Topic: In the next decade, BTC and digital currencies will “fully” replace fiat? - page 2. (Read 953 times)

Bitcoin and some other coins will replace fiat but not completely eradicate fiat, if that's what you meant its never going to work, people can embrace crypto more than fiat, that's what we are ever going to see, Fiat will always be amongst us

Fiat does not need to be replaced. There are countries which totally depend on the fiat currencies for their development and economical situations. These countries complete to form a globe. We can't ruin the financial systems of the entire globe just to boost the use of cryptocurrencies. It would actually be a lot mean. We need to start integrating with fiat in order to create a custom balance and keep the monetary situations in hand.

We never want our countries to struggle with finance only because a number of people avoided paying taxes with their cryptos and now the countries are left with no money to develop the nations anymore. This situation might lead for a global cause and we could see the economic conditions drastically humbling.

I'm an optimist, but I doubt it very much. Bitcoin (like other cryptocurrencies) is not ready for this yet. There are no prerequisites and conditions for this to happen.
In my opinion, we should expect this in the next 5 or even 10 years.
I believe that bitcoin is the currency of the future, but so far we are only striving for this.

even if they do?still we can assure that fiat will be Gone because only this generation supports the digital currency but not those generation before this.

like those small businessman that knows only the usage of Fiat?and know nothing about crypto?and even if they know they dont want to use it?
i think we will take at least two decades or more before finally Fiat will be out of the system,but this is still speculation nothing is certain.

It's not that easy, most of the world population haven't even heard about cryptocurrencies, adoption is later thing.

I herd this story too many times but I will try to explain again. The current monetary financial system is old yes but its working and there is no need for cryptos to "fully" replace fiat and instead in trying to help them by adoption Blockchain technology this is why coins like Ripple appeared after some years of Bitcoin launch. This would be the best scenario of cryptocurrencies to be integrated alongside fiat and making Bitcoin a global payment.

The 2nd scenario would be the full replacement of fiat by cryptos but this will take more than a decade and its kinda hard to imagine regular people paying everything and live from and by cryptos so a decade its not enough.

The 3rd scenario we all know it. Crypto fail and everything is back to normal. ( won't happen )

This question has been circling around the forum for a while now. To understand first on whether bitcoin can fully replace fiat, we must consider several circumstances affecting this change to all countries.

First, the fiat system has been around for ages and it is considered as the main medium of exchange. Before, the barter system was implemented but it slowly transgress to paper money in order to have a standard unit of exchange. The value of such currency per country also depends on its economic condition, gold reserves, etc.

Second, due to the present economic differences among developed, developing and underdeveloped countries, the first two can quickly adapt to this kind of change since they have the necessary technology to transition to a digitalized form of payment. On the other hand, underdeveloped countries who lack the necessary technology and advancements will be left behind from this change. This would technically further weaken their state, thus hampering the growth.

Lastly in order to implement a digitalized form of payment whether via BTC or a digital currency, all or at least majority of the countries must concur with this change. If some countries change their fiat system while others do not, this will create a conflict on which currency should be followed.

In spite of everything, I also believe that this change will be inevitable in the far future where technology will run the world and dictate our future. But for the time being, I cannot see bitcoin or a digitalized currency replacing FULLY the fiat system.

However, predictions that are likely to become rumors will provide a good path, just follow the plot because cryptocurrency is full of the unthinkable. In general, although bitcoin price movements are getting better, more and more are being adopted, but I think it will be difficult if it replaces fiat completely. Bitcoin and fiat will complement each other. not replace each other.

As much as I want this to happen,its not that easy,there is a lot of hate and detest for bitcoin especially from the governments, because of its decentralized nature,so its gonna be hard to have it fully replace fiat

No, it will not until crypto free from manipulation, without whales we'll have a more stable market, but how long it takes to get there? The government research about digital currency to create their own, but it still another form of fiat currency, it needs to be stable but on the other side, cryptocurrency is a volatile market, see the difference.

Without doubt, Cryptocurrency is going to dominate fiat and all these gift cards. Any wise government will have to open a research on it. I love what the French is doing by teaching this in school. Developing nations will see no wisdom in all these until they are left behind.

Clearly it will not, the cryptocurrency doesn't have what it needs to replace fiat currency, trusted by everyone due to the biggest flaw, manipulation. The crypto world still in the early phase of development and will take more than a decade to become a stable market. The government may issue their own digital currency using blockchain technology.

Private digital currency might take over the Fiat currency in the next decade. For that everyone needs to be digitally connected and digitally literate enough so that they can access their wallets and could trade in a safe environment. I doubt all these governments will allow any decentralized currency to thrive as it can be a threat to their existing monetary system.

Btc can have a future only if we as a community can support it strongly.

there are still large portion of the world that are yet to know digital currency let alone use it. digital currency need to go wider to gain better acceptance. ofcourse in the next decade didgital currency have a potential of dominating the world currency. fiat is still preferred now because it is uninterruptibly generally acceptable.

That may look too long and its possible just have patience but let’s not expect that to totally happen because fiat money is still a fiat money that is being run by the government to control its people. Bitcoin will grow more and I think fiat money will also grow and become more cashless as well, technology will help the old system to grow.

Chances are really low, yes one reason is that the technology hasn't reached yet the rural sides of some other countries. One more thing is, individual people still prefer to have their real money which is tangible. Bitcoin has more chance only to become an alternative option to make transactions.

It might not. Because even if it seems like that, many people of the world still don't have access to proper gadgets to use such digital currencies let alone education to learn about them and how to use them and for that time fiat will still be dominant and primary and "real" money.

No.
I think it should be more like a century for something like that to happen , one should understand that , Fiat is very important and one cannot just eleminate all the poor people without mobile and the internet , the world isn't that developed till now , therefore one should understand that Fiat is very essential , let's not take everything away .. I like going on a trip without the internet and all and trust me on the top of the mountains , you don't have cards , all you have is some change and a hot cup of tea .

Although I agree if a decade or more in a few decades if Bitcoin or cryptocurrency really replaces fiat currencies completely, it doesn't seem as easy as that.
because each country has a fiat currency as a symbol of their country and various other reasons that will not be easily replaced completely, even though bitcoin or cryptocurrency is better than fiat currency, it seems that both will run together and complement each other as a means of payment.

I don't think this is gonna be the best idea. We all know that we both need digital currency and the physical money. We do not have internet always with us every time we pay our bills that is why we will be needing physical money to be able to pay those items that we want. The combination of two will be surely gonna be good to the economy of the country.