Topic: Cryptocurrency will not replace fiat currency - page 3. (Read 2451 times)
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
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.
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?
Indeed, replacing of cryptocurrency to fiat currency would not happen just like what other says about it. It will be really hard for us to use cryptocurrency as a standard currency in real world especially with this feature of being volatile. How can you imagine to use bitcoin or any cryptocurrency to buy some foods on market or buying some foods with lower price. The inventory system would be hard also for them to record because of changes of price time by time. 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?
Cryptocurrency will be only as an alternative currency for fiat currency that is how cryptocurrency works.
Its like saying before the machineries wont replace human workers but yeah, not replace but more of the companies now are using machineries.
You have a point there, but i believe time is very near for us to see the mass adaptation of cryptocurrency.It is true that crypocurrency would replace fiats but i think this is not the right time yet,let the world adapts first to cryptos then i can say it can replace the fiats steps by steps gradually.
yes, people prefer to use cryptoqurrency in the form of investment because, cryptoqurrency is a profitable digital currency for investment, especially like Bitcoin. We all know how the beginnings of bitcoin emerged until now. It has also offered a profitable investment and I don't think it's possible that crypto can be used as a fiat currency or like paper money.
Its possible if many countries will adopt and recognize crypto. If this happened merchants (whether small or big) will consider accepting crypto as one of payment method and many people will start to use crypto as well for digital payments. But in reality it cant totally replace fiat, they can work together but replacing is not going to happen anytime soon.
When Bitcoin was invented, it must be a moto to use it against or as an alternative to fiat currency. This was achieved to some extent but today's picture is totally different. Every system of the project is bringing their ow currencies which in turn making it more difficult for transactions.
The moto of cryptocurrency is an alternative of fiat currency but today's situation is that fiat currency vs multiple cryptocurrencies. These require multiple trading platforms or exchanges, multiple wallets as not a single system can accommodate all cryptocurrencies. So this is becoming more and more lengthy and project-centric.
The moto of cryptocurrency is an alternative of fiat currency but today's situation is that fiat currency vs multiple cryptocurrencies. These require multiple trading platforms or exchanges, multiple wallets as not a single system can accommodate all cryptocurrencies. So this is becoming more and more lengthy and project-centric.
yes, people prefer to use cryptoqurrency in the form of investment because, cryptoqurrency is a profitable digital currency for investment, especially like Bitcoin. We all know how the beginnings of bitcoin emerged until now. It has also offered a profitable investment and I don't think it's possible that crypto can be used as a fiat currency or like paper money.
Well, I don't really know, however, takng a cursory look at the International Monetary Fund (IMF) postulation lately, it is crystal cear that the US dollar is not the only accepted international settlement currency in the globe , the US dollar however yet accounts for about 61% of all known central bank foreign exchange reserves. In addition, 40% of global debt is denominated in US dollars, and the dominance of the US dollar in the foreign exchange market is quite crystal clear, owing to the fact that 90% of foreign exchange transactions is premised on the US dollar. Similarly, as early as the global financial crisis broke out in 2010, concerns about the international community's over-reliance on the dollar began to surge. It is reported that about 65% of US dollar banknotes are used overseas, not only for value storage, but also for hard currency in daily transactions. From these data, it is apparent that the US dollar plays an important role as a widely accepted medium of exchange, unit of account, and means of value storage. But what about digital currency? Will there be a strong competitor to compete for the top spot, or is the rise of digital currency more likely to lead to another situation, time will surely tell with fingers crossed
I agree with you, crypto currency will not replace fiat. I think it will just help to reduce the burdens that fiats do cause.
For example, you need alot of transfer charges, and lots of documentation to send money across international borders; but with bitcoin, you need a very less transaction fees
With few firms, accepting bitcoin as payment mode for large transfers; then the future is bright.
For example, you need alot of transfer charges, and lots of documentation to send money across international borders; but with bitcoin, you need a very less transaction fees
With few firms, accepting bitcoin as payment mode for large transfers; then the future is bright.
There is a general pattern of some substitution of money by their non-money types. We are discussing all non-money types of payment and not simply digital currency. Subsequently, digital money will absolutely make its job right now. Be that as it may, our reality isn't yet prepared for the total supplanting of paper cash with their non-money types. This is a long procedure and it relies upon numerous variables. Numerous states are currently chipping away at the issue of their national stable coins and, as one reason for their appearance, they show exactly the positive pattern of halfway supplanting of money with computerized monetary forms. We are heading off to a non-money society, be that as it may, there is no requirement for surge on this issue
You speak the truth, your thoughts are very good on this. Now everyone in the world who is working in the crypto currency market is working with investors or as a business place only . Now is not the time to make yourself as a cryptocurrency fiat currency . There are very few people in the world who have done the bit about bitcoin or cryptocurrency , So we should all inform everyone about this .
Cryptocurrencies were meant to be an alternative to the traditional fiat. When we use fiat we've got certain limitations on usage, and the same isn't there with cryptocurrencies. Based on this I believe it is upon the need people have their own choice of going with traditional fiat and cryptocurrencies.
When we talk of cryptocurrency replacing fiat, the possible chances were very low. Always people have a thinking of one better over the other, but the same doesn't make them move to it completely leaving the one they've used to it.
When we talk of cryptocurrency replacing fiat, the possible chances were very low. Always people have a thinking of one better over the other, but the same doesn't make them move to it completely leaving the one they've used to it.
For me fiat money despite everything exist since it is the identity of our country while crypto will get popular and known yet it cannot supplant fiat. The motivation behind why it cannot be utilized as fiat since it is unstable and no fix value, not working particularly in our day by day lives yet the beneficial thing about crypto is can give us additional income, can utilized sending money. Perhaps after numerous long periods of being perceive, there is probability crypto will be utilized as fiat since we are presently around of technology
In fact crypto is more popular to be used as an investment asset even for most users here also to do so, one way that can make crypto as a currency is an adoption for real use for everyday life, but in reality it is difficult to implement because it is a factor of its price that is easy to go up and down is also one of the other causes why crypto will not be able to replace fiat currency.Price volatility is one of the reasons why many users are still hesitant to use crypto as payment method. Up until now, most of us see crypto as an investment and not as day to day payment method. With its volatility in the market, most of us are hoping that one day, bitcoin for example, will shoot up its price and gain profit from it. so as much as possible most crypto users will prefer to hold their bitcoin rather than spend it. if that kind of thinking is always there, it would be hard for crypto to gain massive adoption in the payment area.
But we are slowly gaining adoption as more merchants are trying to include crypto in their payment system. If that is available, a user will be tempted to use his crypto if that is convenient to him at that time. But crypto as replacing fiat, that is still very very far from its horizon. Only small percentage of global population are crypto users at the moment. Here are some articles that will give you idea what percentage we are now in 2020. Still small though...
https://cryptopotato.com/report-only-23-million-entities-hold-bitcoin-which-is-0-3-of-the-worlds-population/
https://www.bitcoinmarketjournal.com/how-many-people-use-bitcoin/
https://icomaking.com/how-many-people-own-cryptocurrency/
For me fiat money despite everything exist since it is the identity of our country while crypto will get popular and known yet it cannot supplant fiat. The motivation behind why it cannot be utilized as fiat since it is unstable and no fix value, not working particularly in our day by day lives yet the beneficial thing about crypto is can give us additional income, can utilized sending money. Perhaps after numerous long periods of being perceive, there is probability crypto will be utilized as fiat since we are presently around of technology
In fact crypto is more popular to be used as an investment asset even for most users here also to do so, one way that can make crypto as a currency is an adoption for real use for everyday life, but in reality it is difficult to implement because it is a factor of its price that is easy to go up and down is also one of the other causes why crypto will not be able to replace fiat currency.
For me fiat money despite everything exist since it is the identity of our country while crypto will get popular and known yet it cannot supplant fiat. The motivation behind why it cannot be utilized as fiat since it is unstable and no fix value, not working particularly in our day by day lives yet the beneficial thing about crypto is can give us additional income, can utilized sending money. Perhaps after numerous long periods of being perceive, there is probability crypto will be utilized as fiat since we are presently around of technology
Both can work together to achieve a far greater financial goal but people will always fall back to fiat in the time of recess as we've seen during this pandemic.
Fiat is also a great way for us to see our profits physically, and we can save even more profits because of fiat, how? well you just have to sell one of your tokens in a high price and then spend your fiat while you're waiting for another ALL TIME HIGH price, simple as that, because if they will not coexist with each other, our profits will also fade away in a point which we will never notice since all we care is that it will pump again anyways.
Crypto such as BTC and ETC are being accepted as payment in several stores now. But in reality, crypto will not replace fiat or cash anytime soon. Majority of people are still hesitant with digital currencies because most are still not aware of what it can do. But some people are starting to be open in using it for normal transactions like payments. Instead of replacing, it can work alongside fiat to provide seamless transactions to users.
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Both can work together to achieve a far greater financial goal but people will always fall back to fiat in the time of recess as we've seen during this pandemic.
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?
I guess it's one reason that makes Bitcoin interesting, if all Bitcoin can do is work as currency there won't be much interest there but since it's on par with gold, come on, don't tell me Satoshi don't see this coming, he made it digital gold for a reason 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?
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