Cryptocurrencies Will Replace Fiat in 5 Years - page 2.

Paranuatu

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Quote from: gatti on November 21, 2017, 01:39:13 PM

Quote from: cryptonator777 on November 21, 2017, 01:33:04 PM

I don't think so,It will take more time to adapt into crypto but large portion of the world will use crypto currencies as governments are planning to create their own crypto currencies.

Their are lot of chances are there that to happen.Today the price equivalent to dollar of bitcoin is around 8300$,If it's further continue means,the bitcoin will replace the dollar.

why? because its so expensive?

coin_island

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I think that is being rather (too?) '"cryptoptimistic". Whilst the pervasiveness of cryptos is starting to be felt around the world, there is still some way to go for the futuristic view of a complete demise of fiat for the following reasons:

1. not all countries are at a stage of technological development that every human being on the planet will be using cryptos as this requires some form of technology for acquisition and usage

2. a number of countries are resisting and will continue to. Even if the resistance will be swept away eventually, it is not going to happen in 5 years

3. even in more technologically advanced, forward-loooking, and change-embracing nations, the governments and regulatory bodies will not allow fiat to go away without a 'fight'

So yes, fiat may be museum items over time but not just now and not in 5 years.

gatti

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Quote from: cryptonator777 on November 21, 2017, 01:33:04 PM

I don't think so,It will take more time to adapt into crypto but large portion of the world will use crypto currencies as governments are planning to create their own crypto currencies.

Their are lot of chances are there that to happen.Today the price equivalent to dollar of bitcoin is around 8300$,If it's further continue means,the bitcoin will replace the dollar.

cryptonator777

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I don't think so,It will take more time to adapt into crypto but large portion of the world will use crypto currencies as governments are planning to create their own crypto currencies.

BitSat

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Quote from: BossMacko on November 21, 2017, 12:49:11 PM

I am not sure about this, To replace the Flat by the cryptocurrencies all people should be using crypto but you can only use crypto if you have internet if that is the case. What will happen to the poor people who cannot afford buying gadgets and internet? They won't be able to buy foods because there are no flat money anymore. This is still impossible to happen.

You are right its not going to happen because its matter of not only poor peoples its matter of many countries which have not access to this technology and its going to take very long time even in developed countries if some one give statement its going to happen in next 100 years then still we can say its difficult and in five years its not possible

JCLee

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It might be, for now there are a lot of online shop and market that accepted Bitcoin for payment already. Amazon, the biggest retail online market is going to accept Bitcoin soon so I think after Amazon accept Bitcoin, all other online market will do the same and people can use Bitcoin to buy everything they need online. But to totally replace fiat maybe it'll take a little bit longer than 5 years.

Rggadi

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Blockchain technology will be able to change the way current fiat system works, but it will take time to adopt cyrpto currencies by government and banks. People fear things they don’t know about, or are uncertain of. So they may resist this change for a while, however just as smartphones have become a part of our everyday lives, cryptocurrencies will someday become part of our everyday lives as well.

Paranuatu

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I think governments and banks will star their own and more efficient cryptocurrencies, suitable for specific needs, regulated. nitcoin will be a store of money for the rich people or perhaps not. And fiat will still be used, though digitalized. or more efficient government issued crypto with unlimited supply. crypto may be the future of digitalization. Not bitcoin as such. Bitcoins 80% is owned by 0.1% of the population, it is unreasonable for it to become global currency. Majority of people and countries would be left to starve. Like petrodollar.

iqlimasyadiqa

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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'm not sure that will be completely the case. fiat is still needed to run transactions with a small amount of nominal and also areas that are still limited by bitcoin infrastructure. 5 years is a short time and I still really do not believe that we will fully use Bitcoin in that span of time. it might rationally roughly 20% to 25% of the world's financial transactions use Bitcoin. Everything takes a process and we all know that Fiat has such an incredible power in influencing the financial system in the world. I am as one of the people who always pay attention to cryptocurrencies then it will be speculated that digital currency can be fully accepted in no less than 15 years from now. It is the most rational value to achieve the full growth of Bitcoin transaction users.

dreamer81

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I agree with him on this. I dont think there will be so many coins though. Some will slowly die to 0 USD, and be removed from all exchanges. The coins that survive the next altcoin slaughter will rise a lot. Bitcoin is a different story, it'll just continue to be store of value...

shacc

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it is not easy to leave Fiat currencies and replace it by cryptocurrencies, even after 50 years,
may be in the farther future will exist corporal banks.
for cryptocurrencies by several law.

dawoodkhan97

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LibertyLance - Where Freelancing Meets Blockchain

Frankly, I think in order for Bitcoin or any other cryptocurrency to go
mainstream, it would take more than 10 years or more from now as
Bitcoin is still in its EARLY STAGES and still has a lot of issues to deal
with.

The total market cap of cryptocurrencies is only $240 billion, which is
nothing compared to gold with $8 trillion and and fiat at $30 trillion.

So in short, we have a long way to go in order to replace fiat...

gitomiko

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not really sure about this.

theres my 2 cent about that
1. this time (until 5 years from now) not all people use internet
2. not all people who use internet use cryptocurrency

there so much time to integrate the cryptocurrency on daily life
but I think blockchain technology is so much powerfull for future of finance, theres why I am here.

just my 2 cent.

Taskford

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We don't need to expect so much for the cryptocurrencies because we can just have both of fiat and cryptocurrencies and have no problem because what is the sense of having no fiat or replacing it if we can just use both of them and get benefits from those two and have no problem because cryptocurrencies have their specific usage and as well as fiat.

DamCryp

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In the sense that countries wil start issuing their own state issued cryptos, I don't expect it to only take 5 years, that would be a dream scenario, in a more realistic sense I'd say 20 year for total replacement, we're still a long way from mass adoption.

pootutus

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Five years? It might be too short. The government will not easily give up the pricing power of paper money. No country will ever. Maybe a few decades later, this will happen. Let's hold the coins first.

Dudeperfect

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I don't think that anything like this is going to happen but I can bet on the digital form of payment. Fiat currencies won't be limited to cash and cheques but it will change form over the years. It won't be any surprise if the governments launching their own blockchain based fiat currencies to take the advantage of the blockchain system. I also believe that in the coming years, cryptocurrencies will be mainstream payment options but it won't be replacing fiat in any way.

nagatraju

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Quote from: BossMacko on November 21, 2017, 12:49:11 PM

I am not sure this, To replace the Flat by the cryptocurrencies all people should be using crypto but you can only use crypto if you have internet if that is the case. What will happen to the poor people who cannot afford buying gadgets and internet? They won't be able to buy foods because there are no flat money anymore. This is still impossible to happen.

you are right, cryptocurrencies aren't so widespread to replace the fiat, and it isn't comfortable for everyone...but as an additional currency - it is excellent)

BossMacko

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I am not sure about this, To replace the Flat by the cryptocurrencies all people should be using crypto but you can only use crypto if you have internet if that is the case. What will happen to the poor people who cannot afford buying gadgets and internet? They won't be able to buy foods because there are no flat money anymore. This is still impossible to happen.

CodyAlfaridzi

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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!

That won't happen. He's right on cryptocurrency will be so relevant, though, but not to the point of replacing fiat completely. Not in 5 years.

I'm sure most cryptocurrency enthusiast also shares the same optimism as him on this matter. But replacing fiat, an official currency of a country, won't happen when crypto is not even regulated yet pretty much everywhere in the world. I understand that he probably just exaggerating on this.

What will happen in 5 years, instead of replacing fiat, is crypto getting somewhat regulated. Regulation is not a 100% good thing for us. Some country may regulate it loosely, supporting and paving the way for crypto and blockchain development. While the other ones will regulate it strictly and limiting development of cryptocurrency. Let's see how it unfolds in the coming year.

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