Cryptocurrency can not replace fiat currency. - page 12.

ice098

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Quote from: michellee on March 05, 2020, 01:29:56 AM

Quote from: Tylev on March 05, 2020, 12:02:22 AM

Quote from: Ailmand on March 04, 2020, 01:37:06 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.

I guess so. Because people still prefer to use fiat, but they already introduced the non-cash payment method as another option to pay, and I think people now because anxious to try and use that way. Maybe the existence of cryptocurrency is not going to replace fiat currency, but crypto will help fiat to solve the economic problem, especially for the people financial. But we will see what will happen in the future and if somehow, crypto can work together with fiat, that will bring a new solution for every people to make money.

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.

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Quote from: Ailmand on March 04, 2020, 01:37:06 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.

Well, most cryptocurrencies in the market do not have a stable value, so the chances of becoming a currency in daily transactions are very low, and a few cryptocurrencies still have a stable value but the weakness, more precisely, the point that it does not satisfy the government is that it has anonymity while the government wants to directly manage the movement of currencies in the market. Fiat or traditional currencies have many better points in this regard, especially, everyone in the society knows the usage and the nature, while the knowledge of crypto is still too little.

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Quote from: Tylev on March 05, 2020, 12:02:22 AM

Quote from: Ailmand on March 04, 2020, 01:37:06 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.

I guess so. Because people still prefer to use fiat, but they already introduced the non-cash payment method as another option to pay, and I think people now because anxious to try and use that way. Maybe the existence of cryptocurrency is not going to replace fiat currency, but crypto will help fiat to solve the economic problem, especially for the people financial. But we will see what will happen in the future and if somehow, crypto can work together with fiat, that will bring a new solution for every people to make money.

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Quote from: Ailmand on March 04, 2020, 01:37:06 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.

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Quote from: Sadlife on March 01, 2020, 06:53:32 AM

Bitcoin and cryptocurrency is not meant to replace fiat, it is invented to be an alternative source of payment that's scarce and decentralize, when the old monetary system gets to regulated and manipulative.
But if people gets to fed up with it, we might see massive migration of users from fiat to cryptocurrency, especially when countries are trying to establish their own cryptocurrency we might see a massive adoption in the future.

I agree it wasn't created to take over or replace Fiat.
And this topic has been around for so long I think it has been around since crypto has been created.
And it has already been more than 11 years now could we accept the fact that it wouldn't replace Fiat and both Fiat and crypto could coexist with each other.
Crypto wouldn't replace it because of its sudden price movement and of course the government wouldn't let it happen.

airdnasxela

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It won't. We are still far from massive adoption. We are just starting. And it's not enough to replace fiat currency. And even if cryptocurrency receive mass adoption, fiat will still remain because of the government. It's what they can control so they wouldn't let fiat to ceased and be replaced by cryptocurrency. Instead of thinking that crypto will replace fiat, I'd rather go for both of them being used in the future. They can co-work together in the economy. But it's still up to the government if they will let crypto be accepted in their country.

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Quote from: carriebee on March 04, 2020, 02:35:14 PM

Quote from: Ailmand on March 04, 2020, 01:37:06 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.

True, since bitcoin is not yet fully adopted we don't know what will be happen in the future. There are still people doesn't know crypto so fiat is still be use as the main currency. Though crypto has a lot of features that could easy to use but fiat currency cannot be replace that handily.

this is a big authority on the government. no matter how good the system is used, but if the government does not legalize it, I think it will hamper its development. and for now fiat is more dominant because this currency can be controlled by the government

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Quote from: Ailmand on March 04, 2020, 01:37:06 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.

True, since bitcoin is not yet fully adopted we don't know what will be happen in the future. There are still people doesn't know crypto so fiat is still be use as the main currency. Though crypto has a lot of features that could easy to use but fiat currency cannot be replace that handily.

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Quote from: xSkylarx on March 04, 2020, 08:34:31 AM

Quote from: Sadlife on March 04, 2020, 07:33:08 AM

It doesn't have to necessarily replace it and change how the system works but it can be used as an alternative technology to the ones that's centralized and exploitable.
Bitcoin and Cryptocurrency are there to introduce a new modern way to tranfers money without the restrictions and delay from traditional money.

That's certainly true. People think that when we say that we will be using cryptocurrency we will totally eliminate fiat which is really impossible. We still need time until we totally adopt cryptocurrency as a national or international currency. It still has to go a long process but we all know that crypto is always surprising, things will surely get better in the future.

