There will be no necessity for fiat money if everyone knows and have crypto currencies.
Until that it is needed for surviving our daily life,for groceries,for paying bills and much more.
Topic: In the future, will fiat currencies be necessary in the world? - page 2. (Read 35815 times)
With the advent of electronic cards, people are less and less paid with fiat money. As an entrepreneur in the field of trade, I know for sure. I think that the development of crypto is the future economy.
First of all, we must take into account the fact that most of the population of the planet consists of elderly people and people who are already very old. Cryptocurrency is a field of activity for young and technologically advanced generations. On the basis of But, I can assume that paper currency will still be in use, since it will be in demand by most of the population of the planet.
it will probably disappear with cash together
For me fiat is almost vanish from the world now, as there people use only digital currency the most as compare to fiat, in some place people use fiat but only under some specific circumstances otherwise as per need of day fiat and cash has lost their value and digital currency took important place in market.
To answer this with precision I need to ask the following question: are stablecoins (with a value tied to a physical currency) to be considered fiat?
Because the main problem of crypto (price instability) is being solved with stablecoins. Of course, this brings in new issues such as the need to trust a third party to back the coins with something, but that is a different matter. The fact is that you can hodl BTC, ETH or whatever you wish and from time to time buy some stablecoins to carry around in a mobile wallet and pay for everyday stuff, without the need to have a bank account, credit/debit card or cash in hand.
Because the main problem of crypto (price instability) is being solved with stablecoins. Of course, this brings in new issues such as the need to trust a third party to back the coins with something, but that is a different matter. The fact is that you can hodl BTC, ETH or whatever you wish and from time to time buy some stablecoins to carry around in a mobile wallet and pay for everyday stuff, without the need to have a bank account, credit/debit card or cash in hand.
Can be applied to first world countries, but not possible in second or third world countries, where internet is not available, we still need fiat imagine you are from a first world country and you are travelling to a third country and you only got Bitcoin or cryptocurrency, where it has no value on that region.
Almost 200+ countries having traders from bitcoin to covert into their local fiat and you can find them on LBC.And usage of smart phone increases tremendously in the last two years so it won't take one or two more year to invade the whole country it means internet will be there.
in my opinion however the development of the internet world is either enlarged or not, I think that fiat money will still be used in the future. because fiat money is certainly still useful for small people who certainly do not know or use the internet. because as we know, not everyone uses the internet for transactions.
Unlike the growth happening digitally the usage of fiat currencies all around the world will continue. Future of bitcoin cannot be predicted in a precise manner, it is good to predict and move forward along with the digital growth. With this one can be adoptive to the technology as well to the traditional system.
Most of all, it seems that we are moving in the direction of a certain kind of digital camp. Gradually, we abandon the physical money transferring them to digital media. In the future, these may be chips with a complete set of our personal data.
Exactly as you say, our world is moving towards the development of technology, we are using more technology, old products are gradually removed but you should look at countries that are very developed, even growing very well, cash or physical currency, it is still circulated every day, and the reason to use these tools is that it is simple and effective quickly. Agree that digital media can also do these things very well but the device and the connection have certain requirements, it is only suitable for large transactions, small transactions, fiat is still indispensable
If tax was paid to the government in crypto then we could see how it is spent and exactly where. THis can stop so much curruption and wasted money. Noone will be able to hide what they doing with the taxpayers money it will be completely transparent which is a good thing as a taxpayer to know my hard earn crypto is being put to good use.
It is inevitable and everything will be virtual soon. So much already is. No so sure I like the chip idea nut there have been movies about it.
Most of all, it seems that we are moving in the direction of a certain kind of digital camp. Gradually, we abandon the physical money transferring them to digital media. In the future, these may be chips with a complete set of our personal data.
It is inevitable and everything will be virtual soon. So much already is. No so sure I like the chip idea nut there have been movies about it.
Most of all, it seems that we are moving in the direction of a certain kind of digital camp. Gradually, we abandon the physical money transferring them to digital media. In the future, these may be chips with a complete set of our personal data.
Can be applied to first world countries, but not possible in second or third world countries, where internet is not available, we still need fiat imagine you are from a first world country and you are travelling to a third country and you only got Bitcoin or cryptocurrency, where it has no value on that region.
Almost 200+ countries having traders from bitcoin to covert into their local fiat and you can find them on LBC.And usage of smart phone increases tremendously in the last two years so it won't take one or two more year to invade the whole country it means internet will be there.
The usual national currencies of various states will exist as long as these states exist. However, the form of these currencies may vary. Therefore, it is possible that in the very distant future, the paper money of the states may disappear and will be replaced by their other types. However, they can not be replaced by cryptocurrency, because cryptocurrency will never become national money.
At the same time, in the near future, paper money of states can gradually disappear only in the most highly developed countries with a very high level of income of the population.
At the same time, in the near future, paper money of states can gradually disappear only in the most highly developed countries with a very high level of income of the population.
Can be applied to first world countries, but not possible in second or third world countries, where internet is not available, we still need fiat imagine you are from a first world country and you are travelling to a third country and you only got Bitcoin or cryptocurrency, where it has no value on that region.
it will probably disappear with cash together
Turn around, fiat is not necessary even now.
Lol are you sure ? But why i still have my fiats now ? Why people on our place still use fiats more than crypto ? Some people dont use cash for a long time,
Thats true but they are mostly rich people that prefer to use credit cards or debit cards .everything is on cards of some sort.
Not really .In some countries that are opened to cryptocurrencies people dont use cards at all, or any form of fiat, they do almost everything with crypto.
Here on our crypto i can say that crypto is fully legal and accepted but people still use a cash and as well as credit/debit cards aside from cryptos .Quote
Technology is making huge steps in short time, future is already here for some people, some of us will need to wait, but it will spread to entire world.
Your right . it takes some time to some to fully adapt new technologies but soon it will spread
Fiat will continue to be necessary in the sense that it has gained the legal backing of the governments and its value has now become on of the fundamental factors for determining the economic status of a country. Both fiat and cryptocurrency have their unique advantages and once they coexist, there will be much improved financial activities of the people.
Fiat currency cannot easily be abolished in our economy. Although, the rapid advancement of technology can't be denied we still need a fiat in order to balance our economy. I think integration of cryptocurrency in economy will not change the fiat currency. They can use crypto in other aspects in terms of payment through online market, investment, savings etc. How about small businesses? You can pay them via bitcoin but they cannot change you through btc also. Small or large businesses are needed in our economy.
Turn around, fiat is not necessary even now. Some people dont use cash for a long time, everything is on cards of some sort. In some countries that are opened to cryptocurrencies people dont use cards at all, or any form of fiat, they do almost everything with crypto.
Technology is making huge steps in short time, future is already here for some people, some of us will need to wait, but it will spread to entire world.
Technology is making huge steps in short time, future is already here for some people, some of us will need to wait, but it will spread to entire world.
Probably Fiat currencies will turn in cryptocurrency. But Government will have 100% control. Smart contract could be used to decide to add total coin number in case of deflaction and currencies will be much safer and without fakes.
Well, fiat will still be needed, moreover at this time the value of each fiat in a country is different. as long as the world still has scattered countries, I think fiat will always be there and needed. this is also to distinguish a country from other countries.
Probably Fiat currencies will turn in cryptocurrency. But Government will have 100% control. Smart contract could be used to decide to add total coin number in case of deflaction and currencies will be much safer and without fakes.
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