In the future, will fiat currencies be necessary in the world? - page 28.

Nasty23

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Quote from: btcjocan on September 22, 2018, 08:04:38 AM

Quote from: ulhaq on August 28, 2018, 02:29:55 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 still necessary for me because this is the most convenient way of paying goods and can be accepted anywhere.When this new innovation BTC would be more develop i think there were alot of people adopt and used it.

Yes I also think that fiat is still necessary because fiat can be used anywhere and can be done easily on which it doesn't need any internet connection to be send and received from the other people and also fiat are the most easiest way in the mode of payment in the different countries. Cryptocurrency and the fiat currency are both good when they are doing their own roles in the community based on their different functions so that the people can be choose freely for what they want and they can be used it easily.

Crypto Girl

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Quote from: zenhu on August 28, 2018, 02:47:28 PM

Like for example I want to buy a single cupcake on the street worth of 1 usd but need pay 1 usd more for the fee? Or receive my paycheck this afternoon with bitcoin and wake up the next day just to find out my money decrease from 5k usd to 4k cause market volatility? At this moment I think we still need fiat money. Until there some cryptocurrency that solves the problem about confirmation time, fee, and stable price.

IMO, if we want a stable one then why don't we use USDT? Though it doesn't backed by anything and so other cryptos neither bitcoin? So yeah why not if our concern is volatility? Personally, usdt is quite enough to be a currency and leave bitcoin as a pure asset.

Crypto replacing fiat will be a big leap in humanity as it will revolutionize the payment system yet this will be a long process so I'm just looking forward in crypto as an additional mode of payment like why fight over fiat if we can add cryptos, isn't it?

btcjocan

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Quote from: ulhaq on August 28, 2018, 02:29:55 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 still necessary for me because this is the most convenient way of paying goods and can be accepted anywhere.When this new innovation BTC would be more develop i think there were alot of people adopt and used it.

manismanja

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it looks like fiat is still very much needed by fiat because it is very familiar among the community and there are many people who use fiat to make existing payments so that payment can be very easy to do using fiat because fiat is still widely used for many people.

Tramle091296

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Fiat is always be important for every nation because fiat is number one needed in most of the countries all of their money people uses it for purchasing products. But fiat needed also to make a change because of the Cryptocurrency that existed now. some our replacing their money because they saw an potential on how will benefits it on everyday live. But fiat is always be a superior currency in the world.

policeoo

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The future will bring us so many changes. We are looking forward to crypto currencies and their influence. I think they are very welcome in our lives. Many people disagree because they are afraid that they can't be controlled, banks have control over our lives and with crypto currencies and their fast transactions, there will be no need for middlemen, fast transactions and moment trading will be our future.

myown2cents

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Quote from: Hell-raiser on September 18, 2018, 05:04:07 AM

Quote from: sevenbits on September 18, 2018, 01:18:59 AM

At the current stage of development, Fiat is absolutely necessary. Perhaps for the real functioning of the economy, Fiat is not needed, but the consciousness of most people is still very attached to the Fiat. So it was with the first paper money, then with electronic payments.

What do you mean by "real functioning of the economy"? It is generally accepted that any advanced economy, where advanced is anything beyond a simple subsistence economy, money is a must-have, as it were. In a subsistence economy you don't really need money and can get along with barter as it doesn't introduce division of labor other than hunting, gathering, and agriculture. Anything else needs money, and modern economies need fiat as money because money based on hard assets will be ineffective in so complex economies.

Quote from: ulhaq on September 18, 2018, 04:42:12 AM

The "built-in mechanic" of fiat regulating itself is a complete fantasy. Central banks and governments set interest rates, expand the money supply, established the rules of FRB, create bailouts, maintain liquidity, etc. There is nothing "built-in", nor "automatic".
Of course all of the features you mention can be implemented in cryptocurrency, as well.

You may need to finish school, really. And learn about the forms in which money exists today. Central banks and governments on their own can't "expand the money supply" as it will only cause inflation, price inflation. Hint, you may want to read about endogenous money supply.

Yeah fiat currency is very necessary for a government and for the people. Most businessmen are using fiat currency for their transactions. It will be there although cryptocurrency takeover the market in the future. After a long time when all the people in the world will use only cryptocurrency for their daily needs and for their transactions crypto may takeover fiat currency.

teosanru

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Obviously. Do you want to go back to a world where barter system was in place? No, right?
Fiat currencies are the best way to carry out transactions. You don't have to worry about network, connectivity or own a device.
Just give your money and buy whatever you want.

