Topic: Can cryptocurrencies replace fiat currencies - page 3. (Read 1271 times)
I doubt many people buy crypto currencies because of their use cases or giving people the power or because it's decentralized. Most of them invest in crypto currencies to make short and long term profit. Once they reach their profit goal, they are going to go back to fiat. Sadly this is the truth. As long as people keep on depending on fiat currencies for everything, crypto currencies won't be able to replace them. At best we will be seeing both of the currencies being used side by side. Even if fiat gets replaced, it will be by some centralized currency.
Cryptocurrency replacing fiat will certainly never happen. Governments and central banks will not allow that to happen. Cryptocurrencies will be the trend in the future and will exist alongside fiat. Cryptocurrencies give people more options in their payment methods or become another trusted place to invest and store assets.
I think so, cryptocurrencies certainly can't be applied like fiat, there are many conditions that cryptocurrency cannot fulfill to replace fiat, for example is a security system, I'm worried if I want to pay with crypto then the internet is disrupted so the transaction fails.
Just imagine a situation like this. It cost a plate of chicken $20 equivalent to 0.0020btc for example, and then, you wake up one morning bitcoin double and the restaurant rule was no matter what, the cost of purchasing a plate of chicken remain 0.0020btc, that would be ridiculous cos I know much people would want to implement something like that and vice versa.
If one is selling goods and receiving cash in form payment, you would be at lost when bitcoin fall in price and if one isn't careful, you may be force to leave the market because the chance of buying more goods will be low.
Bitcoin is and will never be good for fiat replacement but perhaps for reserve.
Short answer: NO
Long answer: VERY POSSIBLE
The short answer is NO because fiat has been categorized by the whole world as the legal tender in our daily transactions. In order for fiat to be replaced by something different, all countries must first agree to the change and they must also view it as the main source or instrument for their transactions.
The long answer is YES because in the far future where digitalized transactions may take over, cryptocurrencies, along with the blockchain technology, is just more efficient and safe in the transactions. Having to pay digitally would be the convenient road to take in which the future may adopt.
Long answer: VERY POSSIBLE
The short answer is NO because fiat has been categorized by the whole world as the legal tender in our daily transactions. In order for fiat to be replaced by something different, all countries must first agree to the change and they must also view it as the main source or instrument for their transactions.
The long answer is YES because in the far future where digitalized transactions may take over, cryptocurrencies, along with the blockchain technology, is just more efficient and safe in the transactions. Having to pay digitally would be the convenient road to take in which the future may adopt.
Cryptocurrencies, particularly bitcoin, are in the limelight among investors, their acceptance is expanding. In fact, those who were previously very anti-bitcoin have now started investing in this cryptocurrency with the largest market capitalization.
Cryptocurrencies are predicted to be able to replace fiat currencies or the currencies we usually use today. However, there is still a long way to go because of the fundamental differences between crypto and fiat currencies.
The most prominent is the decentralization of cryptocurrencies, while fiat currencies are centralized or centralized. The centralized system means that the currency is controlled by a certain entity, in this case the fiat currency is controlled by the government or the central bank.
- Millions of eyes are on the side of bitcoin and crypto just to expect higher prices from it, prove that people just hope this high cap market will continue to drive the current values, they are not ambitious it just stops at the replacement money level that they use every day because they know a bigger opportunity awaits them. The predictions just show that crypto and bitcoin can accomplish a lot of different tasks, so people's eyes will be especially good, instead of just a virtual transaction and few people know. Cryptocurrencies are predicted to be able to replace fiat currencies or the currencies we usually use today. However, there is still a long way to go because of the fundamental differences between crypto and fiat currencies.
The most prominent is the decentralization of cryptocurrencies, while fiat currencies are centralized or centralized. The centralized system means that the currency is controlled by a certain entity, in this case the fiat currency is controlled by the government or the central bank.
Cryptocurrencies are predicted to be able to replace fiat currencies or the currencies we usually use today. However, there is still a long way to go because of the fundamental differences between crypto and fiat currencies.
If we think that we can save from paying taxes of having cryptos, no it's not. Maybe we can escape it by now but can't be sure a few years from now especially when the government obliges crypto holders to pay their taxes or else they will confiscate them. Just for now, we are still happy about the situation that we pay nothing for the government but in the other countries, it was already been started and that seems possible for all countries who support crypto will find no excuses but also to urge people to pay.
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?
I believe there was a special need for this to remedy the already bad financial system of that country, (one country for now). However, I don't believe this will be a global thing. Yes, some governments might not ban the trading and acceptance of Bitcoin and other cryptocurrencies by some organization that wants to in their country but I don't believe they will do away with their national monetary system for Bitcoin. 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?
Seriously I think cryptocurrency have different purpose which is serving and I believe fiat is also having is purpose for from my observation I don't think cryptocurrency can replace fiat because they are having different purpose and I believe fiat is also important so I don't think cryptocurrency can really replace fiat. So u don't think anybody should think cryptocurrency can replace fiat but I believe cryptocurrency is very important and people are beginning to adopt it but can't still compete with fiat.
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.
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
Not yet. The whole world is equal to the dollar, and is used to the dollar and local currencies.
I have no idea what will happen if financial systems disappear leaving only cryptocurrency, how will we determine the value of certain things in cryptocurrency?
I have no idea what will happen if financial systems disappear leaving only cryptocurrency, how will we determine the value of certain things in cryptocurrency?
Of course it doesn't depend on one or two cryptos, we need at least 20 cryptocurrencies to make it global money, I believe the presence of cryptocurrencies is the right solution to overcome the global economic gap.
When it comes to transferring money, you may notice that Bitcoin works way better than fiat currencies. When there is an increase in bit coin's exchange value, you can expect an increase in its transfer amount. But one thing is for sure; it will remain less expensive than fiat currencies.
Bitcoin is more beneficial compared to fiat money. In the upcoming days, it may also happen that the entire world may have a single currency with a uniform value. The most interesting part of bitcoin is that gradually it is becoming the global currency of the world with many beneficial features. You cannot neglect the fact that bitcoin offers more flexibility compared to the other currencies of the world.
Bitcoin is more beneficial compared to fiat money. In the upcoming days, it may also happen that the entire world may have a single currency with a uniform value. The most interesting part of bitcoin is that gradually it is becoming the global currency of the world with many beneficial features. You cannot neglect the fact that bitcoin offers more flexibility compared to the other currencies of the world.
fiat and cryptocurrencies will circulate together in the future.
The answer is no, what will truly replace fiat currencies are CBDC which is why China is no mad at miners in the country right now, they want to shift all attentions from crypto to CBDC to make it work in the country
CBDC is still a hot topic because the concept is still ambiguous, there are countries that make their currency 'digital fiat' and there are also those that make their currency 'crypto-based'. regardless of what they will use their currency for, I'm sure it won't interfere with long-standing Bitcoin and Altcoins. 
Not yet. The whole world is equal to the dollar, and is used to the dollar and local currencies.
I have no idea what will happen if financial systems disappear leaving only cryptocurrency, how will we determine the value of certain things in cryptocurrency?
It will not happen. every country will definitely continue to maintain its fiat money because fiat money is one of the symbols of the country. another reason is because fiat money in a country is already known as the only legal tender and that will never change. I have no idea what will happen if financial systems disappear leaving only cryptocurrency, how will we determine the value of certain things in cryptocurrency?
The answer is no, what will truly replace fiat currencies are CBDC which is why China is no mad at miners in the country right now, they want to shift all attentions from crypto to CBDC to make it work in the country
Not yet. The whole world is equal to the dollar, and is used to the dollar and local currencies.
I have no idea what will happen if financial systems disappear leaving only cryptocurrency, how will we determine the value of certain things in cryptocurrency?
I'll tell you what happens, we will see the whole financial world collapse right in front of our eyes because cryptocurrency alone won't be able to handle the sudden vacuum in power that was in place after the fiat is gone although that's not the likely scenario to happen, most likely it will be a slow absorption until it becomes all digital. I have no idea what will happen if financial systems disappear leaving only cryptocurrency, how will we determine the value of certain things in cryptocurrency?
Of course it doesn't depend on one or two cryptos, we need at least 20 cryptocurrencies to make it global money, I believe the presence of cryptocurrencies is the right solution to overcome the global economic gap.
How is it going to matter, if we have two or twenty different cryptocurrencies? In the fiat economy, there is only one reserve currency (US Dollar). So I don't think that there is a need for dozens of different cryptocurrencies. In fact I would say that one of the weaknesses I have witnessed in the cryptocurrency sector recently is the oversupply of coins. Right now, more than 10,000 different cryptocurrencies exist, and they result in dilution of the market cap for some of the good projects.
Not yet. The whole world is equal to the dollar, and is used to the dollar and local currencies.
I have no idea what will happen if financial systems disappear leaving only cryptocurrency, how will we determine the value of certain things in cryptocurrency?
I have no idea what will happen if financial systems disappear leaving only cryptocurrency, how will we determine the value of certain things in cryptocurrency?
Cryptocurrency replacing fiat will certainly never happen. Governments and central banks will not allow that to happen. Cryptocurrencies will be the trend in the future and will exist alongside fiat. Cryptocurrencies give people more options in their payment methods or become another trusted place to invest and store assets.
Now we think replacing fiat with cash is impossible, but with the progress of the project continuing to improve I have no doubt that it could happen soon. Before that happens then we better focus on investing bitcoin.
Cryptocurrency replacing fiat will certainly never happen. Governments and central banks will not allow that to happen. Cryptocurrencies will be the trend in the future and will exist alongside fiat. Cryptocurrencies give people more options in their payment methods or become another trusted place to invest and store assets.
Now we think replacing fiat with cash is impossible, but with the progress of the project continuing to improve I have no doubt that it could happen soon. Before that happens then we better focus on investing bitcoin.
Cryptocurrency replacing fiat will certainly never happen. Governments and central banks will not allow that to happen. Cryptocurrencies will be the trend in the future and will exist alongside fiat. Cryptocurrencies give people more options in their payment methods or become another trusted place to invest and store assets.
Now we think replacing fiat with cash is impossible, but with the progress of the project continuing to improve I have no doubt that it could happen soon. Before that happens then we better focus on investing bitcoin.
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