Topic: Cryptocurrency as our Fiat - page 2. (Read 686 times)

Depends on situation because if you do talk about cryptocurrency then there are lots which it would really be confusing if we do talk regarding on having a main cryptocurrency which is bitcoin then it cant be happening because government wont really allow such thing to happen because they cant able to control cryptocurrency since most of them is decentralized.Unless if they would decide convert fiat to their own centralized e-currency then its possible but for crypto then it wont really be possible.

Fiat money means a currency issued by the government, now for a cryptocurrency to be a fiat the government should issue their own because they could not control the other due to the reason that they are not the one who controlled it.

The biggest problem with Bitcoin at the moment is that it is not yet solved in mainstream adoption. One study pegged the number of active crypto users to between 2.9 and 5.8 million. Pundi X proposes a solution to add one billion users to the cryptocurrency movement by adding two missing key elements to provide significant adoption by the primary user.

I think cryptocurrencies will really change the fiat money because on how the world evolve, just imagine,  in the primitive times people are not using fiat money but they are using bronze, silver, and gold as currency but as times past by,  the currency have change to fiat money or paper money,  so I think someday Bitcoin or cryptos someday will change the fiat. 

First of all cryptocurrency and fiat are not based on the same ideology. Though the reason for which it was created may be same in some places but not exhaustively. Crypto economy is based on transparency and privacy while fiat is controlled by money hungry corrupt governments.

But I understand the OP wants people to consider crypto as main currency. That may be a bit longshot because the fraction of world economy in crypto is very small and the majority is fiat anyways.

Okay, in my opinion, it wont be happen in anytime soon, although it is a dream of all people who use cryptocurrency right now. There are so many things that make that as my opinion, such as :
1. The price of cryptocurrency is volatile, especially bitcoin. It is hard to make a price product if the price of the currency changing so fast.
2. The transaction fees is high for now.
3. The transaction is not fast right now.
4. Not all people have internet access, or pc, or notebook, or smartphone.
5. Some company forfeited their bitcoin payment system in recent times.
6. Imagine if all the bitcoin is lost because the owner dead or because other reason. it cant be recoverable, and the number of bitcoin is limited.

Now to think of it, I guess the better option is that cryptocurrency as a secondary fiat and the "real" fiat as the main. Everything is based on the "real" fiat like price of a product etc, but cryptocurrency can be used as a payment anywhere.

As the economy in the developed countries is artificially created and highly rely on the money printing system, I can not see how crypto currencies can become our daily fiat. Governments might will start introducing their own crypto currency one day, but this will de still some kind of a currency to rob the people and not comparable with the independent crypto currencies.

Indeed, thats one of the disadvantages of bitcoin nowadays having a high transaction fee is not a joke. Currently btc as fiat is not possible especially in our country, most people cant handle to use crypto due to their status, you need to be atleast aware of what btc is and know how to use gadgets to access it and unfortunately they cant pass with that basic rules. It can be use together with fiat but cant surpass it as replacement.

With such a crazy high transaction fee and delay confirmation time....Considering BTC as FIAT is just a nightmare. Lets understand it one example...after buying essentials from a local grocery store worth $10000 and want to pay through BTC but this transaction will cost me $200-250 which is crazy. So using BTC as FIAt now is not practically feasible at this point of time.

It would be amazing, but the price of at least one crypto should somehow stabilize for this to happen. No trader will accept on the daily basis something fluctuating 20% from day to day.

I dont think that's possible and for a number of reasons why. First is that cryptocurrency's value is ever changing, flactuating from time to time which is definitely going to be a problem for the economy considering that the government will constantly adjust expenses and taxes just to balance things out. Second is that the majority of the country's population arent aware of what cryptocurrencies are and the only solution for that is to teach cryptocurrencies in schools at an early age. The third reason why cryptocurrencies cant possibly be our fiat is that not all of the people within the society are exposed to technology and that cryptocurrencies are only limited to those who are able to gain access in the net.

Honestly, making crypto currency as a fiat is not a bad idea but have this as the sole currency that exist in the country is not yet that possible. I think crytp currencies has a lot more to build and establish before it will happen but if crypto currencies would be another option for us to pay our liabilities and buy some assets, then it will be more possible and easier to accept.

I have a dual opinion on this issue. First of all, for example, if Japan introduces the crypto currency not only to domestic, but also to the external market, these other countries will do the same for international trade. But on the other hand, I do not want the government because of my corruptness of the legalization of the crypto currency.

Cryptocurrency concept, and blockchain, which is the technology associated with it, have been visualized to help bring a revolution in addressing a wide range of issues that a migrant might face away from home. We can now use cryptocurrency to exchange stocks, property, commodities, and even state-backed money. But if the whole point of cryptocurrency was to decentralize the financial system. Change in culture, lifestyles, currency, and technology, are important factors to consider in the process of migration. There is a need to create a system, where flexible transactions can take place within a country irrespective of the citizenship or the location of the migrant. Migrants from developing regions may move to more developed countries because of reasons like poverty, culture, political or economic circumstances, but mostly to move somewhere which provides a better quality of life. This change doesn’t come easy, as the migrant is expected to leave everything behind and move to a new location.  Cryptocurrency is a medium of exchange, such as the US dollar, but is digital, and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds. Digital currency doesn’t have limits across borders, and it needs no repetitive documentation or futile paperwork to provide a migrant with a flexible option of storing currency.

Well in my openion i dont believe that bitcoin can really become a fiat someday because cryptocurrency has its own path way and it is not really dpending or maybe sailed by the government itself .Unlike fiat our fiat has process to become a valid money every country has its own fiat and if we want crytocurrency to become our fiat maybe it will be hard to make it because we have a different fiat in every diff. Country.

I think bitcoin will become a fiat currency in general if the government is willing to legalize bitcoin as a currency that can be used to transact just like what has been imposed in japan countries that is where at present the Japanese government has made bitcoin as a virtual currency that can be used for transact. but I do not think it can be done quickly, of course, it takes a long time to realize bitcoin to the community. because not everyone can understand directly about bitcoin. need understanding that takes a long time.

The only crypto that "could" probably be used to buy stuff or used as normal currency would be Tether, the other ones could be impossible to adapt because the volatility.
If you use tether, the price could be adapted to the price that the seller wants for the thing that he will sell.

While moving towards crypto from fiat one must understand that we are actually moving towards a decentralized society from a centralized society. It isn’t that easy to take up power from the hands of authorities. Even If we dream of a crypto world we don’t have any crypto currency ready to be used as a mainstream method of transactions. So I don’t think fiat is going to die a death anytime soon

I can't see that cryptocurrency will be our daily fiat for many reasons and the number one reason is the unity of every country that they can make a cryptocurrency as our daily fiat. And also many people especially in the remote areas doesn't access cryptocurrency so meaning there is disorientation about cryptocurrency therefore it is hard to make it possible. And another is bitcoin must be recognized and accept by the government of different countries. It takes miles to make it possible.

3. High fees
4. Slow transactions
5. No benefit for the shops
6. Still really hard to exchange bitcoins for usd/or any other currency

These problems are huge, hard to solve. Bitcoin is better used as a store of value than a currency. Let other currencies do that job.