Cryptocurrency can not replace fiat currency. - page 5.

bits4books

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Crypto is not a religion but i like it

Quote from: o_e_l_e_o on March 01, 2020, 05:54:43 AM

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

Still, I think it is not enough to replace the fiat currency. It will be hard for the government to do that.

Who said anything about asking the government's permission? The whole point of bitcoin is to move away from giving other people control over your money.

Well, can you tell us how you will use cryptocurrency if one day the government of your country will introduce criminal penalties for its use, start blocking all exchanges and websites and restrict merchants from it use? If you think that there are no ways to block cryptocurrencies, then you are very much mistaken. Why don't they do it? Because politicians have not yet fully understood whether they need cryptocurrencies or not.
If they come to the conclusion that it is necessary to completely close crypto story then neither Satoshi nor Buterin nor anyone else will be able to influence this. To believe in the total impossibility of banning and blocking something is not very smart, as for me. Yes, they can’t fully stop the network but they can dump it and make mostly useless

Spaffin

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I am one hundred percent sure that the time will come when the world will get rid of paper money and the cryptocurrency will come. Something Following the example of what happens in science fiction films. and I am also sure that the current generation of people is so used to using fiat money that they will not only not use cryptocurrency in everyday life, but will be able to counteract this in every way. But I believe that each person should have a choice and each should decide for himself which currency to use, fiat paper money or cryptocurrency, and state structures and the government should not impede this.

Averim

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Crypto Coins won't replace fiat, because they are the best option in the market, blockchain and crypto coins are we healthier than fiat money, you simply can't print crypto money as you desire.

qory

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Its not guarantee with your opinion because one day when bitcoin have higher price and keep stable on the top maybe many countries will adopt bitcoin as fiat currency payment without inflation value. But hard with bitcoin need internet access when sending and receiving as payment currency transaction.

Snappycoco

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I agree but not for long. In the near future where production of money is quite hard due to lack of resources, the world will be in need of cryptocurrency. Not now but soon it will.

travwill

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I do not think that cryptocurrency can completely replace fiat, but the current crisis reveals the many problems of existing systems, which in itself pushes us to use alternative methods, such as cryptocurrency.
The worse the condition of financial systems will be, the higher the likelihood of people using cryptocurrencies.

jjigoku

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Quote from: jhonjhon on April 28, 2020, 06:34:56 PM

Quote from: travwill on April 28, 2020, 04:42:45 PM

I do not think that cryptocurrency can completely replace fiat, but the current crisis reveals the many problems of existing systems, which in itself pushes us to use alternative methods, such as cryptocurrency.
The worse the condition of financial systems will be, the higher the likelihood of people using cryptocurrencies.

Sorry, but it was not as I've looked into the market. The situation may reveal that people are now conserving more on fiat rather than adopting cryptocurrency. People have their options, we are supposed to think that during these hard times people will go for crypto but it happens that they are converting it into fiat. Then it was clear to think that crypto isn't the first option but instead, they will consider this purely as an investment.

I would love to think the opposite, but I tend to think the same way actually.
People won't risk their probably last money on cryptocurrencies which they never knew about ever before.
But I personally do believe that a lot more people just knew about crypto because of this current global situation

Lorence.xD

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Cryptocurrency is still young technology and I completely agree with the fact that it will not replace fiat but saying that it will not replace it still it totally is rather a far fetch thing, many people are still not inclined to trust the capabilities of cryptocurrency but with scams and frauds in full throttle, people will have a doubt when it comes to this. If we can further improve and innovate the technology and the security and countermeasures then that time will slowly cone that people will continue to give their trust, cryptocurrency will prevail but in the meantime, making people aware of the advantages and disadvantages of cryptocurrency is the least thing that we can do to spread information.

jhonjhon

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Quote from: travwill on April 28, 2020, 04:42:45 PM

I do not think that cryptocurrency can completely replace fiat, but the current crisis reveals the many problems of existing systems, which in itself pushes us to use alternative methods, such as cryptocurrency.
The worse the condition of financial systems will be, the higher the likelihood of people using cryptocurrencies.

Sorry, but it was not as I've looked into the market. The situation may reveal that people are now conserving more on fiat rather than adopting cryptocurrency. People have their options, we are supposed to think that during these hard times people will go for crypto but it happens that they are converting it into fiat. Then it was clear to think that crypto isn't the first option but instead, they will consider this purely as an investment.

FanatMonet

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Quote from: travwill on April 28, 2020, 04:42:45 PM

I do not think that cryptocurrency can completely replace fiat, but the current crisis reveals the many problems of existing systems, which in itself pushes us to use alternative methods, such as cryptocurrency.
The worse the condition of financial systems will be, the higher the likelihood of people using cryptocurrencies.

But here you need to remember that if the financial market is experiencing problems, then these same problems are also transferred to assets, and cryptocurrencies get a blow on their own, because of a market that collapses, which is not good.

wiss19

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For cryptocurrency to take over fiat, it will have to be in a world where the government doesn’t care about being in control anymore lol; maybe a world where there is nothing as government, because that’s what it seems like. But as long as we still have the government we have now, nah they are not going to allow that to ever happen.

