In the future, will fiat currencies be necessary in the world? - page 15.

KnightElite

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Quote from: ulhaq on August 28, 2018, 03:29:55 PM

in the future, will there really be a need for fiat currency? Government can collect taxes in crypto, determine how to allocate it, and spend it in crypto. Ppl can receive salaries and do all commerce using crypto. Loans can be done in crypto. Fundraising can be in crypto. Sure, problems have to be worked out in terms of scalability, does it have to be completely decentralized, etc, the value has to become more stable. But theoretically, is there any reason to have fiat in the future?

It has been established that governments can now do taxation without representation by printing more money (which is a tax on everyone holding the currency), instead of trying to get a bill passed that allows it to increase the tax rate. With crypto this would be no more. All increased taxation would have to pass a vote.

From an economic standpoint, the idea that a country can stimulate its economy by adjusting interest rates is tenuous. There is just as strong an argument that lowering interest rates has caused speculation and bubbles, with calamitous results. In a crypto market economy, capital will flow from where it is needed less to where it is needed more.

Fiat currencies have important function in our economy and in our society because it serves as a medium of exchange. The industry of cryptocurrencies are keep booming because of its important role. The payment system became more better because of the digital currency.

badungs

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Activity: 574

Merit: 250

In my opinion. until any time the fiat currency will be needed and used throughout the world. technological advances in the financial sector will not affect the existence of fiat currencies. Digital currency is used to facilitate everyone in choosing transaction tools so that our work will be easier. and fiat currency is used for people who do not have a digital currency.

ningrumxxi

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Quote from: Parodium on August 28, 2018, 03:32:13 PM

Fiat currencies definitely aren't necessary, there is an increasing trend towards digitization of currency, and blockchain based currencies are just the next generation of this. The problem is that Bitcoin came out, and everybody treated it as the successor to fiat currency, rather than an incremental improvement on digital currencies such as Paypal and Skrill. I think that if Bitcoin was never invented, but somebody like Paypal had implemented a blockchain technology first, then we wouldn't be in the rivalry scenario that we're in now.

because there are several interests that always exist in several countries , the entry of bitcoin to replace the current currency and fiat currency clearly gets rejection from various elements, because for some countries consider if bitcoin is the future currency will greatly affect currency controls for some big countries , the most obvious example if bitcoin replaces fiat and paper currencies like the dollar, it is certain that the American government will no longer be able to dominate the world with dollar domination which has been the most powerful weapon.

Douglasyukanov

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now the Fiat currency is rarely used for direct transactions, mostly using credit cards or virtual, using only the same values and names but all being digital numbers in all banks, now all the country's currencies have made digital currencies easieronline service transactions, but for traditional markets mostly using Fiat currency and rural areas still use Fiat as a direct sale and purchase transaction.

Dimas99

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Isn't that happened since long ago if the fiat currency needed by the world of economic rotation is also influenced by the fiat currency

reality18

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Earn more with Earn Network

Fiat will continue to be necessary in the world until the governments in all countries across the globe accept any other form of payment. If we are considering cryptocurrency over fiat, then it is necessary to have internet access all over the places across the globe especially in the underdeveloped countries. Most of the inhabitants of these regions are illiterates, hence will be very difficult to access and utilize cryptocurrency. Until these generation are wiped off, fiat will continue to be necessary.

Karie_Legend

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Quote from: brooklynian on November 15, 2018, 02:43:00 PM

I don't think that fiat currencies are necessary any longer at all. There is nothing fiat currencies can do that digital currencies cannot do better. But will the government allow fiat currencies to be irrelevant? I think they won't, because this is like taking power away from them.

It becomes a difficult thing that will happen and get disputes in several countries. there are some countries that really need that and some countries don't want that.

slocker

full member

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All type of value is important. Money crypto gold oil. All are connected in some way in as such they are needed no matter if there is something better and safer as payment method or not. Until they all agree to be one just one type of payment, and that they we will see any time now.

ShortClixneoai

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Quote from: Gabali126 on November 09, 2018, 07:26:39 PM

Fiats are as important as the cryptocurrencies. Fiat does not have the numerous network problems associated with cryptocurrency and as such, fiat can always be used during poor network situations or areas.

Of course it is very important for the daily transaction and we right now do not have an alternate way to deal with the transactions without having fiat so it is important to have it.

BlueStackz

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Quote from: hahay on November 08, 2018, 02:50:12 AM

Quote from: Seeker#9 on November 08, 2018, 02:43:31 AM

Fiat have been use since the start of commerce and its been used extensively throughout the history of mankind. Long before the cryptocurrencies are created, fiat is the main currency of the world and majority of the people are using it in their daiky transactions. It still necessary to use fiat because majority of merchants still depend on it and they don't often need to go online to use it or perform some transactions. Bitcoin and other cryptocurrencies are for the ones who know how to use internet.

