Crypto replacing fiat? - page 32. | Bitcointalksearch.org

Kakawate

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Quote from: CptWhsikeyjack on July 23, 2018, 12:04:53 PM

Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.

In my opinion, if fiat or paper money will be replaced by cryptocurrencies, I think its gonna be the same, but a lot easier, the payment system is gonna be a lot easier and more convenient. One more thing, when that time comes, having money is as good as having an investment program, because of cryptocurrencies volatility, it could be a a negative thing, but it also could be a great help for every person.

ShineftChaos

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Quote from: BigBos on September 03, 2018, 12:52:14 AM

Quote from: airdrophunter on September 03, 2018, 12:22:55 AM

Moreover, cryptocurrencies are so technical that people needs to have knowledge in information technology especially in crypto before he/she can use it. Because cryptocurrencies can olny be accessed via the internet, then there will be a problem that will occur if you happened to buy something and it's offline.

I think the government is against this. well, I know some countries that prohibit the use of cryptocurrency as a means of payment in their country, but not for investment. so, I think, it's very difficult to happen.

In my own opinion, cryptocurrency will never replace fiat because not every people can invest on bitcoins or altcoins and they are still leaning on fiat which is the main currency of their own country.

kerremy

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If that really happens, Possible concerns if Cryptocurrencies replace fiat.

Of course, there are also some huge challenges and concerns with this scenario. Should cryptocurrencies take over entirely, new infrastructure would have to be developed in order to allow the world to adapt. There would inevitably be difficulties with the transition, as cash could become incompatible quite quickly, leaving some people with lost assets. Established financial institutions would likely have to scramble to change their ways.

BertoloyBTC

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That might be come true ,that crytocurrency will replace fiat currency if the crypto will full activation and accepted worldwide, but I also think that it not totally replace fiat currency and fiat will be still be used in areas where there are no supply of internet access ,that cryptocurrency will be applied for .

BigBos

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Quote from: airdrophunter on September 03, 2018, 12:22:55 AM

Moreover, cryptocurrencies are so technical that people needs to have knowledge in information technology especially in crypto before he/she can use it. Because cryptocurrencies can olny be accessed via the internet, then there will be a problem that will occur if you happened to buy something and it's offline.

I think the government is against this. well, I know some countries that prohibit the use of cryptocurrency as a means of payment in their country, but not for investment. so, I think, it's very difficult to happen.

andriw

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When crypto replaces fiat, the government's treatment of crypto will be the same as fiat, starting with privacy that is not private anymore, ownership of crypto assets will be taxed, and no more decentralized

airdrophunter

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Moreover, cryptocurrencies are so technical that people needs to have knowledge in information technology especially in crypto before he/she can use it. Because cryptocurrencies can olny be accessed via the internet, then there will be a problem that will occur if you happened to buy something and it's offline.

nisya

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Quote from: Wong Goblog on September 02, 2018, 10:38:22 PM

In my opinion crypto will never be able to replace fiat, this is because crypto is decentralized so that it cannot be used globally for direct transactions such as fiat, of course it is difficult and confusing for retail sellers when prices rise or fall by 10% per day.

I agree with you because people still using fiat than crypto and they prefer to use fiat to buy something. but this will change if all people know crypto and they know how to use crypto and they like crypto so crypto can replace fiat. maybe this will happen in the future as we see that the technology still in the development and everything is possible to happen.

Wong Goblog

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In my opinion crypto will never be able to replace fiat, this is because crypto is decentralized so that it cannot be used globally for direct transactions such as fiat, of course it is difficult and confusing for retail sellers when prices rise or fall by 10% per day.

Chachen19

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fiat and crypto are two different types of transactions but they will complement and replace each other if one of the two markets is not perfect and will lose many benefits for the trader we have. You can trade fiat or crypto

microwave

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Quote from: CptWhsikeyjack on July 23, 2018, 12:04:53 PM

Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.

