Can cryptocurrencies replace fiat currencies - page 7.

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Quote from: Caldear on July 14, 2021, 09:36:53 PM

At present, cryptocurrency will not replace legal currency. Fiat currency is a currency supported by the government. People are accustomed to buying goods with fiat currency in daily transactions, the price of legal currency is stable, and it is a relatively safe currency.
Cryptocurrency is more suitable for investment. Its price is unstable and fluctuating, and there is a certain degree of risk. It also does not apply to transaction currencies.

I agree that crypto will be preferably for investment but do not forget that crypto has a stable coin that is not too fluctuating.
But crypto will not replace fiat currency because it will depend on the country and the government and I do not think that they like to see the crypto price moves fluctuate because that can make their heartbeat so fast.
It is better to use fiat currency for our daily lives and we also have an investment besides the current investment.
That will help people financially because they can save their money in the crypto form and sell it when they see a profit.

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Quote from: Shenzou on July 14, 2021, 04:02:34 PM

I don't think that bitcoin is going to reach the point where it is going to be used as a total replacement for a fiat, and that is due to the fact of the high transaction fees and the long time that it requires to verify it, if you want to go buy something worth 10 dollars you have to pay half of it in fees, cryptocurrency is inevitable and it is going to replace fiat eventually but it is not going to be bitcoin that replace it, maybe some currency made by the government.

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.

Rasa nanas

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Quote from: Caldear on July 14, 2021, 09:36:53 PM

At present, cryptocurrency will not replace legal currency. Fiat currency is a currency supported by the government. People are accustomed to buying goods with fiat currency in daily transactions, the price of legal currency is stable, and it is a relatively safe currency.
Cryptocurrency is more suitable for investment. Its price is unstable and fluctuating, and there is a certain degree of risk. It also does not apply to transaction currencies.

no government in any country will replace fiat currency with digital currency. Fiat money in a country is a symbol of a country and has become the pride of society. I don't think it's appropriate to compare fiat currency with digital currency even if it's a stable coin.

EvieLannister

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I don't think cryptocurrency will replace fiat currency. They may always coexist because there are many types of cryptocurrencies. If Bitcoin is set as legal tender, Bitcoin is limited. What everyone values is the stored value of Bitcoin. And now everyone is investing in Bitcoin, and some people who hold Bitcoin will continue to hold it, not saying that they are selling their own Bitcoin or paying with Bitcoin.

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Quote from: DPrillio on July 14, 2021, 09:40:36 PM

Crypto currency nowadays is almost as useful as fiat as our world is at the edge of digital technology and internet are almost in every corner around the globe but replacing fiat still impossible on every government unless there is only one world government.

First one world government will never happen. You cant expect every human being on earth to follow a single government, while the cooperation between governments to establish world peace is enough.

Also bitcoin does not need a government to be useable. Anyone can use it as long as they have a internet connection and a device with a wallet and electricity supply. However this will not replace fiat because these two things are necessary and cannot be availed by every person living on the earth.

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Fiat determines the economy of each nation so I think maybe in coming future.

Economy is determined by the country's GDP and not the price of the currency with respect to other currencies. You can express that number in bitcoins as well but someone may not like that. However it is unlikely that a country would put up bitcoin as its sole currency, it is foolish to think so as well.

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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?

Crypto currency nowadays is almost as useful as fiat as our world is at the edge of digital technology and internet are almost in every corner around the globe but replacing fiat still impossible on every government unless there is only one world government. Fiat determines the economy of each nation so I think maybe in coming future.

Caldear

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At present, cryptocurrency will not replace legal currency. Fiat currency is a currency supported by the government. People are accustomed to buying goods with fiat currency in daily transactions, the price of legal currency is stable, and it is a relatively safe currency.
Cryptocurrency is more suitable for investment. Its price is unstable and fluctuating, and there is a certain degree of risk. It also does not apply to transaction currencies.

Shenzou

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I don't think that bitcoin is going to reach the point where it is going to be used as a total replacement for a fiat, and that is due to the fact of the high transaction fees and the long time that it requires to verify it, if you want to go buy something worth 10 dollars you have to pay half of it in fees, cryptocurrency is inevitable and it is going to replace fiat eventually but it is not going to be bitcoin that replace it, maybe some currency made by the government.

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Quote from: jrrsparkles on July 13, 2021, 05:33:43 AM

Basically bitcoin is here to eliminate the involvement of banks with every transactions we make bit we never know that each and every transaction is going to happen via oeer to peer mode since bitcoin blockchain is not actually ready to process such hige amount of transactions which let people to create other cryptos which are generally called as altcoins but nowadays cryptos becomes assets more than actual payment mode so for now we are actually in the direction of adopting cryptocurrency as a currency in the future.

That's the whole point of blockchain and bitcoin that people keep ignoring and forgetting. I mean people think that bitcoin is something that we should be focusing on as it is, but that is not the case, bitcoin is not just a profit making machine where you buy low and sell high, that is just not the case at all.

In bitcoin you can do that, but this world is not just something you should get in to make a profit and leave, that is just missing all of bitcoin all together and doing something wrong, sure try to make a profit which is always good but when you get you should also focus on making a bit more than that, it would be smarter to end up doing something that would be more like leaving fiat world behind and being more crypto. I can't even remember the last time I got a fiat in salary, it must be about 5 years ago or so, ever since then I am full time crypto for example.

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Quote from: Ozero on July 14, 2021, 07:19:25 AM

Quote from: Snappycoco on July 14, 2021, 05:49:54 AM

In the near future, it will. As trees are slowly depleting, and more plastics are being used in fiats, I could see a future of digital currency for all over the world. I just couldn't see what cryptocurrency could ever be used in the future. I can't see it as bitcoin due to its max supply that can't be used by almost 10B humans by 2050.

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.

for now it seems bitcoin is difficult to replace fiat currency, even almost all countries have not been able to legalize it to be used as a means of payment, let alone to replace fiat currency. but in the future, I don't think anyone knows what it will be like, because replacing it will certainly be a long process. at least now elsalvador has started so that we will grow optimism in the future

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Why do people still think that cryptocurrencies will replace fiat currencies in the future?
Is Satoshi's main reason why he/she/they created Bitcoin is because to replace fiat currencies?

Bitcoin's reason why it is created is to be our own bank. To not rely too much on banks when it comes to transactions purposes and not to replace Fiat currencies. After all, there are people who are still convenient to use fiat currencies but at the same time there are people who are convenient to use cryptocurrencies in their daily payments. Lets just think crypto as an alternative mode of payment since that is what currencies are created and lets not think that crypto will replace fiat since it will never happen.

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Quote from: Snappycoco on July 14, 2021, 05:49:54 AM

In the near future, it will. As trees are slowly depleting, and more plastics are being used in fiats, I could see a future of digital currency for all over the world. I just couldn't see what cryptocurrency could ever be used in the future. I can't see it as bitcoin due to its max supply that can't be used by almost 10B humans by 2050.

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.

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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?

Of course, in the future, paper money will disappear and others will come to replace them, but which ones at the moment are still very difficult to say. However, there is already a lot of information that many large countries are working on the creation and launch of their national cryptocurrencies. Probably in the future, each country will have its own national cryptocurrency, BTC and other cryptocurrencies will be as auxiliary or, for example, as an asset to preserve and increase their capital.

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In the near future, it will. As trees are slowly depleting, and more plastics are being used in fiats, I could see a future of digital currency for all over the world. I just couldn't see what cryptocurrency could ever be used in the future. I can't see it as bitcoin due to its max supply that can't be used by almost 10B humans by 2050.

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It would be best if OP defines what is cryptocurrency before this debate can even start. Is CBDC a cryptocurrency? Is any token that uses blockchain/hashing can be categorized as a cryptocurrency? You know the government can build fiat on top of "blockchain technology" so why they need to replace it?

maxreish

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This was tackled many times before. Fiat currency is the country's legal, approved currency that is centralized. While cryptocurrency is way different as it is decentralized and some government dislike the volatility of it. While cryptocurrency can also be used as payment method, in some remote areas, fiat currency is more convenient.

About that question that has been asked many times before? Think twice about crypto adoption first.

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Quote from: just_Alice on July 13, 2021, 03:52:11 PM

That would only be possible in the case of centralization, because, obviously, all money supply can't be left without control (at least now it is hard to imagine how that could be regulated).
If the governments accept cryptocurrency (meaning actual crypto, NOT digital currencies) as an official way of payment - they will start looking for regulations to control it, track the movement of funds, and that would basically destroy the purpose of cryptocurrencies.

very true, without proper regulations from the government i doubt crypto will be consider as an acceptable global means of transaction, like it or not, regulations is important to curtail the activities of the influential people in crypto with huge amount in their possession, the government can not allow few individuals to have control of sizeable part of the space, it will bring a lot of problem, in essence there will be a lot of re-evaluation of the whole space if this will be consider.

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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?

These topics have been discussed many times over the forum and the answer will remain the same that bitcoin can be used as an alternative to fiat as medium of decentralised finance making global payments without any third party intervention but fiat will also be used along with it till the time btc is being globally adopted.Many government are also working on the framework to develop their own CDBC to counter effect the crypto market because they know fiat will be used less with digitalization and that's where we need digital modes of payment.In future btc surely stand a future and you would see normalised bitcoin transactions.

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Quote from: Xinarae* on July 14, 2021, 02:19:51 AM

There is a difference between fiat and crypto will never be able to replace fiat currency crypto is not supported everywhere. Crypto is the best with online first of all bitcoin is the real money from a purely economic point of view it has prices and can be purchased for products and services it is unlikely that you will be able to pay your bills or buy groceries in full bitcoin although those services exist and are growing you will be able to buy an amazing amount of products online with bitcoin wallet.

Yes, but what will happen if it occurs? As we have seen in the news lately, big industry players have started to talk about the possible adoption of banks. Even accepting Bitcoin purchases through banks.

I think this is the step that the big banks should take if they want to make a step forward towards globalisation and the new economic and technological generation. It is clear that thanks to bitcoin and cryptocurrencies, banks are losing some of their clout. And I think, based on what we're seeing, the strategy of going against it is not working out very well for them. On the contrary, they need to start thinking about how to adapt to change.

In fact, very recently, the president of the NYDIG left us with some interesting clarifications.

"This is not just the banks thinking that their clients want bitcoin, they're saying 'We need to do this, because we see the data,'" he said.

One of the things he said that I found most interesting and that perhaps some of you might have missed is the point that, unlike current investments that you can make through banks, with Bitcoin you can start investing from as little as 1 dollar, which is not even 1 euro. This not only attracts institutional investors with large capital (which is the case so far), but anyone can have access to such an investment.

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There is a difference between fiat and crypto will never be able to replace fiat currency crypto is not supported everywhere. Crypto is the best with online first of all bitcoin is the real money from a purely economic point of view it has prices and can be purchased for products and services it is unlikely that you will be able to pay your bills or buy groceries in full bitcoin although those services exist and are growing you will be able to buy an amazing amount of products online with bitcoin wallet.

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