Topic: In the next decade, BTC and digital currencies will “fully” replace fiat? (Read 953 times)

The mobile banking had been around for years which mobile crypto wallets are also going to be utilised by cryptocurrencies. Its true that crypto has to coexist with fiat but right now its got to be digital fiat since we are all going to be cashless.

I think almost cryptocurrencies direction all over the world. Rather than trusting that it would completely supplant fiat within the future, we ought to look forward on having cryptocurrency and fiat being in concordance so that things would work it well. Ready to say that cryptocurrency without a doubt is long haul but fiat has been utilized for a long time ever since which suggests it would take up a long time some time recently crypto at long last alter within the world standard. Let us bolster both continuously so that able to pick up more comfort from it.

In next decade crypto will totally replace Fiat? Definitely not

Still there are tons of works to do for crypto so that masses of people start using them as one of the payment methods when they're buying stuff online or offline, cryptocurrencies should start being more newbie friendly for instance and be easier to use even for less educated crowd.

If just right now all governments started to educate people on crypto and added some basic crypto information to their schooling system, then we could consider the possibility of removing Fiat in next 10, but we all know well that's not going to happens because it's not in governments benefit to promote using crypto, since it will make it harder for t hem to track people and earn profit that they have from banks.

Exactly, mate. Bitcoin is a great form of digital currency but despite all the awesome benefits it brought us, it is still impossible for Bitcoins to replace fiat or the traditional physical currency that we used to spend. This research and prediction is so unfair to those non-users of Bitcoins and those people who doesn't any have access in the internet and absolutely not a tech savvy. There are a lot of things to consider before Bitcoins can replace fiat and Bitcoins need a lot of things to prove and show us before it became the mainstream currency in the world.

I agree with the first part, but not with the second. It is quite possible that the new technology may replace the old as far as the monetary system is concerned. But the replacement can only occur, if both the technologies have similarities and overlapping usage. Here, Bitcoin won't be able to replace fiat currency, because it is no longer used as a currency. It is mostly used for speculative investment purposes and using it as a payment medium is not very attractive because of the huge fees and delays in getting confirmation.

As much as bitcoins are making such progress in the past years and so many reports have said that many people already rely on technology to pay for their goods, I don’t think bitcoins will “fully” replace fiat. For one, not many countries in the world are equipped in terms of advancement in technology. Third world countries for example, although the majority of them  have touch screen phones, they are only able to use it for simple communication and little bit of entertainment. Even if these countries have access to touch screen phones, not all of them have it because their priority is to be able to get by everyday. Sometimes, having a touch screen phone is the least of their problems. Second, third world countries are more comfortable with using fiat as many of their transactions involve stores that don’t even cater to online payments. Stores along the streets, mini grocery stores, public transportation, etc. etc.

As history tells us that new technology replaces the old. So in my opinion Bitcoin is inevitable but it will take some time until it is fully adopted. The old monetary system must be completely destroyed before Cryptocurrency can be recognize as new form of money. A global event must trigger the end of fiat like a pandemic or financial crisis.

Hello everybody. Of course, anything could happen by 2030. But in order for the transition to cryptocurrencies to take place completely, it seems to me to be too much. Even by the next century, this is unlikely to happen. Cryptocurrencies do not bypass the Internet and uninterrupted power supply. When humanity solves this problem, by that time, most likely, they will come up with some other kind of financial structure. The most important problems at all times brought precisely the unbalanced attitude of mankind to any events or innovations. A gradual, balanced approach is needed.  Fiat money will never disappear, with a competent combination with cryptocurrency, the best financial times of humanity will come. Of course, the advent of a new approach to financial matters has already matured, because humanity is already mired in financial crises in which the poor get poorer and the rich get richer. The first countries to take cryptocurrency as a base will make a huge leap in finance. But that would completely replace fiat with a crypto, - no, this is too much.

The use case is growing everyday. I read recently that blockchain technology implementation has been a global phenomenon now with the growth increasing every day. If this continue, probably digital currency might be given a good look and most importantly, we may soon see banks accepting cryptocurrency which to me might lead to regulation with tight centralization and this is what most crypto enthusiasts does not want.  All the same, such news going a long way to tell us to keep our head straight and keep trusting in crypto because something great will happen one day.

Digital currency will indeed develop very rapidly in the next decade. However, there is a difference between digital currency and cryptocurrency. Digital currency primarily refers to stable coins of various states, that is, their digitized national money, which have very little resemblance to cryptocurrency. However, even if all states issue their national stable digital currencies, the need for regular currency will still remain, since cash can always be used even in cases where new digital technologies cannot be used. We should not rush to get rid of cash, they are less monitored by governments, even compared to cryptocurrency. In any case, cash will still exist for many decades.

