Topic: In the future, will fiat currencies be necessary in the world? - page 31. (Read 35816 times)
September 18, 2018, 02:28:27 AM
As of this time in the market exchanges of goods fiat currency is still necessary in the world because , cryptocurrency still to be observe as to be a currency in the next era of market exchanges, so up to now fiat currency is the medium of exchanges to be used all over the world ,until cryptocurrency will be accepted by all nations.
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.
September 18, 2018, 01:22:04 AM
of course it is very necessary for economic sustainability in the country. although the value of exports and imports must follow the global market and exchange rates, but for the economy in the country must still use fiat money.
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.
September 18, 2018, 12:54:04 AM
Each type of currency has its advantages and disadvantages. Therefore, all their species must exist and will exist in parallel with each other. A regular currency will always be needed. Without it, no country's economy will function properly. While talk of the uselessness of conventional currency is premature. The world is still clearly not ready to pass not only to the crypto currency, but also to non-cash forms of settlements.
September 17, 2018, 11:40:27 PM
Of course, the national currency of each country is a means of economic development and ordinary money will exist if not always, then for a very long time in the future.
The usual currency will cease to be necessary if the political and economic systems of all countries of the world are so close that it will be possible to switch to the use of a single currency. We see that even the European Union is not very ready for this. What then is to be said completely about the whole world, when now, because of Russia and some other states in the world, a new round of the arms race is taking place.
The usual currency will cease to be necessary if the political and economic systems of all countries of the world are so close that it will be possible to switch to the use of a single currency. We see that even the European Union is not very ready for this. What then is to be said completely about the whole world, when now, because of Russia and some other states in the world, a new round of the arms race is taking place.
September 17, 2018, 11:24:59 PM
The need for fiat currency is currently maintained in many countries but I think it will gradually be abandoned. I was quite observing in terms of raw materials and real ownership of money between the fiat and crypto currencies.
1. Fiat currency requires special raw materials and this will continue to grow and will eventually run out, if so what happens is the sustainability of fiat currency? Crypto does not need this raw material because they are non-physical and no longer cost to procure raw materials.
2. Can the country detect how much money is actually in each person if they don't report it? Crypto already has a decentralized ledger and this will be very useful for tax imposition, transaction flow and prevention of money laundering and criminality
1. Fiat currency requires special raw materials and this will continue to grow and will eventually run out, if so what happens is the sustainability of fiat currency? Crypto does not need this raw material because they are non-physical and no longer cost to procure raw materials.
2. Can the country detect how much money is actually in each person if they don't report it? Crypto already has a decentralized ledger and this will be very useful for tax imposition, transaction flow and prevention of money laundering and criminality
I support this statement where fiat currency requires raw material physically and this is vulnerable to counterfeiting where almost all countries have counterfeit money, but with crypto counterfeiting the currency will not occur because the ledger records transparently and validates. tax reporting can be manipulated when using fiat currency but in crypto if blockchain integration is already underway we no longer need to report, the state only needs to see all transactions and the flow of funds from someone for tax collection
September 17, 2018, 11:11:47 PM
Fiat will continue to pose good significance in our society until the new set of generation which are completely inclined with technology and the internet emerge. Remember, there are still some people who do not know much about the internet or do not have internet access in order to use crypto.
I agree. Fiat is always necessary for every people and also government wont allow the country to not used the traditional currency which can be control by them. Not all people knows the existence of digital currency and even they know, do not get involve in it knowing the risk that it can give. Though it is part of new technology, fiat cannot be remove unless the government agree with it. 
September 17, 2018, 10:55:46 PM
Fiat is necessary because it is far easier to distribute and it doesn't need much infrastructures to make use of and distribute. But i think all thse could be phased out once we have a system where by everyone coyld have access to their accounts anytime and anywhere. Maybe 10 years un the future or so and crypto currency will be king.
September 17, 2018, 09:53:50 PM
yes, of course fiat will still be very needed for this world because if there are only digital currencies like bitcoin and others it might just make a lot of people have trouble making transactions and the economy might be disrupted so let fiat stay because it's a choice for people who don't want using digital currency.
