Topic: FIAT / Crypto flippening? (Read 146 times)

The use of cryptocurrency is a great concept especially in the market . However, I firmly believe that it is only great for those countries who have great knowledge about how it works and has the right technology and information about blockchain. Even if the world agreed on only one coin, people living on third world countries will have difficulty in accessing it. Cryptocurrency needs the power of the internet, and sad to say, from the country I am from, having an internet connection is a privilege that only those who can afford have. Therefore, the idea is possible but the actual implementation, seems too far-fecth right now.

I don'think it'll take much time. But, government help is much needed for this. I heard Germany Government has legalised cryptos for trading. So, the day is not that far.

There will be both fiat and crypto existing together in future too just like now but crypto might have more adoption level than now. I don't think crypto will ever be successful to overtake daily volume of fiat based transactions because banks will never use bitcoin and governments don't trust on bitcoin.

On the other hand blockchain tech might be used by banks and wire transfer we make today through centralized systems might be done through blockchain based platforms (not transparent) in future.

If the government all around the world will have an agreement to use cryptocurrency except fiat money then it will be possible. Also the only way for that to happen is that all government in the world will decide to create one cryptocurrency to be used all around the world. Or it could be that all country will have its own cryptocurrency and will have equivalent value.

I have seen that indonesia is doing more in crypto trades than traditional markets. It was somewhere in the news not long ago

You mean trading volume, right? I agree, it will take years, probably at least a decade, to happen, if it will happen. Bitcoin is not suitable for day-to-day applications, but Lighting Network can change this.

Scaling is the first problem and I can see only Ethereum guys take this matter seriously so far. Not even one cryptocurrency is capable of handle the daily transaction at this moment. So crypto is overpowered at the moment. It will take a few more years to achieve this stage and then who knows.

How long do you predict it will take for the day-to-day volume of crypto assets to surpass that of fiat currencies?

IF the blockchain succeeds, I wouldn't expect to see a potential flippening to happen before 2025-2030. The current level of real world usage for the blockchain is very similar to that of Graphene - "Graphene can do just about anything, except leave the lab".

To use some analogy, Graphene and the Blockchain tech can both do a lot of wonderful things - both are wonder technologies with extremely high potential applications. With both Graphene and Crypto currencies, we know that the underlying potential is huge. However, the challenges are also there. First, you have to come up with a way to use these properties for beneficial applications. Then, you have to scale fast enough while keeping it low cost, which so far hasn't been the case for most cryptos including bitcoin(tx fees,scaling issues) or graphene(high costs for large scale productions).

Even though none of us currently use crypto for day-to-day purchases, the market cap is very high - which is all due to pure speculation, or what I would call, emerging market value. It’s the market that determines ubiquity or obscurity of technology, and it does not care how a technology works; it cares about what problems that technology solves.

If the blockchain tech succeeds in solving the issues facing fiat currencies both physical and digital, one thing is certain. The market cap will grow hundredfold, and it's going to imitate the stock market as a device for transferring money from the impatient to the patient. So HODL  Wink