Topic: Can cryptocurrencies replace fiat currencies - page 5. (Read 1271 times)

Simple answer, Bitcoin can't replace Fiat. I disagree with you and with several fintech experts who opined that by 2050 Fiat will be replaced by Bitcoin.

Yes, it's true that the popularity of Bitcoin and other cryptocurrencies have skyrocketed  among institutions and retail investors and also among the majority of the central banks in the world in recent years, however, I believe Bitcoin will coexist with other legal tenders around the world just as we have seen with El Salvador.

Besides if Bitcoin replaces Fait then the purpose of decentralization and anonymity will be defeated. Besides, why should Bitcoin replace Fiat? Is Fiat that bad?

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.

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.

I don't think so but CBDCs can do the job probably since they're just basically an electronic fiat, the main difference between the two is that you will sacrifice anonymity with CBDC since it's controlled by the government unlike the traditional fiat that still has some level of anonymity.

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.

This have been a really old tackle since cryptocurrency have existed and many people are now seeing its importance and usage and acknowledge its existence compared to what it is before. Now, cryptocurrency and fiat currency are two different existing bodies that can both coexist in the society. There is no need for the other one to be replaced as for they are still serving their purpose of existence. People can freely use crypto or fiat currency depending on their needs and wants. It is not intended to forcibly have just one type of currency to be used by the people since not all are into using cryptocurrency. Cryptocurrency and fiat currency are both good in their own unique way and how people are using them in the financial aspects.

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.

Bitcoin will eventually reach the point that will be accepted and legalized by the government but it will only be an option to the existing fiat. If fiat will be totally replaced, the government will definitely be against it.

In the near future, we will have two currencies that will be used globally and if you chose to be more convenient with online transactions, then you can use bitcoin but if you want physical transactions, fiat would likely to be used. Maybe by that time the high volatility of bitcoin will not be an issue anymore.

Can? Yes it can. Will it? No it will not. The simple reason for crypto not being able to change the world works is the simple fact that it is way too technological. My mom and dad still uses cash, they use credit card a bit as well and that's it, they do not have their banks mobile app, they do not have anything remotely technological, they do not even understand what bitcoin is let alone use it.

It means we need a whole new population of people grow old while others die in order to see this happen. That is about 30-40 years in the future for everyone to be as technologically talented enough to understand how crypto works. After all of that is done, there are people who do not have access to clean water all over the world, let alone a computer and internet access and maybe even mobile phone, they do not have WATER, how can they use bitcoin? So it is not easy, the infrastructure is not there.

0% chance but there are crypto supporters that do really believe that crypto could replace fiat without thinking up the considerations or factors needed before it would really become mainstream.
Thinking of first that as if government would really let this thing to happen? No they wont. Centralized things will always rule in the end and crypto would really be just ending up to
be an alternative and theres no really chance for bitcoin or crypto could replace fiat currencies and we do already have some CBDC's been existing or even that
Digital Yuan and wont be surprised if there ould be more in the future.

No matter how influential and valuable cryptocurrency or bitcoin is today, it can not replace a fiat currency from my perspective, because emphasising on fiat, it's very obvious and understandable that fiat currency is father's of all currencies as per say Bitcoin is father's of cryptocurrencies, now considering the fact that before introduction or  awareness of cryptocurrency fiat is already in ground.

So narrating this using the ancient period of human life living and present methods of life currently, it's clear to the blinds and very audible to dealf that cryptocurrency can't dominate or take over fiat currency, because without Fiat currency a cryptocurrency or bitcoin in particular cant exist, but without cryptocurrency a Fiat will keep on existing till century or further notice, so referring us to fifty years a go when it's only coins and some paper money were in existence which is Fiat, everything is still moving in orderly manner.

So using this medium to recapitulate this, cryptocurrency can't dominate over fiat, even though it takes crypto ten (10) years or twenty (20) years on Earth, reasons because it's a decentralized currency and no one can view or see it physically except in a digital form, secondly fiat is already in existence before any other currency, or creation, introduction of cryptocurrency, and finally, fiat is more influential than any digital currency

I don't think there is a chance that cryptocurrency will replace fiat money. I do believe that the government may create their own digital currency that is based on the fiat and also a centralized currency. Government wants to take control of it but in bitcoin there is no a group of people or a person who has a control of bitcoin so I don't think that it will happen if they replaced fiat with bitcoin or other crypto currency.

It depends on the scope of your question, if you mean this worldwide then the answer is no as governments are never going to stop printing their own currencies as a great deal of their power derives from having their own currencies, however if you mean that to some people bitcoin will in fact replace fiat currencies then the answer is yes, some people will elect to receive their payments in bitcoin and then will use it directly without ever touching fiat again, effectively replacing fiat on their lives.

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.

You are confusing fiat with paper money. When someone asks can crypto replace fiat, they are not asking whether digital payments will overtake manual and physical transactions because of course moving forward digitalization is going to happen but digital fiat and crypto are two different things.

My opinion on the matter is:
Will digital transactions take over physical paper-money-based transactions? Yes, they will at some point.

Will crypto replace fiat? No, as much as I like the theory, I cannot imagine a world without banks, and crypto is meant to kill banks.

actually this is just a growing myth among economists that cryptocurrencies will replace fiat
let's take a deeper look that cryptocurrency was created not to replace fiat but to be an alternative currency other than fiat

if the world's governments are willing to sit down together to discuss the potential of cryptocurrencies then they will definitely accept and make it a payment alternative
Cryptocurrencies were created not to replace but rather to improve the financial system

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.

I think so, crypto is not meant to replace fiat, because it's too complicated to become fiat, for example security issues, I'm worried that if I have to change the address contract every day because it was previously hacked, it's better to be an alternative to local or global transactions like now.

I don't see the fiat cryptos or CBDC being too popular or successful because decentralization is the key and all these cryptos developed by governments are always going to be centralized and monitored.

We are a long way from cryptocurrencies to disrupt the fiat market and become the dominant payment option. I mean even today, apart from trading, cryptocurrencies are not that useful because not many service providers are still accepting BTC because of the volatility issue. To some extent, it has been soled by stable coins but still a long way to go. Once amazon or a big platform starts accepting BTC as a payment option, it might pave the way for others. I expected Tesla do to the same but Elon had other ideas.

Given how deeply rooted fiat and banking is in our society, I don't think that it's a good idea to replace them suddenly because there's a big void that cryptocurrencies has to fill to accommodate not to mention that if your country is a big participant in the global trade and economy, things will start to crumble. The best approach is to slowly integrate and let the old one slowly phase out.