September 17, 2018, 05:41:38 PM
The need for fiat currency is currently maintained in many countries but I think it will gradually be abandoned. I was quite observing in terms of raw materials and real ownership of money between the fiat and crypto currencies.
1. Fiat currency requires special raw materials and this will continue to grow and will eventually run out, if so what happens is the sustainability of fiat currency? Crypto does not need this raw material because they are non-physical and no longer cost to procure raw materials.
2. Can the country detect how much money is actually in each person if they don't report it? Crypto already has a decentralized ledger and this will be very useful for tax imposition, transaction flow and prevention of money laundering and criminality
1. Fiat currency requires special raw materials and this will continue to grow and will eventually run out, if so what happens is the sustainability of fiat currency? Crypto does not need this raw material because they are non-physical and no longer cost to procure raw materials.
2. Can the country detect how much money is actually in each person if they don't report it? Crypto already has a decentralized ledger and this will be very useful for tax imposition, transaction flow and prevention of money laundering and criminality
September 17, 2018, 04:48:01 PM
Yes of course, Fiat is necessary all over the world because it is a means of trading in every product and services needed by every individual. Even in cryptocurrency, we can see that some of it are traded directly to fill and that's how essential it is in our economy.
September 17, 2018, 04:44:16 PM
Well,you have a good point but your suggestion raises a huge argument. How many people in this world have access to constant supply of electricity, good internet connection, and good knowledge in the internet? Well, Africa has a huge problem here. Hence it will take a very long time for such problem to be solved.
For the mean time, i think cryptos and fiat will both coexist.
For the mean time, i think cryptos and fiat will both coexist.
September 17, 2018, 04:22:56 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 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.
Exchanging fiat money to cryptocurrency takes the power of the government. Governments manage paper money as they wish. But the implementation of digital money results with the collapse of this system. Although crypto isn't perfect, but it is a more current model that can replace the paper money.
September 17, 2018, 03:58:49 PM
Yes, fiat money is very necessary for every individual especially to those who aren't willing to join cryptocurrency. Though to some cryptocurrency is better than fiat money, not all are using this because of its volatility factor. So others prefer using fiat money than fiat money.
September 17, 2018, 03:04:41 PM
The usual currency in the near and distant future will not disappear. If someone does not need a fiat, then many still need it and most of the world's population will not be able to do without ordinary national money. In addition, the crypto currency can not replace the national money vseravno. She can only walk in parallel with them. Therefore, the reasoning is whether people still need the usual currency, which is still used today, is meaningless.
It will not vanish, no doubts. Fiat is simply the easiest way for all the people (never mind when they live) to sell and buy something. No internet or gadgets are needed for it.
September 17, 2018, 01:58:49 PM
Each state needs its own national money for normal functioning, which would be based on its economy. The state can not switch to using crypto currency instead of its national money, as this will destroy economic relations. Therefore, the crypto currency can only be used together with the national money of the state.
September 17, 2018, 01:55:19 PM
Fiat is necessary and it will persist even if everything disappears. People will change their habits and and and will restrict the use of fiat, but there are many things that can't not use this most simple form.
September 17, 2018, 01:40:20 PM
The usual currency in the near and distant future will not disappear. If someone does not need a fiat, then many still need it and most of the world's population will not be able to do without ordinary national money. In addition, the crypto currency can not replace the national money vseravno. She can only walk in parallel with them. Therefore, the reasoning is whether people still need the usual currency, which is still used today, is meaningless.
It will not vanish, no doubts. Fiat is simply the easiest way for all the people (never mind when they live) to sell and buy something. No internet or gadgets are needed for it.
September 17, 2018, 07:57:52 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.
It has some point. It is a stereotyping in which we tend to believe what we have commonly seen, or somewhat we believe the thing that we just assumed. This kind of mentality is probably what most of the cryptocurrency users needed. We must not only considered our personal interest but rather think of the future benifit of everyone. But still it will be benificial if everything will be digitalized because it is the new trend and what people need.
Jump to: