Topic: Can cryptocurrencies replace fiat currencies - page 6. (Read 1271 times)
Cryptocurrency will not replace legal currency yet, it is just a new trend, there are still many people who have never heard of Bitcoin. Cryptocurrency prices fluctuate greatly and are not suitable for daily transactions. Some countries also do not allow the use of it, and even suppress the prohibition of cryptocurrency. It will take a long time if cryptocurrency replaces fiat currency.
It's a topic we've been discussing about for a very long time. If we're talking about volatile cryptocurrencies, then I don't think that they will replace fiat. But if we're considering the digital currencies which are developed by governments, then they can and they will replace fiat in the future surely. It's an inevitable reality and people who are against it should digest this truth.
Cryptocurrencies are not meant to eliminate or replace fiat. I mean fiat doesn't have a basic self-balancing instinct anymore and crypto will creep into it all in an effort to create a better, fairer state and accumulate the inflations that arise from it by procedures and intermediaries. Crypto will not replace fiat in the future but it will better play a role between operations, managing or mitigating risks.When digitalisation are fully developed and all transaction could be paid online, I don't see why fiat cant be replaced by digital money. I could see a future where physical money are not needed no more. More advance payment method are built and in the next 100 years, I could see humanity being away from fiats. The reasons are resources. Resources to make fiats and more likely depleted that time and the universal solutions is to have a more sustainable, secure and regulated cryptocurrency.
- In your opinion, flea markets and street vendors probably don't need to be open anymore, giving money to the homeless also requires swiping a card and in short, our lives will revolve around technology and no physical currency in the future, do you feel that this idea is relatively viable? Resources and technology, even knowledge can grow but this growth rate will be accompanied by convenience in certain issues, some saturated problems will not be able to use technological solutions, need traditional elements such as fiat currency
We are entering increasing the era of digitalization covering almost all fields including finance, many countries have planned the development of fiat currencies in digital but will they imitate crypto even without supply limits. In my opinion, crypto will be very profitable because crypto has mastered digitization since the beginning of the creation of BTC, but Replacing fiat will take a long time.
Take a long time and more debates with every government around the world, better to see the increase of end users who are now
supporting bitcoin as curreny and investment assets.
It can co-exist together and let the people to decide which form of curreny to use, both helps the economy in the long run.
It's a topic we've been discussing about for a very long time. If we're talking about volatile cryptocurrencies, then I don't think that they will replace fiat. But if we're considering the digital currencies which are developed by governments, then they can and they will replace fiat in the future surely. It's an inevitable reality and people who are against it should digest this truth.
Although this topic has been discussed many times, it is indeed very interesting to talk about, because there are still many people who believe Bitcoin
will replace fiat in the future. Even though this possibility is impossible, however the government will not allow fiat to be replaced by uncontrollable
Bitcoin. If fiat is to be replaced, I also believe for sure by the digital currency that is being developed by the government. Therefore, Bitcoin was created
not to replace fiat, but to become an alternative payment. So humans if they want to make payments there are other options.
The presence of cryptocurrencies is not supposed to threaten the existence of fiat.
It's a topic we've been discussing about for a very long time. If we're talking about volatile cryptocurrencies, then I don't think that they will replace fiat. But if we're considering the digital currencies which are developed by governments, then they can and they will replace fiat in the future surely. It's an inevitable reality and people who are against it should digest this truth.
We are entering increasing the era of digitalization covering almost all fields including finance, many countries have planned the development of fiat currencies in digital but will they imitate crypto even without supply limits. In my opinion, crypto will be very profitable because crypto has mastered digitization since the beginning of the creation of BTC, but Replacing fiat will take a long time.
Eventually yes. As our society consistently shifts into a much more technologically-advanced ecosystem, we will eventually find no need for us to keep our fiat currencies which can contract diseases and are constantly depleting the precious resources it takes to make them. Cryptocurrencies are much more efficient, safer, and is much more secure. Only thing that is really stopping cryptocurrencies from taking over right now is the fact that we still have close ties with fiat which will take time for us to forget and move on.
I don't think this will happen because basically crypto is volatile and it's very difficult to predict which direction it will move. so it is very difficult if cryto is used to replace fiat money.
other than that I think bitcoin is only an option because besides being decentralized bitcoin is also separate from the government and I think this is only an option and if it is used as a primary or as a payment that is applied globally this will not be good and remember we have been using fiat and money for a long time and very hard to replace it
Doesn't have to be the current cryptocurrencies we are fond of. Surely the great minds of our future will come up with a way to combat this volatility. Even now, stablecoins are a thing which shows promise of replacing fiat currencies in the future. Cryptocurrencies are versatile, and there will always be a loophole visionaries will be able to exploit in order to open new doors for cryptocurrencies to be utilized in novel avenues. other than that I think bitcoin is only an option because besides being decentralized bitcoin is also separate from the government and I think this is only an option and if it is used as a primary or as a payment that is applied globally this will not be good and remember we have been using fiat and money for a long time and very hard to replace it
I don't think this will happen because basically crypto is volatile and it's very difficult to predict which direction it will move. so it is very difficult if cryto is used to replace fiat money.
