Cryptocurrencies Will Replace Fiat in 5 Years

Wyne

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Quote from: CoinPowerProject on November 09, 2017, 07:34:56 PM

In five years time, fiat currencies are no longer going to have any use as cryptocurrencies replace them. That’s according to venture capital investor Tim Draper.

At the WebSummit conference in Lisbon, Portugal, Draper was speaking with Forbes. Expressing his views on where he sees the digital currency market, he said:
In five years, if you try to use fiat currency they will laugh at you. Bitcoin and other cryptocurriences will be so relevant … there will be no reason to have the fiat currencies.

It is reality!

I am not in favor with Tim Draper. It is impossible to happen considering five years as a short period of time. There are still many places that do not even reach by electricity and technology here in the Philippines. That is only possible if all countries are already highly industrialized and it took many years to happen.

nagatraju

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No, I don't think this is real. The implementation of cryptoconversions in the economy of a real country is very risky from a political and economic point of view. It may take several decades to introduce a cryptocurrency into the usual daily use.

brainape

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Quote from: Paranuatu on December 01, 2017, 10:49:17 AM

Right now cryptocurrencies represent a very small portion of the globaal economy, les than 0,5 percent. It is impossible to rise that much in 5 years. I think even 1% or 5% is very unlikely.

You are right this is much difficult that cryptocurrency will replaced fiat because this will take a lot of time to defeat fiat and fiat plays an important role to the people profit. 5 years is much time and i am sure this will take more time to replace.

Trivelius

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Quote from: jzone23 on December 01, 2017, 06:09:19 AM

No I don't think so, as time passes more and more people are having interest on cryptocurrency and more countries and establishment are adapting this coins on their day to day transactions yet still I don't see it has the ability to replace fiat as mode of payment due to restriction like the need of internet connection which would be quite hard for countries that dont have good ISPs.

I am not sure that cryptocurrency will replaced fiat because these currencies never defeated and replace fiat, this will happened when cryptocurrency used as a official currency and legalized but this will take more time and support that’s why now time it’s not possible.

alt-fire

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in my country many do not know how to use bank cards)))
They can not understand what is a crypto currency
I think 5 years is not enough, need more time

sumangs

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It is impossible since the people are used to fiat and bitcoin are just trendy to millenials. The concern will be the elderly that are used to it and it will be a hard time for them to learn bitcoin or other digital currencies.

heureca

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Quote from: Ayasena on December 01, 2017, 10:47:12 AM

That is not gonna happen in the next five years. Any governments would stand for their fiat currency no matter what. Your thingking is much too big. Things to consider to use cripto are fee and confirmation.

I think BTC will not replace fiat money. Probably criptocurrencies could replace fiat money in 50 years but it will be currencies like "criptodollar" ))

Paranuatu

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Right now cryptocurrencies represent a very small portion of the globaal economy, les than 0,5 percent. It is impossible to rise that much in 5 years. I think even 1% or 5% is very unlikely.

Ayasena

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That is not gonna happen in the next five years. Any governments would stand for their fiat currency no matter what. Your thingking is much too big. Things to consider to use cripto are fee and confirmation.

jzone23

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No I don't think so, as time passes more and more people are having interest on cryptocurrency and more countries and establishment are adapting this coins on their day to day transactions yet still I don't see it has the ability to replace fiat as mode of payment due to restriction like the need of internet connection which would be quite hard for countries that dont have good ISPs.

Naoko

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Theoretically this is possible, but clearly not in 5 years...it's too early...and in general the idea of repressing fiat sounds strange, I don't believe in it

[email protected]

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Quote from: CoinPowerProject on November 09, 2017, 07:34:56 PM

In five years time, fiat currencies are no longer going to have any use as cryptocurrencies replace them. That’s according to venture capital investor Tim Draper.

At the WebSummit conference in Lisbon, Portugal, Draper was speaking with Forbes. Expressing his views on where he sees the digital currency market, he said:
In five years, if you try to use fiat currency they will laugh at you. Bitcoin and other cryptocurriences will be so relevant … there will be no reason to have the fiat currencies.

It is reality!

this may be true in some other countries but I think it wont replace Fiat in the near future because its too early for this to happen.

priyankg3

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cryptocurrency is the future of the world..

shinchan123

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Quote from: CoinPowerProject on November 09, 2017, 07:34:56 PM

In five years time, fiat currencies are no longer going to have any use as cryptocurrencies replace them. That’s according to venture capital investor Tim Draper.

At the WebSummit conference in Lisbon, Portugal, Draper was speaking with Forbes. Expressing his views on where he sees the digital currency market, he said:
In five years, if you try to use fiat currency they will laugh at you. Bitcoin and other cryptocurriences will be so relevant … there will be no reason to have the fiat currencies.

It is reality!

I support bitcoin with all my heart; however, with all honesty, I don't think it would reach that point. Bitcoin has been every increasing in value, in marketability, and it's potential has really been off the charts. However, money, or fiat, for that matter has been in the market for years and years. Many people have come to use it on their daily lives in all transactions they make. Therefore, it would be hard to phase it out the circulation. I would rather see both crypto and fiat being used both.

Rath_

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In my opinion we need more than 5 years to replace paper money with cryptocurrencies. We have to persuade people and help them with configuring payments. Also, educating is quite important in order to prevent thefts and stupid mistakes.

1inside1

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While crypto might replace fiat money, I'd just like to say that with the current fees on bitcoin it will likely not be the one that replaces fiat. Several altcoins seem to have much lower fees and much faster confirmation times, so they're probably more likely to do it even though they're altcoins.

preditor422

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I totally disagree with Tim as it's next to impossible to replace fiat with crypto.But we can achieve legalization to most part of the globe and that will increase popularity and stability of the crypto. one thing which is also impotant is replacing fiat with crypto means losing control over crypto world and either government will handle or one community and both the cases will be dangerous.

brontosaurus

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Quote from: CoinPowerProject on November 09, 2017, 07:34:56 PM

In five years time, fiat currencies are no longer going to have any use as cryptocurrencies replace them. That’s according to venture capital investor Tim Draper.

At the WebSummit conference in Lisbon, Portugal, Draper was speaking with Forbes. Expressing his views on where he sees the digital currency market, he said:
In five years, if you try to use fiat currency they will laugh at you. Bitcoin and other cryptocurriences will be so relevant … there will be no reason to have the fiat currencies.

It is reality!

I am in absolute disagreement with him. I think he will be the one at whom people are going to mock after some 5 years. Cryptos are just too inefficient to be used as prime method of settlement. Problems begin with transaction fees and end at transactions times. Who is going to wait for around 3 hours while making a deal to ensure that they have received their bitcoin. Moreover I am still not taking into account problems like deflation and lack of control on supply in Economy. Moreover Illiteracy rate around the world is still around 80%. What are the remaining 20% people going to use?

cjinny

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I do not agree with your statement that fiat five years into the future will be replaced with bitcoin. Because the current bitcoin has not circulated completely, and is still plagued by unstable prices, some countries ban bitcoins. In the next 5 years fiat currency will still exist, there are still people who will use it.

nikjain422

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I don't think it is that easy to replace fiat with crypto and that to in 5 years is tough ask but one thing that i am sure will happen in 5 years is that crypto would be as famous as fiat and would have double the investment that is happening today.Which itself is a great achievement.

Topic: Cryptocurrencies Will Replace Fiat in 5 Years (Read 1476 times)