Cryptocurrency will not replace fiat currency - page 2.

OrangeII

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Quote from: desticy on May 01, 2020, 06:42:36 PM

At the moment, cryptocurrency is not even able to closely replace fiat currencies.
After all, a fiat, though not always provided with something, personifies physical values in the world.

If for some reason the world is left without electricity, we will not be able to use cryptocurrencies and digital assets.
However, we can always use cash, provided that the old financial system will still function, and I am sure that it will.

the present consideration is not even finished yet. so many governments support, reject, and even be neutral about cryptocurrency. many weaknesses that crypto has until now that makes it unable to replace Fiat. for now, cryptocurrency is only used as an alternative. in addition, the use of crypto is still quite difficult for those who do not really understand technology.

nreal

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I think it is not helpful to ask the members of this forum, because most of us are not game controllers. Those who truly control will always want Bitcoin as an investment tool to make a profit, because they own a lot of BTC

desticy

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At the moment, cryptocurrency is not even able to closely replace fiat currencies.
After all, a fiat, though not always provided with something, personifies physical values in the world.

If for some reason the world is left without electricity, we will not be able to use cryptocurrencies and digital assets.
However, we can always use cash, provided that the old financial system will still function, and I am sure that it will.

monineklutak

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Quote from: Vishnu.Reang on April 28, 2020, 12:52:12 PM

As of now, cryptocurrency is having a purpose entirely different form that of fiat currency. There is only minimal overlap, in the function of these two two assets. The conclusion is - cryptocurrency is not competing with fiat currency for market share. The real competition is with some of the other assets, such as mutual funds, bullion and real estate.

but crypto currencies still need fiat currencies, if there is no fiat currency then crypto currencies will have no value,
we have realized that, the world can change if all countries use crypto currencies

Vishnu.Reang

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As of now, cryptocurrency is having a purpose entirely different form that of fiat currency. There is only minimal overlap, in the function of these two two assets. The conclusion is - cryptocurrency is not competing with fiat currency for market share. The real competition is with some of the other assets, such as mutual funds, bullion and real estate.

Kong Hey Pakboy

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In my own personal opinion, a lot of people are expecting that cryptocurrency will be replacing fiat currency in the future because of it's usability and fast transaction. But it is impossible for cryptocurrency to replace fiat currency because the government are the one's who controls fiat, and cryptocurrency is well known in illegal activities that it is being used in selling drugs, weaponry, and other illegal things in the dark web, that is why a lot of country banned bitcoin.

Mila52

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Quote from: Anonylz on April 28, 2020, 11:23:04 AM

I agree with you, crypto can not replace fiat at least not now, maybe that can happen in the future, they both serve important purpose and can work alongside one another for better spending experience, we not also forget that fiat is always the preferred option when the market is crashing, many people often cash out to fiat, which evidently shows that we all still need fiat, i think it will be better if they both coexist rather than one replacing the other, but who knows what the future holds.

Blockchain technology implies using the Internet as a world computer, this is the main idea. Cryptocurrency is one of the blockchain industries. It can exist along with fiat. Now the pandemic has shown the full benefits of electronic transfers. Fiat in quarantine is even dangerous.

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Quote from: leatutz on April 15, 2020, 04:49:19 PM

Not easy to know anyone what is going on others mind. Why Satoshi created Bitcoin is up to him but situation is after created which way Bitcoin is going. Bitcoin needs transaction confirmation which is mining and don't even know any third person. Bitcoin main focus was making privacy without any third person where Fiat currency never out of control any government.

Well to be honest, the volatile nature of cryptocurrency gave people no choice than to use it as an investment option where they take profits due to the up and down movement of the market. No doubt, the concept behind cryptocurrency was to provide flexibility but the current state of the market dosen't promote that due to many reasons such as Network clogging leading to delayed transaction processing, the volatility nature that might made a person loose monetary value in a short time. I hope the cryptocurrency market gets better

Anonylz

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I agree with you, crypto can not replace fiat at least not now, maybe that can happen in the future, they both serve important purpose and can work alongside one another for better spending experience, we not also forget that fiat is always the preferred option when the market is crashing, many people often cash out to fiat, which evidently shows that we all still need fiat, i think it will be better if they both coexist rather than one replacing the other, but who knows what the future holds.

meldrio1

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yep bitcoin is a currency but Satoshi Nakamoto made volatile coin so it can be investment, people sees the opportunity to make money with bitcoin. If this bitcoin is just for virtual currency he should make it stable coin.

CHENIEN

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Currently the fiat currencies are based on different kinds of gold as stable currency which is controlled by the central bank and commonly use by our real market for payment in my opinion there's no need to eliminate whereas cryptocurrency and fiat is suitable to used and it seems like peer and it is important during this economic crisis.

leatutz

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Quote from: Pffrt on January 15, 2020, 01:08:00 PM

Look at what happening around. The first cryptocurrency bitcoin was invented to reduce the hassle of third party and have borderless transaction. Isn't it true? Now, look at what happening. People are more into investing it than using it as currency.
Most interesting is people are most interested in coin which give more ROI, they are not interested in the currency-ish of a currency.
For example, some people are talking a lot about BSV, but if they have some research, they will never take it as currency, but as this is giving a good return now, it's best for them. Why man? Why don't we look into a decentralized coin? Why do we only take it as investment? Did Satoshi ever take it as investment? Or he invented Bitcoin for borderless payment and solution to the intermediaries problem?

Not easy to know anyone what is going on others mind. Why Satoshi created Bitcoin is up to him but situation is after created which way Bitcoin is going. Bitcoin needs transaction confirmation which is mining and don't even know any third person. Bitcoin main focus was making privacy without any third person where Fiat currency never out of control any government.

Bonwin

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Quote from: Farma on April 13, 2020, 03:57:47 AM

Quote from: Santri on April 13, 2020, 02:41:26 AM

Lots of hacks, lots of phishing, lots of people who don't know how to use crypto, which is one factor if crypto will never replace fiat. And as you said, crypto is only liked by everyone for investment

I agree with what you say, but hacking, phishing, and ignorance using crypto are not the right reasons. In fact, many people do that to take fiat from the bank. however, this technology is unstable, which is what makes many official companies reject it, such as steam when they accept bitcoin, and then put it out because of very volatile prices. just like you buy a bicycle, if today you buy it at a price of 0.05 btc, it could be in a few days the price becomes 0.02 or even higher than 0.05 btc.

The main issue is still its high volatility. It causes more fear and gives a drawback. Not everyone is bullish about cryptocurrency, most especially bitcoin. For the fact that we still have people who panic sell or buy too hastily, there will still be difficulty in adopting it as a replacement for fiat.
Fiat is more stable, which is why it is used to back up some stablecoins . We still need fiat irrespective of how useful crypto might be tomorrow. It will only be used as an alternative, perhaps where it is accepted.

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Quote from: Eplus_Team on April 14, 2020, 06:19:45 AM

There are people who will always prefer to deal with fiat currency rather than crypto currency.

And that's majority of the people, as not every are willing to take the risk, when they use fiat, there is no risk but with bitcoin there is due to its volatile in nature. We should understand that and let us not expect crypto will be greater than fiat in the eyes of the many.

Quote from: Eplus_Team on April 14, 2020, 06:19:45 AM

There is less volatility of fiat currencies compared to cryptocurrencies. In the long run, I think both will exist alongside each other.

They will co-exist as more payment platform will gives us better options, but like I said, fiat will always be in the top.

Eplus_Team

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There are people who will always prefer to deal with fiat currency rather than crypto currency. There is less volatility of fiat currencies compared to cryptocurrencies. In the long run, I think both will exist alongside each other.

lue wang

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Quote from: Pffrt on January 15, 2020, 01:08:00 PM

Look at what happening around. The first cryptocurrency bitcoin was invented to reduce the hassle of third party and have borderless transaction. Isn't it true? Now, look at what happening. People are more into investing it than using it as currency.
Most interesting is people are most interested in coin which give more ROI, they are not interested in the currency-ish of a currency.
For example, some people are talking a lot about BSV, but if they have some research, they will never take it as currency, but as this is giving a good return now, it's best for them. Why man? Why don't we look into a decentralized coin? Why do we only take it as investment? Did Satoshi ever take it as investment? Or he invented Bitcoin for borderless payment and solution to the intermediaries problem?

Bitcoin supply should be unlimited if Bitcoin only made for payment solution. Bitcoin is getting more and more popular because of it privacy and security. Without any third person we can make any deal with this Bitcoin. You can hold your any money in this Bitcoin. Fiat currency always has different uses than cryptocurrency.

Melody2

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A long time ago, many felt that crypto would easily replace fiat by 2020. It's so sad that this future is quite bleak. There has to be some form of regulation from governments before any crypto can replace fiat. With the volatility in crypto it is highly unlikely that this will ever happen in the next 50 years

Akoldi_ibk

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You are absolutely right and have raised issues of major concern as to whether BTC is fulfilling its key fundamental as a true currency. Well, there are many glaring and underlying issues that will not make people tap into the currency feature of bitcoin and amongst them are high volatility and extreme market manipulation. If these issues are not addressed, investment option will still be people's preferred choice instead of using it as a true currency.

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Quote from: joybella on April 13, 2020, 02:03:38 AM

Fiat currency will always be fiat currency nothing can replace it. One people can easily move it around, its accepted everywhere. Cryptocurrency is accepted in only few stores because some merchants cannot use cryptocurrency daily.

Crypto has not been widely used in my country yet, but in recent years a lot of big companies are starting to use this form of payment to make things easier. Of course this rate is very low and can not occupy 1% compared to fiat so the market needs to become stronger and investors have absolute confidence when using payment in crypto.

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Quote from: Santri on April 13, 2020, 02:41:26 AM

Lots of hacks, lots of phishing, lots of people who don't know how to use crypto, which is one factor if crypto will never replace fiat. And as you said, crypto is only liked by everyone for investment

I agree with what you say, but hacking, phishing, and ignorance using crypto are not the right reasons. In fact, many people do that to take fiat from the bank. however, this technology is unstable, which is what makes many official companies reject it, such as steam when they accept bitcoin, and then put it out because of very volatile prices. just like you buy a bicycle, if today you buy it at a price of 0.05 btc, it could be in a few days the price becomes 0.02 or even higher than 0.05 btc.

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