This is exactly what the point is. Fiat can never replace the digital coins which could not even circulate without internet. If we ever think to move onto cryptocurrency payments for our day-to-day transactions would mean that we would entirely depend on the Internet.

In times where internet would not be available, we would completely ruin the financial situations and would not even be able to send someone any money. This is why there is fiat currencies dominating the traditional means of payment since ages. Even in the ancient times, rock money was been used which made people financially secure. Fiat money is a need of the society but cryptocurrencies are a extra source of income for the society and let's treat it that way.

I appreciate your anxiety but with the incredibly rapid spread of information in this era, I think in the next decade, 90% of the world's population will know what crypto and digital currencies are.  the world needs a fast, safe and efficient way of dealing, Fiat money must already be replaced.

One of the fastest-growing transaction today is with the use of cryptocurrency or commonly by the use of currency of bitcoin many people now are using this coin to make payment. There are a lot of countries now are accepting the method of bitcoin payment because we all know that it is more efficient and faster; there is no hassle for having a queue. Just sending the wallet address and also the transaction is just for only two people no one can make some interruption. Still, there are some people and country does not want to accept the use of cryptocurrency or bitcoin as payment because they want to make sure that all of the transaction is recorded by the country to monitor that the transaction is safe and also to avoid phishing, hacking and scamming. In the future, there is a big chance that bitcoin is one of the priority payment methods of the people. Still, I think there is a small chance that the bitcoin will replace the payment of fiat because there is a rule that every country must need to have a fiat currency to contribute into the world trades. One of the innovations of the other country today is the cashless and they make all the transactions use by their phones and just tapping on the scanner with the use of magnetic cards supported by the fiat and the bank.

I can say that we are in the digital era right now but for crypto to replace fiat in the next decade? It is close to impossible for me.

How many years did it take for the fiat currency to be used worldwide? It took long time before it happen and for crypto to do the same thing, it will take time too. How can the people in remote areas use Bitcoin if they don't have any access to internet. If there will be a way for the people to use crypto without using the internet then it would be the first step for BTC and crypto to fully replace fiat.

For me, I can say that BTC will be use as an alternative way of buying things in the internet but not to replace the fiat in the span of one decade or even one century.

The numbers you say are quite in line with what I've read on this forum, the popularity of bitcoin is still at a low level, global coverage may take a long time to be able to gain, maybe even never when a wall that a special government erects cannot be easily overcome, a few apply to life is possible but I do not appreciate. This means that I am not too confident in fiat replacement for the next decade, Fiat is still used as a close friend in payment methods from near to far, bitcoin and crypto can create the same thing but it takes more time and always risks in value, can't compete with Fiat in the world market

Today I went to the post office where they do not accept plastic cards, and here we are talking about digital currencies and the complete replacement of all paper money.
Without a worldwide Wi-Fi accessible to everyone, this is utopia or close.

I agree that the next century will be the time for cryptocurrencies, but I do not think it will totally and fully replace FIAT. The governments continue to exists, so they will not want to give up their power and they may come up with the crypto version of their crappy FIAT.
Cash money is almost out of use in countries like China anyways, and everyone else tend to use digital money based on fiat. Blockchain based cryptocurrency will have its own use, but as long as some people would like to have the monopoly of money to themselves, the government printed money, digital or paper, will live on.

You know, people keep talking about Bitcoin death and Bitcoin obituaries, and yet they don't learn the lessons. Fiat's actually had its naysayers for a while too. And they're not the only ones. Can you imagine gold getting obituaries in 1970s when national fiat all came strutting along with their central banks declaring people wouldn't be buying gold and it'll be obsolete in a decade? Well we're 50 years gone and gold's stronger than ever. Think fiat will take much longer than 10 years to die, if it does.

We as Cryptonians will surely agreed on this and the fact that we are waiting for this to happen means a lot for all of us,but also in the back of it we also knew that this is impossible for now to happen because we don't even recognized by the whole world so how come that we can expect this to happen soon?
no i doubt we will be seeing this in the next decade 2030 happening.

that is what i wan't to impose mate,eradicating Fiat is not going to happen because world will always have two sides and that is Pro fiat and anti fiat,it is just happen that we love crypto already but those people that has another side?nope this will not happening completely.

If we will have internet available everywhere, we will see traditional fiat (notes and coins) to disappear for the sake of state issued stable coins equal in value to the national currency. Because anyway, banknotes as such had come into being as a promise, that you can exchange the note for a specific amount of gold. It can be totally same with digital state coins - as a promise that you could exchange them to physical banknotes, and then making them on the same reputation of the state as a modern currency