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Topic: Cryptocurrency can not replace fiat currency. - page 14. (Read 2224 times)

legendary
Activity: 2254
Merit: 2253
From Zero to 2 times Self-Made Legendary
You should know that the world economy is based on fiat (Like, Dollars, Yen, Euro...ect ) so it is not that easy that cryptocurrency will replace Fiat especially in the near future despite this new era has a lot a characteristics or advantages. In addition to that, the governments are rejecting the recogniztion of Bitcoin despite they are investing in cryptocurrencies but indirectly , there are too many hiding information and facts, and unfortunately we only see the fake media news. Possibly, after some years everything is going to change in a good way but not now maybe after many years.

Cryptocurrency can replace currency but it will not be able to replace the dominance of the fiat money system because, even if the state is required to follow technological advances, the choice will be to use a centralized stable coin and can be controlled by the government of a country. Second, when we want to have a cryptocurrency, we have to exchange our fiat money with cryptocurrency, so that the gap between the rich and poor remains, only the change is the shape of the rich. The rich can have more cryptocurrencies while the poor have less cryptocurrency.

The problem of inequality in the spread of technology, I think along with technological advances that correlate with the population demographics of a country, the gap will decrease because projections of millennial generation increase while conventional generations decrease.

But keep in mind that the dependence on technological advances is also vulnerable to system malfunctions that we cannot predict due to natural disasters, so we need manual operating instructions and a backup plan if we suddenly return to the ancients because of the loss of technology.
full member
Activity: 868
Merit: 116
You should know that the world economy is based on fiat (Like, Dollars, Yen, Euro...ect ) so it is not that easy that cryptocurrency will replace Fiat especially in the near future despite this new era has a lot a characteristics or advantages. In addition to that, the governments are rejecting the recogniztion of Bitcoin despite they are investing in cryptocurrencies but indirectly , there are too many hiding information and facts, and unfortunately we only see the fake media news. Possibly, after some years everything is going to change in a good way but not now maybe after many years.
legendary
Activity: 2604
Merit: 2353
...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.
Many countries have now started developing their national digital currencies, which will have to replace their national Fiat currencies. In order for cryptocurrency payments to become available in hard-to-reach places, we only need access to the Internet.
I agree with you CBDC will be a game changer in the crypto currency world, because people will be educated by governments about the technology and will begin to trust it unlike nowadays.
Unfortunately we don't know what will be the impact on the "real" crypto currencies : on one hand it can trigger more adoption, on the other hand people can leave a less lawful and recent technology...
That was true because most of the people today still using the fiat currency but we need to make to introduce the cryptocurrency and now this is one of the most popular transactions on it so why they are going to use it because it has a faster transaction and also it has a less transaction fee even this is one of the greatest transaction still why they use the fiat currency because this is the most important today with the use of physical money because this is one of the money we use for our transaction and this is the money that is authorized and legalizes by the country.
What do you mean when you say "now this is one of the most popular transactions on it"? What do you call "on it" exactly? You are talking about the blockchain and the stable coins on it?
Well I don't think stable coins are the same as CBDC, most of people don't trust stable coins and much more don't know them. It will be different with CBDCs that's why I'm calling them a game changer...
sr. member
Activity: 882
Merit: 253
I agree that it cannot replace the fiat currency but it can be a good alternative for it and it will not be affected by inflation, Also a fact that the internet is not yet implemented throughout a certain country and we all know that in order to do a transaction in cryptocurrency we need to have an internet connection and a hardware either a smart phone or a computer.

Also we need to educate people what's this, how to use, how does it work unlike the fiat where in it's just a matter of numbers and physical trading/exchange.
This two has different purpose in payment system. Some people make transfer of bitcoin without an internet but it's hard to do it by ordinary people. Fiat will always be the best currency we have today, we don't know in the future if it will be totally gone. It's also regulated by the government unlike digital currency. Some people don't want to adopt the technology even it will make them easily to use. They are contented on what they got used to (fiat currency).
legendary
Activity: 2268
Merit: 1655
To the Moon
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 guess the reason you have given is just a cover up for what the main purpose of cryptocurrencies because if it is really made just for alternative method then we should have already adopted it since then. I think this is what the government sees even though we are saying that it is just a simple payment method when it is really not. The fact that it is decentralized is already enough reason to invalidate it by the regulators.

If we consider a digital national currency, it cannot be decentralized. From the government's point of view, such a currency will only need to be centralized so that it remains possible to control its citizens. It is in this direction that China is now moving in developing its digital yuan.
sr. member
Activity: 2282
Merit: 470
Telegram: @jperryC
I agree that it cannot replace the fiat currency but it can be a good alternative for it and it will not be affected by inflation, Also a fact that the internet is not yet implemented throughout a certain country and we all know that in order to do a transaction in cryptocurrency we need to have an internet connection and a hardware either a smart phone or a computer.

Also we need to educate people what's this, how to use, how does it work unlike the fiat where in it's just a matter of numbers and physical trading/exchange.
full member
Activity: 560
Merit: 100
Until now fiat is still usable and 99.80% of people using it all over the world. even us still use fiat for any transactions we have. cryptocurrency is in improving its way on using, so the chances are too far to say that crypto will replace fiat soon. other people think crypto is illegal so fiat will never be abandoned because of crypto.
legendary
Activity: 2268
Merit: 18748
Not all can afford high fees with slow transaction process.
What high fees? The vast majority of my transactions are made with fees of 1 sat/vbyte, which works out as a couple of cents. Even if you sre paying something like 40 sats/vbyte to guarantee placement in the next block with every transaction, you are still talking less than a dollar in fees for most transactions. For microtransactions then you can make Lightning transactions with fees so small they are irrelevant. Credit card fees are up to 3% per transaction.

