Topic: Crypto replacing fiat? - page 4. (Read 63527 times)

I don't think so, that crypto can replace fiat because the original currency is fiat and many people used fiat ever since that's why it's difficult to happen.

Indeed, we simply need to look at a series of developing projects in this market, compare the value each month, sometimes we see the times when the value is at its peak, sometimes it will is the despair of investors, crypto has a very fast fluctuation rate, holding crypto is similar to holding bubbles, we cannot know when it will fly or explode. And back to fiat, this tool is for us to use every day, it does not move beyond any control, crypto want replacement is one thing that will be rejected immediately from the community

Fiat and crypto should coexist. Maybe not governments but a lot of people are prepared to embrace crypto and fiat simultaneously. To move completely to crypto certain conditions must be met, like ensure internet access to anyone from anywhere in the world. Sadly, this is still an unrealistic proposition and many people without an internet connection wouldn't be able to pay or make transactions at all.

In order for everyone to find out how much money is in your wallet, you must first disclose your identity and the wallet associated with it, so I do not see a problem in this.
I don’t see the future where there is only cryptocurrency, because some projects are simply not needed, some may turn out to be fraudulent schemes,
or just be caught in something that will lead to a drop in the price of this coin.
Which will remain for people who have most of the savings in this coin ?
It is very dangerous. And most importantly, the market is excessively volatile, this has led and will lead to hard falls. Nobody wants his assets to decrease by 90%, the expectation that they will ever grow back turns into torture. Imagine how many people have been waiting for the return of Bitcoin to the mark of 20,000 and the growth of altcoins with it since the end of 2017.

I also don't believe that cryptocurrencies will replace fiat. Let us say that cryptocurrencies can be use now in our country for buying any things. But fiat is always there, government accustomed of using fiat and regulating it.

I know that enough problems will be predicted when crypto replaces Fiat. in terms of potential, I think crypto does have the potential for it. we know that quite a lot of electronic payment instruments are replacing fiat at the moment, I think that crypto can be like that.

In addition, although many reject the use of crypto as a transaction tool, many governments support the development of crypto as technological development. however, people nowadays sometimes use crypto as a transaction tool.

Well, I only see the potential, whether it will succeed or not in the future, and I also realize the various contradictions about this.

Well, I don't see the potential here, crypto technology is probably a trend with many features and utilities but somewhere in this world, we can realize this technology is really only suitable for some groups of people, the rest is very difficult to contact and adapt to this technology. Besides, crypto is still a very hot item and the government is afraid of collisions, many consequences that the government cannot predict from this technology, so the way to crypto can replace the position of the fiat and get acceptance from the world community, it's too small

Cryptocurrency is a asset.
How it can replace fiat?
Only the stable coins can replace the fiat currency.



This debt based currency is best way to keep economy up and running.




Bitcoin and Gold have Zero value!



Gold and Bitcoin are nothing without fiat currency.
Im sure the Fiat currency like we have Today the debt based currency will stay for long time...


The New Era Will be Stable Coins.

This is not far from reality, but generally unrealistic. I am completely sure that no state will ever abandon its national money and will not switch to settlements exclusively in cryptocurrency. The national money of any state is an integral part of this state. The economy of any state can effectively develop only when there will be a circulation of national money and goods. Cryptocurrency does not have such a function, because it does not have levers of interaction with the state economy. Cryptocurrency can benefit the state’s economy when it walks in society at the same time as national currencies.

For me, its way to long to make crypto replacing fiat, Yes let assume that all government sees that advantage and capability of cryptocurrency but this government sector will just allow cryptos to their state and will not take to much action on it. The different nation has different problem and priorities, and I think they need to much effort to make it possible that crypto will replace fiat. Also, I feel that they will just create their own crypto and will not replace their currency/fiat.

No one ever though that internet will be everything in 2010.

No one ever thought that earth is circle.

No one ever thought that we can make flights until it becomes happened.

Same can be known only after it replaced.

Who thinks that it will be replaced in the future? Me, I don't think so.

It is true that I like to use some of my cryptocurrencies most of the time but I don't think it will be used as a currency, it will stay as it is even in the future. Some countries may create their own cryptos but not replacing their fiats since there are still a lot of other things they should develop and improve other than cryptocurrencies.

Chances of that is very far away from the reality so far.