If bitcoin replaced totally to fiat money we are convenient in terms of processing and about your question what is possible problem we face and how lifes would be if ever bitcoin totally replaced. Same as normal situation but the technology big change to our life bitcoin will bring us to high standard level of all things.

Birin016

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Quote from: CptWhsikeyjack on July 23, 2018, 12:04:53 PM

Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.

The problem is the safety of our account, i believe when crypto replace fiat it means the value will be more stable and the transaction could be fast as fast using debit card. But the security of our account is so vunerable, or maybe there will be a wallet that cant be hacked.

policeoo

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“The Future of Security Tokens”

Quote from: Kovanyy89 on September 02, 2018, 03:40:04 PM

I don't think this is gonna happen. It's impossible for anything to replace fiat because it's what our economics base on. Plus, many crimes involve fiat, and as long as criminals exist, some kind of fiat will as well.

I think also that it won't happen. It is hard to delete all the fiat currency. The government won't allow it. Very powerful people including the government and mafia are in control of all of the money and they need flat around. They will use every single device and weapon we could say that is available to have flat and crypto...both...

Kovanyy89

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“The Future of Security Tokens”

I don't think this is gonna happen. It's impossible for anything to replace fiat because it's what our economics base on. Plus, many crimes involve fiat, and as long as criminals exist, some kind of fiat will as well.

Himanshu111

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Quote from: onaiwusun on September 02, 2018, 12:05:24 PM

Quote from: yourialfa on September 02, 2018, 11:48:00 AM

I think Crypto will never replace Fiat. Because after all Fiat is still very much needed and will not be replaced by Crypto. Crypto will always be there I think, but the place will not replace fiat and will be different. Fiat is something that I will not replace. Because some people still need fiat. That's just my opinion.

It is not practically possible for Government to fully replace fiats with cryptos as would mean government losing control over the supply of money.

No I do not think that this can occur any near in the future as fiat is used by every single person in the world.Fiat is used from traditional time period and it is established very well in the market.Fiat is backed by central banks and governments as it is centralised.Cryptos are banned in some nations as they are decentralised and are also very volatile and unstable.People need fiat and this is a fact which cannot be denied.The first choice of people will always be fiat.

Crypto one

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Fiat are already being replaced by digital money. I use my fee less credit card in almost every transaction when I shop, all my monthly bills are paid automatically from my back account or from my credit card. Payments are instantly on banks days, so I can always see my money balance in my bank account.
I think it's only a matter of time before central banks will move from digital money into blockchain money. Doing so will remove banks roles as a money printer. The system we have now makes banks printing new money every time someone deposit money in to an bank account. They only need to hold a few procent of deposit, so if you deposit 100 dollars the bank can lent someone thousands of dollars. This money printing will come to an end if central banks move on to blockchain money.

onaiwusun

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Quote from: yourialfa on September 02, 2018, 11:48:00 AM

I think Crypto will never replace Fiat. Because after all Fiat is still very much needed and will not be replaced by Crypto. Crypto will always be there I think, but the place will not replace fiat and will be different. Fiat is something that I will not replace. Because some people still need fiat. That's just my opinion.

It is not practically possible for Government to fully replace fiats with cryptos as would mean government losing control over the supply of money.

onaiwusun

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Government will never convert wholly to fiats,Whether or not one sees individuals transactions will depend on the type of blockchain used, private blockchain will not allow you see everyone's transactions

yourialfa

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I think Crypto will never replace Fiat. Because after all Fiat is still very much needed and will not be replaced by Crypto. Crypto will always be there I think, but the place will not replace fiat and will be different. Fiat is something that I will not replace. Because some people still need fiat. That's just my opinion.

Semosuchi Tesongrato

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As things are going, especially in the last period, there is no signal that can confirm that the crypto can replace the fiat, at least for a long time.
Then, everything is possible: we will see.
For the moment, it is something reserved for a micro elite.

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