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Quote from: Janation on September 22, 2018, 04:44:29 AM

Quote from: Howits on September 22, 2018, 04:38:45 AM

Quote from: traderethereum on September 19, 2018, 03:17:52 AM

fiat currencies still necessary in every country because people still use fiat to buy anything. but fiat currency slowly has to turn into digital payment because we see some apps offering us to deposit some amount of money to them so we can use it to pay for something we buy without using fiat. and I think in the future, the fiat will still exist but there are many options of the payment which comes from the digital payment like I said.

Also fiat also involve with country's development. If you're thinking to replace fiat with bitcoin then its impossible.

Government can still use cryptocurrencies to replace the fiat, but we are talking about a lot of years from now, maybe a century or a millennium, we don't know. What we all know is that the future is pointing towards to these technologies started by the solution of double spending made by Satoshi Nakamoto in the past of cryptocurrencies in which is called the Blockchain.

Fiat currencies are still necessary in the world, there are no other way to pay now without these fiats. I mean yes, you have your mobile applications or cards;ATMs or Credits but I don't think they would be able to give it a load without fiat. Without fiat, we will still be using other things we can trade with the same value, and that is bad.

Yes of course. Fiat money is very necessary in the world. No matter how cryptocurrency become popular and become so useful it couldn’t totally replace the fiat money. Fiat money couldn’t totally be eliminated just because something new came up.

kobecury

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My opinion is that in the post-dollar era, the solution that would spontaneously emerge if people were free, would be to use crypto-currencies for payments and precious metals for (cash) savings. Simply because they are the single most competitive answer to both of those needs.

Janation

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Quote from: Howits on September 22, 2018, 04:38:45 AM

Quote from: traderethereum on September 19, 2018, 03:17:52 AM

fiat currencies still necessary in every country because people still use fiat to buy anything. but fiat currency slowly has to turn into digital payment because we see some apps offering us to deposit some amount of money to them so we can use it to pay for something we buy without using fiat. and I think in the future, the fiat will still exist but there are many options of the payment which comes from the digital payment like I said.

Also fiat also involve with country's development. If you're thinking to replace fiat with bitcoin then its impossible.

Government can still use cryptocurrencies to replace the fiat, but we are talking about a lot of years from now, maybe a century or a millennium, we don't know. What we all know is that the future is pointing towards to these technologies started by the solution of double spending made by Satoshi Nakamoto in the past of cryptocurrencies in which is called the Blockchain.

Fiat currencies are still necessary in the world, there are no other way to pay now without these fiats. I mean yes, you have your mobile applications or cards;ATMs or Credits but I don't think they would be able to give it a load without fiat. Without fiat, we will still be using other things we can trade with the same value, and that is bad.

Howits

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Quote from: traderethereum on September 19, 2018, 03:17:52 AM

fiat currencies still necessary in every country because people still use fiat to buy anything. but fiat currency slowly has to turn into digital payment because we see some apps offering us to deposit some amount of money to them so we can use it to pay for something we buy without using fiat. and I think in the future, the fiat will still exist but there are many options of the payment which comes from the digital payment like I said.

Also fiat also involve with country's development. If you're thinking to replace fiat with bitcoin then its impossible.

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Quote from: redsun114 on September 22, 2018, 12:55:01 AM

Quote from: netil on September 18, 2018, 01:57:53 AM

Depends on the point of view. Perhaps for the real functioning of the world economy, Fiat is no longer so necessary as before. However, for the public consciousness, traditional currencies are still of great importance.

Well it is not so necessary for a country to have fiat like take examples of countries like Venezuela where the transactions happen via the mobile phones that is the mobile money and the economy is working.

It is rather helping the government refrain from the printing of excess money that reduces the value of the currency and hence reduce the purchasing power of the currency. This situation normally leads to a high exchange rate which is not good for the economy. Besides, crypto might be the international currency only if all the countries around the world start accepting it.

You can say it into a country that has a high in economy where as adopting the innovation of technology as well, just like the country you had mentioned, but in some countries were still in crisis, I mean in third world countries fiat currency is still for them because some of them are not educated and don't have any idae about the existing evolution of technology right now.