While it is certainly possible that will happen in the future, the question how will we get there?
From a non-investment perspective, lets focus on 4 main issues:
1) Lack of volatility
3) Acceptance by businesses
2) Acceptance by users
4) Non-interference by governments

1) Lack of volatility is a no-brainer for any successful crypto to be a reliable means of exchange in regions with economic stability and banking.
Sure, we have stablecoins (fiat-backed, gold-backed, basket-backed, algorithmic) serving as a bridge for exchanges, but at present none have enough scale to replace a regular fiat currency (liquidity-wise) nor have the transparent governance mechanisms to resist systemic shocks (trust-wise). Libra, if it works as envisioned might actually work on this front.
2) Use and acceptance by businesses (merchants) is quite a crucial factor often overlooked by our community. P2P transactions, volume and liquidity are great, but if no outlet accepts it, you still need to convert through an intermediary. Payment provider integration is likely to be the case forward here, as accepting on-chain payment is not cost-effective nor scalable to multiple chains (plus connecting to exchange to manage balance sheet).  It needs to happen at scale, ruling out small shops as enablers of scale and entering the territory of medium-to-large business. At that level the bottleneck to decision-making process is compliance department and top management. A compelling business reason needs to be presented why they should integrate a new provider, with expected revenue increase. The best way forward here is to support a crypto-payment provider that provides the best service and helping them grow. This can be done by constantly nagging your favourite business to integrate provider XYX (not a specific currency like BTC). This will be a long-term effort and the community really needs to step up on this.
3) This ties in with the previous one. If a business adopts a new payment provider and sees no usage, they will drop it and mark it as a failed experiment. Usage by mainstream users is crucial, generating "sales" volume that can maintain the option compelling. Having a great UX and consumer-friendly is also key here (think of PayPal and their refund protection. If I get scammed I want to contact someone and get my money back. If this is not possible, I'm gonna leave a bad review on the merchant and we all know business LOVE bad reviews).
4) This one is the one we can least influence, but quite important for business acceptance. If governments pass regulation clarifying their stance on cryptoassets (not all are made alike), especially payment-oriented tokens and corresponding tax treatments, this will gradually erase the negative ecosystem connotations and decrease risk of adopting new technology.

Just my 2 cents  Might be wrong though 

fiat was replaced by cryptocurrency, I think it's difficult, because fiat comes from government regulations or laws, fiat does not have a limited amount of inventory can be made according to the country's economic decisions and needs is inversely proportional to cryptocurrency, and the most common problem is remote cryptocurrency  from stable which clearly affects the economy of the community.

I think that the volatility of cryptocurrency primarily depends on the risks that exist in the cryptocurrency market and that volatility will primarily affect the use of cryptocurrency in everyday life.  But today the first problem is to legalize cryptocurrency, albeit not in the whole world, but at least in individual countries.

Digital currency is a name for crypto but it does not reflect the nature of crypto, we call it as a currency but unfortunately, we can't use it in life and even if we can use it, it's not comparable to fiat in terms of convenience. The value that it can provide is a currency that can circulate in the crypto world, an opportunity for us to invest, the crypto instability is so famous, and with this element, it is more than enough for crypto to not replace fiat, people need something stable to use regularly, not a temporary use

Cryptocurrency replacing fiat never gonna happen in the short or long term, it isn't that an easy task. We haven't got such a big support all around the globe, to experience full on bitcoin without any fiat usage it is a must to have every Marketplace accept bitcoin. Right now we may find few Marketplaces in specific locality accepting bitcoin and further for a long distance there won't be any other stores accepting bitcoin.

Though it is called internet money, there is a need to make it used by each and every common people. This is how it is possible to make fiat get replaced by bitcoin.

I dont think its practical to replace fiat currency with crypto unless there is some offline version of it as easy to spend as paper money. In real life and in most places around the world there may be power outages, poor or no internet, ignorance about using technology. But in all these places people need to buy food and conduct business. Crypto isn't really a substitute for this yet.

If cryprto successfuly replaces fiat i doubt there would be any problems as you are speculating right now and nobody can trace to you your amount of holdings of Bitcoin or Ethereum. Remember the blockchain technology though transparent is also anonymous in its transactions. I really can't wait to see this day you know, When crypto finally replaces fiat currency.