Topic: In the future, will fiat currencies be necessary in the world? - page 27. (Read 35816 times)
September 23, 2018, 11:05:08 PM
We have been looking for the total dominance of cryptocurrency as the major transaction currency, which is coming up gradually. But the absolute disappearance of fiat is what I don't really think will happen. If we are to consider. The young and the old and development of places in the world, I will say fiat should not be totally in extinction. But if it can be done without this factors being affected. Fine.
September 23, 2018, 10:48:14 PM
From now till the day that we are crypti currency dependend as a species, fiat will still be needed as the transition is made. Much like what happened when barter was replaced with an efficient system such as fiat ages ago. Fiat will be replaced by crypto currency in the future but definitely in the far future.
September 23, 2018, 01:11:23 PM
Fiat currency is here and necessary because they came first before cryptocurrency. All country of the world use this fiat currency, all county legalize it. That’s why people can use it very easily and everywhere. of course fiat currencies is necessary for the world because till now we can’t provide internet all people of the world that’s why crypto can’t replace to money right now. All kinds of trade, goods are using fiat or paper money. Many country will not let and legalize it as the official digital fiat because it has a lot of risks. Government can’t legalize because it hasn’t any central control authority. No one can control itself. Government can control fiat money but crypto is different from of fiat money. If crypto legalize then government will fall government will lost the power of economics. But we need a better way of doing transaction or payment. Fiat is necessary today but maybe not as necessary tomorrow.
September 23, 2018, 07:33:00 AM
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 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.
In my own opinion, it was necessary because there are a lot of people today who are investing a huge amount which makes them to earn a huge amount of profit depending on the situation of the market.
September 23, 2018, 07:18:46 AM
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 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.
Of course, Fiat is necessary, its always been. We used Fiat in a long time ago and until now we still usimg it everyday. Even though today we have a cryptocurrency we still need fiat. Why? Because not all people know and can access cryptocurrencies, can we consider those people who can not afford to buy a good gadgets because of their status in their living, for them still its convenient.
September 22, 2018, 09:46:36 PM
I am still believe paper money or fiat money still needed. In several country, with bad internet infrastructure, people can not use cryptocurrency and the best option for them is using paper money. If internet connection getting better in the world, i am believe cryptocurrency will dominate transaction
September 22, 2018, 06:52:12 PM
i wouldn't want to say fiat is not necessary, considering the fact that so many coins are springing up on a daily basis to address real life situations, but before we begin to see the irrelevancy of fiat, we should consider the fact that not everyone are cryto inclined, until the world is abraced with the functionality of crypto currencies, fiat is still necessary.
September 22, 2018, 06:28:14 PM
yes of course this fiat currency will be very important to be used in several countries and in this world there will still be fiat currencies because not all of them want to use digital currency.
September 22, 2018, 06:02:56 PM
I can confidently say that there will be no Fiat currency and will replace it with cryptocurrency (perhaps it will be called by another name). The banking system is rotten, so it will be changed urgently!
September 22, 2018, 06:01:02 PM
It may take a long way to run to make it happen. We have to consider also other part of the world that electricity is absentm we all know that crypto is run through internet how can they transact if no internet. Fiat money is still necessary to those places without electricity and it is an easy way for them to buy goods.
It is certain that fiat currency is so necessary that it can live up to human history. Although fiat currency is gradually emerging defects need to be changed and cryptocurrency is gradually becoming more perfect to be able to replace the fiat currency. 
September 22, 2018, 05:11:00 PM
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. September 22, 2018, 04:17:25 PM
Yes, fiat Currencies are a must globally becayse they help us for our day to day transactions. We cannot use cryptos for our day to day life so peoples always prefer for the fiat Currencies at this situation.
You are right to some extent but it is also true now it is 21st century where all of us are really want to have new technologies and new currency which can be invest our money and can be use to have all those goods which we have been dreaming to get, fiat is now considering as an old currency while crypto currency or digital currency is the only attraction for all people now a day. 
September 22, 2018, 02:58:31 PM
It may take a long way to run to make it happen. We have to consider also other part of the world that electricity is absentm we all know that crypto is run through internet how can they transact if no internet. Fiat money is still necessary to those places without electricity and it is an easy way for them to buy goods.
September 22, 2018, 12:45:15 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.
Those who believe that the existing conventional currencies of states are not needed with the advent of crypto currency, apparently. absolutely not oriented in the basics of the economy. The economy of the state and its national money are inextricably linked. National money can not simply be abolished and switched to the use of money, which will not reflect the state of the economy of this country. This is absurd. September 22, 2018, 12:43:57 PM
Fiat is necessary, not everyone has access to electronic money. Fiat exists throughout human history, replacing it with great difficulty. Bitcoin can grow in parallel with fiat rather than completely replacing fiat.
September 22, 2018, 12:41:15 PM
Fiat has become a part of our lives for transaction tools, and I think fiat will continue to be used in the future, and because fiat is regulated by the government it is likely that fiat will continue to survive.
September 22, 2018, 12:21:24 PM
Fiat currencies are very necessary in everyday life. I do invest much into fiat currencies and an also in cryptocurrencies but I do like fiat currencies more than cryptocurrencies because I use to grade with them the more.
September 22, 2018, 12:04:20 PM
It is necessary for the governments, fiat currency from the very beginning has been just a way to trick the population out of their gold, then governments discovered that they could print as much money as they could with almost no consequences, with the problem that if they printed too much of it too fast eventually the fiat currency will crash, this is why they do not like bitcoin they cannot print as much of it as they want.
September 22, 2018, 09:00:12 AM
Believed or not money is something that is needed no matter where you go. It something that is necessary every day. Reason for this are many, but mostly all really on money as some sort of emergency fund. Its something that is driven this world off course before crypto is developed. Thinking like this many are still in fiat rather then crypto mostly cuz they dont understand or they are scared of it. Many think that if they have multiple income will be happy but looking in crypto world you can make it faster with good investment.
September 22, 2018, 08:47:09 AM
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.
I oppose to your idea. In my opinion, I think fiat currency is necessary. Let say that bitcoin or other cryptocurrency is really helpful today but we cannot change the fact that fiat is more appropriate currency to use in everyday life. It is still better if we can hold our money rather than stocking it in some devices or apps. Although, bitcoin can help us in everyday life still we cannot be sure in digital currency so basically, fiat is a need.
Jump to: