Topic: Is the end of Fiat money at hand? (Read 329 times)
In my opinion, I wouldn't exactly say that the era of fiat is over though the rise and adoption of btc and crypto currencies worldwide is steadily yet slowly rising. In the nearest future, btc could for real overshadow fiat and become the most accepted means of getting paid for your goods or/and services but fiat would surely remain somewhat relevant and probably as an alternative for btc. Bitcoin is slowly emerging as the most preferred and accepted method of payment for your goods and services and fiat would be soon regulated to the background
From the inception of bitcoin, it was intended to be used as normal currency so every part of the world could use one online trading currency (electronic currency). But due to its price volatility it makes it a bit difficult to actualize that dream.
Yes, it is like this.However, the journey is not as easy as this because it is constrained by regulations from each country on whether to allow Bitcoin as a legal currency or not. While most countries do not allow or even ban Bitcoin as a legal currency. So that currently Bitcoin is used more as a commodity asset, especially in certain countries.
Although we know that actually everyone can also use Bitcoin as a currency for payments as long as both parties understand and agree to the payment with Bitcoin. But again, this is still constrained by regulations and also the limited number of merchants that accept Bitcoin as a means of payment.
There are many types of stable coin such as USDT, DIA, BUSD, TUSD, UST etc. And most people uses this insted of fiat money, will it be that later in the future countries will no longer use Fiat money but these electronic currency?
While there are many stablecoins, this does not mean that fiat will be replaced. Moreover, they are currently designing a CBDC.Stablecoins are still cryptocurrencies and this will also depend on the regulation of the country itself.
So, better to wait and see
Fiat money will still be the universal currency as not all people will join this market especially the old generation. I can understand with the younger gen getting on board without hesitation in crypto. But for sure, this market can't attract a big population around the globe. Just think of those people who are in remote areas. They are just happy and contented using the traditional money. Fiat money, I believe, will stay even in our lifetime. The growth of crypto adoption may increase but most will still rely on their fiat.
From the inception of bitcoin, it was intended to be used as normal currency so every part of the world could use one online trading currency (electronic currency). But due to its price volatility it makes it a bit difficult to actualize that dream.
Yes, it is like this.However, the journey is not as easy as this because it is constrained by regulations from each country on whether to allow Bitcoin as a legal currency or not. While most countries do not allow or even ban Bitcoin as a legal currency. So that currently Bitcoin is used more as a commodity asset, especially in certain countries.
Although we know that actually everyone can also use Bitcoin as a currency for payments as long as both parties understand and agree to the payment with Bitcoin. But again, this is still constrained by regulations and also the limited number of merchants that accept Bitcoin as a means of payment.
There are many types of stable coin such as USDT, DIA, BUSD, TUSD, UST etc. And most people uses this insted of fiat money, will it be that later in the future countries will no longer use Fiat money but these electronic currency?
While there are many stablecoins, this does not mean that fiat will be replaced. Moreover, they are currently designing a CBDC.Stablecoins are still cryptocurrencies and this will also depend on the regulation of the country itself.
So, better to wait and see
Stable coins or cryptocurrency currency whatever name given it just can't comprehensively play the role of fiat money, looking at the lack of total regulation on the side of the government on these aforementioned currency by the OP, I don't see the possibility of such replacement.
Come to think of it, for petty traders along the street whom are dominant users of fiat money for their trading business transaction , can cryptocurrency play the role of physical hand to hand fiat money exchange in that area. I don't think so!
So I believe both fiat and cryptocurrency has a distinctive role they are significant on, and as such one can't completely play the role of the other to the extend it sends the other into extinction.
Come to think of it, for petty traders along the street whom are dominant users of fiat money for their trading business transaction , can cryptocurrency play the role of physical hand to hand fiat money exchange in that area. I don't think so!
So I believe both fiat and cryptocurrency has a distinctive role they are significant on, and as such one can't completely play the role of the other to the extend it sends the other into extinction.
Their is no end to fiat, it is the property of the government. Stable coin can't put to the end of fiat. The Stable coin is meant for trading and to make transactions with only those who accept it. The government can't abandoned fiat totally for Stable coin.
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So, for cryptocurrency to replace the present currency, the government need to be in control and that's not the nature of cryptocurrency, in fact, this is what makes cryptocurrency so unique: no one is in control of it and that's its essential nature. Let it be controlled by an entity and we can't call it cryptocurrency anymore.
Even though all countries will adopt cryptocurrency and even legalize this, it doesn't mean that nobody will use fiat anymore. That is not what I see, as the truth is that crypto remains an alternative currency while the majority are still using fiat in major transactions (offline). If we noticed that some countries are creating their digital fiat currency, it means that they are still preferred to keep fiat money rather than fully adopting cryptocurrencies. Well, I guess this is not a problem, we instead giving ourselves an option to which one we choose. So, for cryptocurrency to replace the present currency, the government need to be in control and that's not the nature of cryptocurrency, in fact, this is what makes cryptocurrency so unique: no one is in control of it and that's its essential nature. Let it be controlled by an entity and we can't call it cryptocurrency anymore.
As interesting as it sound to want to have currencies that could easily be used as cryptocurrencies are been used these days, as far as it's not within the control of the government, I doubt if that form of currency could ever come to replace the present currency the majority of government in the world adopt. This fact could be seen come to play in situations where some countries are disapproving cryptocurrency to be used because they don't have control over it and some even have the notion that it will reduce the value of their currency. So, for cryptocurrency to replace the present currency, the government need to be in control and that's not the nature of cryptocurrency, in fact, this is what makes cryptocurrency so unique: no one is in control of it and that's its essential nature. Let it be controlled by an entity and we can't call it cryptocurrency anymore.
You have to understand that crypto and fiat are different, though you stated there are stable coins, however, they are still part of crypto and they are regulated by the government that created FIAT. Therefore, to make it short, the government will not allow FIAT to be replaced with something they cannot control.
That's right, the government won't allow something big that they can't control. stablecoins remain in the crypto network and the government provides different regulations in each country. Crypto is a decentralized digital currency that no one can control. Fiat and crypto can still coexist but Fiat still cannot be replaced by crypto.Many new stablecoins have emerged, of course, the price rate refers to the price of $USD, but it is also important to know that stablecoins can also be manipulated, it is not impossible that one day there will be problems with stablecoins. Fiat is still the main one and stablecoins are the crypto coins to transact on crypto platforms.
World governments will never accept a money for the people. Stop dreaming. You are not supposed to be free, independent, and not rely on their control. If you are, they lose authority. Bitcoin will be developed and adopted side by side, but there will be a river that divides the two worlds. Nothing wrong with that as long as we have bridges to cross over on our own free will.
you can't get BTC without using Fiat to buy unless you buy asic miners with Fiat and start mining BTC, again if you plan to sell those BTC for money you are going go exchange those BTC to Fiat isn't it?.
You forgot about one thing. You can work for Bitcoin. You can provide services and sell goods and receive Bitcoin instead of fiat. That way you don't have to purchase it like in your examples. Getting out of crypto is a bit harder, yes. Most people are looking to exit and exchange their crypto back to their native currency. Depending on where you live, you have some options to live on and use your Bitcoin only, but that entails using crypto payment cards and merchants that convert your BTC into fiat as soon as you pay. Check out Have you ever tried to live only on Bitcoin as an example. Doesn't DAI boasts to be a decentralized stablecoin?
DAI is the only stablecoin that can't be frozen in someone's wallet by the issuers. All others can. And it doesn't matter if it's an exchange wallet or your private cold storage. In that sense it's significantly different than centralized stablecoins. 
You have to understand that crypto and fiat are different, though you stated there are stable coins, however, they are still part of crypto and they are regulated by the government that created FIAT. Therefore, to make it short, the government will not allow FIAT to be replaced with something they cannot control.
From the inception of bitcoin, it was intended to be used as normal currency so every part of the world could use one online trading currency (electronic currency). But due to its price volatility it makes it a bit difficult to actualize that dream.
That was then. Bitcoin is still used to close trade deals, especially now that Lightning Network has been adopted, it is very fair and easy to open a channel(s) between different traders(buyers and sellers). In El Salvador, their official App supports a lightning Network to help[ facilitate transaction speed and to easily convert to fiat. Another tip: Stable coin is already in the process to be added to Bitcoin LN, this will helps traders to mitigate volatility.
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But in recent times, other Cryptocurrencies have emerged which are called stable coins, they are stable in price, and are fixed to an existing currencies around the world. They can be used as electronic payment for a per to per transactions so long the receiver and the payer have their wallets.
There are many types of stable coin such as USDT, DIA, BUSD, TUSD, UST etc. And most people uses this insted of fiat money, will it be that later in the future countries will no longer use Fiat money but these electronic currency?
There are many types of stable coin such as USDT, DIA, BUSD, TUSD, UST etc. And most people uses this insted of fiat money, will it be that later in the future countries will no longer use Fiat money but these electronic currency?
Fiat(paper money) is just too poor in the hands of the government to be replaced, they love it and cherish it as it is easy for them to evade transparency and leave the people in the dark with their dealings. sigh
Stable coins are also far from replacing paper money, there are lots of stable coins you don't know much about, tether(usdt) reserve doesn't correspond with the amount of their mint USDT, maybe in the future things may change.
Doesn't DAI boasts to be a decentralized stablecoin? The only question is how decentralized it actually is as that word has even overused.
