Topic: How Fiat Will Always Be The Norm (Read 818 times)

Money, in the form of our current fiat system, has been part of human history for at least the past 5,000 years (Investopedia). Before that time, historians generally agree that a system of bartering was likely used. Bartering is a direct trade of goods and services; for example, a farmer may exchange a bushel of wheat for a pair of shoes from a shoemaker.

The point is that it may take decades for people to start using cryptocurrency for day to day transactions. From every indication, cryptocurrency will suffice as the future of financial transactions because of its unique characteristics and benefits. Cryptocurrency is the future of money, IMO.

Even if governments abandon their national money in favor of cryptocurrencies, I do not think that then citizens will quickly switch to using cryptocurrencies. There are still many problems here, and some of them are quite difficult to solve. However, states will never abandon their fiat currency. It is not even worth dreaming and fantasizing about. Cryptocurrency can only walk in society along with the fiat of states, and at the same time fiat will always be the leader. States have been a form of our social structure for many millennia, and for the full functioning of the economy, each state needs its own currency, which it can control. Other forms of payment can only be alternative.

they are not publicly acknowledging the good side of bitcoin or crypto, because it is against the centralisation system that they are implementing to its people. but yeah, more then likely some of these officials already did their homework. and they can't give their output in public because it is against their financial system . but for sure, sooner or later, some of these officials will admit owning some crypto when the community is more accepting with this new currency.

Better not to make yourself that hopeful for government to have some u-turn in speaking about cryptocurrencies which it would really be still focusing or ending up on throwing negative sentiments and feedbacks
or the worst do make out direct ban without any questions or reconsiderations but well this isnt something surprising for government to do so because it would really be something like this.
Fiat would remain no matter what and its true that crypto cant take over as long they are on the peak on the chain, Crypto would still remain as an alternative nor matter what.

Inflation is the major thing that is being talked whenever there is someone to adopt/use bitcoin. As stated governments never take the inflation causing the lack of purchasing power, but it requires everything to be under its control. Even the government knows well about the positive side of bitcoin, but they never say the good. Always try to suppress it with negative statements. Hope things will change, as small countries around are adopting bitcoin.

I disagree with you in that. Fiat won't always be the norm.
We've come a long way as humans and transacted commerce and accepted payments for services rendered. There were various means of payments and what was used as money before fiat came along. Change is necessary and like we have always evolved in our means of payment and what is accepted as money. A key characteristic of money is acceptability meaning it must be generally acceptable. Btc is slowly yet steadily becoming acceptably generally and would overshadow fiat in the coming years. Fiat would probably still be around but would probably be used as a second choice.

The government will always hate the fact that bitcoin is decentralized, as they won't have any control on it, so most likely fiat will always stay in its position and will always be the norm in the financial industry. Although inflation has continue affecting our world's economy, but i guess we can't do nothing about it as long as fiat will always remain as the official currency, and bitcoin will always be considered as a threat to fiat.

Central banks can regulate the amount of money created with fiat money, they have more power over the economy. The majority of current paper currencies, such as the US dollar, are fiat. One risk with fiat currency is that governments will create too much of it, leading to hyperinflation.

Advantages
Fiat money serves as a good currency if it can handle the roles that a nation's economy needs of its monetary unit—storing value, providing a numerical account, and facilitating exchange.

Disadvantages
The mortgage crisis of 2007 and subsequent financial meltdown; however, tempered the belief that central banks could necessarily prevent depressions or serious recessions by regulating the money supply. A currency tied to gold, for example, is generally more stable than fiat money because of the limited supply of gold.

Ref. https://www.investopedia.com/terms/f/fiatmoney.asp

These are very much unlikely to happen cases.

Government accepting Bitcoin and removing fiat from the system? Let's not just dream it because it can never happen. Government is a centralized system and fiat is a major string they pull to ensure control over what happens in a nation. With this sort of power that fiat accords the government, no government of any nation would be willing to do away with its measure too to centralization in order to go for bitcoin that is rather decentralized.
Again, fiat isn't just money like cryptocurrency is, its a national symbol too. Doing away with it is doing a way with a nations national symbol and for what? For bitcoin? I don't see this happening ever.

When it comes to cryptocurrency uses cases to be functional by government acceptance for a legal tender, you can take the case in El-Salvador for an example. It's already been accepted and we had a revolution from the people about it. That's to say, people are more comfortable with what they are used to as cryptocurrency requires some know how for which, most people aren't willing to go through.

Well, that’s just it; I think the people are only ready to fully accept whatever the government accepts as the legal tender. If the government in a country should accept Bitcoin as a legal tender, and remove their fiat currency (which has been the first and the original legal tender used for exchange of services and goods), then people will quickly adopt that.

But, as long there continues to be Fiat, people are not ready to fully adopt Bitcoin, it’s still going to be an asset or an alternative whenever they feel like using it.

Fiat is originator and initiators of other currencies so in that case and some understanding cryptocurrency is new adoption of currency which is not officially know by every one due to news and other things, you are making sense that with your points because without fiat a country will lack thing's you will not like to afford with bitcoin and that is why is the originator of other currencies the idea of creating means of currencies

It is very certain you can never eradicate fiat entirely from the system as fiat must always be the commodity in exchange for crypto, since it's simply because we have got fiat that cryptocurrencies exist. And fiat is the only measure through means a country can be ascertained to be either rich or poor through the value of its currency and not crypto, because if all countries are to use crypto there will be more recession even than we have now. But however, that doesn't mean crypto adoption shouldn't be encouraged in these places, because crypto has come to stay weather people like it or not.
What causes a recession is when a country consumes more than they produce. When the goods or natural resources imported into a country is more than they export out to other countries, it causes a devalue of its currency leading to recession. So my typical advice is that fiat and crypto will always exist, and left for you to know the difference and take advantage.

The reason for the existence of fiat is that people are not aware of cryptocurrencies. Also, the government discourages the growth of crypto and politicians worldwide don't want people to use crypto and they lose their control over the people.
When most of the buyers are not willing to accept crypto and most of the sellers also do not accept crypto, then how can cryptocurrencies become the norm?

Fiat will continue to exist side by side with cryptocurrencies. For now there is no reasonable prediction that fiat would be replaced by cryptocurrencies. Bitcoin and others need technologies to functions. At least a mobile phone that is connected to the internet is needed to carry out an average bitcoin transactions.

A report indicated that a total number of 450 million people, about six per cent of the world’s population don't have access to mobile broadband coverage. Also,  3.4 billion (about 43 per cent of the world’s population) people do not use mobile internet despite living in areas with mobile broadband coverage. And this underdeveloped people are mostly found in Sub-Saharan Africa. https://punchng.com/450-million-people-lack-access-to-mobile-broadband-report/
How would this people handle cryptocurrencies transactions. They would ever embrace fiat.

Also most countries lack essential infrastructures that aids the usage of cryptocurrencies. Facilities such as power or electricity is lacking in most countries. Hence, it would slow the adoption speed of bitcoin and others and encourage the use of fiat.

Another challenge that would keep strengthening fiat is high rate of illiteracy in most countries. In some countries most citizens lack basic education which include reading, writing and arithmetics. These set of people would prefer to use fiat transactions that is much easier because they might not be able to understand the complexities of cryptocurrencies transactions

Summarily, some develop country might come close to replacing fiat with cryptocurrencies but most underdeveloped or developing countries would still hold firm to fiat because they might not have all that is required to make cryptocurrencies transactions smooth.

Many countries have adopted extremely populist positions in recent years and after implementing these policies for a few years, it is really difficult to change that. Any kind of addiction becomes a kind of addiction. In this context, any policies, to be minimally effective in terms of controlling inflation, etc., would necessarily be unpopular and difficult to implement. However, there are super legal cases in the history of politicians who took unpopular positions, which after a few years proved to be super beneficial for the popular in general. But the first step to breaking this cycle is really difficult.

So do you mean that crypto can create a world without inflation?

Fiat will always be there, we will be making use of it as the base currency, but Bitcoin will also be important to those of us who knows what it is worth. If you continue to hold Fiat you’re always going to be facing inflation and losing money, but when you start holding bitcoin you’re always going to be able to hedge against inflation and save value for yourself. It’s really important to have your money invested in Bitcoin, although not all your money, but at least a part of it should be invested.

True. Fiat isn't going anywhere. It will eventually be obsolete but that would be after many decades. Until them, fiat will be mainstream. Cryptocurrencies will also be used, but it won't be replacing the fiat nor the banks. Instead the banks will start to adopt crypto currencies but in a centralized way and sadly most people will choose this centralized way because they are too lazy to learn and understand how crypto currencies work. All they know would be that it is a store of value and will give it to the bank to hold it for them. But eventually, crypto currencies will be used as regular currency, and hence will be able to replace fiat one day.

Why the emphasis? Your emphatic clause does not reflect on the content to a satisfactory level but that is by the way. You tried for the thread. I also believe that fiat currencies will be continuing the norm until the Crypto Currencies or BTC can be used to buy things without changing it to fiat currencies. BTC is only high in value but not popular in all the Countries. And another problem faces by BTC is the usage. How many people are using BTC in the world countries? Like today I bought solar system because the light problem in my locality and I used fiat currency because BTC is not used to transact goods and services in the local or the rural areas.  Yes, plenty people have heard about Crypto Currencies or BTC but what of the usage. The usage of the currency is very poor. That also causes part of the inflation.

BTC now is own by big boys and girls. I don't think the average citizens own 1BTC in a country. The price of bitcoin compared to the fiat, it is high but how many people are using it to buy sweet, fish or others things in your locality? Anytime when dollar rise people cried because they can't afford it. That is the inflation we are talking about. Lastly, for BTC to replace the Fiat currencies in the world. BTC must be stable and it most be use by all both in Urban and rural dwellers.

More than 65 countries peg their currencies to the U.S. dollar and eleven foreign nations use it as their official currency of exchange, according to Countries That Use the U.S. Dollar. The countries that use USD are: Ecuador, Republic of El Salvador, Republic of Zimbabwe, The British Virgin Islands, Democratic Republic of Timor-Leste, Bonaire, Federated States of Micronesia, Republic of Palau, Marshall Islands, Panama, Turks and Caicos.

Additionally, there are a few countries not in the E.U. that use the euro and there are countries in Africa that use the rand.

I completely agree with your opinion, for now btc cannot replace fiat, even though you enter a restricted area because this is a btc forum, but fiat currency is a currency that is used by everyone, and all investors and rich people still use currency fiat money for their needs, and their business, although every year there is always inflation but fiat currency is still the main choice, but I really believe that one day btc will definitely be needed by everyone, just like people need fiat currency.

And what are these countries?

Something I don’t know of a single state that, being independent, used the currency of another country, even if it is the US dollar.

How do you think that paper currency can be eliminated. The bitcoin popularity can not shift bitcoin fiat currency to valueless in the society. Cryptocurrency and Bitcoin is having it popularity already and fiat currency already has the popularity over years. At this time both are important to choose as perfect one but one can not be use generally for the locales and it is bitcoin. Bitcoin is good for investment why fiat is good for spending and buying available of what you want

The famous Z generation grew up with bitcoin, I know some of them from telegram and I can tell you that not only they are familiar with crypto, they are in fact quite well adapted to it. The main reason for this is the fact that they lived only in a world where crypto existed.

Even the oldest Z generation person who lives ends up learning about it as early as 10 years old, probably later but at the end of the day they only lived in a world where crypto existed. Since time is a linear thing, we all will die, and eventually Z generation will be the oldest generation by population, which means that the world will live in a era where everyone lived ONLY in the crypto era.

They simply trust the government because it's convenient. It deducts a LOT of hassle to have a centralized party handle all the matters with regards to legality or whatnot imo. It's like stepping that steps 2-9 and only needing to do step 1 and step 10 to finalize a transaction. It's convenient, yes, but it also reduces the amount of control you have (which is what crypto can do, unlike fiat). And honestly, I just think that the average user of fiat has more urgent problems to concern them than thinking of inflation/economy stuff (that they probably don't know much about even).
And that's my point tbf, Fiat will survive whether we want it or not, solely because of the fact that it's convenient to use and that the centralized parties would probably never allow it to disappear.

At what point did bitcoin arise, why does the idea of bitcoin continue; it was a direct response to the global collapse of 2008 (financial crisis).
We seem to forget "why," yes it is true that it is an asset that has value, if it is true that it is a technology that works, etc. but the norm is still being set by the same abusers, criminals, villains... bitcoin could become something of that which you mention, the norm, but if these parasites that govern do not change their way of thinking, the collapse would always be cyclical.

Not necessarily. It might be better to say that some states’ currency will exist. Have you ever heard of monetary unification? Besides, this topic is not about whether state-issued fiat currencies will exist or not, but whether fiat will always be the norm.

And, what do you mean by the notion that cryptocurrency circulation in society will be regulated by a political superstructure? This is true for fiat, but not for cryptocurrencies.

the crypto system will not work in a way that it will wipe out fiat, many people are looking for it to happen this way and i dont think thats the way it will work, fit has been fully incorporated into the world economy so it might take eternity to replace it . the simple important thing is to have a system that will accept bitcoin lets say for normal payment means and let it roll by side of fiat. at a point many would prefer bitcoin usage and things will move from there. this is also kind of difficult but its possible because of the centralized system that the feds and every government are used which will be difficult with bitcoin. we are improving to be honest, but might just take more time than normal only if big institution rise and give open support to make things faster.

This is what will definitely happen, we know that Fiat is still in control right now, especially for our lives because it still can't be freed from it because as you said Fiat will still exist and will continue to exist until whenever. Crypto is an option but this option will only happen if the government allows it and it definitely goes back to the regulations they set in it.

I think that if we are already aware of this when we don't like fiat, it's also useless because even if we don't like it, it doesn't mean we can get away from them because this is an impossibility now.

You just need to accept the fact that as long as there are states, their currency will also exist. Moreover, even when states as a form of social order fall apart, fiat is still likely to exist in a slightly modified form. It is assumed that our world will soon be ruled not by states, but by powerful corporations. But they will also have their own currency and it will not differ much from the currencies of states. Cryptocurrency is almost not vulnerable technologically, but its circulation in society will always be regulated by a political superstructure - states or another form that can replace them. Cryptocurrency will always be in demand by a part of society, but fiat will always be more powerful because it will always be protected.

Fiat is the best tool for the government to control us, how would they control us without fiat. I never thought this scenario would happen, the government would never let fiat disappear. Certainly in the future cryptocurrency will be widespread and accepted, but the government will make regulations and regulate it.

The fact is that fiat is still very good in our lives, the use of cryptocurrencies is not always convenient for us. Do you want to pay for a coffee in bitcoin where the transaction fee could be more expensive than what you pay for that coffee?, fiat would be a better choice than crypto in this case.

Fiat is a Norm but it is not very certain that fiat will continue to be the norm.

Reasons why fiat is the Norm
1. There are people who do no find any problem with the fiat. They don't know and neither will they agree that fait is a major cause of inflation. These people do not bother themselves much about what the economy is all about and where it is heading to. This set of people trust the government to the later and they don't see any reason to stop trusting the government.

2. There are people who do not understand or know about cryptocurrencies. We should sti agree that crypto is a new technology and a new financial order. It does not matter if it has lasted for more than a decade. Since it is not widely accepted, it can be called a new technology. For the people who are not aware of crypto or who are aware but don't know how to go about it. Fiat is the norms.

3. The civil servants and the public servants receive their payments, gratuity and everything in fiat and when they go for loan they recieve the money in fiat. So fiat is like a culture to them. You can hardly change it.

One day the fiat currencies will disappear and the cryptocurrency will run the world economy. Then there will be no money to hold hands. And I think it will happen soon, although most people around the world are still ignorant about it, but the cryptocurrency issue is spreading like wildfire. And if its benefits reach the common man in this way then the days of fiat currencies will be over soon and  the era of cryptocurrency will begin

We are not all tech savvy which its understandable and its true that people who had been born on  high tech era would be most likely able to adapt on whats new in speaking with innovation which is relate to it which

its really normal that they would rather stick out on traditional ones as they do find out that crypto is too technical for them to understand which is something not surprising or very common in some communities or

places thats why people would be always preferring fiat and also in speaking with volatility then people would freak out if they do saw their money is decreasing.

Yes, because basically FIAT is the first payment/exchange instrument they know, especially for parents who are not in the millennial era above 2000, which indirectly civilization in 2000 and above has followed the times and thecnology

Most of the present politicians are still fiat centered and they stay in their position to keep on taking advantage on fiat. So if you were in their position, they would not really want to replace fiat with other currency since they can totally control fiat. However, if new mindset of politicians will be in the position in the future, for sure crypto will be very much welcome as these politicians will now think the welfare of the people, and not for their own's welfare.

I am sure that the amount of people who do not know what a cryptocurrency is, not even heard of it or anything like that is not really a big percentage of the world. I agree that the amount of users could be low compared to anything else, but the amount that didn't even hear about it could be very low.

Even in the small isolated tribes people have heard about crypto at this stage, there is a big difference between users and people who heard of it though. Just because 90%+ knows about it, doesn't mean 90%+ uses it, maybe like 90%+ heard about it but 10%+ ever bought it. That difference could get closer and closer eventually which would help us.

This is all part of money management, financial year GDP, how country is doing economically and fundamentally. Government needs to print money to fulfil common man’s terms and benefits which they promised through different contracts, government schemes and much more. They have to look after hundreds and thousands of problems throughout the nation. I don’t think direct blame shall be put on the shoulder of government. Because as far as economics is considered huge number of people do not even pay their taxes. So inflationary situation is just mixed up stuff from us, from government etc.

I do agree with you here but the question still remains, how many even if not our daily regular needs store accepts Bitcoin? people will still result for paying or using Fiat currency and from your statement, most Bitcoin investors see it as a profit-making avenue, including the now many institutional investors like the Wall street Boys who are quick to dump any time there is some sort of FED news because they are treating Bitcoin like stocks now.

Fiat money are the legal tender in all countries around the world.The people and the companies are required by the law to use fiat money in their transactions(and to pay taxes).It's not about having a choice of which payment method to use or something.

You are generalizing too much.I don't know about anyone demanding more government services.
There's nothing wrong with the government wanting to provide more services to the people.
The real problem is the budget deficits and the money printing,which is being encouraged by many governments.


Nobody is encouraging inflation.The people simply have no choice,but to use fiat money.
I don't see cryptocurrencies as a 100% protection against inflation.
Inflation in my country is 12.5% and going up,but the Bitcoin price stays at 40K USD and it isn't moving anywhere.The same thing applies to all the altcoins.Do you think that this actual protection against inflation?

This is not true. The majority chooses to leave cryptos on exchanges, because they don't care about the cryptos at all; they're just buying and selling for profit.

Most of those who use bitcoin for its main purpose, which is paying in cash online, cannot leave their money in centralized exchanges as it circumvents the most significant principle; self-custody. Furthermore, lots have switched to buying and selling using a decentralized exchange, instead.

Cryptocurrencies were created with an aim  of dealing with factors like inflation. They were created to make a way via which people are able to do transactions without completely relying on banks or governments.

As for the problems associated with fiat money, yes they exist, and moreover, there are more and more of them. However, if we are talking about the need to use cryptocurrencies in exchange for fiat money, then the question arises, how can this be done? Why do most people still think about fiat money? It's simple, because only with fiat money you can go to the store and buy food and other vital goods and services. Here is your answer. Now, if stores with goods necessary for life began to appear and cryptocurrencies were accepted for payment, then it would be a different matter and the mass adoption of crypto in the world would accelerate.

Imagine, you need back surgery and you know that this surgery costs $100,000 and let's assume you already have that money in your bank account. One month has passed and the time has come to get the surgery procedure done. If fiat wasn't stable, you wouldn't be calm for 30 days. If fiat was as volatile as Bitcoin, you would may have enough money for one day but not for another day. Fiat gets inflated but it's not that volatile to affect you day-to-day, it's inflated but the rate is still very stable and it doesn't change overnight.

It creates more control for the people of their money when they own and hold the keys of their cryptocurrency but this is something hardly done by anyone. People usually store and leave their cryptocurrencies on exchanges. This already answers your question about whether people care about more control of their money or not.

Have you seen anyone from financial institutions go to jail because of economic decline, stunt growth or increased inflation/crisis? No! In the government, no one is punished for their bad work! Let's make it law to punish every appropriate person that's responsible on our welfare and then believe me, no one will ever want to be in the government except real patriots.

Fiat will always be the norm until the world adopts cryptocurrencies as the new way of transacting for our day-to-day obligations. The question is, why cannot we just say that both cryptocurrencies and fiat co-exist with each other?

The transaction of fiat has been around since time immemorial. This standardized the method of having a universal currency where all countries can accept and adopt as the norm for purchasing products/services. Unfortunately, cryptocurrencies are inflationary in their nature- it is like saying that gold should be the currency that should be adopted when its production is based on the fact that it is limited.

Even the people who are hard users of cryptocurrency prioritise cryptocurrency as an investment and for retirement. Very few among the cryptocurrency holders use it as fiat on day to day needs. The stores around the world with cryptocurrency acceptance is very limited and is accumulated on specific regions. This also makes people use fiat as the norm, though the inflation of fiat money keeps rising.

The price fluctuation of bitcoin is the major reason why bitcoin isn't preferred against the fiat. For example today we buy a product for 0.1BTC and the same will be down or up tomorrow. This is also a reason why people don't prefer bitcoin on daily needs similar to fiat.

It's obvious that fiat currency is always the norm because it was issued and guaranteed by the state, and cryptocurrencies cannot replace it that's the fact even the price of Bitcoin and other major cryptocurrencies was calculated in fiat US$ so why do we force this idea that cryptocurrencies can replace fiat we must accept the fact that cryptocurrencies are here only as an alternative tool of innovation to empower the financial needs of the people in our time crypto and fiat will exist in harmony as long as the centralized government of every nation is functioning. unless the government will totally ban it as China does. 

     Even the people that know crypto currencies or are pro crypto currencies are still going hold onto fiat because as you mentioned, we use fiat to buy goods or daily bills. Talking about priorities then for sure, crypto would be one of the most prioritized for crypto enthusiasts. The thing is that we are talking about fiat being the norm and why it would always be that way. On a broader sense though, we can only say for sure for the near future but not in the far far future because given the right circumstances, people will always choose the thing that gives most benefits and those conditions may be met in the far future.

Despite the widespread and continuous growth of crypto, people still appreciate the use of fiat than digital currencies, and this is why...

 - FIAT is accepted in all establishments - where they can use anywhere, unlike digital currencies
 -Security - Holding crypto consists of high-risk, many can't afford to do it
 - Education - Many are still no-how about crypto and not all were able to understand the purpose of its existence

Some may invest in crypto because they already understand how the market works and they know how to manage risk.

wrong . maybe you should have said that it is not banned , but it is not illegal as well.
what? will took decades? did you understand that Bitcoin is just 12 years old but the world  already Knew about the coin? so how come that there is decades more?

That is what thinking from low minded people, because most of us are aware of how crypto will provide and what fiat cannot .

I wouldn't coment on fixes for the issue as I think it's way to complex than just a one size fits all solution. But what I do think is that we don't think of FIAT as ALWAYS being the norm. Us being unable to imagine other avenues, that thoes not mean other oprions won't become the norme down the line. I don't subscribe to the whole Francis Fukuyama narative of this being 'the end of history' in a sense that this is the pinnacle of evolution with everything and that this is as good as it gets.

Cryptocurrencies are not accepted legally in most parts of the world. Even if they get accepted worldwide, it will take decades for them to reach everyone and getting used to using them is a far cry. Moreover, not all people will be able to trust cryptocurrencies. They will always prefer fiat over it.

Only after several decades pass fiat money can be substituted by something else. People are used to pay in cash or by currency. Several decade of government must have changed first, to start a process of digitalization or changing payment to one single currency. People are familiar now with cryptocurrency, but reputational work must be done with cryptocurrency, before we start to get rid of fiat. Believe in cryptocurrency is still weak. To many people still think that cryptocurrency comes closely with scam and money laundering. And that is why they will always support fiat.

I do agree with your opinion and have been mine on some other similar topics in this space. I don't think that fiat should and will be totally eliminated from the system, one because I don't think the Government will allow that. Imagine the US Government forgetting the USDollar for Bitcoin Also, how many of our regular day-to-day stores are actually willing to accept Bitcoin when they know we can have several volatility levels a day.
As you said, the bast is to be there side by side and users can choose between what is convenient for them which I think will be the case anyways.

Aside from those people who don't give any care on the existence of cryptocurrency, there are also people around the world that don't even know what is a cryptocurrency or they haven't met that word before and people like that usually lives in 3rd world countries or beyond that who only knows about fiat and nothing else. They cannot even afford to buy phones to keep up with the technology advancement of the world. How would they keep up if they cannot even afford to eat a full meal 3x a day.

That is why we are lucky to know about this existence and we should not be selfish about this knowledge, also it is ideal that we have to keep those people informed so that they can also avoid the inflation and carry the will of SN.

There is no need for fiat to be gone though, I mean I get that crypto is a currency and people think that the end game is to have bitcoin as the number one currency everywhere and all the people of the world stop using fiat and start using bitcoin as a currency. But that is an unrealistic and actually not even needed level.

What we need to really achieve instead is to have bitcoin as an alternative to fiat of the world, whatever we are using in our nation if bitcoin is the alternative to it then it’s great. If you are in the USA then use dollars mainly but bitcoin should be second, if you are in Europe then euro and then bitcoin, in UK it's pounds then bitcoin so forth so forth. That would be the ideal and achievable place.

fiat looks ordinary to those who don't care about the existence of crypto. they think crypto is the same as stocks, so it doesn't interfere with fiat. especially in areas where life is still primitive, which is still lagging behind in technology and only uses fiat as a transaction tool in their country of course fiat will run normally. For those of us who already know the benefits of crypto, of course, we no longer prioritize fiat. we only use fiat to buy goods or daily bills. the rest prefer to invest in crypto.

"Always" is a very long time. We have no idea what the situation will be like in a few years, what is left for in a few decades. Even now the popularity of cryptocurrencies is increasing immensely. According to recent data, some 40% of 18 to 35 year olds are currently planning to use crypto assets as a payment method for both services and goods. The trend has increased by 10% since 2021. By 2024, the research states, 23% of all online businesses will be adopting crypto payment methods. That is huge. If the trend continues like that, we'll see even more adoption.

Inflation of fiat currency has being happening before cryptocurrency is introduce to the world. Inflation can not run away because of digital currency like bitcoin. Before cryptocurrency as digital currency, fiat and some of the digital currency has being reigning years back. And you suppose to know that bitcoin is not with competition with fiat currency each of them play their own roles weather inflation and no inflation no competition with the two

The use of fiat cannot be replaced nor vanished by any means of financial system not even cryptocurrency because whether we like it or not any new development on financial system or maybe another new digital finance comes up at the end of the day if it would be adopted and accepted globally it would only be part of the financial system circulating around the global economy. The way of living of every person in the world is not the same and that only means there would be some or many people left behind and vanishing fiat will worst the situation of those people struggling in life.

It is a mistake to think that just because things are a certain way right now they cannot change, money has evolved through the ages and at some point I am sure people thought the same way about the gold standard until fiat became the new standard, people will understand the hard way why it was a mistake to accept the fiat system, and once they see themselves directly affected by the fiat system that is when they will look for a change, and even if the politicians want to still sustain some form of fiat system the opposition to it will be enormous at the time.

Even if crypto is widely accepted in the world, fiat will still be the standard by which all are measured. Not only cryptocurrencies but gold or other precious metals will be exchanged without fiat. If Fiat was indeed superseded by some other method, I think Fiat would not have existed for centuries.

Highly developed states will not switch to the use of cryptocurrencies and at the same time abandon their monetary unit. Their currency is the key to successful economic development. Cryptocurrency works on a completely different principle and this is unacceptable for states. Of course, we see that there are various exceptions to this in the world. But they will remain the exception. But the general rule remains. Cryptocurrency will walk in society along with the currency of states, and no more.

We need to understand that we are towards the slow changes where cryptocurrencies will be dominant especially when WWIII takes place which will gonna lower the value of each nation's currencies involved in that war. They will surely migrate their assets into one of the cryptocurrencies available, especially bitcoins and when that happened, the price of BTC will drastically increase. Slowly changes are happening right now because if you look at the companies that don't even care back then, they are now one of the proudest companies to say that they are gonna use it on their platform.

yes in fact we still using fiat for everyday use not in everywhere accept crypto even tho elsavador accept bitcoin as currency we can take look there is community who dont accept bitcoin as currency.

in my opinion crypto wont replace fiat, if they do government will usually banning in because they dont have control of it. so maybe in couple of year crypto will start to be regulated first and then get along with fiat but wont ever replace fiat but maybe we can see many merchant will start acepted

Economic systems change all the time. Did you think that cash based systems were the norm? I'm sure everybody did, then credit card technology was released and transactions became digital. The entirety of someone's net worth can be demonstrated by pixels on a screen, and wealth transfer can be instant. This tech only took some number of years to come to fruition and so give it some time for people to discard traditional currencies for crypto. The governmental trust between the government and its citizens already fragile. It takes little to break the bond. Bump the inflation rate through irresponsible spending and you'll see how quickly the people begin to lose faith in their government's fiat currency. I don't view government as an obstacle granted every citizen is on board. Challenge isn't really government, it's an ignorant population.

the majority do not want to change their currency because for him bitcoin is very risky with prices that are not fixed like stable fiat for local currencies,
that's just my opinion which is a little primitive but that's what is in my country where people don't know much about bitcoin, especially in my environment people who don't understand crypto issues

The only reasons FIAT "needs" to remain as the norm is only because all the governments in the world have one thing in common: They want to stay in control. They are terrified of giving up power. Just look at what happens when a government is afraid of their people too much, we get Russia and North Korea.

But that does not necessarily mean that Fiat will remain the norm.

If anything, the unsuccessful attempt by governments to squash out Bitcoin or control it is proof that we are headed towards a new era of money. A new generation of money, in fact.

In a true democracy, we cannot have corruption and shady third parties which have control over our monetary freedom. Thats why Fiat will NOT remain the norm.

If we do consider on how fiat money had made out its existence for how many decades or centuries then it is really not surprising about these kind of mindset or presumptions on how it would be still
remaining on upcoming future or years to come even with our lifetime or even more.Considering that government would exist then its no surprise that they would really be still remaining on this
system even how innovation or changes would progress out.Also, people had get used to fiat system and would simply stick out into it no matter how many much better options that we do have
digitally which i couldnt really blame them off on having those kind of perceptions.

Well, the thing is, crypto is still very young and I think it's rather too early to begin to discuss on matters like that this.
But then, the discussion isn't out of place though, truth is, crypto will sure dominate and become a major form of buying and selling in the future, but it's gonna take time, and when I say it's gonna take time, I mean it's gonna take a lot of time, government are gonna do all they can to make sure fiat continue to stay dominant over crypto but crypto will eventually take over from fiat.

It only takes big companies (that is manufacturers) to start accepting crypto payments, ones they do, then smaller businesses (retailers) will start accepting crypto payments and then to the consumers who will be willing to spend their crypto to pay for goods and services, when this begins to happen, then you know the war against fiat is being won, it will happen but might not be so soon.

So far this 21century is concerned ,I think fiat will always be the normal form of money, though technology can grow rapidly.
But the time I expect we're all going to do away with fiat currency is going to be in the next century,
because we're still being ruled by the old guys who doesn't want to embrace the new technology BTC.

I wouldn't go as far as to say it'll always be the norm. After all, even though it seems that fiat has been more of less around since the 7th century in China, there have been around 150 years of great popularity in the West of the gold standard of money, and the US, famously, abandoned the standard and went for fiat in the early 70s of the previous century. Some there can easily come a period of time when fiat gets abandoned in various countries. But I don't think this time is near, so I do agree fiat will probably remain the norm for decades to come. And I agree even more that people are not ready to abandon fiat for cryptos. Some are, but the vast majority certainly aren't. I don't think there's a way of fixing it, though.

Fiat is the medium of exchange of goods and services in the circulation of supply and demand.  Not to mention the issues surrounding inflation.  What is the angle of fiat not being able to live up to the expectations of modern fiat, where value for fiat is used for any form of online payment?  oh no that's why the demand for cryptocurrencies is increasing, bitcoin is in maximum form, inflation hedge, usage mindset and self-regulatory is a good education  Rather, the only criterion that fiat has is the subconscious of obsolescence.

Fiat will be always there for exchanging Bitcoin or other cryptos, without fiat, there will be no value for crypto.


Fiat is properly designed and embedded in the system which most of the population using for many years. As we all know there are many factors involved in day-to-day life, related to financial activities. For this fiat is necessary. Crypto could be an option for this but has a lack of major factors considering transaction costs, time for confirmation, etc.


To date, no apps for dealing with crypto has introduced for day-to-day life. Implementation of crypto for payment structure can be the best solution to increase the use of crypto instead of fiat in day-to-day life.

               The fiat currency that the majority of the people in the world has already gotten well accustomed to isn't that easy to remove from the equation. Other alternatives may offer great convenience but it will mot replace the ease of exchanging goods when fiat is used. And so, we can only be satisfied that bitcoin or any crypto currency is already being massly adopted and not being rejected by the world of being labelled as fully illegal by the governments. With this, I can only see fiat still being the primary choice for the majority in the near future.

I highly doubt the majority knows how it works, though. Understanding the banking system isn't easy for one who just smelled sweet profit. Let alone how can Bitcoin help in blunting its corruption. What most think when they hear "Bitcoin"? Internet gold, high risk investment and money laundering tool.

Affect your social cycle. Motivate your people, encourage them learn more if they seem interested. Ask merchants if they accept Bitcoin. Those are from the top of my head.

It is a bit of a catch-22 situation and you definitely identified one of the main reasons - all these people reciting "HODL" are stuck in the mindset that they own a form of digital gold. Some sort of unique and very rare that they must keep forever - like Smegle chasing the ring to Mordor. Many people around the world are lucky if they can save anything at all, they need a currency that is instant, convenient and functional in day to day life. While other cryptocurrency might at some point get to that stage, Bitcoin itself has many drawbacks associated with those things. I think the best way to use Bitcoin is for money repatriation for overseas workers, who are able to avoid greedy banks and money changers when sending relatively large chunks of money back home.

FIAT is too outdated for me because of hyperinflation, so cryptocurrency for me is the real future. But as of now, fiat will still be the main currency for the majority. In no time, cryptocurrency will be embrace fully by the whole world, best example is when Ukraine has been attacked by Russian, in times of crisis, cryptocurrency provides that FIAT can't.

Crypto could take over fiat, but fiat's strengths are it's trust and interoperability. Right now it's the easiest method to use, and that could be the very reason people end up using it as their main currency. Crypto payments are still not fully understood by many companies, and they aren't integrated into existing processes and systems. Bitcoin still isn't used enough which means it's still not a great solution for commerce, and fiat is the only widely accepted payment method around.

anything is possible, just as Crypto could become part of the mainstream. it's only a matter of time, but for now FIAT is still the most important. Fiat is also present in digital form and it also makes transactions easier, but inflation is a problem that continues to occur on this earth.

Fiat and crypto are still side by side. If massive adoption happens to bitcoin I think Fiat will still survive.

Well I wouldn't deny that Fiat would stay even with the development of crypto, heck even if the majority of the merchants and services accepted crypto, I'd doubt Fiat would actually die, it's just that convenient for most people. Also inflation is part of the system afaik, just that the government isn't exactly doing the best when it comes to handling it.

But that doesn't exactly mean crypto couldn't be part of the mainstream no?

For me, it is because we are still early. Bitcoin or cryptocurrency right now is still early, still a lot of room to grow.
For me, FIAT will stay as Bitcoin will stay too.
Fiat <-> Bitcoin in the future will be the same thing, it will be always the choice of people, which they will choose.
It is normal today that people still looking at Bitcoin or other cryptocurrencies just for investment or like in stock markets.

This issue of crypto and fiat comparison is as old as hills. Fiat is there in different forms from the time man started life on this planet earth. Crypto is just decade old and has challenged the monopoly of institutes controlling wolrd finance through fiat. I don't think fiat is going somewhere atleast in near future, while crypto adoption may increase with time it won't replace fiat for daily living for many reasons.

In the days of ignorance lack of knowledge  is always an excuse.  Many still have limited knowledge about crypto currency and to embrace this era the story of crypto should be told as often as needed.  It is difficult embracing  something  you have  no knowledge about and as long as fiat is the key available  source of exchange  it will remain king in the mind of the masses  except  more people talk to more people about crypto currency not with the mind of profit making  but  to boost the adoption  even more.

As of the current situation of the world economy, fiat money remains the KING and it can be that way for many decades to come. I am seeing Bitcoin and cryptocurrency to be existing alongside with fiat until there can be a big and global crisis that can be shaking the establishments and the financial system so that people will realize that it would be better to be investing, using and trusting Bitcoin as the best alternative. Changes are not that easy to come and as of the moment people are always asking: "what's in it for me" hence BTC is more of a store of value or a speculative tool rather than a currency people are using everyday. Now, we don't have to be impatient because this is one thing that we could not forced on the people...eventually we will get there and in fact surveying all the developments that happened in the past 10 years I would say that Bitcoin and crypto achieved a lot.

Inflation is part of how Fiat money works, it isn't designed to be store of value like gold for example. Fiat money works very well for what it's designed to do. I don't get why people are comparing bitcoin to it as payment method because i can't see it as scaleable alternative for numerous of reasons. Then again i am not a crypto anachist. Fiat money is government money, they rule it and do what ever they want to keep it in check.

It needs lots of considerations, huge resources to invest for internet usage in any part of the world or country for crypto to dominate fiat as crypto transfers needs internet unless they use a custodial wallets that has features to send crypto/bitcoin through sms which is possible for such kind of wallets.

Understand this as well, people that does not believe in the existence of bitcoin or doubt it role in the current economy system will not even give an approach in seeing it as an investment asset to get more fiat, possibly if they had known such before time they would have cease the opportunity to invest in bitcoin and receive a massive ROI on their investment when exchanged back to fiat, we need not to overlook the fact that every businessman is after making profits be it investing on crypto or any other investment asset.


After all they are not mandating fiat currency as a must on citizens and this gives me and you the privilege to be here enjoying the benefits in bitcoin, while we have some countries placing ban on commercial banks to make bitcoin transactions same we have other countries encouraging that and cease the opportunity through their financial institutions, individuals result or outcome is now base on the approach given either in continuous use of fiat under the rule of inflation or surviving through inflation with the role of bitcoin in the econmy.

But how long will it be? I know that before the primitive times, when people did not have enough conditions, they considered money a tool, and it was used almost for the right purpose, a tool to exchange goods. Even a shell would be a tool for exchange. Today we have many things that are considered such tools but they are corrupted and their purpose of use is also different. Perhaps in our time, fiat is something we have easier access to, but I think the future of crypto will replace many things and be seen as a tool of exchange for many products.

The ideas in OP lives me with the impression that you thought fiat or centralization was going to give way for bitcoin or let's say cryptocurrencies or decentralizedsystems to be exclusively the new order/era of the time. That is a wish, most persons thought but sadly not mine! The world needs a centralized system to function alongside decentralisation. Let's not forget, cryptocurrencies needs a network and an electronic device to operate.

What becomes of the story when all or either of these are not in place?
Looking at the fact that, people don't have equal status in the society and there would always be the poor once that aren't financially buoyant enough around us, not to mention mention the blind and aged persons;
What becomes there fate in a complete  or exclusively cryptocurrency functioning system?

On the part of demand for certain services, its not entirely wrong as they are a much needed service and as you can tell, the population as at now is far different from 5 - 10years ago, so has it affected demand and supply coupled with the fiatoney in circulation. This also comes with the cryptocurrency acceptance and used cases in our world today. Everything has a pathway of growth and acceptance and they surely do follow it!

I compare the "Fiat System" to Cholesterol..... because it is the "Silent killer" of the financial world. Most people are clueless of the repercussions of "Inflation" and "hyper-inflation" ....until it happens. The few informed people are seen as "Doomsday" crazies and the warning that they give, goes unnoticed.. until it is too late.

Bitcoin can actually repair the financial world, by introducing a monetary system that are not based on infinite money printing. It will cause a ripple in the Pond that will have far reaching consequences for the global economy.  

I don't think Fiat will always be the norm. It is so right now becayse old man are still in power and unwilling to give it up. A few politicians control the fate of millions. It's the same kind of governments all around the world. Politicians first think about themselves and only later about the ordinary people. It would be good for society if crypto currencies would be playing a bigger role, but for that to happen fiat money needs to lose some power. The problem we face with switching to a more independent financial system is that governments would need to act more prudent and couldn't keep issuing new debt every year. Unfortunately politicians are not willing to make that sacrifice yet. Maybe in 10-20 years we will have a new area of more open minded politicians.

Don't forget even a marketplace or stores accepting Bitcoin as payment, you're paid the stuff based on fixed USD price not in BTC. Because if the stuff's price is fixed in BTC, it will be hard for people to determine how much the price of satoshi is... unlike USD even though inflation always increase. You still need one currency as a global currency where the price is pretty much stable. I don't see USD could be replaced with BTC in the current situation right now.

The problem with your premise is that there are countries that choose not to have a fiat currency. Many countries use USD as their currency, and USD is a hard currency to them because they have no control over it.

Economic changes historically takes several decades, there are several reasons why fiat money is still the standard. For one it is so well integrated in current  world economy that the astronomical cost of giving it right away will be huge. Moreover there are so many financial institutions that are debt ridden and they can come out of dependency of fiat money overnight without paying those debts.
Yes crypto has created an alternative avenue to store our assets and it is showing a sustainable growth.
I believe in case there is any by economic jolt to  the world economy. Crypto will remain unscathed and in that circumstances we will see a huge jump.
So keep hodling and stay safe

How Fiat Will Always Be The Norm

How Fiat Will Always Be The Norm


With all the ongoing growth with cryptocurrency has created many different avenues of direction in many ways. It does create more control for the people of their money but this is only successful when someone educates themselves on this system.

However, the majority of the population are not willing to do this and still only see FIAT as the main money system.  If they hear about Bitcoin, is only seen as a store of value or a like a stock to get more fiat.

Also the media, corporations and governments are still successful in making everyone use FIAT regardless of the inflation that is happening. Come to think on it, people do not see that fiat is the cause of inflation at all.

More and more inflation is happening with more money being printed all the time. Yet people still demand more services from the government which creates more money to be printed and more inflation.

Yet people do not see this as a problem at all, since the demand for specific services keeps increasing.

Many people just do not understand that they are encouraging inflation. All these factors play in the role that fiat is here to stay. People just don’t see the problems of fiat nor able to see the benefits of crypto.

This will be for sure a spiral down to something really bad in the next while. What type of solutions are there to fix this problem?