In the future, will fiat currencies be necessary in the world? - page 6.

Latviand

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Quote from: ulhaq on August 28, 2018, 03:29:55 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.

I think fiat currency is really necessary in the world because even though cryptocurrency have been recognized by a lot countries. I still believe people will still exchange it to fiat currency because the government only support fiat currency not cryptocurrency.

Bosx1ne

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Quote from: ulhaq on August 28, 2018, 03:29:55 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.

Even though the cryptocurrencies are now becoming more popular, it can't still surpass the fiat currencies. The fiat currencies have important role in our economy so I am sure that people will still use it in the future. The people will not easily shift to cryptocurrencies because they will have hard time to adjust.

virasog

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Quote from: @prashant on February 20, 2019, 01:11:12 PM

If you are thinking of total digitization of payment method than it will take 4-5 decade or more but till that time fiat will be used for various physical transaction.not everyone is educated and have knowledge of digital currency ,it will take good amount of time when majority of population will be educated and will have digital hardware wallet like system for day today purchases but it will be difficult to implement it.

4 to 5 decades is a long time for the transform of fiat currency into crypto currencies. It may take maximum 10 years in which we can shift from fiat to crypto. Once the crypto currencies become popular, the education and hardware will not be hindrance anymore.

Xising

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Quote from: ulhaq on August 28, 2018, 03:29:55 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.

I think as we are moving to a more technologically inclined world and age, many people would soon opt to defer from using fiat as everything these days are connected online and would also be a safer way to access. For example, currently, in the United States, most people carry a credit or debit card to buy stuff with less many on them since most of the establishments can be paid using plastics. I guess, it's part of improving the business and currency landscape to innovate by way of using less of the "physical" and more of the "digital".

hen cet

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Quote from: miningguru on February 23, 2019, 07:42:58 AM

Cryptocurrency is another form of payments which we can send them very fastly when compared to fait, but in order live in this world we need to have Fiat currency because still cryptocurrency has not been accepted by the governments. Cryptocurrencies are one of essential ones to be accepted in the coming days.

Until whenever fiat money is still needed because it is very easy and does not require technology in its use. Very different from cryptocurrency.
But with the rapid progress, the digital world makes everything move fast, including in financial transactions. In this case the cryptocurrency can place itself to make cross-border transactions very quickly.

Yusuf77

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Quote from: suzanogbomo on August 28, 2018, 03:48:33 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

all possibilities can happen if indeed the fiat currency will use the economic system and adopt a system of blockchain or crypto currency to keep up with the times and technology

sempak

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It seems that along with the economic growth and also the innovative technology of online payment, there are so many and also done by people at this time they welcome quite well the service

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Quote from: kyucryp on February 23, 2019, 10:36:05 PM

In my opinion. Fiat currency is still needed in the future even though the digital era has been around the world. Fiat currency will be a payment option if the digital currency system is experiencing problems or in improving the system. so we can use fiat currency as an alternative transaction tool. and fiat currency can be used in very urgent circumstances.

I think like that too. where fiat currency will still exist until later. and precisely crypto currency which later became a companion of fiat currency. we know that btc is not owned by a country, different from fiat currency

kyucryp

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In my opinion. Fiat currency is still needed in the future even though the digital era has been around the world. Fiat currency will be a payment option if the digital currency system is experiencing problems or in improving the system. so we can use fiat currency as an alternative transaction tool. and fiat currency can be used in very urgent circumstances.

Bagaji

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Fait currency will still be necessary if only of the point you mentioned about how government can now tax crypto currency. Despite the fact that we all clamuring for the adoption world over to bring about its value stability in the future.

whirlcoin

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Quote from: Parodium on August 28, 2018, 03:32:13 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.

yes you are right but kind will be the only problem for most of the time for all things if Paypal will invented before the improvement of blockchain Technology it will be not anything big problem will be happened to this time and the government also do the full support for that.

bitcoinisbest

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Quote from: devinks on February 21, 2019, 11:11:17 AM

if in my opinion, at any time the paper currency will definitely still be used even though the digital currency has been legalized by countries in the world. because the government will never get rid of their real currency someday

Fiat will continue to be used because in every country their are still many people who are illiterate, where basic facilities like shelter, water, electricity have not reached . So in such scenarios we cannot expect that fiat will be abolished and crypto would be started to be used daily.

befriendmywater

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I think in the far future, we will not need fiat money anymore. It is really quite inconvenient. because if we miss our wallet on the road, we will lose all that fiat. For credit cards, we can lock it and create a new account.
Besides, payment has become faster than ever. will no longer have to queue for payment at some crowded stores.
Do you agree with my opinion? Fiat money should be gone soon.

miningguru

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Cryptocurrency is another form of payments which we can send them very fastly when compared to fait, but in order live in this world we need to have Fiat currency because still cryptocurrency has not been accepted by the governments. Cryptocurrencies are one of essential ones to be accepted in the coming days.

JohnBitCo

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Quote from: mrdeposit on February 20, 2019, 03:23:29 PM

Quote from: @prashant on February 20, 2019, 01:11:12 PM

If you are thinking of total digitization of payment method than it will take 4-5 decade or more but till that time fiat will be used for various physical transaction.not everyone is educated and have knowledge of digital currency ,it will take good amount of time when majority of population will be educated and will have digital hardware wallet like system for day today purchases but it will be difficult to implement it.

Do you think it could be possible to move from fiat to digital money in 4 or 5 year? First off, humanity and economy should ready for it. We need more years than you predict and during this time adoption will improve slowly. Do not think someone can run away from this, eveybody will have to use crypto when the time comes.

Even we do not have the complete infrastructure to move from fiat to bitcoins. Bitcoins needs internet to make the transactions and there were many places of the world where we do not find internet like villages etc. First we need to focus on technology and teaching people on how to use bitcoins. Once this is done, only then we can transform the currency from paper money to the digital money.

Anies_Sandi

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Quote from: mrdeposit on February 20, 2019, 03:23:29 PM

Quote from: @prashant on February 20, 2019, 01:11:12 PM

If you are thinking of total digitization of payment method than it will take 4-5 decade or more but till that time fiat will be used for various physical transaction.not everyone is educated and have knowledge of digital currency ,it will take good amount of time when majority of population will be educated and will have digital hardware wallet like system for day today purchases but it will be difficult to implement it.

Do you think it could be possible to move from fiat to digital money in 4 or 5 year? First off, humanity and economy should ready for it. We need more years than you predict and during this time adoption will improve slowly. Do not think someone can run away from this, eveybody will have to use crypto when the time comes.

really because in the near future people will not be able to use crypto for every day, because it takes a long time to use digital currency but not to use paper currency it will not work because the government will not let its currency be shifted with its eyes new digital money

devinks

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if in my opinion, at any time the paper currency will definitely still be used even though the digital currency has been legalized by countries in the world. because the government will never get rid of their real currency someday

Wellyan

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Quote from: suzanogbomo on August 28, 2018, 03:48:33 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

with increasingly modern times and increasingly sophisticated technological advancements, of course, everything that is practically efficient is needed, and of course, it is fast and it is also possible that the fiat currency will change shape and how to use digital currency and that it is in crypto

jabrix

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Quote from: @prashant on February 20, 2019, 01:11:12 PM

If you are thinking of total digitization of payment method than it will take 4-5 decade or more but till that time fiat will be used for various physical transaction.not everyone is educated and have knowledge of digital currency ,it will take good amount of time when majority of population will be educated and will have digital hardware wallet like system for day today purchases but it will be difficult to implement it.

Fiat currency will still be there because practically and all ages with zero education levels can still use it. 3 year olds can use to pay for sweets or ice cream.
You can imagine if there is no paper money, how do 3-year-olds make transactions? Of course you can't.
Therefore fiat money with digital money in time will be used together, and the community is free to choose the most comfortable one.

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Quote from: @prashant on February 20, 2019, 01:11:12 PM

If you are thinking of total digitization of payment method than it will take 4-5 decade or more but till that time fiat will be used for various physical transaction.not everyone is educated and have knowledge of digital currency ,it will take good amount of time when majority of population will be educated and will have digital hardware wallet like system for day today purchases but it will be difficult to implement it.

The entire world is moving towards technology advancement, but the same hasn't left the traditional system that we've been using for the long. Fiat currency usage will always serve as the primary solution for all the needs around the world. Bitcoin and other cryptocurrencies in usage will serve as the alternate to the fiat system.

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