Transactions also aren't slow. Credit cards transactions can be reversed for several months after they have been made. Bitcoin transactions are final within an hour. For instant transactions, again you can use Lightning.

Although there are still other "altcoins" that offer fast transactions with low fees
The reason altcoins can be faster per confirmation is because they are less secure than bitcoin. Most altcoins will take several thousand confirmations and and several days or weeks to reach the security Bitcoin achieves in an hour.
full member
Activity: 1484
Merit: 136
★Bitvest.io★ Play Plinko or Invest!
...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.

Many countries have now started developing their national digital currencies, which will have to replace their national Fiat currencies. In order for cryptocurrency payments to become available in hard-to-reach places, we only need access to the Internet.
I agree with you CBDC will be a game changer in the crypto currency world, because people will be educated by governments about the technology and will begin to trust it unlike nowadays.
Unfortunately we don't know what will be the impact on the "real" crypto currencies : on one hand it can trigger more adoption, on the other hand people can leave a less lawful and recent technology...

That was true because most of the people today still using the fiat currency but we need to make to introduce the cryptocurrency and now this is one of the most popular transactions on it so why they are going to use it because it has a faster transaction and also it has a less transaction fee even this is one of the greatest transaction still why they use the fiat currency because this is the most important today with the use of physical money because this is one of the money we use for our transaction and this is the money that is authorized and legalizes by the country.
legendary
Activity: 2604
Merit: 2353
...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.

Many countries have now started developing their national digital currencies, which will have to replace their national Fiat currencies. In order for cryptocurrency payments to become available in hard-to-reach places, we only need access to the Internet.
I agree with you CBDC will be a game changer in the crypto currency world, because people will be educated by governments about the technology and will begin to trust it unlike nowadays.
Unfortunately we don't know what will be the impact on the "real" crypto currencies : on one hand it can trigger more adoption, on the other hand people can leave a less lawful and recent technology...
full member
Activity: 574
Merit: 108
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.
We cannot really rule out this possibility because, the future is still so far away so as the possibilities it could concur. A lot of unexpected events now are happening and we can see that a lot of countries now are turning their attention on cryptocurrency such as China and other countries that are trying to make or build their own cryptocurrency that might be used in their society. There is no impossible with technology, time, and effort. Regardless of how accessible the internet is in the rural countries, time changes anything.
sr. member
Activity: 1330
Merit: 326
Aside from that of volatile reason you have mentioned. There are a lot flaws why cryptocurrency can not replace "current" fiat money.

Not all can afford high fees with slow transaction process. Although there are still other "altcoins" that offer fast transactions with low fees, but noy everyone will welcome "new" payment systems. Cashless transactions are convenient, yes. And even if cryptocurrency can not replace existing fiat currency, it can still be considered as alternative monetary system.
hero member
Activity: 3038
Merit: 634
Just so you know that there is this thing now which is in progress of development which they call CDBC (Central Bank Digital Currency). I'm not optimistic about it but they call it cryptocurrency.

You just gave the term crypto so that might count which is in favor of the government. And that's the possible crypto that they would love to adopt because they will have total control over it but that doesn't stand and prove the real purpose of cryptocurrency. It has been categorized as crypto still there are but's and if's.

We are likely to see the near future into the digital world and everything will be in the digital including the money so crypto is a good candidate but with some revisions on the side of the government.
hero member
Activity: 2366
Merit: 793
Bitcoin = Financial freedom
"Nothing is permanent in this world other than changes" so who knows today it looks impossible but after 10 years it might become a normal thing.

Only the valid point will be price volatility on crypto values but its better to use cryptos than degrading fiat which loses its value every year.
hero member
Activity: 1750
Merit: 589
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 guess the reason you have given is just a cover up for what the main purpose of cryptocurrencies because if it is really made just for alternative method then we should have already adopted it since then. I think this is what the government sees even though we are saying that it is just a simple payment method when it is really not. The fact that it is decentralized is already enough reason to invalidate it by the regulators.
member
Activity: 634
Merit: 10
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 do agree that cryptos cannot really replace fiat. Fiat currency is a traditional currency and most or we can say all people know these things can be used for everyday transaction which is way too far from bitcoin or any other crypto currencies out there.  Also the government will not allow it to happen, although some governments and countries do agree in cryptos, still it is not enough reason why cryptos can replace fiat.

Cryptos can be an alternative currency but to be able to replace fiat currencies, nah, i don't think so.
newbie
Activity: 9
Merit: 0
I think that stablecoins are quite suitable for a currency that can be used in daily life. We won’t be able to immediately switch to bitcoin, because we still continue to use the dollar.
legendary
Activity: 2268
Merit: 1655
To the Moon
...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.

Many countries have now started developing their national digital currencies, which will have to replace their national Fiat currencies. In order for cryptocurrency payments to become available in hard-to-reach places, we only need access to the Internet.
sr. member
Activity: 1638
Merit: 300
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 live in the province but I think people could be used to those changes. The only problem we have right now is that obviously, the government can't afford that technology, that development. In the future though, for sure, we would be able to see a crypto currency as the main currency but for sure that would not be a decentralized currency.
full member
Activity: 1022
Merit: 133
I think this can only be possible when all countries uniformly has developed to such level that electricity and internet is available all the time and is very very cheap. Smartphones will be in hands on every person and every person be educated enough to know and use the technology.
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