Topic: In the future, will fiat currencies be necessary in the world? - page 35. (Read 35815 times)
September 04, 2018, 05:02:46 AM
in financial terms, of course crypto currencies will provide more convenience in all forms of transactions, but to change fiat currencies into crypto currencies globally, I think that is not as easy as imagined. because for now there aren't many people from all walks of life who can fully understand crypto currencies. and this needs to be socialized that requires a lot of time to be realized for the wider community.
September 04, 2018, 05:02:14 AM
I think, fiat money are created only because it is much more convenient than our older system of paying which is trading goods, people find a way to be able to do an easier transaction and that is by fiat or cash, they find it very useful and easier that is why they have decided to use it word wide, I think that is gonna be the way cryptocurrency will enter the transaction system, because it is easier and more convenient when it comes to transaction.
September 04, 2018, 04:49:08 AM
lol . what kind of question is this ?
Of course yes. Fiats currency or money , is verry essential and necesary to use since it is the first known legal currency before other payment method exists .
Fiats are verry important and should not be questioned by any other means .
Without fiat , do you think your so called cryptocurrency will have thier own value ? no right ?
fiats will always remain the number currency because majority of people will still stick using it , as it is more easier than cryptos and other medium .
Of course yes. Fiats currency or money , is verry essential and necesary to use since it is the first known legal currency before other payment method exists .
Fiats are verry important and should not be questioned by any other means .
Without fiat , do you think your so called cryptocurrency will have thier own value ? no right ?
fiats will always remain the number currency because majority of people will still stick using it , as it is more easier than cryptos and other medium .
September 04, 2018, 04:47:26 AM
The next question that will help us is can everyone in the world use digital currency including the edged and the illiterate class? i ques the honest answer should be no hence to some extent we need fiat currency.
September 04, 2018, 04:43:11 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.
Fiat money is our main type of currency but of course because of hi-technology come up the lifestyle of people must be followed because almost all things in world are operated by hi-technology from transportation in the land up to the sky so all things in the world are start in low quality it means from fiat money we have to changed into Cypto Currency. but we still need fiat money while crypto currency are not yet available.
September 04, 2018, 04:03:03 AM
I might think differently, it might still needed in functionall form but for physically form of paper and metal might not be needed, just changing the nature from physical to digital or electronic, such as using a debit or credit card.
September 04, 2018, 03:32:02 AM
I think yes because not all people are in favor of bitcoin and cryptocurrency as means of payment to buy goods or pay for servicese. On the other hand, with the downside of crypto for being unusable during offline can give some people valid reason for them to use fiat currency rather than using the technologically advanced cryptos.
September 04, 2018, 03:01:25 AM
I think it's still necessary because Fiat has contributed a lot to a country, fiat symbolizes currencies in various countries. Although crypto actually provides convenience, fiat is still needed because in this world there are still many poor people who do not have technology.
September 04, 2018, 02:53:20 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.
Maybe you wouldn’t need fiat if the world reaches a level where you will have to replace your hands and legs with robotic ones lol… what are you even thinking? If fiat isn’t necessary then why are you still using it? In case you don’t know, when they talk about digitization they don’t really mean crypto, they actually mean easier ways to make use of fiat and with the help of technology we have been able to achieve all those. This time around you don’t need to go to banks anymore, most of the times, cause mostly all you want to do can be done with your phone 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 03, 2018, 08:32:11 PM
Of course it is necessary.Without fiat currencies, we cannot buy things we need everyday to sustain us.We are also using it for payment.Though are people who are not into crypto yet and they prefer fiat.
September 03, 2018, 03:31:29 PM
Yes ofcourse, it is already part of our life. This is the most common form of payment we have made. From the generations in the past it becomes a significant figure of trading.
It was the most common way of payment but now it is not like this, it is modern age where all of us need to have something modernized and well developed which is now a day digital money, as we can buy all kind of goods with it and we can earn high amount of profit as well, it is rising in price now but having lots of money, holding it for years will give no change but only risk so for me fiat money has no worth as compare to digital money. 
September 03, 2018, 02:33:33 PM
Of Course, Fiat is still necessary. If it's not necessary anymore, then it should have been gone by now. even though the blockchain technology is now existing. and there's a digital currency that we can use over the Internet, the World is still run by fiat. so for me, it's still necessary.
September 03, 2018, 02:21:20 PM
No cash is the future, a cashless society is likely to start in 2022. 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, the United Kingdom, and Korea ....
September 03, 2018, 01:25:08 PM
Currency is always needed and better if it is not one.
September 03, 2018, 01:16:26 PM
We will always pay and buy something, so we need a means of exchange.
September 03, 2018, 01:11:24 PM
For now fiat currency is necessary in the world because it is what everyone is using. In the future, I think that the need for fiat will be less and less, but I also believe that crypto alone may not be able to eliminate fiat altogether. It is highly possible that those two may simply learn to exist along with the other. After all, not all country in the world even have internet so they will still use fiat, right?
September 03, 2018, 12:48:58 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.
Your reasoning is sound but that is precisely why fiat currencies are not going to disappear, governments love to tax you without having to pass a law for that to happen, that is why the governments love printing money so much, they get all the benefits of taxation, they can tax your wealth and not only your income, and they can do it in a way that not many people realize what is happening, so governments need fiat currency and if they need it they are going to keep pushing it so people keep using it.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 03, 2018, 12:34:19 PM
However the country gets developed, there is a need for the use of physical currency, because each and everyone won't find convenient with cryptocurrency. Another thing everyone will not be educated, so it is hard to expect each and everyone using cryptocurrencies even in the long run. So physical currency is a must.
The traditional money will always live. Even when the cryptocurrency becomes more popular, the society will need fiat. I believe that the crypto and paper money will coexist.
September 03, 2018, 12:33:15 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.
Your reasoning is sound but that is precisely why fiat currencies are not going to disappear, governments love to tax you without having to pass a law for that to happen, that is why the governments love printing money so much, they get all the benefits of taxation, they can tax your wealth and not only your income, and they can do it in a way that not many people realize what is happening, so governments need fiat currency and if they need it they are going to keep pushing it so people keep using it. 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 03, 2018, 11:09:36 AM
fiat currency has a good role in everyday transaction of the people specially those people who were living in the rural areas and for me it will never behind in cryptocurrency fiat currency will still exist in the everyday lives of the people.
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