Topic: Crypto replacing fiat? - page 61. (Read 63527 times)
I dont think if will possible to happen crypto and fiat have a big differences and as we see crypto is volatile and fiat are not and this might the big factor why crypto will never replace fiat. I think in the future fiat is still exist and crypto will have a big role in our economies.
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.
Before we start of proceeding to your assumption, first we have to establish in a it step-by-step process. I wouldn't say that fiat would be completely replaced with these crypto currencies we have today.This statement requires a global discussion between presidents and other higher ranking elite people because it will disrupt most businesses in all over the world, if everyone is not fully aware of it.
That why we have more rules and regulations so that most of us could adapt to the changes or show to the people about of what is the digital currency.
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 all of the fiat money was replaced by digital I think the corruption and criminality would arise. It would be more difficult to track down transactions. No one will know who owes and what money, which might lead to a chaos. How do you expect accountants to do their job, if all they knew about a certain bank account would be a bunch of characters? And, also, if every fiat currency was replaced by digital, but still it would be the government, who regulates the system - then what about all of the alts and BTC, that we use now? Would the governments let people use it then? I don't think so. And what about the taxes? Anyway, I don't think that there's any point in changing all of the fiat money to cryptocurrencies. In such a case - either the whole economics will crash, or cryptocurrencies won't be anonymous and won't have most of the advantages that they carry now anymore.
Crypto replacing fiat is really hard to be realized when cryptocurrencies have major disadvantages against using fiat. For me, the very reason why crypto can't replace fiat is due to the lack of crypto's capability to be used during offline and its unstable market value.
I don't think that it will ever happen.Crypto's are something to discuss nowadays.It is gaining popularity and people are really attracted towards the facilites it provides to it's users.Many countries have declared crypto's as legal in their respective countries and many are thinking to do it but I don't think that it will ever replace fiat.Fiat currency is being used by people since a long time.It is difficult for any other currency such as crypto's to gain the amount of trust that fiat has.Fiat money is easy to use and can be used anywhere without any need of internet conncetion.So I don't think that it will ever happen.No doubt crypto's and fiat will work hand in hand in future.
It would not be possible if the crypto would replace the fiat, where each country has its own fiat currency and has been used as a characteristic of the country. Maybe more appropriate when crypto is referred to as another option for payment methods other than using fiat. That way, the community has many choices to make various transactions according to their interests.
If cryptocurrency manages to replace fiat money then it means that the government and banks manages to get into digital currency, which means that they managed to control cryptocurrency. That is one thing I hope to never happen so as great as bitcoins are, I do not think it will ever completely eliminate fiat money.
Thats not going to happen but lets just imagine the whole scenario for a movement. I guess in such situation it can happen that there will be increased money laundering and criminal activities. Don't ask why because crypto is pseudo-anonymous and I am pretty sure that these people can always find a way to perform their part of action.
Salaries and trades would be difficult to execute because each time we will need define the value and send the tokens accordingly to opposite person. More over it can also happen that a stage will come when tokens would be similar in all regards as the fiat used to be, the only thing that will differ is, it will be digital one.
Salaries and trades would be difficult to execute because each time we will need define the value and send the tokens accordingly to opposite person. More over it can also happen that a stage will come when tokens would be similar in all regards as the fiat used to be, the only thing that will differ is, it will be digital one.
Crypto is not replacing fiat completely. Both of these can exist together and currently you need cash to buy any bitcoin.
The government will never let crypto replace fiat. Most crypto are decentralized. This would lessen the control of their country. perhaps in the future they would only accept crypto in parallel with fiat with some rules for crypto.
First things first, we know full well that not all people can't acquire cryptocurrencies and doesn't have the ability to understand the underlying technology behind it. Moreover, some people barely have the capability to earn fiat for themselves so you do the Math if ever we convert entirely to crypto. Another one is that, the usage of crypto is still unstable and most people use it to gain profits by trading or selling them.
Cryptocurrency also has some hurdles to clear before it can be more widely adopted as a standard means of payment. The main obstacle is identified as being the volatility that some cryptocurrencies exhibit since the valuation of most cryptocurrencies is supposedly not “well anchored”.
It will not make a lot of sense if everything is now based on cryptocurrency, there is a huge role fiats play in our current economic models through the central banks,also crypto will be difficult to some persons
Well, what will happen will be that we will use cryptos to perform transactions either. So in that case, you'll have cryptos that can make you travel, you'll have cryptos that can make you pay bill, you'll have cryptos that can make you buy food and drinks, amd so much more. So the world won't change, everything will be the same but our payment system will rather change.
This is cryptocurrency, from the word itself "Crypto" which means hidden or secret. If Government really did replace their fiat and make cryptocurrency their official money, then they wouldn't be able to track the owners now. I do not see this happening in the future though because cryptocurrency is still not viable to be a feasible currency for the whole world, it still has many flaws which needed to be taken care of first. If the government can't cryptocurrency holders, then no one can. Also, Governments wants control in everything which doesn't suit cryptocurrency.
Nope. This won't happen. Fiat will always remain number one choice in terms of bills payment. Nothing can actually completely replace it. Not even cryptocurrencies. Cryptos can just be an alternative to transactions.
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 think it's a pretty good idea, but I think the use of digital money will be more effective for large transactions or purchases and we will still need fiat money to buy or pay for small things like tip money, or buy snacks at the store . Besides the use of digital money also requires gadgets in transactions, I know this is a problem that is not important but can be imagined if bad things happen to your gadget when you want to pay.
I think it's been a long time before it happens, Since bitcoin and crypto currrency today should be developed first and have stable platforms. Currently the crypto currency is used only for investment and asset storage. But maybe in the next few years it will be available for our transactions
The problem isn't really with the platforms (networks) but more the mentality of most people here. If your only incentive to use crypto is to make profit, you won't ever bother to use it as currency.It could be that fiat works perfectly fine the way they use it and they see no reason to use something different, or they don't know what Bitcoin is actually meant to change. I think both options play a role of importance here.
Most people in well developed countries don't transact much other than locally where fiat is doing a pretty decent job already. There is basically no incentive for them to use an alternative.
It will be difficult to get them on board. The other group needs education.
There is no chance for them to track you as long as you are using decentralised wallet but if you want to choose centralized then that is voluntary act and it is you who give an access to them to track you. But I think there is no reason to be bother because our technology as time passing by is becoming more advance so there will be a system that will protect the crypto holders to make their identity confidential.
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.
Unlikely to happen it's clearly impossible. BTC is a just crypto it's just a wallet that contains real money but with numbers that doesn't need physical appearance. This process is called converting BTC is a complex service which allows you to send direct money to other person untraceably. Without fiat BTC is nothing. Jump to: