Crypto replacing fiat? - page 34. | Bitcointalksearch.org

Torontello

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Quote from: CptWhsikeyjack on July 23, 2018, 01:04:53 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 crypto is replacing fiat then we would not see such high fees for converting crypto to fiat -(

Irvinn

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Quote from: CptWhsikeyjack on July 23, 2018, 01:04:53 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.

This situation is impossible in principle. No state will ever go only to use the crypto currency, the more so that all states can not do it. If the state moves to use crypto currency instead of its national money, it will mean the collapse of its economy, it simply will not be able to function properly, since the crypto currency has no binding to the economy of any state. This will contradict all economic principles.

Sir Legend

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Quote from: miningguru on August 30, 2018, 10:50:23 PM

Fiat can't be replaced with the cryptocurrency but surely very soon we can see most of the companies will start accepting the cryptocurrency as another payment option. Blockchains are being implemented by many other big companies which will be giants in cryptocurrency markets.

Of course the country will do everything to make fiat continue to survive, even though the use of crypto continues to increase but I'm sure it will be something that cannot replace fiat.

miningguru

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Fiat can't be replaced with the cryptocurrency but surely very soon we can see most of the companies will start accepting the cryptocurrency as another payment option. Blockchains are being implemented by many other big companies which will be giants in cryptocurrency markets.

Dofotonomo

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It will be quite a very difficult thing for crypto to replace fiat.

laborrdj

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This has not been a simple undertaking at all and can't be on the grounds that we are largely anxious of such change and furthermore the mind boggling nature of utilizing digital currency is another extraordinary obstacle for individuals to move into cryptographic money. In the event that we can make cryptographic money use simple and on a solitary platform,everything should be possible with speed,we will bit by bit win this battle.But until further notice despite everything we have to accomplish more before we can supplant fiat with digital currency

sidodadii

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actually, its hard to replace fiat using crypto. and im not sure when you say that some governmenet change their fiat into crypto. fiat is always be our money to pay stuff, but crypto can be alternative money.
its good if crypto replace fiat. all of thing will be held up by phone. because this is practical era, you can do what you wanted by click your phone with one finger.
when the technology has declined, crypto is useless anymore, and maybe they will change their crypto to fiat.

Ponti

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Crypto is definetely the next step of "medium of exchange", but only if it will continue its growth and technological improvement. Right now it is very early to discuss that as there are very promising crypto projects as well as projects that carry absolutely no benefit to the society. The other thing is that crypto should finally get legal status from all the governments who are "playing with words at the moment", thus not giving any explicit opinion on how the "crypto world" will be regulated.

OSYA

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Quote from: CptWhsikeyjack on July 23, 2018, 01:04:53 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.

A complete replacement of fiats with btc, for example, is impossible since there is usually no chance to make an additional emission of coins (like it can be done with printed money).
In this way, cryptocurrencies are less flexible than the ordinary ways of payment, which limits their use in traditional businesses.

Harrisonimo

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Quote from: CptWhsikeyjack on July 23, 2018, 01:04:53 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 uprising of a new age for the cryptocurrency if it takes over the fiat! The future operated in digital currency starts and there are diversified opportunities being made and financial liberation in all areas. The major threat I see is the hackers of wallets/funds which I hope will be dealt with as time goes by.

Dodongbtc111

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Not yet, it is too early to say that. From the market struggle we could see it would take time before people will fully accept crypto but I think if crypto could build more trust to people then maybe such time could happen.

avarnet

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Quote from: Muspion on August 27, 2018, 04:29:08 AM

it takes a long time if crypto replaces fiat currency or local currency, the government must first legalize crytpo currency, only then can it compete with fiat currency

that's true, and I'm sure that crypto can't replace fiat / paper currency. because the government does not want if the symbol of the country is replaced or eliminated in the presence of digital currency, because the paper currency is a symbol of the country

GunsLair

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It would be very convenient, quick and safe to make transactions around the world with the help of cryptocurrency. But I still think that both will exist. People can't just abandon the fiat currency. There is a category of people who are used to hold and feel money in their hands and such people will not disappear anywhere. Not everyone has the Internet and not everyone even has a computer. Therefore, this is a very long way and it's hardly possible.

Ayencyet79

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fiat currencies most of the governments are planning to launch centralized currencies rather than decentralised crypto currencies they are working with their own blockchain Wink

Akoldi_ibk

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Crypto replacing fiat? Never, it won't happen, not in this life or after. But on one condition, if you can replace the greedy nature, hunger for power and the rich opposing the poor heart of man. While these acts thrive in every government, controlling fiat is one sure way they use to drive and dictate the direction of the economy. With this in mind, no government will allow what gives power to people (crypto) to dominate. Meanwhile, both crypto and fiat need each other and can exist symbiotically when there is adequate regulation.

Agniya

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I think, sooner or later, the cryptocurrency will completely replace Fiat. I do not think that this will happen soon, but all the same.

raidarksword

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I guess not. Fiat currency still exists in daily basis because it's still useful to some people that didn't adapted bitcoin as their second choice of payment but most importantly their existence is the most significant progress on how currency evolves with the help of blockchain technology.

tintinbongs

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Well actually that is crypto aim to replace fiat someday so that it will be a cashless world. No fiat need to use but all through digital money. Soon it will be.

mware

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It will not replace, it will become the new concept of money earlier than 50 years. Fiat currencies allow the government to have a large amount of control of their economy. They can decide to print more or take some out of the economy through banks. A cryptocurrency would have to be linked to their fiat currency and be totally controllable, for a government to allow it in place of their fiat, but that would basically be a fiat anyways. So we would need new legislation or new governments.

tommisetiyawan

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I think fiat will continue to exist anytime, because crypto is a digital currency that is created for transactions online or via the internet, if fiat money is extinct and there are some people who do not have the tools to access the internet they will not be able to buy an item.

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