other than that I think bitcoin is only an option because besides being decentralized bitcoin is also separate from the government and I think this is only an option and if it is used as a primary or as a payment that is applied globally this will not be good and remember we have been using fiat and money for a long time and very hard to replace it
other than that I think bitcoin is only an option because besides being decentralized bitcoin is also separate from the government and I think this is only an option and if it is used as a primary or as a payment that is applied globally this will not be good and remember we have been using fiat and money for a long time and very hard to replace it
I agree, the big problem for countries to move to a crypto currency based financial system is that they are giving up the control of money supply. So whenever the debt is too high they won't be able to just start printing money. All the big countries will only adopt a crypto currency if they can fully control it. Going into BTC or ETH would only be realistic for smaller countries which are struggling with their own currency or don't have a free currency in the first place.
I think that cryptocurrencies will replace FIAT when we take the first initiative. Although it is a difficult decision because now we have the regulations that are increasing such as the prohibition of Binance to operate in various countries such as Thailand, Japan, Germany, Cayman Islands, Malaysia and more recently Italy.
The situation is worrying because Binance is the global exchange with the highest volume of daily transactions $ 14,826,296,761 with a preference score of 9.9.
Binance's legal department is working hard to expedite compliance with regulatory law.
“We take a collaborative approach in working with regulators and we take our compliance obligations very seriously,”
Binance said.
If other exchanges have passed the test like Coinbase, Kraken, and Gemini, hopefully Binance will as well. We have to get used to the idea that "Crypto needs rules" as advocated by the Winklevoss twins.
https://www.reuters.com/article/uk-crypto-currency-binance-italy/binance-unauthorised-says-italian-regulator-as-crackdown-widens-idUKKBN2EL13K
The situation is worrying because Binance is the global exchange with the highest volume of daily transactions $ 14,826,296,761 with a preference score of 9.9.
Binance's legal department is working hard to expedite compliance with regulatory law.
“We take a collaborative approach in working with regulators and we take our compliance obligations very seriously,”
Binance said.
If other exchanges have passed the test like Coinbase, Kraken, and Gemini, hopefully Binance will as well. We have to get used to the idea that "Crypto needs rules" as advocated by the Winklevoss twins.
https://www.reuters.com/article/uk-crypto-currency-binance-italy/binance-unauthorised-says-italian-regulator-as-crackdown-widens-idUKKBN2EL13K
There is actually enough bitcoin for everyone. After all, it is not necessary to use whole bitcoins as a payment. If you use satoshi at the same time, then this will increase the volume by a hundred million times. This amount of bitcoin particles will be enough for everyone. But I'm not sure that bitcoin can be used as the main money of the state, primarily because of its high level of volatility. In this regard, the experience of El Salvador will be very valuable. In general, I do not think that decentralized cryptocurrency can replace paper money as a means of payment.
However when you consider the transaction fee, you will realize that there is actually something big going on that prevents it. I personally deal with crypto every single day and I stopped using bitcoin just because how expensive it became, that is why I think bitcoin being used in satoshis is not something possible.That is the biggest problem keeping bitcoin to be globally accepted as a payment, why pay that much when you could pay absolutely nothing with other methods, tron is nearly free, even eth as the second most expensive became so much cheaper than bitcoin, and in fiat world credit card companies charge very little, even the paypal payments are cheapest. That is why I think the future of bitcoin depends on the price of the transaction fee, if we do not end up lower and lower then we are going to have to face a lot of backlash over the equality of it.
I don't think this will happen because basically crypto is volatile and it's very difficult to predict which direction it will move. so it is very difficult if cryto is used to replace fiat money.
other than that I think bitcoin is only an option because besides being decentralized bitcoin is also separate from the government and I think this is only an option and if it is used as a primary or as a payment that is applied globally this will not be good and remember we have been using fiat and money for a long time and very hard to replace it
other than that I think bitcoin is only an option because besides being decentralized bitcoin is also separate from the government and I think this is only an option and if it is used as a primary or as a payment that is applied globally this will not be good and remember we have been using fiat and money for a long time and very hard to replace it
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 that in the future cryptocurrencies will circulate together with fiat currencies...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?
Cryptocurrency was not created to replace fiat currency, but to be an alternative currency other than fiat. All countries will definitely continue to fight for their country's currency, which has been circulating for a long time and has become a symbol of the country.
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With the passage of time and the increase in value, will cryptocurrency be used in the world instead of fiat currency?
My reasoning behind this is that for using bitcoin one needs electricity supply and internet. So unless someone develops a product that can have a battery and internet for quick bitcoin transactions, fiat will remain the bigger one. Because you cant expect every person in every country to be owning a smartphone and having access to internet all the time - can you?Who uses cash anymore? All banking is digitalized now, from income deposits, to taxes, to withdrawals, to transactions, anything. That piece of plastic that everyone carries around in their wallet, it's all digitalized. People use fiat currency because of the stability and centralization, they trust government to hold their end of the bargain and provide value to the paper they print. Once that trust is broken, fiat currency goes out the window, and I can assure you more and more people recognize that it's a mistake to trust the government for anything.
