Topic: Cryptocurrency can not replace fiat currency. - page 10. (Read 2200 times)
At some point yes, the fiat currency is cannot replace totally, because many people now are using fiat currency instead of crypto. Many people nowadays didn’t now totally about crypto currency, they did not know how to use it and what is the objective of making crypto currency. In my own aspect, replacing fiat currency into crypto currency is very difficult and it needs a lot of time before implemented on it. But we are in the modern world so that many years from now the cryptocurrency is our primary currency for many transactions.
Cryptocurrency will be more appropriate if used as a digital payment option and very appropriate if applied to online payment systems and other digital transactions. Even though the crisis hit the world economy but that does not guarantee cryptocurrency can replace fiat because when talking about digitalisation, at least banks continue to update their technology so that the use of fiat in digital form also becomes possible in this era.
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first of all, cryptocurrencies will never eliminate fiat currencies, cryptocurrencies will only replace the dominating role of fiat currencies, At present the majority of the world's population is filled with people aged over 40-60 years (most of whom are not familiar with the technology) in a few decades, people over the age will die and will be replaced by young people (who master technology). as time goes by the human need for efficiency is increasing and the cryptocurrency will become ''Cash in the future".
It all depends on what you mean by fiat. If you mean the banknotes, cards and bitcoin will replace that eventually and we will one day not have any banknotes, even today there are less and less of it spent everywhere. However if you mean digitally used fiat like bank accounts and debit cards etc, that will not go anywhere anytime soon.
Unfortunately world is somehow arranged itself to make sure there are enough resources for everyone, the whole world could literally afford to eat whatever they want, build any home they want and drive any car they want, go do basically all the luxury stuff because there are literally that much resources available but somehow world managed to position itself that there are poor who can't and whales who can do too much, so I doubt fiat will go away anytime soon, if it did, we would have a world where money is literally not needed and we can simply live a futuristic self-sufficient world, just requires equality for that.
Unfortunately world is somehow arranged itself to make sure there are enough resources for everyone, the whole world could literally afford to eat whatever they want, build any home they want and drive any car they want, go do basically all the luxury stuff because there are literally that much resources available but somehow world managed to position itself that there are poor who can't and whales who can do too much, so I doubt fiat will go away anytime soon, if it did, we would have a world where money is literally not needed and we can simply live a futuristic self-sufficient world, just requires equality for that.
The government is not ready to adopt a currency that they don’t have control over it, regulation is important in lots of ways.
The government does not need to adopt such volatile currency that is why they are creating where they can regulate the circulation and control the price. In the end it is what we use in our own way of thinking.Since there is no way to control a decentralized cryptocurrency, so it will not be able to be used in social payments. It is for this reason that governments have taken up the development of their national digital currency. But at the same time, a decentralized cryptocurrency will have a parallel circulation with the official currency.
I always try to carry not only plastic cards, but also a certain amount of cash, because. I came across various situations when there was a power outage or Internet disconnection, and it was impossible to pay with a card. Someone may say that I am old-fashioned, but in which case, I can always buy food for myself, or refuel the car.
Yes, this problem still exists for electronic payments. And I saw how people couldn 't pay for their purchases because they didn't have a Fiat. Therefore, until the problem with the Internet and electricity is 100 percent solved, we will need a Fiat.
they push the digital payment almost on the mainstream but they dont solve the issue on the electricity ? i dont think so .
for what is the purpose of generators ? they should put one because almost all service rely now on electicity not just in paying means . still fiat is needed for smaller type transaction . like example on small shops and these shops dont accept digital payments . this is one of the reason why crypto cant fuly replace fiat .
The governments won't let it happen. What are the benefits of having uncontrolled currencies for them?
I’m really getting tired of all these comparisons 
. Man, nobody knows the future, we don’t know what’s going to happen and the way I see it, no cryptocurrency is replacing the fiat. The government is not going to allow people to be making use of a currency that’s decentralized because when a currency is decentralized that means they are not going to be able to control that currency so what’s the need for it? They will never agree with the idea of adopting cryptocurrency as the main currency.
I would say that things are just going to be as they are and people will be able to make use of whatever they want to use, whether it’s cryptocurrency or fiat. Cryptocurrency will be considered an asset.
I used to say that Bitcoin will be replacing fiat one day but someone said something that made kind of changed my mind, and this time around I just believe that Bitcoin won’t replace fiat rather it will remain just an asset that can be used by anyone that wishes to make use of it, but not a replacement for fiat, we will still be making use of fiat. The reason Bitcoin cannot replace fiat is because Bitcoin is decentralized and being decentralized means that there is no way it can be controlled by the government. . Man, nobody knows the future, we don’t know what’s going to happen and the way I see it, no cryptocurrency is replacing the fiat. The government is not going to allow people to be making use of a currency that’s decentralized because when a currency is decentralized that means they are not going to be able to control that currency so what’s the need for it? They will never agree with the idea of adopting cryptocurrency as the main currency.I would say that things are just going to be as they are and people will be able to make use of whatever they want to use, whether it’s cryptocurrency or fiat. Cryptocurrency will be considered an asset.
The government is not ready to adopt a currency that they don’t have control over it, regulation is important in lots of ways.
The government does not need to adopt such volatile currency that is why they are creating where they can regulate the circulation and control the price. In the end it is what we use in our own way of thinking. I’m really getting tired of all these comparisons . Man, nobody knows the future, we don’t know what’s going to happen and the way I see it, no cryptocurrency is replacing the fiat. The government is not going to allow people to be making use of a currency that’s decentralized because when a currency is decentralized that means they are not going to be able to control that currency so what’s the need for it? They will never agree with the idea of adopting cryptocurrency as the main currency.
I would say that things are just going to be as they are and people will be able to make use of whatever they want to use, whether it’s cryptocurrency or fiat. Cryptocurrency will be considered an asset.
I used to say that Bitcoin will be replacing fiat one day but someone said something that made kind of changed my mind, and this time around I just believe that Bitcoin won’t replace fiat rather it will remain just an asset that can be used by anyone that wishes to make use of it, but not a replacement for fiat, we will still be making use of fiat. The reason Bitcoin cannot replace fiat is because Bitcoin is decentralized and being decentralized means that there is no way it can be controlled by the government. . Man, nobody knows the future, we don’t know what’s going to happen and the way I see it, no cryptocurrency is replacing the fiat. The government is not going to allow people to be making use of a currency that’s decentralized because when a currency is decentralized that means they are not going to be able to control that currency so what’s the need for it? They will never agree with the idea of adopting cryptocurrency as the main currency.I would say that things are just going to be as they are and people will be able to make use of whatever they want to use, whether it’s cryptocurrency or fiat. Cryptocurrency will be considered an asset.
The government is not ready to adopt a currency that they don’t have control over it, regulation is important in lots of ways.
Also the protection costs are relatively low.
Right now, yeah.
But there are a lot of ways that people can breach through our protections. Scams and hacks are something you can't really control since people will always find ways to do that. Another thing is that quantum computers will go our and the security of Bitcoin might be vulnerable to it after that. THough it is true if we compare that to fiats .
I always try to carry not only plastic cards, but also a certain amount of cash, because. I came across various situations when there was a power outage or Internet disconnection, and it was impossible to pay with a card. Someone may say that I am old-fashioned, but in which case, I can always buy food for myself, or refuel the car.
Yes, this problem still exists for electronic payments. And I saw how people couldn 't pay for their purchases because they didn't have a Fiat. Therefore, until the problem with the Internet and electricity is 100 percent solved, we will need a Fiat.
they push the digital payment almost on the mainstream but they dont solve the issue on the electricity ? i dont think so .
for what is the purpose of generators ? they should put one because almost all service rely now on electicity not just in paying means . still fiat is needed for smaller type transaction . like example on small shops and these shops dont accept digital payments . this is one of the reason why crypto cant fuly replace fiat .
I always try to carry not only plastic cards, but also a certain amount of cash, because. I came across various situations when there was a power outage or Internet disconnection, and it was impossible to pay with a card. Someone may say that I am old-fashioned, but in which case, I can always buy food for myself, or refuel the car.
Yes, this problem still exists for electronic payments. And I saw how people couldn 't pay for their purchases because they didn't have a Fiat. Therefore, until the problem with the Internet and electricity is 100 percent solved, we will need a Fiat.
I always try to carry not only plastic cards, but also a certain amount of cash, because. I came across various situations when there was a power outage or Internet disconnection, and it was impossible to pay with a card. Someone may say that I am old-fashioned, but in which case, I can always buy food for myself, or refuel the car.
Yes, this problem still exists for electronic payments. And I saw how people couldn 't pay for their purchases because they didn't have a Fiat. Therefore, until the problem with the Internet and electricity is 100 percent solved, we will need a Fiat.
For now, it is really impossible for cryptocurrency or any digital currency to replace fiat currency because not everyone in this world could adopt and have their own devices, so they could use cryptocurrency for daily transactions. And government still supports fiat rather than crypto maybe in the future crypto has a chance to beat ans replace fiat.
Even if everyone has a smartphone in their hands and free Wi-Fi on it, cash will still have advantages. After all, you cannot say with confidence that your smartphone cannot fail, and the failure of the smartphone, provided that all the money on it, is a very, very bad situation, which cannot happen to cash.You actually did not give strong reasons why cryptocurrency can't replace fiat currency. Cryptocurrency can actually/theoretically do most things fiat currencies can do, but I doubt typical fiat currencies can safely do most things cryptocurrency can do with losing their centralization. Besides, government can run their fiats on Blockchain or other real decentralized system.
