Topic: Cryptocurrency as our Fiat - page 5. (Read 677 times)

Maybe there would be at some point when cryptocurrency will be use as fiat currency but I can't imagine it to be happening sooner because technology is needed when it comes to dealing with cryptocurrencies. It may look like people are already in advance technology and it seems that everyone has smartphone whatsoever but if we look at the status of the world as a whole, there are still so many people who are very behind in terms of technology because they even lack the basic necessities such as water and electricity. It would be hard for them to use an electric money if they don't even have electricity.

Yes, I believe so. Although, cryptocurrency is still trying to gain grounds as its users represent a tiny fraction of the global population, we can see it is gradually being adopted as exhibited by the various crypto projects that have been developed to serve useful purpose not just as a store of value. Over time, these various cryptocurrency projects will have been modified and fine tuned that they will become an essential part of our economy.

The major stumbling blocks to the growth of cryptocurrency will be the manner Tax agencies and the government will react.

There is a chance that can happen if there are certain parts of the world or a small city that declares their medium of currency is through crypto's but this must be supported by the government. Not today since banks and governments are subject to this idea but I know it one day when everyone accepts everything through crypto.

I do not really agree if bitcoin replaces fiat, because to be a currency is required a stable price so it can be used for daily trading.
Currently bitcoin still has problems with high transaction costs, it is not yet eligible to be used as official currency. Bitcoin can replace fiat, if the government can make regulations about how to solve the problem.

I couldn't think what kind of society that will be, when everyone was using a hard wallet to be paying for every of their transactions of their daily life. Like paying in the taxi, restaurant, malls, etc. Imagine one these would happen to you? And do you think that society would be ready to accept these changes in their daily lives? A lot of questions is popping out in my head because this one is on for an open debate.

Yes, developed technological countries are already making good use of Crypto-Currency. The daily usage isn't so strong yet, but it's increasing day by day even faster. For some countries it will take more time to happen, but for the pioneers the advantages of Crypto-Currency usage will be more evident, making another countries inspire on their example. To make it possible the first step is to fully introduce technology everywhere, on each shop, little ones of big ones, doesn't matter and at schools, to teach people and make them aware about Bitcoins since their childhood.

Why not, there were some countries who really use digital currency and it save them. Its possible to happen in the future, seeing tge advancement and development of cryptosystem. Its actually can be use as of the moment to buy good and service, in fact there were private and public institutions who really does accept bitcoin. Once people have discovered this and finally have it and accept it. Surely there will be transition to cryptosystem.

We need a little ibt more of technology, if you are in a big modern town i bleieve 2018 can make that a 'reality'

I think that there are a few competing concepts presented by fiat and crypto currencies.

Fiat is implemented with unlimited supply. This gives regulators more flexibility. They can print more money when economic conditions are poor and to some degree "optimize" supply. On the flip side, unlimited supply can lead to hyperinflation. Unlimited supply can also empower bad economic policy and poor decisions made by world leaders, under the assumption they can "simply print more money" if deficits or debt become too large or unmanageable. It might be said that deficits and debt are large today, partly because of fiat currency having unlimited supply.

On the opposite end of the spectrum, we have bitcoin which is algorithmically limited and has a finite supply of 21 million coins. Its limited supply isn't as flexible. BUT if bitcoin were utilized as a national currency, it would demand higher fiscal responsibility. World leaders could not simply print more money if they mess up the budget. A nation printing its way out of debt wouldn't be feasible. The idea and implications of finite supply, and the way it contrasts with fiat's infinite supply could be one of the most relevent things bitcoin and crypto has to offer.

In terms of abstracts, these are interesting points which could bear more discussion and debate.

That's pure speculation but IMO we are moving in the direction of automation and electronics. People want everything to be handled automatically, fast and easy. We don't want to spend time on checking whether the bills are real or not, we don't need that tactile experience cash gives. We don't want to worry about taking the wallet with us, remembering to keep it safe, having enough cash in it. It's all a waste of time and effort.
At some point we will be paying with our thumbprint or a scan of our retina, or maybe through a chip under our skin, or simply through a computer on our wrist. That last option is already available thanks to smartwatches.

Endorsing crypto as a national currency can be really hard.  And Bitcoin itself is not fit to handle this due to scalling issues and very high fee. Each nation's government must create a special crypto that is scalable with very low fees like DOGE to handle this.

It will be in the future plan of bitcoin but if your asking if it's essential part of currency then we can contribute but issuing taxes on bitcoin. There's a cons about bitcoin coz it will be used by illegal activities

Crypto and fiat are two different word with different meanings. Crypto it virtual while fiat is physical but our weekly or monthly earnings of crypto can be our daily fiat expenses. That is if we convert our crypto to fiat and use it in our daily living. So it also came out the same. Crypto to fiat for daily expenses.

It cannot be. Fiat are currencies that are supported by governments of different countries and it happened that Bitcoin is decentralized and is an open source system so it is quite impossible for that to happen knowing that there are countries that are not fond of making Bitcoin legal. But still, Bitcoin is benefitial to its users than fiat.

Many people criticize bitcoin saying it is too slow but those coins that are supposedly faster than bitcoin have no acceptance at all, and that is the most important part of a currency, to be accepted, the speed of transaction is a big issue but not as big as many people make out to be especially since the devs have taken steps already to try to remedy that situation.

I think the bulk price of BTC is mostly suitable for purchasing expensive goods in life like houses, cars or stuff over as smaller transaction was seriously difficult to do so with its high fee, otherwise those apps that could be used in daily merchant purchase could be useful with cryptocurrencies, snt omiesgo and solutions/ecosystem purposed by like say request network are potential substitute for fiats through crypto. Likely not but so soon as regulations are still not happy with a bubble state cryptoworld.

I do not understand why you have to quote it but I think we are both on the same side.
The part where you said that bitcoin will not be accepted by government, I think I would not agree to that.

Because firstly, in my own opinion, government really wants to take part in this industry. They want to control it but very impossible to happen. That is why many are banning bitcoins in their country.
Criminality exist and will continue to exist with or without the government involved.

Second, we are asking for acceptance which government would not allow unless bitcoins are regulated by them.

Therefore, it's up to the core if we will want government to regulate it for further acceptance OR just ignore the government and let them do what they want regardless of what they can do.

It is not far from possibility now that bitcoin and other crypto becomes parabolic to citizens around the world and I know it will spread more in the coming years. I read some article that Japan made bitcoin as wages to some employees and if that will be adapted by many then the possibility of becoming a crypto a fiat currency is larger than anyone could've ever imagine. Digital money is the one  we could used in the future and I am positive it will happen sooner or later.

Because many ordinary think that bitcoins is scam since no knowledge people on new technology cannot accept those new things on their knowledge and also many article,medias and bad fuds connect bitcoins as illegal money so they will believe on that and will surely not go unto bitcoins. And cryptocurrency acceptance as fiat will very became hard since their are so many burden barricades its way.

Maybe it's not impossible but it's not gonna happen sooner, a lot of big companies in the industry are trying to make this world a cashless society even the alibaba corp. they are supporting this kind of thing, cryptocurrency as our fiat will gonna less corruption i think and it will really reliable to us ordinary people.