The essence of legal tender is the government's credit. You can accept the renminbi, accept the dollar, and accept the euro, all because of the government's credit as a guarantee behind these currencies.
As long as there is a country, the legal currency will always exist!
Topic: In the future, will fiat currencies be necessary in the world? - page 32. (Read 35815 times)
September 17, 2018, 08:31:40 AM
September 17, 2018, 05:35:25 AM
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.
Fiat is necessary because its the only way which helps government to develop their country.People pay tax and the economy become greater and greater.Where replacing it with cryptocurrency can ruined the economy completely September 17, 2018, 05:07:08 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.
Fiat currency will always be important in the world. It still shows that it is a reliable and tight system, although still a bit bad. But it will always be important to the world. Bitcoin will develop based on these weaknesses and it can coexist with paper money. Add to those shortcomings and help people make more choices in how to trade and manage their assets. 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.
September 17, 2018, 04:48:34 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.
I think fiat currency is always needed. Bitcoin will probably grow brighter but to completely replace the currency it will not. It is a new alternative in the way of asset management as well as transactions. It will develop by doing things that paper money does not work. Generally fiat currency will always be needed. 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.
September 17, 2018, 03:24:53 AM
Yes of course the use of fiat money is really necessary since this is the medium for exchange and without these the exchange could not be happen even if there are cryptocurrency that could be use and utilize. Yet, cryptocurrency is in decentralized form so it could be difficult to get the accurate market price for the exchange since crypto may varry its market price from time to time.
September 17, 2018, 03:19:47 AM
As of this moment the fiat currency are still necessary in the world , because even if cryptocurrency is already circulating in the internet ,but not all countries are accepting it ,so fiat are still the medium of exchanges use by people in the area where there is lack of internet access.
September 17, 2018, 02:57:55 AM
Fiat currencies are very much crucial in our everyday lives. I do like to make most of my purchases with fiat currencies and a few other products with cryptocurrencies.
September 17, 2018, 02:45:56 AM
You will not live until today if your family did not work hard to earned fiat. Fiat already exist for many generations as one of the cycle of life so that we may live and its already there before Bitcoin exist therefore without fiat currency i don't think so that Bitcoin as investment will be created as investment.
Fiat currency will be controlled by the governments and from decades we are surviving because of fiat currency whatever the works we do. Today Bitcoin came into life only because of fiat currency and based on the technology behind the Bitcoin making us invest in the Bitcoin.
September 17, 2018, 02:09:35 AM
You will not live until today if your family did not work hard to earned fiat. Fiat already exist for many generations as one of the cycle of life so that we may live and its already there before Bitcoin exist therefore without fiat currency i don't think so that Bitcoin as investment will be created as investment.
Fiat currency will be controlled by the governments and from decades we are surviving because of fiat currency whatever the works we do. Today Bitcoin came into life only because of fiat currency and based on the technology behind the Bitcoin making us invest in the Bitcoin.
September 17, 2018, 01:59:47 AM
Paper money has so far been recognized as the most optimal way of financial settlements between individuals and legal entities over the past centuries. Despite the fact that in recent years the world has largely switched to the use of non-cash forms of cash payments, cash, in my opinion, will continue to exist for a very long time, and maybe always. It will not be affected especially by the introduction of crypto-currencies into our lives. She will walk only in parallel with cash.
I'm tremendously curious who and how exactly established that paper money is "the most optimal way of financial settlements between individuals and legal entities over the past centuries". Paper money itself has been around only for a couple of centuries, so what do you mean by the past centuries, how many of them precisely? And I wouldn't call it the optimal way. Personally, I'm quite happy with cashless transactions without discriminating between individuals and "legal entities".
September 17, 2018, 01:34:26 AM
For how many years now that we depend on fiat i must say then that it is still necessary since it is still use as medium of payments in buying food and other commodities. Plus we exchange things first to fiat before using them.
September 16, 2018, 11:07:47 PM
Paper money has so far been recognized as the most optimal way of financial settlements between individuals and legal entities over the past centuries. Despite the fact that in recent years the world has largely switched to the use of non-cash forms of cash payments, cash, in my opinion, will continue to exist for a very long time, and maybe always. It will not be affected especially by the introduction of crypto-currencies into our lives. She will walk only in parallel with cash.
September 16, 2018, 10:49:44 PM
You will not live until today if your family did not work hard to earned fiat. Fiat already exist for many generations as one of the cycle of life so that we may live and its already there before Bitcoin exist therefore without fiat currency i don't think so that Bitcoin as investment will be created as investment.
September 16, 2018, 10:24:43 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
maybe in the future bitcoin with fiat can run together even though its function may be different, because to make bitcoin one of the single currencies in the world takes a long time, indeed what is happening now is the world of trading is undergoing a currency revolution, but the time needed to socialize Currency changes can only occur gradually, we can only hope ... September 16, 2018, 10:20:44 PM
Fiat currency is essential in this world because there are many small-scale industries which will help them to use the fiat currency for their transactions. FOr online transaction, we need to have a fiat currency whereas cryptocurrency completely digital asset which we cannot easily do transaction completely in online.
Businesses cannot just easily shift to cryptocurrency because there are so many things to consider that would be vital to the flow of the business. Money is the blood of the business that's why it should flow continuously. Unfortunately, not everyone accepts cryptocurrency yet and only a small percentage of them accept it so fiat is still needed.
For me perhaps, I still need to convert my cryptocurrency to fiat when I need to buy something especially if it is a store that do not even accept credit card transactions. Technology in the current world cannot do all transactions online because some places doesn't even have enough electricity so it would be less likely for them to use a digital currency that they don't know anything of.
September 16, 2018, 10:16:58 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.
September 16, 2018, 10:08:31 PM
Each country has its own development features, and they need their own currency for this. To equate all countries with one currency will be very unfair, and before that, all countries need to be brought to the same economic denominator.
Yes i agree, it must have same economic denominator for the development of the country. It has a big role of the economic growth of each country. 
September 15, 2018, 03:53:02 AM
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.
September 14, 2018, 05:57:27 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.
Well, right now, I would say that fiat money is necessary because they are the declared and recognized legal tender and bills that governments in their own locals transact with. People are also more accustomed in the dealing with fiat rather than other means, which maybe be popular in their own right, like credit cards. Also, the acceptance that is being shown by people from different ages are more widely recognized in terms of fiat money rather than other means. Therefore, in the line of business, it is still the better asset to have and to deal with.
September 14, 2018, 04:27:21 AM
Fiat currency is essential in this world because there are many small-scale industries which will help them to use the fiat currency for their transactions. FOr online transaction, we need to have a fiat currency whereas cryptocurrency completely digital asset which we cannot easily do transaction completely in online.
Its the basic, having fiatis the traditional way of transacting payments or having currencies. Bitcoin is another way that sure soon will be developed and distinguished by many countries once proven safe and beneficial. Jump to: