Cryptocurrency can not replace fiat currency. - page 6.

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Quote from: Genemind on April 16, 2020, 11:20:23 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.

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Quote from: TIDOVEE on April 21, 2020, 07:43:25 AM

You tried, you made a point : that are still many rural areas in the world that are yet to be developed, which may make the usage of cryptocurrency no feasible In those area. In this vein I want to believe it is the same with internet network. It may take long process and time but it is possible, network must be made available in all those area to achieve this.

Thats correct but if you read the OP statement he have mentioned the rural area and he clearly stated that in the future when internet is not the problem of rural area and even internet is not the problem every in the world crypto will not replace fiat because we actually need both.

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Quote from: TIDOVEE on April 21, 2020, 07:43:25 AM

You tried, you made a point : that are still many rural areas in the world that are yet to be developed, which may make the usage of cryptocurrency no feasible In those area. In this vein I want to believe it is the same with internet network. It may take long process and time but it is possible, network must be made available in all those area to achieve this.

It's not that simple comparing to the internet because there is no conflict, the government has no business with the internet so there is no conflict at all.

Bitcoin and fiat, here, there is a conflict as fiat is what government would produce and they want the people under their government to use fiat, rather than a decentralized currency called bitcoin, therefore its not possible that bitcoin will replace fiat but they can co-exist.

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You tried, you made a point : that are still many rural areas in the world that are yet to be developed, which may make the usage of cryptocurrency no feasible In those area. In this vein I want to believe it is the same with internet network. It may take long process and time but it is possible, network must be made available in all those area to achieve this.

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.

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Quote from: Btc_1856 on April 21, 2020, 03:17:32 AM

In order to replace fiat currency, it is not an easy job because cryptocurrency currently involved in digital payments and there are some countries, mostly depend on paper currency only, before making cryptocurrency as fiat money, they need to follow lots of measures because the Bitcoin supply is very limited.

Most countries especially the bigger once would not allow fiat will be replace by cryptocurrency, even if there's a massive adoption happening on bitcoin.
Why do you think is the reason? well, that's very simple, look at USA now, they printed money, and it's not possible with crypto.

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Quote from: Subbir on April 20, 2020, 11:30:46 PM

Quote from: inoes on April 17, 2020, 11:25:39 PM

Quote from: Ibizugbe1 on April 17, 2020, 09:09:09 PM

If you think cryptocurrency can't replace the fiat, with this your line of reasoning, you actually have not read about the evolution of money and how we got here. This world is a sate of constant dynamic change and wake up to daily new realities. Today the whole world is on holiday, who had thought of that?

It is not easy to adopt cryptocurrency, because there are still significant obstacles that need to be overcome. starting from getting a legitimate reputation, especially by the regulator. this is the most important condition.
next is the global reach in the payment sector, for this I think has been fulfilled. So Cryptocurrency can replace fiat money

I think if cryptocurrency can replace Fiat's money then crypto will go under the control of the govt like fiat currency the planet will change tons but nobody are going to be ready to do what they need. Although cryptocurrency replaces paper money it'll take an extended time Everything within the world is slowly changing.

In order to replace fiat currency, it is not an easy job because cryptocurrency currently involved in digital payments and there are some countries, mostly depend on paper currency only, before making cryptocurrency as fiat money, they need to follow lots of measures because the Bitcoin supply is very limited.

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Quote from: Ucy on March 01, 2020, 06:46:37 AM

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 internet. But I believe safe/crypto-friendly worldwide rural internet coverage is a possibility in the future

Cryptocurrency can do most of the things that fist currencies can do.
However, cryptocurrencies rely on networks that are dependent from other factors such as the internet. I believe that there is not a good internet infrastructure in order to endure an economic system.

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Quote from: inoes on April 17, 2020, 11:25:39 PM

Quote from: Ibizugbe1 on April 17, 2020, 09:09:09 PM

If you think cryptocurrency can't replace the fiat, with this your line of reasoning, you actually have not read about the evolution of money and how we got here. This world is a sate of constant dynamic change and wake up to daily new realities. Today the whole world is on holiday, who had thought of that?

It is not easy to adopt cryptocurrency, because there are still significant obstacles that need to be overcome. starting from getting a legitimate reputation, especially by the regulator. this is the most important condition.
next is the global reach in the payment sector, for this I think has been fulfilled. So Cryptocurrency can replace fiat money

I think if cryptocurrency can replace Fiat's money then crypto will go under the control of the govt like fiat currency the planet will change tons but nobody are going to be ready to do what they need. Although cryptocurrency replaces paper money it'll take an extended time Everything within the world is slowly changing.

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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.

In my opinion cryptocurrency is the future, we can leave the bank in the end. Humans will want protection, speed, and low costs for transactions and the right choice for that is probably virtual money. However, for now it will be very far away so that it is realized, now not all international locations arrange it

Bobby park

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There is a possibility that cryptocurrency can over take fiat money but not replace it. Maybe after few decades cryptocurrency will grow and become more valuable than Fiat money because of technological advancements of economy. Cryptos will become more advantageous than other way of transportation, transactions, and also transferring wealth.

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Quote from: Barbut on April 18, 2020, 02:45:43 AM

Fiat currency, hard cash, and some other stuff will become a thing of the past! I think we can start counting years before they totally disappear. The only place where you will be able to see cash will be a museum! 30 years ago we didn't have E-games word championships, crypto-currencies, the internet was not developed as it's now. We are moving forward and I think one of the next steps is having global internet money (that will be crypto)
and everything will be global and crypto!

Undoubtedly, in a certain future, cryptocurrencies will replace fiat paper money, but before this happens, an average of 2 generations should change. We know that the world's population is largely composed of elderly people who in no way want to learn how to use cryptocurrency in everyday life. In addition, today we need very good knowledge in order to be able to and know How to Save your personal funds in cryptocurrency equivalent.

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Quote from: Ucy on March 01, 2020, 06:46:37 AM

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 internet. But I believe safe/crypto-friendly worldwide rural internet coverage is a possibility in the future

I believe that specially today that Coronavirus spreads through social contact. They are saying that the easiest way to transfer the virus is through fiat currency. Imagine, they are saying that virus can leave in fiat. So, covid seems to be a startup in a cashless society. Believe me that covid is a way to present cryptocurrency.

hulla

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Quote from: Wallflower28 on April 18, 2020, 07:46:02 PM

Quote from: Ucy on March 01, 2020, 06:46:37 AM

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 internet. But I believe safe/crypto-friendly worldwide rural internet coverage is a possibility in the future

I believe that specially today that Coronavirus spreads through social contact. They are saying that the easiest way to transfer the virus is through fiat currency. Imagine, they are saying that virus can leave in fiat. So, covid seems to be a startup in a cashless society. Believe me that covid is a way to present cryptocurrency.

You totally make an awesome point there mate because the banks was said to quarantine fiat currency to prevent the spread of the virus and alot of questions are asked these days about cash been unsafe to use during the pandemic which i believe will give crypto currency more exposure but despite that some people will still choose to use fiat currency.

wiss19

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I don't think that such a thing is going to happen. The way I view cryptocurrency is not as a replacement. I only see cryptocurrency as another payment method, just like we have PayPal, it is not going to be a replacement for anything. We are still going to continue using the fiat we are using and there is still going to be paper money for those that are not ready for anything that has to do with technology.

Sometimes technology gives scammers and hackers a way to scam the innocent people and that's one of the reasons why a lot of people avoid anything that has to do with technology in their business and prefer the normal system of cash or card payment.

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Quote from: Irvinn on April 18, 2020, 07:20:55 AM

Quote from: Barbut on April 18, 2020, 02:45:43 AM

Fiat currency, hard cash, and some other stuff will become a thing of the past! I think we can start counting years before they totally disappear. The only place where you will be able to see cash will be a museum! 30 years ago we didn't have E-games word championships, crypto-currencies, the internet was not developed as it's now. We are moving forward and I think one of the next steps is having global internet money (that will be crypto)
and everything will be global and crypto!

Undoubtedly, in a certain future, cryptocurrencies will replace fiat paper money, but before this happens, an average of 2 generations should change. We know that the world's population is largely composed of elderly people who in no way want to learn how to use cryptocurrency in everyday life. In addition, today we need very good knowledge in order to be able to and know How to Save your personal funds in cryptocurrency equivalent.

Honestly, crypto have the potential to be the mainstream of payment in the future but it cant replace fiat currency and if you read the concept of bitcoin with the message posted by Satoshi you'll understand that crypto was created as an alternative solution to what fiat currency cannot do and not to replace it. Besides, the government wont allow that to happen.

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Of course, cryptocurrency can't replace fiat currency because fiat currency is a way that Bitcoin have a value. Besides from that, Bitcoin needs to regulate first by the government because people are always oblique to pay tax and should always have liquidation. Therefore, cryptocurrency will never replace fiat, our traditional money is always good when you are spending of non-internet area.

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Yes, those are the basics of a fiat currency worth using and bitcoin doesn't meet that. Now there are still a lot of people who still fomo about bitcoin and always think it will be the most valuable asset in the world after a few years!
This is terrible, they are being led by the shark into the trap and it will be the next victim. We should share this idea widely so that forum members understand the rules of the market full of manipulation.

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Fiat currency, hard cash, and some other stuff will become a thing of the past! I think we can start counting years before they totally disappear. The only place where you will be able to see cash will be a museum! 30 years ago we didn't have E-games word championships, crypto-currencies, the internet was not developed as it's now. We are moving forward and I think one of the next steps is having global internet money (that will be crypto)
and everything will be global and crypto!

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Quote from: Ibizugbe1 on April 17, 2020, 09:09:09 PM

If you think cryptocurrency can't replace the fiat, with this your line of reasoning, you actually have not read about the evolution of money and how we got here. This world is a sate of constant dynamic change and wake up to daily new realities. Today the whole world is on holiday, who had thought of that?

It is not easy to adopt cryptocurrency, because there are still significant obstacles that need to be overcome. starting from getting a legitimate reputation, especially by the regulator. this is the most important condition.
next is the global reach in the payment sector, for this I think has been fulfilled. So Cryptocurrency can replace fiat money

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