Topic: Can cryptocurrency replace fiat money? - page 9. (Read 1809 times)

I think that cryptocurrency can replace fiat money, we are moving in this direction. But for this you will need the approval of the governments and wait, may be, ten years.

I'm sure that this fiat currency will replace cryptocurrency, so we're doing that with bounty, giveaways and airdrop to attract people to cashless sociaty and to the people who are all crypto coins are allowed.

Even all of us are using high technology I don't think cryptocurrency will replace fiat because they have instances that cannot cryptocurrency like when they have brownout and no internet. But fiat is all around even what happen you can use it and how the crypto depends on the price if don't have fiat.

Currently, electronic money can not replace cash. Many people still do not know what electronic money is. In addition, electronic money fluctuations constantly and irregular, easy to lose safety, not popular ... I hope in the future, things will change.

crypto will not replace fiat. it's true crypto have advantages to fiat but don't forget it has also disadvantages. why do some think crypto will replace fiat? why not think that both crypto and fiat can coexist and help each other?

This is definitely not a substitute. The amount of legal currency is too large, and the cryptocurrency is only a series of coins that cannot exceed the original coin system. If you go beyond that bitcoin will be a few million dollars.

At this stage, due to the different national conditions of each country, the legal currency cannot be replaced by cryptocurrency.

I think that cryptocurrencies will never be able to completely replace Fiat money, since their influence is very large, and the probability that this will happen is almost zero.

Isn't the way we look for as it never be the purpose of its creation. People will still love to used fiat money if they never feel comfortable with crypto and isn't bring benefits with them. We can't deny that in some areas internet is still missing and people never knew about crypto, they'll often for such opportunity if they'll know exactly about these thing.

Fiat does not necessarily mean paper money alone, such as some would think. Fiat can also be in form of electronic, but not cryptocurrency. You can talk of paper money being replaced, because there are already so many plans to have cashless society. So to introduce cryptocurrency to that purpose, crypto has to first be adopted worldwide.
So it will not replace fiat, but can replace banknote.

of course everything could be, BUT I hope it will not be ever, because it will be a total control under people

If people not trust again with fiat, or there are big inflation in a country, maybe digital currency can replace fiat, but for now it is impossible to replace fiat because a lot of people in this world stil use it and we can't simply to change something that already used for a years.

In my opinion cryptocurrency will be useful in many cases but hard to say it's completely replace the fiat. Still Online Banking still not adopted by all the world. Even we can't avoid the security concern in the crypto. 

Now everything is developing very fast, and I think that after 10 years there will be no paper money ... except in backward countries.

To answer this question correctly we first need to take a look at what a currency needs to be.

Money needs to be:
-Easily accessable
-Widely accepted
-Has to be trusted

If we take a look at crypto nowadays, there are huge problems with all three factors.

It's accessability is a huge problem. At the moment you have to be a computer expert to use it. I always say: "if my parents understand it, than it has the potential to be accessable to everyone." If I try to explain crypto to my parents, they are rolling with their eyes, not understanding what I'm trying to tell them.

Another problem: crypto isn't widely accepted, yet. And it won't be in the near future. It's new, it's strange and fees are way to high. If I want to buy a cup of coffee, the fee sometimes is twice the price of that coffee. That's not good. Pundi X is trying to build a system that makes it possible to pay with crypto just like you are paying with your credit card, but still that's a very small project right now.

And point 3... Crypto has a huge problem with trust. For trust you need a stable market and coin. What has happened lately in the crypto with all of his volatility, it's not good for it's trust.

So, if you'd ask me if crypto will replace fiat in a short time... I don't think so. What we need is regulation and rules, so that trust can enter te market. If trust will enter the market, maybe it will be more accessable en more widely accepted. But there's a long road ahead...

It could but it won't. It is another form of investment for majority, high risky one.
Only stable coins could be used as money I don't think any government will accept to replace their currency with something which is one day worth $1000 and next day $200.

It is quite possible that in the future Fiat money will disappear and they will be completely replaced by cryptocurrencies. For the full replacement of Fiat money should take a lot of time and all conditions must be created.

In the future that is the intention, but for cryptos to replace fiat, everyone has to have access to the net, which can get a little complicated in very remote parts, but that is possible, it is possible, and that should be one of the main goals of mass adoption, gradually replacing the obsolete traditional financial system.

I'm sure that it not happen in the closest time. Many people don't use smartphones yet. But for crypto we need internet at least. And in this conditions cryptocurrency have less chances to replace fiat

No, this is too complicated a process first. Secondly, at the moment it is absolutely unnecessary. If this ever happens, it is precisely in the future that we will not live to see.