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Quote from: traderethereum on September 19, 2018, 03:17:52 AM

fiat currencies still necessary in every country because people still use fiat to buy anything. but fiat currency slowly has to turn into digital payment because we see some apps offering us to deposit some amount of money to them so we can use it to pay for something we buy without using fiat. and I think in the future, the fiat will still exist but there are many options of the payment which comes from the digital payment like I said.

Fiat currencies playing a main part in our lives. Of course without fiat everything will me vanished. We need fiat currencies in order to control our economy and people.

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Quote from: netil on September 18, 2018, 01:57:53 AM

Depends on the point of view. Perhaps for the real functioning of the world economy, Fiat is no longer so necessary as before. However, for the public consciousness, traditional currencies are still of great importance.

Well it is not so necessary for a country to have fiat like take examples of countries like Venezuela where the transactions happen via the mobile phones that is the mobile money and the economy is working.

It is rather helping the government refrain from the printing of excess money that reduces the value of the currency and hence reduce the purchasing power of the currency. This situation normally leads to a high exchange rate which is not good for the economy. Besides, crypto might be the international currency only if all the countries around the world start accepting it.

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Quote from: BitSat on September 21, 2018, 03:14:40 PM

You cannot eliminate that right away even though the possibilities of Crypto in economy is high. There are benefits of Crypto and the same with fiat. We can use both of them for our everyday life. We should look at the new era. Countries are ready to enter the cashless era using only mobile payments and cards, such as Sweden the United States and so on. For the mean time i think Cryptos and fiat will both coexist.

The cryptocurrency is an upper model of fiat money. Humanity chooses the more useful one. Bitcoin is not just the investment which the value measured with paper money. Money is not an asset that can evaluate everything as it appears.

BitSat

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You cannot eliminate that right away even though the possibilities of Crypto in economy is high. There are benefits of Crypto and the same with fiat. We can use both of them for our everyday life. We should look at the new era. Countries are ready to enter the cashless era using only mobile payments and cards, such as Sweden the United States and so on. For the mean time i think Cryptos and fiat will both coexist.

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Quote from: traderethereum on September 19, 2018, 03:17:52 AM

fiat currencies still necessary in every country because people still use fiat to buy anything. but fiat currency slowly has to turn into digital payment because we see some apps offering us to deposit some amount of money to them so we can use it to pay for something we buy without using fiat. and I think in the future, the fiat will still exist but there are many options of the payment which comes from the digital payment like I said.

Fiat will be always in demand. Even when the cryptocurrencies become very important for most of the people, traditional money will be used as well as it is very convenient.

ulhaq

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Quote from: Hell-raiser on September 20, 2018, 04:23:03 AM

Quote from: goshay97 on September 18, 2018, 02:31:47 PM

Fiat is being used to enslave you. So it is 100% not necessary at all to have fiat. People can use a resource like silver or gold which evens the playing field. We don't need the central bankers controlling our economies and running us into the ground so they can live large and have it all. In the USA we pay 6% to the bankers to print our money. WTF..

Yes, this is the way things are in the world. But I don't see how we can exist without fiat today. People had already been using gold and silver as money for a few millenia, and in the end it caused an incessant sequence of economic crises which ultimately ended in the world war (1914). Anyway, I don't think that you would want to get sent back in time like in the 11th century, with no fiat around and nothing else as well which makes your life so comfortable and cushy today. So be cautious of your desires as you don't know what you're bringing into fruition.

There are many other differences between the 11th century and today besides fiat currency. The industrial revolution took place without fiat. There was an extraordinary improvement in the standard of living before fiat currencies were introduced.

ulhaq

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Quote from: stellgod on September 21, 2018, 03:04:22 AM

Quote from: ulhaq on August 28, 2018, 02:29:55 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.

If you think fiat currency isn’t necessary in this world maybe you should try going to the market to buy something without your country’s conventional currency and seeing if it will be possible to buy or sell anything. I don’t know why some people here keep on asking questions that looks so stupid and doesn’t even require to be answered.If you don’t know, then YES it is still necessary and you can’t do anything if you don’t have it.

This is a really dumb answer, the question specifically was in the future, will there really be a need for fiat currency?

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