Topic: Do you believe that digital currencies will replace Fiat? - page 18. (Read 5188 times)

Very difficult to predict about the subject questions but unanimously it may conclude that both will survive as per everyone need and proceedings. It has been noted that technology has brought a glorious revolution after 2000 which were not to be expected before and people now believe and mostly are depended on latest technology. So, although, it is difficult for digital currency to replace fiat but not impossible in light of expected future evolvement.

No I don't see that coming for another at least 30-40 years from now. Fiat can't be replaced but the mode will be surely changed. Like the way people are handling cash now, that probably will be replaced by the plastic money like cards. People will mostly use card for their daily expenses and cash will just remain as a number in your bank account. Sweden has already started moving towards the cashless economy and made it mandatory for every stores to accept plastic money instead. I think this trend will slowly take over the other countries as well. But replacing the fiat by digital currency, ain't gonna happen anytime soon.

I know they won't replace fiat. We have governments to prevent that from happening  .

No, but I see bitcoin being a major store of value like what gold is for rich people. Governments would still find a way to use their fiats even if it's already hyperinflated, or will just find another replacement of the USD from other currencies that has a strong and stable economy (I bet there's none), but that would still be far from reality as long as the US has control over the economy of the world and every single one of these countries are still dependent to their dearest dollar.

Both Digital currencies and Fiat money have their own features.Using digital currency instead of fiat money is one step to become cashless but i dont think that digital currency can replace fiat money because digital currency is not accepted everywhere .It does not have any physical form so it cant be used directly in all the physical stores. Inorder to use digital currency,we firstly have to convert it into some other currency having physical form.From so many years people are using fiat money for financial transactions so it will be very difficult for digital currencies to replace this traditional system of transactions.So rather than replacing fiat money ,digital currencies will work hand in hand with fiat money.

There are possibilities, but I don't have the complete belief. When the digital currency reaches majority of the population digital currency will get served as an alternative for the traditional fiat system. Same won't replace the paper money that we're using at present. Also most countries will convert the paper money to a digital form which is similar to using the fiat in a digital format.

What is your definition of a digitial currency?

Fiat is already mostly digital nowadays. You have to trust the numbers on your bank account with no way of knowing where the money came from.

Fiat is government backed, and if crypto becomes that, it turns into fiat.

Fiat might exist for few more decades because internet is still not accessible in large portion of the world so it will take a lot more time for digital currency to take over usual paper cash or fiat we have.

Also all fiat are backed by some form of bonds or valuable material which might not change in future too.

I can't imagine a fiat-less world in any of our lifetimes.

While what we see as cryptocurrency being seperate to FIAT currencies today, I definitely believe the two will become closely linked in the future - in a much different way than we see today.

While cryptocurrency (or any digital currency) to become close to replacing FIAT there would need to be standardisation in place to be able to regulate it. I do believe that the rate Bitcoin and all other cryptocurrencies are growing in adoption definitely ensures a closer link to the two in the future - will one replace the other? I don't think so, but I think both could become much closer aligned than we see today.

The credit cards already did the job. Now is the time for the bitcoin or altcoin to do their job

The trust model in bitcoin is different. I know that the system is not subject to the whims of an elite (or less so than with fiat money anyway) relative to the money supply. The only trust I must is derived from the size of the bitcoin economy. It's tiny right now, compared to the USD for instance. But it's growing everyday, and with it my trust of it. Already bitcoin is more trust worthy than a couple national currencies and I don't see this trend stopping. It's unfair to compare bitcoin to the USD (the most successful currency in the history of humanity). What I'm pointing out is that bitcoin as the potential to overthrow that. By being border less, bitcoin has the potential to be supported be the biggest economy in the world. National currencies are artificially contrived to their borders (not entirely but very much so).

Saying that bitcoins get their value from CPU cycles is the same as saying that US coins get their value from the force applied by the press during the minting process. Or that gold gets it's value from every cycles that the mining equipment go through. You've already acknowledged that currency gets value from trust in the overall economy. I have trouble following your argument.

There is no trust relationship between me and the bitcoin network. My trust comes from an understanding of the programming/math behind bitcoin. I don't have to put my trust in an individual or an institution, like the government for instance. My trust in the currency (not the network) is based on the size of the economy. If there were only two people trading bitcoins, I wouldn't trust it. If there's 2 billion people trading, I'll trust it a lot.

Yes digital currencies will replace fiat somewhere in the future but not now.
Digital currencies adoption currently is low, meanwhile almost everyone accepts and acknowledge fiat. A few people acknowledge digital currencies and a little portion of it accepts digital currencies.
Probably in a decade digital currencies will be widely accepted.

i think so. with the help of technology, digital currency are replacing the position of fiat money, but it is basically happening in the developed country.day by day Bitcoin is becoming a profitable system which provides a lot of profit to the people. also day by day Bitcoin is getting accepted by the many platform. so that i can say that besides all other digital currencies, Bitcoin will replace fiat money in the future.

For me, I don't want fiat will replace by digital currencies, bitcoin is good as it is, and I will still want to have fiat here in our country, because not all here in our country accept bitcoin and they still don't know bitcoin.

I think even though the rapid development of digital money today, digital money is still difficult to replace the role of fiat money in society, especially people who still live in the village or remote place. Currently most of the digital money is still used by urban communities where they live very possible to use the digital money. in my country, based on data released by banks, the demand for fiat money is still stable even up to five years ahead, because the needs of society is still high with fiat money for everyday transactions.

I believe that this is quite possible and most likely this process has already begun. More and more industries in the world integrate crypto-currency payments into their systems. There are already ways to pay with a card with crypto-currencies in restaurants, shops, hotels, taxis and other places. Everything to that goes.

I think it's not gonna happen because digital currencies is just data and no physical form just like fiat and some place don't have any internet connection even a single laptop on sub-urban and rural community areas and it's a long way of process.

I agree that we are on our way there, although i dont believe the cryptos in their current form will be the answer. There is  a  lot that needs to be addressed before we go mainstream

Credit card is actually digitalized form of fiat but well, your statement is still right though. so many people switching over to the simplest method for paying stuff, and credit card or debit card give all of them.
by the way, if we are talking about bitcoin as digital currency, I doubt it can compete with credit card or debit card.