The government always wants to be in control, and money is one of the things they want to be in control. If we are to be using the decentralized cryptocurrency, there will be no way for the government to be in control of things that are happening the finance world, they will lose sight. So I don’t really see this as possible. I only see a future where we will be making use of both, But fiat will still be at the top.

lahiruu

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Quote from: Ludmilla_rose1995 on April 22, 2020, 05:43:58 AM

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.

Actually, cryptocurrency holders also need fiat money. Even, in my opinion, 85% of cryptocurrency holders do not use it as a currency but rather a commodity or asset for a profit. They only take values, not functions. that means, if what is needed is value, then they will exchange it for fiat if it has a profit. so, fiat cannot be replaced by cryptocurrency because crypto holders also need fiat money.

I wouldn't be surprised if that number actually exceeded 85%.

However! If you look at the community and the userbase surrounding Ethereum/DeFi and, particularly, the DAI stablecoin then I can see some glimmer of hope when people ask if cryptocurrency can replace fiat.

The major problem is, at the moment, the difficulty curve that comes with crypto. It's not easy enough so that my mum/grandma/grandpa/dad could easily just jump in. You need that knowledge base.

FlightyPouch

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Quote from: ansarose1 on April 21, 2020, 08:11:29 PM

In my point of view, cryptocurrency cannot be as useful as fiat currency when it comes to everyday basis, that human uses fiat for trading goods to buy or sell, but also crypto can be use same as that in such a way we can trade some stuffs through online payment. In that case, cryptocurrency is not that usable as fiat is, but it also have a good features and advantage like through online transactions, crypto is more convenient.

Well, that is the reason why we can't just compare Bitcoin and other crypto currencies with the fiats. We don't have that much information since people are not really using it, unlike fiat. The acceptability of it and the usage of it these days increased but still, there are a lot of people that didn't know such things exist despite the advantages of it over fiats.

Questat

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Quote from: Ludmilla_rose1995 on April 22, 2020, 05:43:58 AM

so, fiat cannot be replaced by cryptocurrency because crypto holders also need fiat money.

I guess this is a correct statement, otherwise, there is no reason to hold if fiat will be replace by bitcoin as eventually its price will be stable and no trading will happen. Why we are getting some profit is because fiat is stable and bitcoin's value will increase due to demand, and that's where we can enjoy the profit when we cash out as with fiat, it's acceptable everywhere.

ansarose1

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In my point of view, cryptocurrency cannot be as useful as fiat currency when it comes to everyday basis, that human uses fiat for trading goods to buy or sell, but also crypto can be use same as that in such a way we can trade some stuffs through online payment. In that case, cryptocurrency is not that usable as fiat is, but it also have a good features and advantage like through online transactions, crypto is more convenient.

Ludmilla_rose1995

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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.

Actually, cryptocurrency holders also need fiat money. Even, in my opinion, 85% of cryptocurrency holders do not use it as a currency but rather a commodity or asset for a profit. They only take values, not functions. that means, if what is needed is value, then they will exchange it for fiat if it has a profit. so, fiat cannot be replaced by cryptocurrency because crypto holders also need fiat money.

Republikcoin.com

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Quote from: qory on April 21, 2020, 07:21:08 PM

Wait and see will possible for cryptocurrency for replace of fiat currency, when bitcoin and altcoin look easy and faster for each transaction why not many people moving their transaction from fiat currency to digital cryptocurrency with many feature and benefit like never have inflation and could be guarantee much profit when bitcoin and altcoin on the top price.

as long as it's still very flexible, it's very difficult to accept. I've seen several official companies accept bitcoin, and it doesn't last long because the price is very volatile. In fact, stable coins also have many disadvantages, such as backing up that is not very compatible with existing crypto assets. Well, I hope that there will be an opportunity for crypto to replace Fiat.

hung58bitcoin

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I totally agree with your comments. Cryptocurrencies will be applied in the payment of non-cash goods. This will help reduce government printing costs. But these are cryptocurrencies that are fixed by governments such as USDT. Cryptocurrencies of high volatility, such as BTC or ETH, are difficult to include in actual payments. This will make it difficult for the government to control prices. And consumers are also difficult to use. And cash is still the perfect solution for trade exchanges in the coming years.

qory

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Wait and see will possible for cryptocurrency for replace of fiat currency, when bitcoin and altcoin look easy and faster for each transaction why not many people moving their transaction from fiat currency to digital cryptocurrency with many feature and benefit like never have inflation and could be guarantee much profit when bitcoin and altcoin on the top price.

FanatMonet

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Quote from: tvplus006 on April 21, 2020, 02:15:55 PM

Quote from: Genemind on April 16, 2020, 10:20:23 PM

It cannot replace fiat, but it can be an alternative. Being volatile is already a part of bitcoin since the market demand drives the price of crypto. To add, bitcoin is not accessible to other people, there are only a few that knows bitcoin and only few accepts bitcoin.

Both bitcoin and fiat should be available to everyone when choosing a payment form. Therefore, they must exist simultaneously with each other. And only the person should choose what to use for payment for a product or service. And if you can't pay with bitcoin, then you can use fiat.

I would not say that Bitcoin is available to everyone. In countries other than North America, Western Europe, and some developed Asian countries, cryptocurrencies do not have much distribution, because to use them you need access to the Internet and a device (phone, PC, etc.)

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