No practically it seems not possible to happen.Not all the people would accept decentralised cryptos as their primary currencies.
I think it is impossible to replace fiat for bitcoin. Bitcoin is unstable and that will be too risky to replace fiat.
Topic: Crypto VS national currency - page 4. (Read 3027 times)
I think it is impossible to replace fiat for bitcoin. Bitcoin is unstable and that will be too risky to replace fiat.
Well, I think it can be real only in a big period of time, not in 5 years. Yes, crypto becomes to be popular, but not so quickly you will by coffee with bitcoin. And I think national currency will be actual many and many years.
DUDE. This is the catch, fiat cannot be destroyed by bitcoin or cryptocurrency itself. That's the mere fact and I don't think that they can do it. Government is the personalities behind the fiat.
I found this expression on the news channel about the crypto currency: "Anyone who will try to buy coffee for cash in 2023, runs the risk of causing laughter from the seller, that he does not use crypto currency."
how do you think, is it realistic? Can a crypto currency replace national money?
I think that it's possible, but it will take more time.
Maybe in the future, fiat currencies will be replaced by cryptocurrencies. Cryptocurrencies will be the future currency in the near future. how do you think, is it realistic? Can a crypto currency replace national money?
I think that it's possible, but it will take more time.
It is possible but only for those countries who accept bitcoin and make bitcoin as mode of payment. But it is impossible for countries who have high number of poor people.
right, like my country which prohibits bitcoin as a legitimate payment transaction because it has no clear regulation then bitcoin will not be accepted in my country, and for now only a few countries accept bitcoin as a legitimate payment transaction other than their country's currency. 
It is possible but only for those countries who accept bitcoin and make bitcoin as mode of payment. But it is impossible for countries who have high number of poor people.
In my opinion, crypto still has a long way to go before they totally replace national currencies. But it is inevitable. Because blockchain is virtually un-hackable, the cost of verifying transactions is slashed. This makes crypto much cheaper, as compared to transactions from a bank.
Futurist and author Thomas Frey predicts that “cryptocurrencies are going to displace roughly 25% of national currencies by 2030. They’re just much more efficient, the way they run.”
The lack of intermediaries and oversight in cryptocurrency, which operates on peer-to-peer transactions, makes it remarkably attractive for investors, who can cut out fees for banks and financial advisers.
However, crypto does have its drawbacks. If you have a dollar bill, it’s pretty safe to assume its worth about a candy bar from day to day. One Bitcoin, on the other hand, could be worth a candy bar one day, a car the day after, then next to nothing the day after that. It’s more like a stock than a stable national currency.
Futurist and author Thomas Frey predicts that “cryptocurrencies are going to displace roughly 25% of national currencies by 2030. They’re just much more efficient, the way they run.”
The lack of intermediaries and oversight in cryptocurrency, which operates on peer-to-peer transactions, makes it remarkably attractive for investors, who can cut out fees for banks and financial advisers.
However, crypto does have its drawbacks. If you have a dollar bill, it’s pretty safe to assume its worth about a candy bar from day to day. One Bitcoin, on the other hand, could be worth a candy bar one day, a car the day after, then next to nothing the day after that. It’s more like a stock than a stable national currency.
For now cryptocurrency is not yet on the level of national currency. Cryptocurrency is not yet a currency but a movable assets. The cryptocurrency has no buying power as national currency. Maybe in due time will be even.
The crypto currency and the national currency or what we called fiat money has a very big differences, first is the different in use and different in acceptance because bitcoin is not accepted in other stores especially now that bitcoin is not yet popular and other country is not yet accepting bitcoin.
for me the first place crypto currency has no stable value for it. And it will just make transaction more complicated and could be a reason to a downfall of some business establishment that needs daily income in order for the establishment to get its stock in place for the stocks that has been sold.It is to avoid future competition which may result to crisis or problem. We just hope that someday if people or the country have to choose between national currency and bitcoin the good one will be the one to stay and must bring a good benefits to all of us.
Advantages of Electronic Money
- Speed and convenience
- Reduce transaction costs
Disadvantage of electronic money
- Security Concerns
- Disputed Transaction
- Increase the cost of doing business
- Speed and convenience
- Reduce transaction costs
Disadvantage of electronic money
- Security Concerns
- Disputed Transaction
- Increase the cost of doing business
I don't know is this battle goes in my area... I think in my country people are staying passive and neutral about bitcoin and any other cryptocurrencies, I don't know why but that is not going in my area.
I agree there is risk of getting laughed at by sellers with crypto payments especially in developing countries. Crytpo transactions also take some time so you to wait till confirmation.
the national currency of any country is the currency of a centralized state bank holder made on fiat while Cryptocurrency is a decentralized peer to peer digital currency distributed based on the latest blockchain technology
This assumptions that crypto will replace fiat currency is false. some people will prefer crypto while others will stick to the Fiat they have known all their lives
Fiat currency will not be erase/remove in easily from the currect system. It will stay for sure, but we expect more adoption and use of digital currency in the future. New generation and millenials will prefer virtual currency since they are the most tech savvy people.They started technology at an early age and they are use to it. Older generation prefer fiat currency but as thier population diminished, fiat use will slowly diminish too in my opinion.
This assumptions that crypto will replace fiat currency is false. some people will prefer crypto while others will stick to the Fiat they have known all their lives
I'm not sure about it, because to make that happen it takes the cooperation and agreement of all users of crypto and do not forget also the cooperation and agreement of the government in all countries. Is not that something very complicated? and it will certainly take a very long time, not just a year or two
That is the dream we are all waiting for, the day everyone will understand Crypto and governments will accept it as the medium of exchange of goods and services.
Of course, in our rapidly changing world, all states in the future can issue their own crypto currency. It will replace the national currency. But the essence of such changes will consist only in the fact that Fiat will be replaced by electronic money, which will also be controlled by the state.
That will be an awesome experience for the crypto family. It is possible for this to happen based on the popularity and massive adoption of the cryptocurrency by business people. Once any of these large online outlet like Alibaba and Amazon adopts and accepts crypto.
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