Cryptocurrency can not replace fiat currency. - page 11.

bearexin

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I’m really getting tired of all these comparisons Angry

. 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.

Wintersoldier

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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.

BTCLiz

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Quote from: Magkirap on March 07, 2020, 11:47:52 AM

Quote from: Janation on March 07, 2020, 02:17:00 AM

Quote from: metenjean on March 05, 2020, 11:01:34 PM

Cryptocurrency have been most popular payment and digital currency right now, not only with easy by using cryptocurrency as payment way but could increase higher price and give much profit for every one claim bitcoin is the best payment method.

I hope it is really the popular payment, but it is not.

This is the reason why Bitcoin and cryptocurrencies will never replace fiat, its acceptance as a payment. Despite the popularity of Bitcoin, it is not that accepted as a payment for various reasons, one of them is the volatility and its anonymity. Example of it is when Steam accepted Bitcoin.

Bitcoin is popular because its proven than it is worth our money, that bitcoin will gives us profit if we invest in it but in the fields of payments and usage i agree that it is not a popiular payment, it is popular because of its other capabilities but in payment, i think no. It fluactuates in short amount of time so establishments that no background about crypto will most likely to reject bitcoin as their customer's payment. Fiat has been here for along time and crypto will be only an alternative and fiat will just evolved and go paperless.

I suppose BTC will work as gold, but more efficiently, because there is no large storage needed. Also the protection costs are relatively low.

TheGreatPython

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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.

Magkirap

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Quote from: Janation on March 07, 2020, 02:17:00 AM

Quote from: metenjean on March 05, 2020, 11:01:34 PM

Cryptocurrency have been most popular payment and digital currency right now, not only with easy by using cryptocurrency as payment way but could increase higher price and give much profit for every one claim bitcoin is the best payment method.

I hope it is really the popular payment, but it is not.

This is the reason why Bitcoin and cryptocurrencies will never replace fiat, its acceptance as a payment. Despite the popularity of Bitcoin, it is not that accepted as a payment for various reasons, one of them is the volatility and its anonymity. Example of it is when Steam accepted Bitcoin.

Bitcoin is popular because its proven than it is worth our money, that bitcoin will gives us profit if we invest in it but in the fields of payments and usage i agree that it is not a popiular payment, it is popular because of its other capabilities but in payment, i think no. It fluactuates in short amount of time so establishments that no background about crypto will most likely to reject bitcoin as their customer's payment. Fiat has been here for along time and crypto will be only an alternative and fiat will just evolved and go paperless.

michellee

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Quote from: ice098 on March 05, 2020, 06:42:07 PM

This cryptocurrency will help people find alternative which can be mote efficient than fiat money. Though it won't exactly replace money, cryptocurrency would make our live more better instead of indulging those taxation. The freedom that we had with crypto is a huge benefit which we can enjoy, because of its decentralize system which is different from physical money.

I am sure about that because as an early people in crypto, we have the opportunity to make money than the other people out there. We have many options for working in many fields in the crypto will allow us to make a lot of money besides in our real life. I think the government will not block the existence of the crypto from the people, but maybe they will regulate the crypto so fiat can keep stay among the people. Of course, we have freedom by using crypto, and we can have a better life if we use crypto because we can manage our money without using another service.

wozzek23

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It was definitely created to have like an alternative to world powers if you ask me. Not that it should be replacing fiat but at least have some sort of alternative when the world powers try to grab more and more of the wealth. When you have bitcoin there is no centralized organization that can make you poor. Normally on dollars let's say you manage to get more dollars, they make sure that they print more money for themselves to outpace your gains so you become poorer even when you have more fiat.

In bitcoin it is not like that and that is the power of bitcoin and that is why it is an alternative to regular fiat. It may or may not replace fiat but that is not the whole of it, even if doesn't replace it, as long as it gives us the financial power to ignore the wealthy, that is more than enough.

Janation

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Quote from: metenjean on March 05, 2020, 11:01:34 PM

Cryptocurrency have been most popular payment and digital currency right now, not only with easy by using cryptocurrency as payment way but could increase higher price and give much profit for every one claim bitcoin is the best payment method.

I hope it is really the popular payment, but it is not.

