of the extra power it grants the government over the economy.

suryana

sr. member

Activity: 1218

Merit: 254

Trphy.io

Quote from: ninabobo on August 07, 2021, 02:58:06 PM

Both currencies has their different functions and I don't think it will be so easy for bitcoin to replace cash because there are lots of obstacles involved, firstly the government which are against bitcoin won't accept bitcoin taking over it's local currency because their local currency is just like it's identity and also it's pride as a country, and there are many more reasons to why bitcoin will find it difficult to replace cash.

Whatever the reason, fiat, physical currencies are still influential and are still very much sought after and used in society. Btc will not be able to replace them, they have their own values and functions. Not easily then can replace it.

ninabobo

full member

Activity: 463

Merit: 100

Both currencies has their different functions and I don't think it will be so easy for bitcoin to replace cash because there are lots of obstacles involved, firstly the government which are against bitcoin won't accept bitcoin taking over it's local currency because their local currency is just like it's identity and also it's pride as a country, and there are many more reasons to why bitcoin will find it difficult to replace cash.

Semar Mesem

full member

Activity: 1484

Merit: 101

Quote from: ROSERTY on July 12, 2021, 08:42:34 PM

Cryptocurrency is a new trend in the modern financial economy, and it is an Internet-based medium of exchange that can be traded using cryptographic functions.
The decentralization and transparency of cryptocurrency makes it free from government supervision and control, and it is the owner who controls own wealth. The benefits of cryptocurrency make many new users to invest in it, and it has been accepted and recognized by more people. Some countries have banned bitcoin from the beginning to now accept and use it, and some countries use bitcoin as legal tender.
With the passage of time and the increase in value, will cryptocurrency be used in the world instead of fiat currency?

Nothing is impossible in this world, in the past when digital money was first discovered, many people thought pessimistically that digital money could develop, the fact is that currently digital money transactions are bigger than cash, bitcoin and crypto have a good chance to be a solution to replace fiat .

fulcare

sr. member

Activity: 588

Merit: 254

Quote from: ?? on ??

Quote from: marilynmanson21 on August 02, 2021, 08:03:22 AM

Judging from developments, I think crypto can be a substitute for fiat money where fiat is the basis of the value of crypto itself, but prohibitions in some countries can hinder the process, because one country has its own fiat characteristics and usd is the world currency

Yes true, if we pay attention, what fiat does can be replaced with crypto even better because it is faster, safer and the transaction fees are cheap. I hope many countries will think about this so they accept crypto.

Everything you mentioned as an advantage is not the case at the moment. If we deny the truth, we'll only do harm to the development process and progress of cryptocurrencies. The fact of the matter for now is that the safest cryptos we have are not faster and not cheaper in many cases, depending on the areas you want to transact from and to. The transaction capacity still is the big bottleneck that needs to be solved in order for crypto to be competitive in terms of speed and cost.

dimox

legendary

Activity: 1610

Merit: 1003

like the other thing, like can government replace 'analog stuff' to 'digital stuff'? they can implement if government help weaker to improve their life, teach them the different about this and this. its take time, but slowly will give good impact.
so, crypro cant replace if our mindset always thing that bitcoin is for investment. if user want to work together as team, and want to go to rimland, introduce to people who dont know about it, slowly, people will replace. notes, not all people will do it.

Tahsin Kabir Kollol

full member

Activity: 1610

Merit: 102

Cryptocurrency current feature review, I don't think cryptocurrency is going to take the place of fiat currencies. Because the monetary system and monetary policy of a country play a special role for the government to run a state. As a result, it is very difficult and almost impossible for a government to run a country using cryptocurrency as a currency. The value of a country's currency is determined by its prosperity and natural resources, it is not possible by cryptocurrency. Moreover, due to the volatility of cryptocurrency prices and its complete reliance on technology, it may not be acceptable to everyone. So I don't think cryptocurrency can take the place of fiat currencies.

Topic: Can cryptocurrencies replace fiat currencies (Read 1297 times)