Even people who know how to use the internet still won't guarantee them to transact using cryptocurrency. People who use crypto are only those who have enthusiasm and know about crypto in general, so with the majority that happens, of course, fiat currency is still very much needed.

Of course fiat is very important in the world and without the presence of a connecting link that is internet in the world; it is not worth investing in cryptocurrency.

In the absence of this important service, you have to rely only on the fiat in the world and even when Bitcoin was not launched, fiat was the only currency that was in circulation in the market. So it is no doubt very important that fiat is important but the addition of Bitcoin in the market is another great entry that is worth mentioning.

sngwinner

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I do not know why some think fiat money is not needed. Despite it demerits, we all know there are a number of things that fiat can do better than crypto, most especially for offline transactions. Moreover, no government will throw its currency away for crypto. They may gradually accept Btc but I think it will co-exist with fiat

brooklynian

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I don't think that fiat currencies are necessary any longer at all. There is nothing fiat currencies can do that digital currencies cannot do better. But will the government allow fiat currencies to be irrelevant? I think they won't, because this is like taking power away from them.

BuyBuyBitcoin

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Get Maximalist or Get Wrecked

The few fiat currencies that survive will be pegged to bitcoin much like they were pegged to gold decades ago.

Many fiat currencies will be washed away during the "great crypto swap" in the 2020's.

People that swap fiat for shitcoins will get burned because bitcoin has been getting more secure every year for it's moment to shine.

Pumapipa

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Activity: 462

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Even though, Cryptocurrency is slowly getting ground and getting recognized by people, Fiat currency will still be the preferred method of transacting simply because of the tangeability factor. The confidence of customers and sellers in transacting relies on soething that they can hold. Besides, fiat is a more stable form of money that digital assests like bitcoin et al. So I think tat explains why people are more comfortable in fiat.

AlehandroTheGreat

sr. member

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Merit: 251

ofcourse no, it is like barter change paper-good-paper
but we do not need paper

its cheap and scammy

MoreMoneyHunt

jr. member

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IQCash

For this generation, fiat is still necessary because there are some people among us who irrespective of the education, will fumble with the transaction processes of cryptocurrency. There are still some part of the world without internet connections and modern smart devices and computers. How can these people trade if the world goes entirely cryptocurrency immediately.
For now, let fiat and cryptourrency coexist in order to serve their unique purposes.

loragean03

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Quote from: RadjorBlade on November 08, 2018, 07:50:49 AM

Quote from: Seeker#9 on November 08, 2018, 02:43:31 AM

Fiat have been use since the start of commerce and its been used extensively throughout the history of mankind. Long before the cryptocurrencies are created, fiat is the main currency of the world and majority of the people are using it in their daiky transactions. It still necessary to use fiat because majority of merchants still depend on it and they don't often need to go online to use it or perform some transactions. Bitcoin and other cryptocurrencies are for the ones who know how to use internet.

Fiat money will still be used, because it is easy and does not require technology such as the use of bitcoin. However, with the times, people who are familiar with technology prefer to use bitcoin for payment transactions. Both are needed, where the choice of use is on everyone.

Yes, you can't fully rely on crypto currency because of its volatility price and value, you can't use it for daily basis like in a regular restaurant who don't accept crypto as payment, maybe in the future if all the countries accept crypto currency as payment it will be possible, but for now we need fiat currency to circulate our daily needs.

Rena5

member

Activity: 145

Merit: 10

Fiat currencies are still much needed for me,it is easy to use.Depending in what country you are living.
While traveling from other countries with your native fiat just go to money changer easily.
Buying stuff or souvenirs is best use the fiat currency.

popolite11

sr. member

Activity: 882

Merit: 250

Quote from: MoreMoneyHunt on November 07, 2018, 10:22:15 PM

Fiat is necessary to some extent but cryptocurrency surpasses it in many ways. As long as some part of the world do not have access to the internet and modern computers and some generation not well knowledgeable in ICT, fiat will continue to exist and serve as medium of exchange. Both Fiat and cryptocurrency can coexist.

In a way, you are right, but if you offer most of the people to make the choice and pick a "gift" - the cryptocurrencies or fiat, they will take the traditional money. Many years will pass before most of us understand the crypto's advantages.

Gabali126

jr. member

Activity: 322

Merit: 2

Fiats are as important as the cryptocurrencies. Fiat does not have the numerous network problems associated with cryptocurrency and as such, fiat can always be used during poor network situations or areas.

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