This is the reason why Bitcoin and cryptocurrencies will never replace fiat, its acceptance as a payment. Despite the popularity of Bitcoin, it is not that accepted as a payment for various reasons, one of them is the volatility and its anonymity. Example of it is when Steam accepted Bitcoin.

GideonGono

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Quote from: XenoFever on March 01, 2020, 06:11:58 AM

I have seen so many posts about emerging cryptocurrency, and they think that someday it will take over our current system, or it will replace our fiat currency, which is really impossible, yes cryptocurrency is such an excellent currency especially the bitcoin, cryptocurrency keeps on being more prominent and more significant. Still, I think it is not enough to replace the fiat currency. It will be hard for the government to do that.

It will be hard for us if we use our cryptocurrency as our standard currency, the volatile currency will not be useful in real life; only that money is only suitable in real life. Not all individuals are really used in technology, so how could they handle their money if they are not familiar with the technology.

There are still some rural places in this world, so it will be hard for them to adopt the new system if this will be implemented in the future, which I hope won't happen, and even those person in provinces will also get mad if those things happen.

This is true but as time goes by the volatility of a particular cryptocurrency goes down as it accumulates a lot of volume as long as they can keep up with the demands of the users. Though even though it happens, I believe that it would not replace fiat because each of them, fiat and cryptocurrency, have its own uses and advantages. Also it is a good thing having a lot of choices in transacting and not be limited to fiat alone.

shoreno

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not totally obviously but will depend on an individual . i knew a good number of people are now only relly on digital payment and they are shopping online using thier digital money . instead of travelling and going outside while using fiats

as soon as these people recognize and started to like cryptos , im sure they will enjoy it and will not comeback on thier old digital payment provider . to the people that wants simplicity but still love to try new things , they are prolly using both fiat and crypto at the same time .

Twentyonepaylots

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Quote from: fiulpro on March 06, 2020, 03:43:33 PM

I do think Cryptocurrency never meant to replace fiat

Fiat is necessary.
Till the time we are not able to get rid of the poverty , provide people with a full stomach , a mobile in their hand and education . We cannot expect them to start using cryptocurrencies.

Replacing Fiat would be bad for the majority of the society , only half of the population or even less is fortunate enough to know about cryptocurrencies and use them.

People are trying to hardly compare these two type of currency when in fact, the other, cryptocurrency wasn't purposely made to replace anything but to be an alternative use of fiat in modern and online world. FIAT IS NECESSARY, we cannot use fiat everytime just like buying and trading in the internet and so the cryptocurrency is, you cannot just buy a candy in the lowest satoshi value just because you want to. Both currency are best at what their field of use is but most of time we use fiat because we need to do so.

Quote from: fiulpro on March 06, 2020, 03:43:33 PM

Cryptocurrencies and Fiat are best at what they do , but I don't think they plan on replacing each other .

Yeah, it was never meant to replace the fiat, people are just too braggy about the cryptocurrency to the exaggerated extent.

fiulpro

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I do think Cryptocurrency never meant to replace fiat

Fiat is necessary.
Till the time we are not able to get rid of the poverty , provide people with a full stomach , a mobile in their hand and education . We cannot expect them to start using cryptocurrencies.

Replacing Fiat would be bad for the majority of the society , only half of the population or even less is fortunate enough to know about cryptocurrencies and use them.

Cryptocurrencies and Fiat are best at what they do , but I don't think they plan on replacing each other .

Blackdeath

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Quote from: XenoFever on March 01, 2020, 06:11:58 AM

I have seen so many posts about emerging cryptocurrency, and they think that someday it will take over our current system, or it will replace our fiat currency, which is really impossible, yes cryptocurrency is such an excellent currency especially the bitcoin, cryptocurrency keeps on being more prominent and more significant. Still, I think it is not enough to replace the fiat currency. It will be hard for the government to do that.

It will be hard for us if we use our cryptocurrency as our standard currency, the volatile currency will not be useful in real life; only that money is only suitable in real life. Not all individuals are really used in technology, so how could they handle their money if they are not familiar with the technology.

There are still some rural places in this world, so it will be hard for them to adopt the new system if this will be implemented in the future, which I hope won't happen, and even those person in provinces will also get mad if those things happen.

Indeed. There are still countries who can't adopt cryptocurrency because they need a technology and devices for them to make a transaction to pay their taxes, bills and things that they need. But in my own opinion, it is not about cryptocurrency replacing fiat there arw still chances that cryptocurrency will be accepted by the government and make it as an alternative cryptocurrency that they can still used their crypto for making transactions.

Negotiation

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Quote from: ssamotoev on March 03, 2020, 02:52:18 PM

Quote from: Gozie51 on March 03, 2020, 11:33:07 AM

Quote from: tvplus006 on March 03, 2020, 07:08:53 AM

Quote from: Dhoe on March 03, 2020, 03:54:41 AM

Yes of course, Crypto takes a long time to be able to replace fiat money as a legal currency used by all people. Until now, there are still many people who do not understand about the world of Crypto, so it is difficult to make Crypto as a recognized currency, but I personally believe that in the future Cryptocurrency will be able to replace fiat money.

But we've all seen how credit card payments drive Fiat out of everyday life. The same can happen with non-cash payments, when they will be replaced by the national digital currency. Most likely, most people will not even notice this, as they will continue to pay with the card.

Payment cards are far from cryptocurrency. Cards have been successful for making the society a cashless place. Although, it is digital in nature but at least it can be feeled by the presence of the card but not like bitcoin. Anyway, it is going to take a longer time.

I can see why you think that way. However it may take less time because people are not that afraid of cashless life at this point. And on top of that you could notice how fast world is changing nowadays so people are not that conservative about things - you can see a lot of grandmas with smartphones so we can see current 50-years ladies using crypto when they will be 70 or 80 Wink

You are right that I see a woman in her 50s using crypto but also it would take a lot of time to replace cryptocurrency fiat currency because if everyone works on crypto as an independent, then fiat currency will be technically governed. That is why it will take a long time. Most people in our country are involved with crypto.

coinfinger

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It is idiotic to think that technology can't ever replace the banknotes and the ones who say "how are we going to do this without internet connection" are seriously either haven't used credit cards in the past 20 years or they are simply ignorant.

Credit cards require a connection as well, without that machine getting some connection you are not going to be able to use your card neither, however when you look at things I am sure majority of payments are made with cards instead of cash nowadays. This is why I think bitcoin has a huge chance, you don't need too much for bitcoin to be "standard" but even just 5% of all payments are made in bitcoin that would result with bitcoin becoming 100k+ very very easily.

Moshaid

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I strongly agree with you that cryptocurrency cannot replace fiat currency not only because of the current rate of adoption globally but the disadvantages surrounding the blockchain sector. A good example of this is the power supply outrage, some part of the world lacks adequate power supply and there's no way one can make crypto payment without having power on their devices alongside this is network coverage which works with power supply. I believe if improvements can be done in this part it would be a good one for cryptocurrency to overcome fiat although the transaction speed is something to be noted as well, because a store owner won't want to wait for about 2~5 mins before payment is verified whereas fiat payment won't take upto this.

tvplus006

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Quote from: Tylev on March 05, 2020, 01:02:22 AM

Quote from: Ailmand on March 04, 2020, 02:37:06 AM

This is true as of now since cryptocurrency is not yet fully adapted and is volatile in nature, it doesn't fit to be used as the main currency. Time will tell whether people will still be using fiat as a currency in the near future or whether if crypto will replace or if not will be an alternative to fiat. Technology is emerging fast we don't know what possible things might happen in the future.

This is true for all points. Cryptocurrency can never replace the traditional national money of states. Yes, she is not capable of this and is not intended for this. Now there is a general global trend of partial crowding out fiat by non-cash payment methods. Therefore, cryptocurrency will make its role in this process. However, in general, state cash will still exist for a very long time.

If we consider the digital national currency , which most countries are currently working on, it should replace Fiat. This is the main task of the government in order to leave control over its financial system. And if we talk about bitcoin, it still needs a lot of time to be in circulation on a par with Fiat.

abuya55

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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.

Questat

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It's more like saying "decentralized economy cannot replace a centralized economy", which I fully agree.

Let's admit it, Cryptocurrency is good but it will always remain only as a great alternative, nothing more we can expect.

metenjean

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Cryptocurrency have been most popular payment and digital currency right now, not only with easy by using cryptocurrency as payment way but could increase higher price and give much profit for every one claim bitcoin is the best payment method.

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