Cryptocurrency can not replace fiat currency. - page 8.

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: verita1 on April 12, 2020, 05:49:11 AM

Agree. Not all nations have the technology to implement the cryptocurrency system in their economy. So I think that the currency of any nation will remain in its finances. If there will be the handling of cryptocurrencies in cities that have better technology infrastructure.

I have seen it in my country. When the banking system implemented mobile payment and not all citizens have access to a smartphone.

This problem may also be encountered by those who have a Bank card at a time when there is no electricity and there is no possibility to use the terminal. Therefore, in addition to a credit card, everyone should have a Fiat. And you correctly said that in order to make a payment in cryptocurrency, it is necessary that everyone has a smartphone to make the payment.

verita1

member

Activity: 1358

Merit: 81

Agree. Not all nations have the technology to implement the cryptocurrency system in their economy. So I think that the currency of any nation will remain in its finances. If there will be the handling of cryptocurrencies in cities that have better technology infrastructure.

I have seen it in my country. When the banking system implemented mobile payment and not all citizens have access to a smartphone.

lucasholder

jr. member

Activity: 38

Merit: 19

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.

Bitcoin wouldn't be as volatile if it was used as a standard currency (e.g. if some country pegged its national currency to it). It's a chicken and egg problem.

Does anyone more knowledgeable know if gold was less volatile in the gold standard days?

Ozero

full member

Activity: 2142

Merit: 183

One of the signs of statehood is the presence of a national currency. In order for the economy of any state to work effectively, effective management of its currency is needed. Cryptocurrency cannot replace the national currency, since it does not have a direct relationship with the economy of any state.
A decentralized cryptocurrency can exist and develop only along with the national currency in any form: cash or non-cash, even in the form of stable national coins. In the future, combinations of various forms of state currency and decentralized cryptocurrency will be used.

bitcoinst

hero member

Activity: 1708

Merit: 651

SmartFi - EARN, LEND & TRADE

Quote from: Smitty Werben Man Jensen on April 07, 2020, 04:44:40 AM

as long as fiat currency still exists, then cryptocurrency will be an alternative, it is indeed very difficult to form this world revolution, but the opportunity for cryptocurrency is still there, if the crypto currency is supported by many countries I am sure FIAT will lose

The fact that cryptocurrency already exists and has a certain value is already a victory. For fiat currencies, it’s like a bone in the throat, an alternative that extends our freedoms and reduces the control of the fiat system. To abandon fiat currencies completely means not only changing the currency used but also reformatting the world device system. It will take decades.

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: FanatMonet on April 07, 2020, 06:03:15 PM

Yes, in cryptocurrencies there is a transfer fee, and the lower the payment amount, the more commission will be charged in percent. Cash is not only faster and more reliable, but you do not need to overpay commissions when using them and this is a big plus.

This applies only if you pay with your own cash in your own country. If you need to transfer your cash to another country in the world, you will face a large Bank Commission and a long time to transfer. And the use of a national digital currency could solve this problem.

Reatim

sr. member

Activity: 2828

Merit: 357

Eloncoin.org - Mars, here we come!

For years now this has been discussed and explained but i will still believe that there is no replacing that will happen.
Fiat will remain currency of each country but Crypto will be another option worldwide specially for those who wants fast online transactions.

Quote from: dnprock on April 10, 2020, 01:41:50 AM

I recently thought of an analogy that explains the difference between fiat and Bitcoin: Fiat functions as the lubricant to allow the exchange of values. It's not hard money like gold or Bitcoin.

Gold will always be reserve fiat will be for real time transactions and Bitcoin will be for online.

they will all have own function for the people .

DevilSlayer

sr. member

Activity: 1456

Merit: 359

Quote from: Dr.Osh on April 10, 2020, 02:14:47 AM

Quote from: Subbir on April 09, 2020, 09:31:48 PM

Cryptocurrency cannot replace Fiat currency but nobody can exclude Fiat currency because it exists within the market you're right that crypto was already fiat and employed by people Fiat lost its place after the crypto arrives but now many are fiat currencies. That's why we both need work If crypto may be a fiat currency then we'll be privately owned in two ways.

cryptocurrency has its own function. long ago, I thought that cryptocurrency could not replace fiat, but could be used as an alternative, and that was proven until now. it's just that, I think, the potential for cryptocurrency popularity is still greater than fiat. because of that, I am still trying to produce crypto until now, because I think the potential of crypto can be better than fiat. it's just that I'm also still looking for fiat for my needs.

It could be only alternative and it cannot fully replace the fiat currencies. Like today when there is still crisis, the world health organization said that the virus can be spread through cash and that is why bitcoin is now became an alternative solutions to stop spreading of the virus. The reason why the bitcoin cannot replace the fiat currency because of the volatility and there are people who are not used to it.

Kong Hey Pakboy

member

Activity: 1120

Merit: 68

Cryptocurrency cannot really replace fiat currency because crypto is not supported by the government, and some governments are not in favor of buying bitcoin because they think that it is full of scam and only being used in illegal activities in the dark web. But bitcoin and other cryptocurrencies can still be trusted because it could be useful as an alternative for making fast and convenient transaction for every purchasers and a great opportunity to earn good money from it's long term investment.

FlightyPouch

sr. member

Activity: 1638

Merit: 300

Quote from: Latviand on April 10, 2020, 02:07:05 AM

Quote from: FlightyPouch on March 01, 2020, 08:47:17 AM

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

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.

I think it is not that the government can't afford the technology, for me, it is the government who don't want to accept cryptocurrency because they aren't that knowledgeable about it. Based on my observation, I think that their mindset about cryptocurrency is, it is full of fraud and scammers. That's why we should first let the government know that the benefit of cryptocurrency is somehow focused on the economy and the market. We can start just by promoting it in some business or platforms that many people can see, once they got curious about that then that's the first step. Also, crypto is not the enough yet, because it still lacks some ability to replace fiat currency that is used for so many years, it is not that easy to replace it with cryptocurrency, may be soon.

Well, with the pseudo-anonymity of bitcoin, it is the obvious reaction to it. Though, I don't think that the government will be thinking that it is a good thing for the economy even with us letting them know it because the only thing they would look at it is the decentralization of it. I think it would go side by side with fiat but not really compete with it.

Eugenar

sr. member

Activity: 1274

Merit: 278

Well said, cryptocurrency is only alternative currency for fiat currency, it would never replace the fiat currency because I don't think that the world will be organixed if such price is being volatile, how are you going to imagine to buy foods or just a crackers with 1 php using bitcoin, that is really impossible and besides the changes of price of the bitcoin will be one of the deciding factor for me so I don't see crypto as a standard currency for all over the world.
Cryptocurrencu can only be used for some transactions online, but to be honest investing in cryptocurrency is better than fiat currency because you can really know if you are going to make money if you invest and it is more profitable.

Dr.Osh

legendary

Activity: 2758

Merit: 1004

Buzz App - Spin wheel, farm rewards

Quote from: Subbir on April 09, 2020, 09:31:48 PM

Cryptocurrency cannot replace Fiat currency but nobody can exclude Fiat currency because it exists within the market you're right that crypto was already fiat and employed by people Fiat lost its place after the crypto arrives but now many are fiat currencies. That's why we both need work If crypto may be a fiat currency then we'll be privately owned in two ways.

cryptocurrency has its own function. long ago, I thought that cryptocurrency could not replace fiat, but could be used as an alternative, and that was proven until now. it's just that, I think, the potential for cryptocurrency popularity is still greater than fiat. because of that, I am still trying to produce crypto until now, because I think the potential of crypto can be better than fiat. it's just that I'm also still looking for fiat for my needs.

Latviand

full member

Activity: 1540

Merit: 219

Quote from: FlightyPouch on March 01, 2020, 08:47:17 AM

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

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.

I think it is not that the government can't afford the technology, for me, it is the government who don't want to accept cryptocurrency because they aren't that knowledgeable about it. Based on my observation, I think that their mindset about cryptocurrency is, it is full of fraud and scammers. That's why we should first let the government know that the benefit of cryptocurrency is somehow focused on the economy and the market. We can start just by promoting it in some business or platforms that many people can see, once they got curious about that then that's the first step. Also, crypto is not the enough yet, because it still lacks some ability to replace fiat currency that is used for so many years, it is not that easy to replace it with cryptocurrency, may be soon.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Quote from: Subbir on April 09, 2020, 09:31:48 PM

but nobody can exclude Fiat currency because it exists within the market

Crypto also exists within the market, if I am understanding your statement correctly. It is just that crypto has a cult followership and not a bigger market share than fiat.

Quote

you're right that crypto was already fiat

That is a wrong usage of words. Fiat is used to denote the currencies that these world countries have been using as mostly paper bills and includes the digital payments too that are in those currencies. Bitcoin came in 2009 and then it was an alternative method of transaction.

Quote

and employed by people Fiat lost its place after the crypto arrives but now many are fiat currencies.

Wrong statement. Fiat never lost its place but lost a very small part of its market that was taken by crypto. But that small part is almost negligible as per statistics.

Quote

That's why we both need work If crypto may be a fiat currency then we'll be privately owned in two ways.

A decentralized currency cannot be privately owned but a centralized currency is controlled by certain institution(s). That is why the community likes to go for the decentralized coins like BTC over the centralized ones like Ripple.

dnprock

member

Activity: 324

Merit: 17

Bitflate developer

I recently thought of an analogy that explains the difference between fiat and Bitcoin: Fiat functions as the lubricant to allow the exchange of values. It's not hard money like gold or Bitcoin.

Twinkledoe

full member

Activity: 1904

Merit: 138

★Bitvest.io★ Play Plinko or Invest!

Quote from: joinfree on April 09, 2020, 01:30:18 PM

Exactly, that's the reality I think all crypto enthusiasts should come to in conclusion with. We can not completely get rid of Fiat currency to using cryptocurrencies but I think both currencies can coexist so that people choose which to use depending on what they are doing at the moment.

It depends on their needs at a particular period of time. Convenience and ease of transaction is usually why crypto is preferred in some online purchases or payment. If the user has no credit card and only crypto, obviously, he will use his crypto. But the usual bottleneck is not a lot of online merchants are accepting crypto at the moment. But definitely fiat is still the dominant one. Crypto users comprise only small percentage of population up until now even if bitcoin is now more than 10yrs old.

Subbir

full member

Activity: 798

Merit: 104

🎄 Allah is The Best Planner 🥀

Cryptocurrency cannot replace Fiat currency but nobody can exclude Fiat currency because it exists within the market you're right that crypto was already fiat and employed by people Fiat lost its place after the crypto arrives but now many are fiat currencies. That's why we both need work If crypto may be a fiat currency then we'll be privately owned in two ways.

Ronaldcoin2017

sr. member

Activity: 1148

Merit: 300

Quote from: joinfree on April 09, 2020, 01:30:18 PM

Exactly, that's the reality I think all crypto enthusiasts should come to in conclusion with. We can not completely get rid of Fiat currency to using cryptocurrencies but I think both currencies can coexist so that people choose which to use depending on what they are doing at the moment.

Yes i agree on that people will continue to use fiat because fiat is really the first form of payment before crypto. Many people used fiat than crypto because fiat is already there before crypto exist so i think many more people are familiar in fiat than crypto. But i also observe that crypto user are now increasing day by day maybe both fiat and crypto will become a great way for payment and both crypto and fiat will exist in the next generations.

joinfree

sr. member

Activity: 1274

Merit: 260

1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

Exactly, that's the reality I think all crypto enthusiasts should come to in conclusion with. We can not completely get rid of Fiat currency to using cryptocurrencies but I think both currencies can coexist so that people choose which to use depending on what they are doing at the moment.

jhonjhon

full member

Activity: 1316

Merit: 126

In the real scenario, we are certainly far from that and it looks like the crypto adoption isn't that strong to persist.
Anyway, I don't think that would happen because in the first place is not the reason why crypto is created. It is only another option to consider and it is not a need for everyone to adopt the system.

Topic: Cryptocurrency can not replace fiat currency. - page 8. (Read 2221 times)