Crypto could actually work better in rural areas than fiat, even without relying too much on the internet. But I believe safe/crypto-friendly worldwide rural internet coverage is a possibility in the future
You have not given convincing reasons why crypto is better than fiat. I suppose you know billions of people are still unbanked not to talk about thousands of billions of people that do not even know what crypto is not to talk of using it for making the purchase. Even a mad knows fiat when he sees it on the road. Rural areas dwellers that do not have access to the internet so how will they make use bitcoin ?. Do you know there are still millions of people in Africa that do not have access to the internet ? Crypto could actually work better in rural areas than fiat, even without relying too much on the internet. But I believe safe/crypto-friendly worldwide rural internet coverage is a possibility in the future
Uuhm you’re right, it’s not everyone that can make use of cryptocurrency, just like other online payment systems like PayPal and Payoneer, there are people who are not interested in such things, some of them don’t even make use of internet banking that are provided by the banks.
But cryptocurrency will be adopted by the government, and it will play a major role in future. It’s not going to be a replacement for fiat, there is still going to be paper money and banks, we will have fiat but cryptocurrency will be another currency that will be created by the government. You should take JP coin as an example, it’s owned by a bank in the US and when it’s released it’s going to be a stable coin that’s pegged to the US dollars and customers of that bank will be able to convert their USD for the JP Coin which should probably be considered an asset. That’s how it’s going to be.
Definitely, cryptocurrency is indeed good in many ways like it is better when we are doing transactions since we can send or receive money in just a blink of an eye without getting hassle and we can earn also when you get involved with cryptocurrency, there are lots of ways you can earn crypto such as investing, trading, bounty hunting, mining and etc. But still, there are disadvantages and factors that makes fiat better to use as of now, we can say that in the future we can use crypto as our currency, to think that there are still countries that are banning crypto to use on their vicinity, that is one of the problems, also the adaptation of every country is not that being focused, yes there are countries that legalized the usage of crypto but the technology to support the transaction is not being innovated or implemented, although there are countries that are really into the usage of crypto they are making ATM machines to easily buy crypto, bitcoin to be exact. Adoption of cryptocurrency is not that easy, you are changing the traditional way of making transactions when they really push the crypto to be our one currency. It is possible, but this is not the time for that. But cryptocurrency will be adopted by the government, and it will play a major role in future. It’s not going to be a replacement for fiat, there is still going to be paper money and banks, we will have fiat but cryptocurrency will be another currency that will be created by the government. You should take JP coin as an example, it’s owned by a bank in the US and when it’s released it’s going to be a stable coin that’s pegged to the US dollars and customers of that bank will be able to convert their USD for the JP Coin which should probably be considered an asset. That’s how it’s going to be.
You are right. Governments won't ever allow it to happen. The only asset which is able to replace fiat money in 5/10/15 years, the nearest future, is digitalized fiat.
I accept as true with you the govt won't allow it to get replaced but if the govt itself controls it Fiat can replace the currency. But crypto isn't under the control of any government The cryptocurrency fiat cannot replace fiat currency if it maintains its market position.
For now, it is really impossible for cryptocurrency or any digital currency to replace fiat currency because not everyone in this world could adopt and have their own devices, so they could use cryptocurrency for daily transactions. And government still supports fiat rather than crypto maybe in the future crypto has a chance to beat ans replace fiat.
And most of them are not interested to learn deeper, they are just seeing this industry as a investment form and not a usable currency.There are people who will stay with fiat system and not willing to move and adopt crypto.
Convincing this kind of people takes a long time before they will engaged to this kind of system.
For now, it is really impossible for cryptocurrency or any digital currency to replace fiat currency because not everyone in this world could adopt and have their own devices, so they could use cryptocurrency for daily transactions. And government still supports fiat rather than crypto maybe in the future crypto has a chance to beat ans replace fiat.
Even if everyone has a smartphone in their hands and free Wi-Fi on it, cash will still have advantages. After all, you cannot say with confidence that your smartphone cannot fail, and the failure of the smartphone, provided that all the money on it, is a very, very bad situation, which cannot happen to cash.For now, it is really impossible for cryptocurrency or any digital currency to replace fiat currency because not everyone in this world could adopt and have their own devices, so they could use cryptocurrency for daily transactions. And government still supports fiat rather than crypto maybe in the future crypto has a chance to beat ans replace fiat.
Even if everyone has a smartphone in their hands and free Wi-Fi on it, cash will still have advantages. After all, you cannot say with confidence that your smartphone cannot fail, and the failure of the smartphone, provided that all the money on it, is a very, very bad situation, which cannot happen to cash.Jump to: