Can cryptocurrencies replace fiat currencies - page 4.

imstillthebest

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Quote from: bosede1 on July 21, 2021, 04:43:53 AM

Many trends have tackled the point that it cannot totally replace fiat currency, like you said it is internet-based do you know how many places in countries over the world don't have access to Electricity not to talk of internet access. It can be used in place of fiat most time for some occasions but not even all because for some countries that are even banning the trade where do we start with that.

and even if we have electricity
, there are still times where we experience a power interuption or internet issues which prevents us from transacting digital currencies and if we notice in countries that legalize btc ,
they still have and they still use their local currencies so i guess it was not really possible fiat currencies to be replaced because they can work together if one isnt available or difficult to use depending on the situation .

retreat

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Quote from: fuguebtc on July 19, 2021, 10:40:53 AM

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.

that's true and I'm sure the government will not allow cryptocurrencies to replace their fiat currency that has been around for a long time. what the government can do in the future when mass adoption of cryptocurrencies is created is to make cryptocurrencies an alternative currency.

bryant.coleman

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Quote from: Joca97 on July 21, 2021, 07:01:06 AM

I think when the certain period passes that Cryptocurrency will replace fiat honestly.That might not happen in 10-15 years but in a long run 50+ years i think it might happen as we evolve.Governments and central banks are fighting against it hard but they will end up losing in the end. El Salvador already made future with accepting bitcoin.We will see a lot more countries doing the same thing in a few months or years.

I don't think that it needs 50 years. Because already we have countries recognizing Bitcoin as legal tender (El Salvador). Both US Dollar and Bitcoin are legal tender in El Salvador and I don't think that one needs to replace the other. Let both fiat currency and cryptocurrency co-exist, so that those who want either of the two can do it as per their convenience. And by recognizing Bitcoin as legal tender, El Salvador has classified it as a currency. Those who have made profit with Bitcoin doesn't need to pay capital gains tax as a result of this classification.

izsara

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Quote from: jinneas on July 13, 2021, 02:39:58 AM

Cryptocurrency cannot replace legal currency now, but there may be a chance to realize it in the future. Bitcoin is decentralized, and it is not regulated by the government. Many people who like to control their own financial power like to use Bitcoin. Many areas that initially banned bitcoin are now gradually accepting bitcoin, and El Salvador also uses bitcoin as legal tender. The massive circulation of Bitcoin means that people's consensus will continue to increase, and the development potential of Bitcoin is also unlimited.

The reason for being volatile is still a very big scourge here so it will be difficult to realize it if you plan to replace fiat with crypto because we all know that it is volatile here and it will be difficult to adjust the price of the product you want to sell.
In addition, the replacement will also be very difficult for the community to accept because they have long used fiat as a tool in transactions so it will be difficult to change these habits and it will take a long time for new habits to be changed

Republikcoin.com

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Of course, we all don't want influencers to undermine cryptocurrency prices just by mentioning names on Twitter or other social media. Make cryptocurrency a payment alternative side by side with fiat. Let the state control its people to keep the economy under control, I think it is wiser than Elon Musk to control the economy with the power of his mouth.

Use crypto if you can use it or really need it. There is no need to impose our ideals as believers in cryptocurrencies.

jostorres

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Quote from: nakamura12 on July 18, 2021, 07:33:11 AM

It's what the government plans to benefit in adopting bitcoin since the government can't take full control of cryptocurrency so, in order to benefit from it, they have to do this type of increase and decrease when you buy and sell on a hybrid wallet where you can and exchange crypto. There is a wallet exchange exist in my country and also it is also regulated by one of the bank in my country.

That is what Germany basically did, they allowed banks to be used like wallets so in that situation a person whose all information is already given to a bank because of fiat reasons, ended up also using those same banks for crypto as well. All of your buys and sells and sends everything is there, if you send crypto to another person in Germany you are basically giving them a chance to follow that up as well.

Simply put Germany allowed crypto to be very very very supported, but meanwhile also keeping track of every single crypto move in their country. That is going to be basically the case for many nations in the future, because that is the way you can track it, all nations will eventually understand that they can't control crypto world, they will only have to track it to make sure what everyone is doing, if they realize it, it will be very easily spreading to all nations.

blue_nexus15

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I don't think cryptocurrencies can replace fiat money. Although cryptocurrency and blockchain technology are in the development stage, many countries are still apprehensive about cryptocurrency replacing and taking over fiat currency in aspects of coins, banknotes and concerns concerns about the environment surrounding Bitcoin mining.

Joca97

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Quote from: fuguebtc on July 19, 2021, 10:40:53 AM

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 when the certain period passes that Cryptocurrency will replace fiat honestly.That might not happen in 10-15 years but in a long run 50+ years i think it might happen as we evolve.Governments and central banks are fighting against it hard but they will end up losing in the end. El Salvador already made future with accepting bitcoin.We will see a lot more countries doing the same thing in a few months or years.

awik p

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Quote from: Bitstar_coin on July 20, 2021, 05:55:38 PM

Only when people have developed such strong faith in crypto and stop being easily influenced by some of the crypto elite, if you take what is currently happening in te market as a case study over 'crypto - fiat' thing you will be able to understand my point of view, crypto can be greater if people let it to be so, imo, i feel that still have more power over crypto and for this reason it will be hard for crypto to replace fiat, beside, i still don't understand the reason while it is necessary for fiat to replace crypro, it can coexist with fiat and serve as an option for those who are no longer interested in fiat transaction or those who finds using crypto a lot faster than fiat and so forth.

at least if given leeway that crypto can be an alternative payment instrument other than fiat, then the public will judge for themselves. that way there will be many people who know crypto and give an assessment, and if it is considered crypto is better, then over time crypto can replace fiat completely

bosede1

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Many trends have tackled the point that it cannot totally replace fiat currency, like you said it is internet-based do you know how many places in countries over the world don't have access to Electricity not to talk of internet access. It can be used in place of fiat most time for some occasions but not even all because for some countries that are even banning the trade where do we start with that.

TheUltraElite

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Quote from: Bitstar_coin on July 20, 2021, 05:55:38 PM

Only when people have developed such strong faith in crypto and stop being easily influenced by some of the crypto elite, if you take what is currently happening in te market as a case study over 'crypto - fiat'

One of the bad effects of social media manipulation on speculative markets. This exists in much smaller level on stock markets but since crypto is unregulated we see much more of it.

Quote from: NicNacCoin on July 20, 2021, 06:08:43 PM

Of course central bank and governments don't allow cryptocurrencies as a popular source of transactions instead of Fiat money. Fiat money is the best way of payment system. How could Fiat be replaced guys?

You can see that this question came into existence a long time back and people have made threads on this every year. It is just a point of debate because crypto does not see global acceptance yet but fiat already does. Logic says that fiat cannot be replaced. It would be stubborn to think otherwise or try to argue otherwise.

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Quote from: fuguebtc on July 19, 2021, 10:40:53 AM

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.

Of course central bank and governments don't allow cryptocurrencies as a popular source of transactions instead of Fiat money. Fiat money is the best way of payment system. How could Fiat be replaced guys?

Bitstar_coin

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Only when people have developed such strong faith in crypto and stop being easily influenced by some of the crypto elite, if you take what is currently happening in te market as a case study over 'crypto - fiat' thing you will be able to understand my point of view, crypto can be greater if people let it to be so, imo, i feel that still have more power over crypto and for this reason it will be hard for crypto to replace fiat, beside, i still don't understand the reason while it is necessary for fiat to replace crypro, it can coexist with fiat and serve as an option for those who are no longer interested in fiat transaction or those who finds using crypto a lot faster than fiat and so forth.

Joshapat

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Quote from: SacriFries11 on July 17, 2021, 10:37:54 AM

I do not think so. It seems like it will just be an alternative as a store of value. Because the government will not allow it to become the main type of currency in their country and replace the fiat currency. This will be an alternative to banks such as storing your assets. When it comes to cryptocurrencies, it will not be controlled by the government because it is a decentralized ledger. The only thing the government can do is issue restrictions on the use of cryptocurrencies.

True, the presence of bitcoin is an alternative transaction system and as a digital asset, I don't want to wait for 10 confirmations within 10 minutes to buy a pack of cigarettes on the street which usually with cash doesn't need confirmation, what bitcoin has achieved so far certainly makes us satisfied.

add1ct3dd

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Quote from: Bilgent on July 17, 2021, 06:58:30 AM

I give no chance for cryptocurrencies in the market to replace fiat money in the near or far future. And actually, cryptocurrencies don't have such aim also. They will stay as a very good alternative to fiat. Even when the digital currencies developed by governments replace fiat, cryptocurrencies' place will stay the same I think.

I do not understand why people do worry about getting to replace fiat currencies anyway, should that be the aim we have? Are there people who want that to happen? I can honestly say that there is a good chance we could stay as alternative and make the biggest noise from this stance instead.

If we tried to overtake fiat as the most used currency, if bitcoin and maybe few others became something so common that you see people spending crypto instead of anything else outside, when they go to grocery store, when they go to a cafe, when they pay their gym membership, when they go to vacation, basically all around the world people are spending crypto instead of fiat, in that scenario don't you think as soon as we get closer then the whole world governments suddenly start attacking us? Why would they let their fiat become even more worthless when bitcoin becomes the main currency? They will attack from all fronts and stop us anyway. So I rather stay as alternative and grow here.

Sir Legend

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Quote from: fuguebtc on July 19, 2021, 10:40:53 AM

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.

Barinekapaul

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The target of any organization is to overtake its predecessors and those ahead of them, bringing about competition.
cryptocurrency has the same potential of it being the most used and valuable currency in the world so the target could be achieved.
the Fiat currency has been in use and for a very long time but the crypto with its rapid recognition can be used to replace it in due time.

The most important factor is "TIME" and we will see its manifestation.

fuguebtc

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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.

xSkylarx

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Quote from: Vaskiy on July 18, 2021, 07:08:36 AM

Quote from: nakamura12 on July 18, 2021, 01:29:28 AM

Quote from: Twinkledoe on July 17, 2021, 06:01:52 PM

I can agree that bitcoin may increase the scope of the acceptance among governments but won't be replacing fiat for that matter. Still, the governments will stick to fiat as they have full control of its circulation. I don't see btc replacing fiat in our lifetime but maybe the usage of btc will tremendously increase in the coming years. Let us just be happy that these days some countries are now recognizing btc as legal tender. That's a very nice step for btc adoption.

This is what most government will do if they legalised bitcoin. Right now, my country have their own ways to ear money from those who have bitcoin. The buyer will pay $1000 dollar to buy bitcoin let's just say that $1000 is 0.02920193 btc but when you sell the same amount of btc after you bought then you will get $953 which is not $1000 anymore and this has nothing to do with the price increase or decrease.

Whats been stated is just the trading process followed on each and every country. Even in my country there is such a difference between the buying and selling. This difference in amount is based on the percentage of margin thats been set by the respective trader. This doesn't have anything to do with the cryptocurrency replacing fiat.

Agree that this is how the exchange or the bank would profit. I believe that we are now far from the reality of crypto replacing fiats because fiat is very established right now since its beginnings. I am not saying that crypto isn't, but not everyone knows what it is and not everyone in the world has access to the internet. But, as we can see now, when a pandemic strikes, there are a lot of cashless transactions, which means that people are adopting to the internet, unlike in the past. At the moment, people prefer to do cashless transactions rather than pay it in cash. That's what I've noticed recently, and it means that in the future, we might actually use crypto instead of the fiat we're currently using.

lixer

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Quote from: ROSERTY on July 12, 2021, 09:42:34 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?

Cryptocurrencies are really cool, but I can’t imagine it being possible for them to overcome the fiat that we are using now. I do think that they can become part of the system, but not as a replacement. I am not saying this because cryptocurrency is new or whatever, because that’s the reason some do give, that cryptocurrency is still new, no that’s not my reason for saying that.

The reason why I think cryptocurrency cannot replace fiat is because cryptocurrency is an internet, and it’s not everybody in the world that makes use of internet, and not everyone is interested in internet. There are lots of people that makes use of cash, and it’s part of our daily ways of spending. So I personally think that we can just make cryptocurrency a part of the system, but not to replace fiat. We still need that.

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