Yes. I am not against with fiat currency but i also believe that cryptocurrency has great potentials to be a legal currency in the future. People are now starting to take a glance on crypto just like some other countries are already developing their own digital currencies. This does not mean that fiat currency will be totally replaced but cryptocurrency can also a good alternative for payment system which is very convenient to use.

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Quote from: Sadlife on March 04, 2020, 07:33:08 AM

It doesn't have to necessarily replace it and change how the system works but it can be used as an alternative technology to the ones that's centralized and exploitable.
Bitcoin and Cryptocurrency are there to introduce a new modern way to tranfers money without the restrictions and delay from traditional money.

That's certainly true. People think that when we say that we will be using cryptocurrency we will totally eliminate fiat which is really impossible. We still need time until we totally adopt cryptocurrency as a national or international currency. It still has to go a long process but we all know that crypto is always surprising, things will surely get better in the future.

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It doesn't have to necessarily replace it and change how the system works but it can be used as an alternative technology to the ones that's centralized and exploitable.
Bitcoin and Cryptocurrency are there to introduce a new modern way to tranfers money without the restrictions and delay from traditional money.

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Thats right. People will always trust more in govs money than in crypto

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Well, you are looking at the issue on the practical side of it...
Theoretically crypto can replace fiat with several advantages, but is the world ready? is crypto ready?
The world is definitely not ready... the westerns think the world is only the west.... but just look at Africa, for example.... how many countries have a complete coverage of internet? hell, how many have complete coverage of electricity? Grin

we need to look around before we say the world is ready...
And crypto, is it ready? BTC lightning network is still not working properly (at least to my knowledge), so the network will get clogged with mass use.... and the prices? with this volatility, will we be able to use it as regular money?

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Quote from: julius caesar on March 04, 2020, 01:07:48 AM

Quote from: XenoFever on March 01, 2020, 05:11:58 AM

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.

This is also my reason that is why Cryptocurrency is impossible to become our fiat currency. The combination of the two is still better rather than just a crypto by itself. The transaction using crypto needs internet and cannot stand alone by itself unlike transacting using fiat. No need internet and capable of transacting whenever they want.

right, a combination of the two can be used in all conditions. We know that geographical location, the age level where has limitations to access the internet. especially for countries that are left behind, it would be difficult if only crypto in circulation. besides that indeed high price fluctuations are still a problem in crypto as a currency

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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.

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Quote from: XenoFever on March 01, 2020, 05:11:58 AM

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.

This is also my reason that is why Cryptocurrency is impossible to become our fiat currency. The combination of the two is still better rather than just a crypto by itself. The transaction using crypto needs internet and cannot stand alone by itself unlike transacting using fiat. No need internet and capable of transacting whenever they want.

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Quote from: XenoFever on March 01, 2020, 05:11:58 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.

I fully understand your point, yes the current government is not yet ready to implement digital assets as a main currency right now because there are still plenty of hurdles that needs to address like those places where electricity is not present or those places that don't have the technology in order to transact the digital payment.

But our society is keep on improving as days passes by so there is a big chance that in the future these problem will be address and digital payment will replace the old fiat system. The possibilities is very wide so we cannot close the door for crypto or digital asset to replace the fiat system and I believe that it will happen in the future.

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Quote from: XenoFever on March 01, 2020, 05:11:58 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.

It has often been discussed even a few years ago that in the view of economists, it was risky to turn a highly fluctuating currency into a currency that "replaced FIAT". Maybe with the existence of a stable coin is the reason economists give a voice about the good cryptocurrency to become one of the currencies that may be legalized by the government.

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FIAT is already failed in some countries and crypto used instead alongside any possible fungible value such as gold, notes or plain food and commodities. It can replace FIAT which itself is only digital money mostly but there is a great deal of demand for FIAT created by the use of taxes where as crypto is unbacked just free usage.

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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

Places use sea shells in the past when no unique item could be found, many things can be used if situation should force it obviously just plain barter happens. Crypto could be used via plain display in various coins created. It does involve a greater amount of trust to do it that way as the confirmation is not live but its still possible to use BTC almost anywhere. If it was really required in the middle of nowhere then I guess a satellite phone is possible and a hub would be distributed from that source

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I always believed it won't replace fiat currency because decentralized character won't be changed. People already learned the value of crypto nowadays, and it won't be changed on their mindset. Although more people already thought that crypto would be the best options to eliminate fiat problems in terms of transactions, but it's not that easy to divert into something unusual for other non crypto users. That's why it need to mature more often before we implement this kind of system to each individuals.

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