For me crypto can never replace fiat in the future. They'll co exist. There are still a lot of people who are afraid to embrace change specially to the currency that is intangible and no intrinsic value and there are also remote areas that don't have access to the internet.
Crypto might be adopted by most of the middle class but I doubt that lower class families and communities that are still ignorant with the technology will consider crypto as the currency of the future.
There are more people who are underprivileged and no access to new technologies such as blockchain so its really impossible that crypto could replace fiat. They'll coexist.
Topic: ECONOMIC ANALYSIS/RESEARCH POLL: Cryptocurrency replacing fiat in the future? - page 6. (Read 1691 times)
November 03, 2018, 11:45:35 PM
November 03, 2018, 11:12:51 PM
I think cryptocurrency will replace fiat. As people earlier mentioned the manipulation by the govt, it is one of the top reasons for which people will be decentralized and ignore fiat and use cryptocurrencies once they started to accept by most of the business. In addition, people are more likely to accept technology.
November 03, 2018, 10:58:49 PM
In my opinion.. we still need fiat but cryptocurrencies are important too nowadays especially to bounty hunters and crypto lovers like us. So I would say that we still need both as not all establishments were using cryptocurrencies.
November 03, 2018, 10:26:02 PM
I picked No it will not replace fiat because cryptocurrency is only a digital currency. Crypto is a proof that technology is improved but the fact that it will replace fiat.
November 03, 2018, 10:13:19 PM
I casted the vote for second option because volatile price. It's hard to get correct price for a month so Fiat is not possible and most Govt's are banning Crypto's.
Still Our Govt (India) didn't made a decision for Crypto legality
Still Our Govt (India) didn't made a decision for Crypto legality
November 03, 2018, 10:11:10 PM
I voted both and that cryptocurrency and fiat will not replace each other. But they will help each other grow instead. They should be utilized both at the same time.
November 03, 2018, 08:49:42 PM
They "will work in parallel"
I believe Bitcoin and other cryptocurrencies will be like a payment method and a store of value (bitcoin).
Bitcoin and other cryptocurrencies (like XRP) allow people to send the money to another country, without taxes, fees, very fast and secure. Bitcoin also flatten currency relations between different people, allowing faster and cheaper payment method worldwide between people from different countries.
However, I believe bitcoin will never replace cash.
Cash is physical, anonymous, touchable. Bitcoin will never be like that.
However, it was not designed to replace cash and other fiat currency. Only break their "monopoly"
I believe Bitcoin and other cryptocurrencies will be like a payment method and a store of value (bitcoin).
Bitcoin and other cryptocurrencies (like XRP) allow people to send the money to another country, without taxes, fees, very fast and secure. Bitcoin also flatten currency relations between different people, allowing faster and cheaper payment method worldwide between people from different countries.
However, I believe bitcoin will never replace cash.
Cash is physical, anonymous, touchable. Bitcoin will never be like that.
However, it was not designed to replace cash and other fiat currency. Only break their "monopoly"
November 03, 2018, 08:42:20 PM
With what we have right now I guess it's better to work it in parallel, and remember that government will never allow a decentralised one that they can't suck for their greed of money to utilize power. And there might be a chance that government will create a decentralised blockchain if it will indeed replace fiat currency, you know business as usual.
November 03, 2018, 08:38:56 PM
I choose option 3, they will both work in parallel. In my opinion, you don't need to only pick one between crypto and conventional money because they are both beneficial in their own ways. Crypto provides greater security features and cashless transaction while the other one is very simple and easy to use, and widely accepted around the globe. In that case, I don't ser anything bad or disadvantages on either one of them, it only means that having fiat and crypto at the dame time is a win-to-win situation for us.
Actually, I want to choose option 1 from the very beginning but i hesitated after reading the word "will" because I believe that there are still tendencies that mass crypto adoption might not happen.
Actually, I want to choose option 1 from the very beginning but i hesitated after reading the word "will" because I believe that there are still tendencies that mass crypto adoption might not happen.
November 03, 2018, 08:16:14 PM
I think in long term, Governments will distribute their own centralized blockchain currency that offers same thing bitcoin offers, the only different it will be a currency that control by Governments and I guess it will work, because most people don't really care about full decentralized currency, they just want something that make life easy with less fees. Having that said, others cryptocurrecy like bitcoin will be around as well.
November 03, 2018, 07:57:52 PM
I voted for "Governments will distribute their own centralized blockchain currency along with monetary policies"
The technology actually is very useful and effective for economic development, but governments won't lose their control over the national/global economy. So they will take advantage of blockchain technology by providing their own network which will undoubtedly be centralized and censored.
The technology actually is very useful and effective for economic development, but governments won't lose their control over the national/global economy. So they will take advantage of blockchain technology by providing their own network which will undoubtedly be centralized and censored.
November 03, 2018, 07:27:45 PM
I think fiat currencies cannot take place by cryptocurrencies. Even the society is not aware in this matter, they dont even know what is the value of bitcoin. In this case, cryptocurrencies cannot be easily adopt by others and they need ample time to understand it. Some governments ban this kind of field, in this case it really hard to indeed that cryptocurrencies will rule and replace fiat.
November 03, 2018, 06:55:37 PM
Its not a matter of can bitcoin replace FIAT its more the fact that no country
would adopt a decentralised currency that they would have no control over
and it having a limited supply.
Bitcoin will be used beside other forms of FIAT, as it does now.
would adopt a decentralised currency that they would have no control over
and it having a limited supply.
Bitcoin will be used beside other forms of FIAT, as it does now.
November 03, 2018, 06:48:29 PM
I do not believe that a decentralized currency such as Bitcoin will have the potential to replace the entire monetary base of a currency like the Euro. It would be a very big change of paradoxes. Only if it were the result of an armed revolution or something like that.
Now, I see with good eyes and possibilities that they can coexist. And maybe even a new coin with Bitcoin-like features might emerge. And Bitcoin can continue to be an excellent alternative to traditional and centralized monetary policy.
I also believe that Bitcoin can be a great alternative for more fragile nations. Contributing decisively to an increase in international trade and tourism of countries with weak currencies and economies.
Now, I see with good eyes and possibilities that they can coexist. And maybe even a new coin with Bitcoin-like features might emerge. And Bitcoin can continue to be an excellent alternative to traditional and centralized monetary policy.
I also believe that Bitcoin can be a great alternative for more fragile nations. Contributing decisively to an increase in international trade and tourism of countries with weak currencies and economies.
November 03, 2018, 06:41:07 PM
Fiat money will be useless in the future and of course the government will look for a currency that will help their economy. And I'm sure the right choice is to use crypto currency that is well known from year to year, it might be useful in the future.
November 03, 2018, 06:29:00 PM
It's hard to replace fiat with cryptocurrencies for many reasons, but the future depends on technology, the Internet and privacy so both will work in parallel.
November 03, 2018, 06:24:27 PM
Both could work in parallel, which I can see in progress today. As we noticed Governments from every country are imposing such regulations. Once everything has been fully implemented, both could really work IMO.
November 03, 2018, 06:20:58 PM
I don't think Cryptocurrency/Blockchain Technology have the impact to replace fiat and to be accepted in the economy, not every country have the innovative technology to use crypto and not every people have the ability to adapt on it, I think working in parallel is the most possible thing that can happen, since Blockchain is use for security which is much needed for monetary system.
November 03, 2018, 06:15:43 PM
Maybe, the government does not agree if the crypto currency replaces fiat money. Because this will have an impact for the future of the state government, the government only supports crypto currency as an support for their country. If have been forced to replace fiat money, maybe they will do it.
November 03, 2018, 06:12:26 PM
I think both will work in parallel, making payment with crypto like bitcoin still possible and if government accept bitcoin as alternative payment, then both of crypto and fiat can work together.
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