Cryptocurrencies Can Never Replace Fiat – Says EU report - page 2.

bitterguy28

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Quote from: nicktalman93 on July 02, 2018, 08:17:36 AM

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has come up with a report on cryptocurrency entitled “Virtual currencies and central bank’s monetary policy: challenges ahead”. The finding of reports shows that cryptocurrency will not replace fiat currency, even in the long term. https://bit.ly/2NeLgLr

Obviously that's true but do not understand stemate the capability of bitcoin as currency because have a change to replace fiat money in the near future 10 to 20 year from are have future development for bitcoin most strong and stable currency.

Btcnaivie

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Quote from: nicktalman93 on July 02, 2018, 08:17:36 AM

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has come up with a report on cryptocurrency entitled “Virtual currencies and central bank’s monetary policy: challenges ahead”. The finding of reports shows that cryptocurrency will not replace fiat currency, even in the long term. https://bit.ly/2NeLgLr

In my own opinion, cryptocurrency can never replace fiat currency. Fiat currencies will continue to dominate as long as there are nation states and governments are powerful enough to enforce their laws. Fiat currencies exist because the alternatives, such a gold, ultimately failed to meet the demands of the modern world. Bitcoin is similar to gold, but actually worse in the supply is even more constrained.

Nasonn

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I don't think crypto was made to replace fiat, a good population of the world are yet to hear about crypto not to talk of understanding what it is and I don't think in the next 10 years it would have spread to every part of the world. Crypto and fiat can co exist.

IamKnowledge

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Cryptocurriencies are online currencies and hence are not the same as fiat. Even though both currencies are aimed at the same purpose ie buying and selling, their mode of operations are different. So do not expect crptocurrencies to replace fiat. They would rather work hand in hand.

AshikurRahmanKhan16

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Cryptocurrencies Can Never Replace Fiat - It is true and I Think crtyp[to shouldn't do that. Fiat money is a centralized money, Governments are controlling that money. But Crypto money is a digital and anonymous and the government can't control Cryptocurrencies like bitcoin or other altcoins. Especially I want to see cryptocurrency like this at a higher price. I don't think about crypto under regulation. If crypto goes to under regulations then Crypto will replace the fiat money too. But I don't want to see that

Nanagyasi

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It is very true and I don't think most of us have even thought of cryptocurrency replacing fiat. Not everyone in our countries have the technical know how to understand cryptocurrency and so to replace fiat with cryptocurrency will mean total doom for such people of which no government would want to do.

Veterock

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I absolutely agree with European Union Committee, cause cryptocurrencies are absolutely inconvenient for using at this moment.

kys.berkut

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Digital currency is complicated to control. In case crisis or hyperinflation happens, the Central bank can hardly to offer suitable policies, while it's much easier with fiat money, which is under the central bank's regulation.

Haniya Syed

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Digital currency is borderless and untraceable, meaning tax losses. And government will never accept that to happen. I think that's one of the reason why they don't wanna replace their national currency.

Christine Viveiross

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Cryptocurrencies are suffered from many shortcomings including its intrinsic characteristics like anonymity. Transactions not requring personal information advantage criminals in illegal activities. In short, there's no way that virtual money will be an alternative for fiat money.

marcosfx

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The Future Of Work

I agree with this point for that situation. I think fait will be alive for a long time because many people in the world don't believe in crypto and its perspective. It is very simple to understand them. It is their own opinion for the future.

bungsoh

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Cryptocurrency cannot replace the fiat not a problem for us. Users of cryptocurrencies do not allow it. Anyway, this is not the purpose of created cryptocurrencies. Fiat is the currency of a State. The state must have a centralized currency. It should.

DOGECOIN92

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I don’t really think the plan for cryptocurrency was to replace fiat, rather is to mitigate some areas and create new and simpler payments options. This has worked out so far and fait can continue to dominate physical payments while cryptocurrency continues to dominate digital payments and physical payments too( when need be ).

TheRiddingCoin5

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The way I see it, crypto currency is not replace fiat but to work alongside it. Just like credit cards and bank transfers work along side cash.

Diablomania

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And who cares about that? just wait for a little bit more and then you are going to see it replacing it, but it wil ltake more than a few years to be honest.
Maybe we are going to need to wait for more than months to see it happening, it is not something easy to see

Epimetheus

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Quote from: Indamuck on July 02, 2018, 08:23:16 AM

Crypto can't replace fiat because it is leaps and bounds above fiat money. Fiat money has a centralized authority that can print more money digitally with a click of a button or physically. With true cryptocurrency like bitcoin everything is guided by math. We know the exact inflation rates, total supply, etc. I wouldn't take advice from the government as they stand to lose a lot from fiat money being overtake.

Yes i also think that crypto currency never replace fiat currency because it still doesn't able to gain the trust of people. And cryptocurrency are not a globally accepted currency. It is still not clear to many people and it is too complicated to understand. Many government ban cryptocurrency in their country because cryptocurrency badly influence their economy and financial growth. Cryptocurrency are volatile in nature and it is one of the biggest behind this topic. Cryptocurrency are decentralised so if any thing wrong happen no one take responsibility of this.

tonysitaly

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The report on the encrypted currency proposed by the economic and Monetary Affairs Committee of the European Parliament is very correct, because bitcoin has not been combined with state power, which is difficult to become Fiat. Although the encrypted community is expanding, I think bitcoin will become the best alternative to Fiat.

Mcdacillo

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Quote from: nicktalman93 on July 02, 2018, 08:17:36 AM

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has come up with a report on cryptocurrency entitled “Virtual currencies and central bank’s monetary policy: challenges ahead”. The finding of reports shows that cryptocurrency will not replace fiat currency, even in the long term. https://bit.ly/2NeLgLr

In my opinion, well, even though bitcoin will not be able to defeat the fiat currency it will have a good and bad effect on bitcoin users with their own perspectives. For me, it wil be a good effect on bitcoin because if bitcoin will defeat fiat currency then there is a chance that the government will held the bitcoin and start to regulates the cryptocurrency. So, I think it is better that bitcoin will not surpass in bitcoin in terms of usage, but in terms of price I thinks its bitcoin.

kamoto

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Will be able;)
Sooner or later it must happen. Crypto currency has a huge amount of advantage over Fiat. Yes, and it is trite to carry paper with dead presidents not so conveniently as digital money. And do not forget about the decentralization, which would simplify the life of almost all people. It remains to be hoped that the future for the centralized

tunapa

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Honestly I do not get bothered with whether cryptocurrency will replace fiat or not. Only time will tell. This is a day's job and not only sweet saying. What cryptocurrency and blockchain technology will do is what the world is waiting for. Lets join the train and be part of history.

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