Can cryptocurrencies replace fiat currencies - page 8.

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Quote from: Vishnu.Reang on July 14, 2021, 02:26:26 AM

Quote from: Lorence.xD on July 14, 2021, 12:49:27 AM

Well, coexistence is much better than the alternative because if cryptocurrency were to replace fiat, a lot of people that don't use electronics will be left behind unless the government does the impossible and takes care of these marginalized people and that's just one part of the problem, economy will be on hot water for a really long time because they will have to fill the void that was left by fiat.

Coexistence is the only option, IMO. A few years ago, Sweden and some of the other countries wanted to replace physical cash completely with digital cash (fiat in both cases). But after a few years of compulsion, they just gave up that effort, as a lot of people simply refused to trust digital cash. Especially the elderly people find it very difficult to use their mobile phones to make payments. The same issue will arise with cryptocurrency as well. In fact, it is one of the reasons why we don't have a lot of senior citizens using cryptocurrency.

Exactly! The old generation is far from the adoption stages of digital era. Even if we consider the developing countries along with the underdeveloped one, BTC global adoption is next to impossible. It's being used everywhere, that's not a question but at what level it's being adopted is real thing. A global adoption would be something with the proper infra-structure. Ability to transact with crypto everywhere, irrespective of nation where I am paying the bills or holiday trips! Even today, digital world is lacking behind and everyone carries cash with them for emergencies!

You can stumble upon places where there is no network coverage area but local businesses exists and you want to buy something then how would you pay? Cash!
These are just small case studies, but can give you clear idea as to why digital or crypto based currencies lack the phenomenal growth.

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Quote from: Lorence.xD on July 14, 2021, 12:49:27 AM

Well, coexistence is much better than the alternative because if cryptocurrency were to replace fiat, a lot of people that don't use electronics will be left behind unless the government does the impossible and takes care of these marginalized people and that's just one part of the problem, economy will be on hot water for a really long time because they will have to fill the void that was left by fiat.

Coexistence is the only option, IMO. A few years ago, Sweden and some of the other countries wanted to replace physical cash completely with digital cash (fiat in both cases). But after a few years of compulsion, they just gave up that effort, as a lot of people simply refused to trust digital cash. Especially the elderly people find it very difficult to use their mobile phones to make payments. The same issue will arise with cryptocurrency as well. In fact, it is one of the reasons why we don't have a lot of senior citizens using cryptocurrency.

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Quote from: Tina H on July 13, 2021, 11:34:38 PM

I think the two will coexist. One of them will not be replaced by the other, nor will it disappear. The nature of cryptocurrency and difficult algorithm may not be accepted by some people, and the nature is different. So I think that cryptocurrency still shines in its own field, and fiat currency will not be replaced.

Well, coexistence is much better than the alternative because if cryptocurrency were to replace fiat, a lot of people that don't use electronics will be left behind unless the government does the impossible and takes care of these marginalized people and that's just one part of the problem, economy will be on hot water for a really long time because they will have to fill the void that was left by fiat.

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Just as we have options and choices that still hold universally, like the option of

-whether to have tea or coffee,
-to either drive a car or ride a motorcycle or both for mobility sake
-to either travel by road, by air or by sea.
-the option of which tv channel to watch or radio station to listen to and so on

Cryptocurrency has come to present options in terms of finance and not to completely replace the traditional fiat. Now users have an option to send money across the globe in cryptocurrency or in the traditional fiat through the government controlled banks.

For me, it is the dream that cryptocurrency gains widespread acceptance globally like fiat to an extent that they can both exist and be used in harmony.

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Can is a question of possibility, so while it is unimaginable at least at this point in time, I guess it remains possible. Who knows, in the next couple of centuries?

But in our current situation, I don't think it will happen. Bitcoin and fiat work in two highly different systems, extremes as a matter of fact. The incompatibility is immeasurable, so that it is next to impossible to use Bitcoin as a currency in a system which is tailored-fit for fiat.

For one, a certain amount of control is indispensable in our current setup. Prevailing economic theories, approaches, and policies couldn't work should Bitcoin replace fiat. So there has to be a complete paradigm shift in order for this to work, which is probably not going to happen very soon.

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I think the two will coexist. One of them will not be replaced by the other, nor will it disappear. The nature of cryptocurrency and difficult algorithm may not be accepted by some people, and the nature is different. So I think that cryptocurrency still shines in its own field, and fiat currency will not be replaced.

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The future is uncertain and may be realized someday, but now it is difficult to become fiat currency.
Cryptocurrency is just a new trend of investment now, and it is chosen and loved by many people. However, there are still some countries suppressing and banning the use, prohibiting the use of cryptocurrency for transactions. The price of cryptocurrency is not stable and the market is volatile, so cryptocurrency is more suitable for investment rather than as a fiat currency.

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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?

Its just a modern trend but it cannot totally replace fiat since for sure many people will not allow a certain digital currency with unknown creator identity status will take over their financial system, Its really impossible to think that it will happen and maybe you are just over thinking it due to El salvador adoption. Bitcoin is just a perfect secondary option and we need to accept the fact that this is where atleast he can go since the law is the main barricade on why we cannot see this happening.

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Why would fiat currencies need to be replaced.

I would prefer crypto and fiat exist in a state of relative competition. The way that competition between AMD and intel reaped significant benefits for consumers and semiconductor markets. Over the last 10 years competition has brought consumers lower prices, greater performance, greater reliability and lower energy consumption of CPUs. This is one positive facet of how free markets and capitalism are supposed to work to benefit humanity.

Fiat and crypto do not need to be enemies who attempt to destroy each other. They can compete and strive to make each other better and stronger. Fiat can learn lessons from crypto. And perhaps the opposite could be true to some degree. If crypto is successful it is due to shortcomings or limitations of fiat which crypto is better suited to fill. The rational solution is for fiat to improve and offer better terms, conditions and stability to its user base.

Crypto replacing fiat would end with crypto becoming a monopoly of itself. Which given the negative publicity monopolies have received of late, may not be an optimal solution.

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Quote from: Kasabus on July 13, 2021, 05:42:05 PM

Quote from: tabas on July 13, 2021, 05:27:52 PM

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

will cryptocurrency be used in the world instead of fiat currency?

It is already used. But there's no need to think of it kicking out fiat, I guess fiat is here to stay and so bitcoin does. The government that sees good alternative for bitcoin and will allow its co-existence with fiat, those countries will do better.
And how we're wishing that most countries are going to be the same as El Salvador, they got two currencies and one of it is bitcoin.

Bitcoin is already used but in limited areas. And some of the countries had banned it so bitcoin will only be used as more of an investment rather than a currency. But if government changes their mind and open their doors for bitcoin in the future, then probably bitcoin will be widely used as a currency but not to replace fiat, but as another option to it. I think fiat will stay forever and bitcoin might do the same too once its adoption will grow that will end into its people's acceptance.

Those countries that had banned it, there are still people that have been trading and used it because they can bypass even if there's also banning visiting bitcoin-crypto related websites.
We saw countries have changed their heart towards bitcoin, they've banned it for a long time and they're having now a time to think if they'll reopen their doors for it.

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Quote from: tabas on July 13, 2021, 05:27:52 PM

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

will cryptocurrency be used in the world instead of fiat currency?

It is already used. But there's no need to think of it kicking out fiat, I guess fiat is here to stay and so bitcoin does. The government that sees good alternative for bitcoin and will allow its co-existence with fiat, those countries will do better.
And how we're wishing that most countries are going to be the same as El Salvador, they got two currencies and one of it is bitcoin.

Bitcoin is already used but in limited areas. And some of the countries had banned it so bitcoin will only be used as more of an investment rather than a currency. But if government changes their mind and open their doors for bitcoin in the future, then probably bitcoin will be widely used as a currency but not to replace fiat, but as another option to it. I think fiat will stay forever and bitcoin might do the same too once its adoption will grow that will end into its people's acceptance.

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Quote from: just_Alice on July 13, 2021, 04:52:11 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.

This is why a lot of governments are still hesitant with bitcoin or other crypto because they don't know yet how to regulate this type of currency. That's why crypto can't replace fiat anytime soon. The government has full control about their fiat currency but with crypto, still vague for them on how to manage this new payment system. For crypto users, they don't want government poking on their crypto transactions as that's not the reason why crypto was created. Bottomline, we don't see crypto replacing fiat. There are so many factors to consider. But we are happy if our government is not too strict dealing with our crypto.

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

will cryptocurrency be used in the world instead of fiat currency?

It is already used. But there's no need to think of it kicking out fiat, I guess fiat is here to stay and so bitcoin does. The government that sees good alternative for bitcoin and will allow its co-existence with fiat, those countries will do better.
And how we're wishing that most countries are going to be the same as El Salvador, they got two currencies and one of it is bitcoin.

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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.

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Maybe someday that's going to happen but I do not see it happening any time soon. Bitcoin still has quite a long way to go in terms of adoption in the mainstream world.
Before crypto can replace fiat, then everyone must be literate and have access to the Internet at all times. Every merchant of goods and services must accept crypto as a means of payment.
These two factors, as simple as they seem, will take so many to years to come into play which is exactly why bitcoin and crypto at large cannot replace fiat anytime soon.

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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?

It would surely take a while before we see that happening especially if we would take consideration of the current banning and restrictions made by many countries towards crypto. Since the government controls fiat and it is only them who has the power to allow the regulation of cryptocurrencies, as it seems like they are still against the use of it would mean that crypto will not be able to replace fiat for now. Crypto holds too much financial freedom and decentralization as well so it's not really surprising anymore to see the government restricting the use of it. Maybe someday soon, as things get settled between crypto and government, we might see that happening.

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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?

The journey to replace fiat is certainly difficult, as we know that security systems are always a difficult topic to solve. besides that the presence of crypto that does not have a physical form makes crypto difficult for anyone to use.

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Crypto is not trying to replace fiat currencies instead helps people to have a new investment (at least, that is what people do right now). In the future, if their government allows crypto to be used as a currency, it will work together with fiat so people will have an option to pay.

But with the volatility of the crypto price, I think crypto will be better for the investment than the payment method. But crypto has a stable coin that equals fiat currency, so people may use it to pay something.

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what people who keep asking this question forget is that society relies on centralization so when they ask if bitcoin* can replace fiat they are actually asking if the society can make a huge change which is not going to be possible anytime soon. maybe in another 20 to 40 years but certainly not easy or soon.
bitcoin is not meant to replace fiat either it was created to only offer the freedom to those who use it.

* cryptocurrency can not because all altcoins are shitcoins.

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Both of them are good and useful in their place. Imagine you have to pay only 2 dollars for a product and the transaction fee is more than 1 dollar, this won't make any sense doing such a thing, or imagine you stuck somewhere there is not any internet connection there will be a pain in the ass to spend your bitcoins, also I don't think if the goal of bitcoin was ever to replace the traditional fiat currency. So I guess no, this won't be happen and fiat will stay on it's own place.

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