Topic: Crypto replacing fiat? - page 62. (Read 63502 times)
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
In this era of Globalization every industry developed but still we use fiat money,There is need of crypto to replace the fiat because people want to change and easy safe way of financial activities.Cryptocurrency is big revolution it made possible to make transactions globally on just fingertips.
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 well-known rapidly developing trend in the world, bad we are having the fiat currency working for so many years that I'm not thinking that bitcoin would be successful to replace existing system in few years from now.
There is no such thing as a crypto that can replace fiat. Currently, only a few countries accept BTCs in paying for goods and services. The use of BTCs for this purpose is more difficult to manage than fiat.
Maybe it will happen soon that cryptocurrency coins will use as replacement to fiat, but it is beyond strong and total implementation with the assistance and the power of government leaders, and I think if that truely happen soon there is also conflict between synchronize system of implementations from different nations because of different economic status.
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 have faith in crypto but I am not sure if it can replace fiat. Crypto would be an issue because of its volatility. Aside from that, I don’t think government will adopt crypto. The government always wanted to be in control while crypto is designed to be decentralized.
Aside from the obvious buffed up security once crypto currency actually replace fiat. We shoukd also have a system where in people could easily transfer and recieve token. The internet would hav to accessible to everyone and everyone must have a card or a phone of some sort so transactions are done smoothly. But try to imagine a chip or implant to ourselves so we can just tap otnor something.
I think fiat cannot be replaced entirely unless the seamless access to cryptocurrency can be attained. That means access to crypto can be easily attained by ALL citizens may it be rich or poor. The only thing I can think of this happening is if we all have implanted chips in our limbs. And that's a lot of red tape to go through.
Very possible.
Life and everything else will be as normal. Look around, we dont use cash as much anymore. What we use nowaday are just "credits" and they are all virtual. If bitcoin become that fiat thing, it wont alter anything in our daily lives.
We will still buy, sell, trade, get paid and everything else with bitcoin. Just like how we get credited into our credit card today. Again, we dont receive cash anymore. Those are all virtual credits. Bitcoin is also virtual so it should work the same way.
Life and everything else will be as normal. Look around, we dont use cash as much anymore. What we use nowaday are just "credits" and they are all virtual. If bitcoin become that fiat thing, it wont alter anything in our daily lives.
We will still buy, sell, trade, get paid and everything else with bitcoin. Just like how we get credited into our credit card today. Again, we dont receive cash anymore. Those are all virtual credits. Bitcoin is also virtual so it should work the same way.
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.
As far as I can tell. Cryptocurrency will never replace the native currency of one country. Cryptocurrency is good for digital stores or online stores. But if you think it is possible, no its not, because many countries are used fiat currency in their transaction. Although cryptocurrency is convenient to used because you only have your phone wherever you are you can still buy things thru digital wallet but in reality most people are still choose to have physical money in ther hand because it is very safe and you can kept it in every pockets of your bags or clothes.
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.
Like what other said its so impossible for crypto to replace fiat first things fiat has a historical value in any country, government are againts to cryptocurrency but whatever happen its all depend on them, lets ride with the situation as easy as you imagine.
Well fiat started out somewhere and probably replaced a more prevalent barter system back then. The problem is that barter system and fiat both deal with physical exchange. And we know there are transactions that require physical exchanges. Crypto may well be a major form of currency but there'll be aspects wherein it's limited to the digital world.
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.
That scenario is like a an insisting holdup of fiat money in real life. forced to kill to the victim because of not given all the things that they want like fiat money that is also happening to us if all our information from our ledger is on a public viewing we have nothing to do this unless we gonna far from them.
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.
Like what other said its so impossible for crypto to replace fiat first things fiat has a historical value in any country, government are againts to cryptocurrency but whatever happen its all depend on them, lets ride with the situation as easy as you imagine.
whatever happens, bitcoin will never replace fiat money. it is impossible for a currency to be legalized by the state and become a symbol of the country's economy to be replaced by bitcoin which is actually a digital currency that is circulating in general and does not belong to a particular country or company.
There are so many possibilities in here if the cryptocurrency will remove or replaced FIAT currency there are some people that doesn't want to use it because they don't know. There are some good deeds it can provide like the faster transactions to any people who use it. But before that happen for sure it will gonna be world discuss.
There will be a huge debate about this thing for sure, and I know this will not happen easily. I actually don't see cryptos to replace fiat, if that is the case cryptos will become more centralize so for me its not a good idea to replace fiat. Better to make a healthy competition with it and let people decide on what to use base on their liquidity. 
It seems unlikely that such a scenario will take place. I don't think governments will allow such a structure that they can't control, they can make their own digital currency in future, but that's gonna be much different from current fiat currencies.
No, actually it could be the same or they could stay with the credit and debit card system. Just a card and no papers.
This will be a problem with the poor side though.
They will be forced to have an account in the bank and deposit some money if they need to transact something.
If digital currency is what they will create then it might just be the same as fiat. Just made it online. Same as USDT, something like that.
Actually, credit card only system seems pretty dystopian to me. That would basically mean that governments would be able to track absolutely all transactions. With paper money poor people still get a chance to earn for a living at a highly regulated market (minimum wage, licensing and etc.). With paper money abolished that would be a hell for them. Luckily, crypto can solve that problem.
For crypto to completely replace fiat, the world needs to have an overwhelming increase in literacy rate. Some people on this forum are yet to catch a full grasp of how crypto actually works. How are other people who cannot read or write going to adapt? Also, we need to have a remarkable internet speed to serve the world's growing population since cryptocurrencies are the "money of the internet".
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 seems unlikely that such a scenario will take place. I don't think governments will allow such a structure that they can't control, they can make their own digital currency in future, but that's gonna be much different from current fiat currencies.
As the years grow old their is nothing imposible in this world. Maybe by the next coming years digital money cryptocurrencies will replace fiat money. Cryptocurrencies is just like our high tech gadgets. Before many people did not believe that it would happend. And now we are using it, So I beleived that crypto will replace fiat and its not hard for the people to adopt this new technology.
It seems unlikely that such a scenario will take place. I don't think governments will allow such a structure that they can't control, they can make their own digital currency in future, but that's gonna be much different from current fiat currencies.
No, actually it could be the same or they could stay with the credit and debit card system. Just a card and no papers.
This will be a problem with the poor side though.
They will be forced to have an account in the bank and deposit some money if they need to transact something.
If digital currency is what they will create then it might just be the same as fiat. Just made it online. Same as USDT, something like that.
Others are too general for this discussion, there's already a reminder that only lack of "what if" but it's obvious OP said that what if crypto's already replaced fiat.
So stop saying, "I don't think this is possible" just answer his question.
The problem that we may face is there will be people who can't adopt this easily. That's the only problem that I can see if it will all go for digital currencies.
So stop saying, "I don't think this is possible" just answer his question.
how life will be and what are the problems we are gonna face and the immediate effects of it.
Life will be faster, transactions will be automated and faster. This is the basic effect of technology. The problem that we may face is there will be people who can't adopt this easily. That's the only problem that I can see if it will all go for digital currencies.
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