In the future, will fiat currencies be necessary in the world? - page 24.

KesoNie

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Quote from: Faeton on October 03, 2018, 12:28:50 PM

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.

It's not even about taxation. States can not physically go to the calculations in the cryptocurrency, for this decentralized cryptocurrency has too many shortcomings and, above all, greater volatility. On the other hand, a part of the population of any country simply does not want to switch to the use of non-cash money, and even more so cryptocurrency, the use of which requires certain knowledge and practical skills.

Of course, fiat currency is really necessary in the world because it is more convenience to used as payment especially in small store and it also used for any payment because it is the only currency that accept. While cryptocurrency is good for transaction in shopping in some site because it is fast to used, im short it is cashless which is good now to our society because most people are using credit and debit card which is cashless.

Faeton

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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.

It's not even about taxation. States can not physically go to the calculations in the cryptocurrency, for this decentralized cryptocurrency has too many shortcomings and, above all, greater volatility. On the other hand, a part of the population of any country simply does not want to switch to the use of non-cash money, and even more so cryptocurrency, the use of which requires certain knowledge and practical skills.

shelemiah31

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Yes of course.It is necessary both for those who are crypto holders and for those who are not into it.Most people are still using fiat because they know prefer tangible money rather than crypto.

Himanshu111

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Quote from: cfif123 on October 03, 2018, 06:08:28 AM

Quote from: vasilev456 on October 01, 2018, 05:43:41 AM

In my opinion in the future, the currency will simply become digital, for the reason that most countries are developing their stablecoins instead of joining efforts and creating an international cryptocurrency!

but if I think that in the future the fiat currency will not be replaced, because fiat currency is very important for the country because it has become a symbol of the country too. and even though there are already lots of digital currencies but they cannot replace paper currency or fiat

Yes definitely fiat currencies are very necessary in this world.Each and every person uses fiat currencies for day to day transactions.Fiat currency is accepted internationally.Banks and governments support fiat currency because it is centralised.Fiat currency can be used anywhere and anytime unlike cryptocurrencies which require internet connection to get operated.Cryptos are also decentralised and risky as they can get hacked too.

katerinaliisa

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If cryptocurrencies will replace Fiat, then either every state will have their own personal crypto-currency, a state must unite. Because each cryptocurrency operates within the same system.

cfif123

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Quote from: vasilev456 on October 01, 2018, 05:43:41 AM

In my opinion in the future, the currency will simply become digital, for the reason that most countries are developing their stablecoins instead of joining efforts and creating an international cryptocurrency!

but if I think that in the future the fiat currency will not be replaced, because fiat currency is very important for the country because it has become a symbol of the country too. and even though there are already lots of digital currencies but they cannot replace paper currency or fiat

basyang

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Quote from: suzanogbomo on August 28, 2018, 03:48:33 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

Yes. I am totally agree with your opinion. Let we say crypto is gradually trend today and there are some advantage of using it. But still we need a fiat or a physical many for the market because not all people can used cryptocurrency. We should also consider our elders that did not know how to use it. Fiat is still necessary even though we have cryptocurrency it can not replaced our traditional currency.

bitgogo123

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I think this is very necessary. This helps to develop cryptocurrencies. From the side, if a government issues legal tenders then it may mean that they are prepared to accept cryptocurrencies.

Crafts12

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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.

Personally, Fiat currency is neccessary for the world for a reason that not all the people are familiar to the use of digital currency or payments that involves the technology. In addition to that, not all the people have the capacity to access the cryptocurrency world such as bitcoin so fiat currency is a necessary.

jonaire99

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In the near future, fiat might no longer necessary if the digital infrastructures that support cashless transactions are in place even in the remotest part of a country. Fiat currency like the dollar can also converted into digital money by the central bank to match the challenges posed by the cryptocurrencies and other digital currencies. These are all possibilities that might be happen when that future is finally arrive.

whiteblue

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yes of course this fiat currency is still very useful and is still very important for the world because there will still be many people who use fiat even though the future of finance will use digital currency but I am sure the future will still be some people who use fiat currency.

gorodi

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Quote from: sambel90129 on September 28, 2018, 09:47:30 PM

in the present, fiat currency is of course indispensable, because which government is willing to give up control of the country's economy, because the fiat currency of the government can still regulate the money in circulation and can collect taxes on businesses, the government can also intervene in the value of the currency The community also seems to be in dire need because the traditional buying and selling system requires the perpetrators to use the currency of the existing country.

As I see, the traditional money will be always used. I know that in the future, the cryptocurrencies will become extremely important but fiat will be needed as well.

cryptoalfs76

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▰▰▰ MODULE ▰▰

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.

Definetly a big yes! thats fiat currency are a big necessary in the world as an trading capital globally used,because its the main sources of all monetary fund,even though we can say thats cryptocurrency are creating now its own legacy to make a cashless society,but its not main now thats crypto are ready to replace the monetary fund of fiat currency.

ibrar.noman

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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 money does not have use value, and has value only because a government maintains its value, or because parties engaging in exchange agree on its value so in think its not necessary in the world.

vasilev456

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In my opinion in the future, the currency will simply become digital, for the reason that most countries are developing their stablecoins instead of joining efforts and creating an international cryptocurrency!

slocker

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Quote from: Btc_1856 on September 28, 2018, 11:23:05 PM

Still, fiat currency is very essential in local areas because still, they don't believe in cashless transactions. Yes, fiat currency is the necessary requirement even though cryptocurrencies exist because cryptocurrency cannot be controlled by the government sectors.

More will be for undeveloped countries. Off course in developed countries is used to, mostly cuz many people still believe that paper is more values then plastic. Maybe it is like that but eventually we will all have to come to the point where is necessary to cross this line.

Btc_1856

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Still, fiat currency is very essential in local areas because still, they don't believe in cashless transactions. Yes, fiat currency is the necessary requirement even though cryptocurrencies exist because cryptocurrency cannot be controlled by the government sectors.

Sadlife

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In our present era it is necessary because the old banking system has not yet accepted it due to its innovative technology their having a hard time in accepting it because that would mean that they've admitted defeat and prove that digital currencies are better and our current commerce isn't prepared for online payment yet.

manyu22

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Quote from: sambel90129 on September 28, 2018, 09:47:30 PM

in the present, fiat currency is of course indispensable, because which government is willing to give up control of the country's economy, because the fiat currency of the government can still regulate the money in circulation and can collect taxes on businesses, the government can also intervene in the value of the currency The community also seems to be in dire need because the traditional buying and selling system requires the perpetrators to use the currency of the existing country.

Fiat money is money whose value comes from government regulations or laws. This money is different from commodity money based on goods, which are usually precious metals such as gold or silver. This term comes from the Latin word fiat ("let it happen", "will be").

sambel90129

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in the present, fiat currency is of course indispensable, because which government is willing to give up control of the country's economy, because the fiat currency of the government can still regulate the money in circulation and can collect taxes on businesses, the government can also intervene in the value of the currency The community also seems to be in dire need because the traditional buying and selling system requires the perpetrators to use the currency of the existing country.

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