The main problem is - governments. Governments control fiat currencies. They use central banks to issue or destroy money out of thin air, using what is known as monetary policy to exert economic influence. They also dictate how fiat currencies can be transferred, enabling them to track currency movement etc. Governments won't prevent it, because they don't have access to cryptocurrencies. (my opinion)
Topic: Crypto replacing fiat? - page 46. (Read 63527 times)
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.
I don't think this will happen. because in almost all countries no one agrees with crypto and only recognizes limited digital investment assets.if that happens a country must eliminate the currency in the country itself and replace it with bitcoin.
but I am very sure that no country will agree with all this.
Personally, this is the thing that never happens.
I think there are some good deeds that can be given like faster transactions to anyone who uses them. But before that happens, surely this will be a world discussion.
There are so many possibilities here if the cryptocurrency will remove or change the FIAT currency there are some people who don't want to use it because they don't know.
I think Cryptocurrency is very difficult to replace fiat money because Addiction to cryptocurrency is dependent on the Internet, and imagine if the Internet connection in one country is decided, what happens to the financial transactions in that country? Because the Internet bandwidth is controlled by some developed countries, developing countries are particularly vulnerable to countries that hold bandwidth.
Why not? The whole world is changing and we alsmost refused of wired telephone, for example, because now every person has its cellphone. I think, bitcoin can replace fiat money also, but it will happen not soon, because all countries in this case have to deal with bitcoin politics.
For anybody interested what Erik Voorhees (Shapeshift CEO) and Peter Schiff have to say about the very subject of this thread, here there is a link to the discussion: https://www.youtube.com/watch?v=q8R71WGO3qU
There is no way crypto can replace fiat at least not in this present time, neither will it be in future either. Fiat will continue to dominate in formal transactions.
I think maybe the cryptocurrency will not replace Fiat because the value of a cryptocurrency is determined by the value of Fiat itself. If Fiat money does not exist, then how do we assess a cryptocurrency, but it is only a prediction and every possibility can be kenya
Although some goverment or company in the world do not approve the Crypto but in think in the near future, it will be accepted and replace the role of fiat in the economy or banking. It is the same as the card was replaced the cash in the past.
It does not seem quite certain that crypto will take over the role of Fiat. Governments or banks have no interest in the widespread use of crypto. Blockchain probably will use the transaction, leaving crypto somewhere on the sidelines.
Fiat is a currency, used and control by the government globally in several countries base on there economic factor, I do not see crypto replacing fiat as it is a different sector with a technological backing compare to fiat which is a currency legally backed up by a law in several countries.
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.
It will be really difficult tonsay if bitcoin could replace fiat currency because it is legal currency and it is supported by the government unlike bitcoin it isn't. That is why bitcoin will take a long time before it will be approved as a legal currency.
Maybe it won't happen if crypto replaces Fiat, Fiat is a legal currency and is a symbol of a country, I think the government will not allow that to happen.
I think crypto will not replace fiat. Because after all fiat is still very much needed by the community and crypto has its own place in the community. So don't think that crypto replaces fiat. because it's still unimaginable to me.
We have the same thoughts, I don't think crypto could replace fiat because first of all no matter how advance we are there are still some people couldn't adapt this stuff, they will still preferred those fiat currencies. Crytpto couldn't replace fiat however, it can compete with it or in othet way it could be as an alternative way of payment.not impossible crypto will be able to replace the fiat. I hope it will happen, and I think it will be fun.
Crypto is not wholly replacing fiat as we are thinking. It will just blend with fiat to make our living in this technological world of our days more easy. Online payment has been a major problem that we face even as I write. People find it difficult to purchase things online especially those without credit cards. Crypto is just one of the payment methods that does not require one's location. All you have to do is to load you address and start making payments
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.
Crypto is good and the same with fiat currency. I see no reason for both of these not to be adopted in our economy. It has it's own features and advantages, so why not engage those two rather than arguing as to what will be the best out of those. Crypto is good in our transactions online while fiat is also good in purchasing things that is near to you.
I think crypto will not replace fiat. Because after all fiat is still very much needed by the community and crypto has its own place in the community. So don't think that crypto replaces fiat. because it's still unimaginable to me.
We have the same thoughts, I don't think crypto could replace fiat because first of all no matter how advance we are there are still some people couldn't adapt this stuff, they will still preferred those fiat currencies. Crytpto couldn't replace fiat however, it can compete with it or in othet way it could be as an alternative way of payment. I think crypto will not replace fiat. Because after all fiat is still very much needed by the community and crypto has its own place in the community. So don't think that crypto replaces fiat. because it's still unimaginable to me.
Right, whenever crypto will not be able to replace fiat, bitat's fiat function is difficult, everyone certainly wants instant transactions and is not dependent on internet networks like bitcoin and it can only be done by fiat.
I think crypto will not replace fiat. Because after all fiat is still very much needed by the community and crypto has its own place in the community. So don't think that crypto replaces fiat. because it's still unimaginable to me.
I think, this is not possible that crypto will completely 100% replace fiat. Every country has its Central bank which regulates their respective currencies, so central banks will not allow to disappear fiat. But if we consider of a situation that crypto replaced fiat completely, then there will be many problems such as ,in those countries where literacy rate is too low ,people are unaware regarding how to use internet on smart phones or PCs. Moreover Old aged people would not be comfortable with paying their each expense through internet.
It must be admitted that the crypto marketcap continues to increase and the current total is more than $ 350 billion, of course many countries are anxious about the development of Crypto because it has the opportunity to replace Fiat, but I am sure that Fiat always lasts a long time.
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