Cryptocurrencies certainly offer some advantages that are absent with fiats, however, fiats play another role for government as it is a tool to control the supply of money and as such control the economy, that will be difficult to replace with crypto in the future
I strongly agree with what you convey fiat currencies and crypto currencies to have their respective functions which, as you say, might be better collaborating with both of them to make things better in the future
Topic: In the future, will fiat currencies be necessary in the world? - page 17. (Read 35815 times)
November 08, 2018, 01:52:25 AM
November 08, 2018, 01:10:12 AM
Cryptocurrencies certainly offer some advantages that are absent with fiats, however, fiats play another role for government as it is a tool to control the supply of money and as such control the economy, that will be difficult to replace with crypto in the future
I strongly agree with what you convey fiat currencies and crypto currencies to have their respective functions which, as you say, might be better collaborating with both of them to make things better in the future 
November 08, 2018, 12:48:00 AM
Cryptocurrencies certainly offer some advantages that are absent with fiats, however, fiats play another role for government as it is a tool to control the supply of money and as such control the economy, that will be difficult to replace with crypto in the future
This got some point. Fiat has a huge role to the government that is why government is doing something to eliminate cryptocurrency. It might be a necessity of today but when the time comes that people build enthusiasm to the cryptocurrency, fiay might do mot have its value anymore.
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.
November 07, 2018, 08:42:02 PM
Fiat currency is currency that has been legal by some government that is not backed by a physical commodity such as Gold or Silver or Oil for example. The value of fiat money, can be USD or EURO or GBP or something else. There is always a certain relationship between fiat currency and Gold and other valuable materials. So in some world you need some material mostly for all countries in the world is GOLD to be backed up for fiat. So this opens many other questions is it good or bad to have fiat as prime or to change to crypto and blockachain technology.
Some many believe that fiat currency system is the best option. International adoption has taken place for a number of reasons. What is the reason for this, some say that is obvious one and that is GOLD is something that will run out eventually and paper money wont. Then for what is good fiat. For one thing, it allows governments to provide stimulus, take on debt and provide investment. That is main purpose and relationship between Fiat currency and Gold.
Some many believe that fiat currency system is the best option. International adoption has taken place for a number of reasons. What is the reason for this, some say that is obvious one and that is GOLD is something that will run out eventually and paper money wont. Then for what is good fiat. For one thing, it allows governments to provide stimulus, take on debt and provide investment. That is main purpose and relationship between Fiat currency and Gold.
I am agree with your opinion. Paper money that print from thin air is not good because make inflation always rising. Currency backed Gold will make government can control inflation because the focus not only on growth.
November 07, 2018, 05:36:26 PM
Cryptocurrencies certainly offer some advantages that are absent with fiats, however, fiats play another role for government as it is a tool to control the supply of money and as such control the economy, that will be difficult to replace with crypto in the future
This got some point. Fiat has a huge role to the government that is why government is doing something to eliminate cryptocurrency. It might be a necessity of today but when the time comes that people build enthusiasm to the cryptocurrency, fiay might do mot have its value anymore.
November 07, 2018, 04:57:17 PM
Currencies of individual states will exist until the need for them disappears. And this will be decided in all cases by the representative bodies of these states. The need for national money may disappear when uniting the economic and financial systems of different countries as it was done in the European Union. In all other cases, the currency of individual states will exist as long as the state exists.
they will continue to believe and convince themselves in the respective country's currency, the use of the euro currency only as a joint incentive to escape the influence of the USD exchange rate. But all will change if finally they adopt crypto, fiat needs will shift digitally and they must be able to make their people adapt immediately.
November 07, 2018, 04:33:46 PM
I stand to be corrected. Fiat is still necessary in the world. every currency has its role, despite the theories behind it. We shouldn't look at the advantages of digital currency, there are several disadvantages too. If a wallet is hacked, the effect is detrimental. I still believe in fiat cos it can be used by both illiterate and literate populace.
November 05, 2018, 02:48:32 AM
of course fiat is necessary. because fiat is more or less safer currency comparing with other alternative currencies such as crypto currencies. they are mostly backed by governments and also easy way to make payments.
Yes fiat currency are still important. And in some place they are more important then that of digital currency and cryptocurrency. Cryptocurrency are not a global currency, it ban in many place and many people still doesn't use it. And it is an independent currency so their is no stability in its price. In the other case fiat are world wide accept and it has more stability than that of cryptocurrency. Cryptocurrency currency are only use digitally so in those places electricity or Internet not available in those place you cannot use cryptocurrency but fiat currency you can use any time anyway. And people have more trusyon fiat currency than that of cryptocurrency. Yes, at this time Cryptocurrency almost does not have the talk in the whole world and Fiat is the most popular and familiar currency unit in most places of the world. No one can deny the convenience as well as the modern that crypto brings to us, but compare to fiat currency, crypto covers much risky than fiat because it’s extremely volatile and it almost does not have stability. Moreover, people are accustomed with using fiat in their daily life and many people are not aware of cryptocurrency or they even don’t give any trust for digital currency, they just believe in something that is real. However, if cryptocurrency is recognized officially in the future, it’s completely more likely to replace the function of fiat.
November 03, 2018, 05:00:11 AM
That's not possible to happen, Fiat will always there even thousand years goes past. Crypto is a modern technology and as of now huge percent are still not evolving, not even use cellphone, not have internet connection so no chance to live with this online transaction. Fiat and crypto is joined to improve the world
November 03, 2018, 04:29:56 AM
together with the development of currency, i think fiat currencies will not necessary anymore. Cryptocurrencies have so many advantages over fiat. It will soon be replaced by cryptocurrency.
This will happen but hot that fast. Reason for this are many and those reasons are mainly in global level. If something has to change then ok but still more then 80% of world countries are still really on fiat or gold. Crypto is even ban in many countries so doing this will require lot of first time then effort to adopt everything in regular day system. Why cuz we pay fee for every transaction no matter how small that is and this may be problem for many countries that are even considering this option and implementing crypto payment in everyday. Maybe after few years and when we see how Japan model when with some information about we will be able to say little more specific and detailed.
November 03, 2018, 04:16:50 AM
together with the development of currency, i think fiat currencies will not necessary anymore. Cryptocurrencies have so many advantages over fiat. It will soon be replaced by cryptocurrency.
November 03, 2018, 03:29:34 AM
Fiat currency is very significant in today's world. It has established an important role in different transactions ariund the world. Replacing fiat currency by cryptocurrency is still far frim reality. Cryptocurrency hasn't been that reliable in terms of consistency and security.
From many decades people are fairly using the fiat currency for their home needs and many more other transactions, in order to use cryptocurrency still we don't have very well established platform and it will take a lot of time to implement cryptocurrency. Cryptocurrency will act as part of the transaction but completely we cannot able to implement them because due to fluctuations.
November 03, 2018, 03:11:26 AM
Fiat currency is currency that has been legal by some government that is not backed by a physical commodity such as Gold or Silver or Oil for example. The value of fiat money, can be USD or EURO or GBP or something else. There is always a certain relationship between fiat currency and Gold and other valuable materials. So in some world you need some material mostly for all countries in the world is GOLD to be backed up for fiat. So this opens many other questions is it good or bad to have fiat as prime or to change to crypto and blockachain technology.
Some many believe that fiat currency system is the best option. International adoption has taken place for a number of reasons. What is the reason for this, some say that is obvious one and that is GOLD is something that will run out eventually and paper money wont. Then for what is good fiat. For one thing, it allows governments to provide stimulus, take on debt and provide investment. That is main purpose and relationship between Fiat currency and Gold.
Also by using fiat we're giving high tax i know no one want to give extra taxes but its our responsibility because with tax we are helping government. SO in short fiat is to much necessary for the economy and the country progress. Some many believe that fiat currency system is the best option. International adoption has taken place for a number of reasons. What is the reason for this, some say that is obvious one and that is GOLD is something that will run out eventually and paper money wont. Then for what is good fiat. For one thing, it allows governments to provide stimulus, take on debt and provide investment. That is main purpose and relationship between Fiat currency and Gold.
October 28, 2018, 02:28:13 AM
You can question fiat money, such as taxes. But I think this is the future trend. The emergence of stable currency is conducive to the growth of cryptocurrency, but the way of regulation can be diverse.
October 28, 2018, 12:46:27 AM
Even with the growth of crypto, I think it can not replace paper money. All governments in countries want to control their economies, if a society has only crypto money, how can they manage it? Moreover, in rural and remote areas where internet and computer are not available, paper money is still the most affordable.
Absolutely right. The national money of the states interact with the economies of these states, and the cryptocurrency cannot provide such interaction. Therefore, nothing threatens national money. The money of various countries has been going on for thousands of years and most likely will still go on for a very long time. When we, after three hundred years, enter into official contact with aliens, as Wang had predicted, something might change. However, before that the national money of the states will go to each state.The need for national money and the transition to any calculations, including in the cryptocurrency, can only be in the case of the unification of states into one state of global scale or at least the union of their economies into one union on the principle of the European Union.
October 28, 2018, 12:18:40 AM
Fiat currency dont have to be paper form. Its can be in digital form but controlled by government or central banks. I think fiat still needed in near future because many people still dont know about cryptocurrency and many area dont have good internet infrastructure
October 27, 2018, 07:43:14 PM
Fiat currency is very significant in today's world. It has established an important role in different transactions ariund the world. Replacing fiat currency by cryptocurrency is still far frim reality. Cryptocurrency hasn't been that reliable in terms of consistency and security.
Yes, Fiat is still important for today's economy, It is used by most countries in the world, it has a lot of transactions in the world, It builds its reputation in every industries and companies, I think replacing it by crypto currencies is far in the future, There are a lot of thing we just need to consider before doing that.
October 27, 2018, 06:33:07 PM
Well its depends on the situation or the condition of the world during those times, surely we are on digital age and fiat won't be needing as far as new technology is concerned and it by using it will faster the transaction and serve the world better why not, but still we never know what will happen, I guess we would still be needing fiat in the case to case basis.
October 27, 2018, 01:58:30 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.
I think fiat currencies are really a very important part of the world simply because of their acceptance. Fiat are accepted anywhere and everywhere in the world because the government backs it. Crypto are nowhere near them in terms of acceptance. I don't think fiat can be replaced by crypto. 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.
Moreover, virtual currencies require access to Internet for their transactions which is not needed for fiat trade. Fiat can function perfectly without Internet whereas crypto is useless without Internet.
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