Actually not sure about it. But I heard it is the most decentralized among the list. Though I didnt actually use it as some stablecoins are much more used or could I say bigger APY when you are looking for good profit like ust which is so far the bigger Ive saw when it comes to percentage. 
There are many types of stable coin such as USDT, DIA, BUSD, TUSD, UST etc. And most people uses this insted of fiat money, will it be that later in the future countries will no longer use Fiat money but these electronic currency?
Stablecoins in that sense of the word no, but governments are working on removing the cash so people are left with electronic money only, which will make their job of controlling people much easier than it is now.What if there is someone who made a totally decentralized stablecoin? Would it be a good alternative for peer to peer instead. Im not sure if someone attempting to do it since it could be a game changer since it would not be rigged unlike usdt.
Doesn't DAI boasts to be a decentralized stablecoin? The only question is how decentralized it actually is as that word has even overused. Stablecoins are not supposed to have no value outside the platforms or to non-traders, because the idea is to stable profits digitally because the attempt to stable profits by converting to fiat money takes some time.
Quite agreed. Stablecoins served it purpose, as alternative for easy and convenient for traders, cause wgen direct to fiat it could take some time.What if there is someone who made a totally decentralized stablecoin? Would it be a good alternative for peer to peer instead. Im not sure if someone attempting to do it since it could be a game changer since it would not be rigged unlike usdt.
And most people uses this insted of fiat money, will it be that later in the future countries will no longer use Fiat money but these electronic currency?
In my opinion, although cryptocurrency has been very developed and accepted in most countries around the world, it doesn't mean to remove or make fiat to be removed from this world. Fiat system is complex and not as simple as only a currency to be used. It is about system. And people behind it will also never let it be. They will prefer to develop the system of fiat than losing fiat because of crytpocurrreny.
In gambling world, we also find cryptos have been accepted in most platform. But it doesn't mean to remove the use of fiat for deposit, withdrawal and other transaction
will it be that later in the future countries will no longer use Fiat money but these electronic currency?
There's this what we call CBDCs. There are countries now that are in the pilot run for these new sets of digital money. They wouldn't rely on these stable coins because they don't have authority over it.That's why their creation of CBDC, they're the one who holds the supply and how much injected on it because it's going to be pegged or backed up by their own local money.
From the inception of bitcoin, it was intended to be used as normal currency so every part of the world could use one online trading currency (electronic currency). But due to its price volatility it makes it a bit difficult to actualize that dream.
The increased adoption of digital currencies may not be the reason why fiat money will dissolve and I believe it was impossible. In fact, some countries are merging fiat money with digital currency (stable coins) just to protect their value. I don't find a reason why we should be worried about losing fiat money on our hands, in fact, many people are still prepared to use paper money over digital currencies, especially if you are not a techy person.
Is no one here realizing that stablecoins are fiat money? They are literally national currency put on blockchain. Regardless if they are pegged to a national currency by a company or algorithmically, their value reflects the value of that currency.
The main narrative behind Bitcoin is that it has fixed supply, so it's better than fiat. With stablecoins, not only they are backed by a currency that gets inflated, the coins themselves might be inflated, which creates extra risk.
If you are hating fiat money, why would you look at stablecoins?
The main narrative behind Bitcoin is that it has fixed supply, so it's better than fiat. With stablecoins, not only they are backed by a currency that gets inflated, the coins themselves might be inflated, which creates extra risk.
If you are hating fiat money, why would you look at stablecoins?
For the umpteenth time I read a comparison like this. The presence of any stable coin will not shift the dominance of fiat because fiat is the first condition for the launch of a stable coin.
The role of fiat will always be more important than the stable coins themselves, even the stable coins can collapse at any time if the government forces to withdraw fiat reserves from their vault.
Fiat will always dominate and will never be replaced by a stable coin in the future. Although stable coins are sometimes become the preferred coins when other cryptocurrencies value are dropping, but it does not happen most of the time. So fiat will always exist even if the government will start to approve digital currencies in the future. Fiat will always be the official currency, all those digital currencies will only be alternatives. The role of fiat will always be more important than the stable coins themselves, even the stable coins can collapse at any time if the government forces to withdraw fiat reserves from their vault.
From the inception of bitcoin, it was intended to be used as a normal currency so every part of the world could use one online trading currency (electronic currency). But due to its price volatility, it makes it abit difficult to actualize that dream.
That's right because people are afraid to lose a penny because of the volatile nature of bitcoin. But if you come to think of it, people are always happy when the price of Bitcoin rise but cry when it falls. Have they ever asked themselves where the profit in the rise comes from?
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But in current times, other Cryptocurrencies have emerged which are called stable coins, they are stable in price, and are fixed to an existing currencies around the world. They can be used as electronic payment for a per to per transactions so long the receiver and the payer have their wallets.
Stable coin was introduced to limit the risk in cryptocurrrencies for those who wish to mentain the invested value of their asset
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