The limiting factor of Bitcoin isn't that it's digital and that most people need smartphones to use it.
When digitalisation are fully developed and all transaction could be paid online, I don't see why fiat cant be replaced by digital money. I could see a future where physical money are not needed no more. More advance payment method are built and in the next 100 years, I could see humanity being away from fiats. The reasons are resources. Resources to make fiats and more likely depleted that time and the universal solutions is to have a more sustainable, secure and regulated cryptocurrency.
- In your opinion, flea markets and street vendors probably don't need to be open anymore, giving money to the homeless also requires swiping a card and in short, our lives will revolve around technology and no physical currency in the future, do you feel that this idea is relatively viable? Resources and technology, even knowledge can grow but this growth rate will be accompanied by convenience in certain issues, some saturated problems will not be able to use technological solutions, need traditional elements such as fiat currency
When digitalisation are fully developed and all transaction could be paid online, I don't see why fiat cant be replaced by digital money. I could see a future where physical money are not needed no more. More advance payment method are built and in the next 100 years, I could see humanity being away from fiats. The reasons are resources. Resources to make fiats and more likely depleted that time and the universal solutions is to have a more sustainable, secure and regulated cryptocurrency.
With some of the shortcomings that Bitcoin has, it seems impossible to replace fiat right now. Moreover, with Bitcoin transaction fees which are
quite high, it cannot be used to buy cheap goods. The most ideal for now is Bitcoin as a payment alternative, so fiat and Bitcoin can go together.
Some countries do plan to create their own cryptocurrencies or create digital currencies, there is a possibility that it can replace fiat.
quite high, it cannot be used to buy cheap goods. The most ideal for now is Bitcoin as a payment alternative, so fiat and Bitcoin can go together.
Some countries do plan to create their own cryptocurrencies or create digital currencies, there is a possibility that it can replace fiat.
The experienced bitcoiners hardly ever talk about Bitcoin replacing fiat. For Bitcoin to become widely acceptable, it doesn't need to replace fiat. I am sure that fiat currency and cryptocurrency can exist together in a mutually beneficial manner. The adoption of Bitcoin by PayPal is one of the best examples. Bitcoin has advantages and disadvantages compared to the fiat. Advantage is that it is protected against inflation and it is more suitable for large-sized transactions. But at the same time, it is not suitable for small, instant payments. So we need both the options available in the payments sector.
Well there is still assumptions towards this idea if this scenario will came but actually it has possibilities but the chances is so thin since fiat is already establish and if some other things threat to replace it then maybe they will go first for so many challenges and we know how strong the fiat since there are so many laws surrounds it. But who knows if fiat will collapsed in future most provably bitcoin will be the closest option since for sure this will became more establish in future and government will easily see that.
To say completely replace flat currencies to be honest as people who support bitcoin are also have doubts about it, but if you say will replace digital payments of the future. I'm very sure of that. Digital activity will always evolve. and the people and their generation too. very possible in my opinion when talking as digital payments.
It's not about having doubts about crypto replacing fiat, simply that is not possible now! It's not possible for many reasons, in my opinion, the most important reasons are infrastructure and people! We can't have crypto everywhere if we don't have internet everywhere, and many people don't understand how fiat works, how to expect them to know what crypto really is? So one day when people wake up, and there's an infrastructure that can support crypto on every inch of the whole world, we will see crypto replacing fiat currencies! I believe this will happen one day, but it's stupid to predict will it happen in the next 50-100 years, maybe earlier or later... who knows! It's something that depends on many things, but one day all the pieces will lay where they should!
With some of the shortcomings that Bitcoin has, it seems impossible to replace fiat right now. Moreover, with Bitcoin transaction fees which are
quite high, it cannot be used to buy cheap goods. The most ideal for now is Bitcoin as a payment alternative, so fiat and Bitcoin can go together.
Some countries do plan to create their own cryptocurrencies or create digital currencies, there is a possibility that it can replace fiat.
quite high, it cannot be used to buy cheap goods. The most ideal for now is Bitcoin as a payment alternative, so fiat and Bitcoin can go together.
Some countries do plan to create their own cryptocurrencies or create digital currencies, there is a possibility that it can replace fiat.
The experienced bitcoiners hardly ever talk about Bitcoin replacing fiat. It is mostly the noobs who put up with such arguments, in order to increase their post count and to get one or two merit points. For Bitcoin to become widely acceptable, it doesn't need to replace fiat. I am sure that fiat currency and cryptocurrency can exist together in a mutually beneficial manner. The adoption of Bitcoin by PayPal is one of the best examples. Bitcoin has advantages and disadvantages compared to the fiat. Advantage is that it is protected against inflation and it is more suitable for large-sized transactions. But at the same time, it is not suitable for small, instant payments. So we need both the options available in the payments sector.
To say completely replace flat currencies to be honest as people who support bitcoin are also have doubts about it, but if you say will replace digital payments of the future. I'm very sure of that. Digital activity will always evolve. and the people and their generation too. very possible in my opinion when talking as digital payments.
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