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
FIAT money will never be replaced by stable coins because we have a few fossils running countries on this planet and will never accept this type of technology. This is my opinion.
You are somewhat right.
First of all, some governments do or will push CBDCs. Those can be seen as government issued stablecoins, they are not cryptocurrencies and they're clearly centralized. Those pose some risk against fiat in hand, and not 3rd party issued stable coins or cryptocurrencies.
Yes, some also accept now Bitcoin as legal tender, but they're too few yet and don't change the actual state.
No matter what digital currencies governments approve or push, fiat money in hand cannot easily go extinct. There are always areas (usually remote areas or in closed places - like caves where tourists still go) where internet may reach with difficulty, there are cases (power outages) when life have to be able to go on normally, and yes, there are people who, for whatever reasons, will not use the technology. The governments must ensure everybody has access to money, hence they'll have to keep some amounts of hard cash in circulation.
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.
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?
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?
FIAT money will never be replaced by stable coins because we have a few fossils running countries on this planet and will never accept this type of technology. This is my opinion.
Saying bitcoin will replace fiat is silly, saying shitcoins will replace fiat is something beyond silly.
Stablecoins are essentially centralized shitcoins that are issued and fully controlled by one company. They should not even be used by users let alone be used at large scale. The risk of them is just too huge to justify using them, to put simply the law enforcement can easily shut them down for printing money!
The only reason why you see a lot of these types of shitcoins is because of the huge altcoin trading volume that needs to happen using something stable these days specially since smallest bitcoin drops causes huge altcoin dumps and newbies are also scared of buying bitcoin. So their option is either fiat or stableshitcoins and since most altcoin exchanges don't have fiat they have to choose these shitcoins.
Stablecoins are essentially centralized shitcoins that are issued and fully controlled by one company. They should not even be used by users let alone be used at large scale. The risk of them is just too huge to justify using them, to put simply the law enforcement can easily shut them down for printing money!
The only reason why you see a lot of these types of shitcoins is because of the huge altcoin trading volume that needs to happen using something stable these days specially since smallest bitcoin drops causes huge altcoin dumps and newbies are also scared of buying bitcoin. So their option is either fiat or stableshitcoins and since most altcoin exchanges don't have fiat they have to choose these shitcoins.
...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?
No.
First, the price of stablecoins are pegged on fiat. If you remove fiat, how would the owners of stablecoin companies determine their coin's value? Without the US dollar, for example, what should be the value of USDT?
Second, don't ever expect that central banks and governments would abandon fiat and embrace a currency which is owned and controlled by private companies and individuals. This is not going to happen as this is tantamount to the government giving such huge power to a private entity.
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 price volatility of Bitcoin didn't stop it from being used as currency and from what you said I think you guys focus more on the negative impact of the volatile nature of crypto than its positive impact.But in recent times, other Cryptocurrencies have emerged which are called stable coins, they are stable in price,
Even the so call Stablecoins are not stable in price either and at a certain time they also experience a dump in priceand are fixed to an existing currencies around the world.
They are mostly backed with the currency which it failure was the reason why cryptocurrency was created.
You just think that way because you see the price as a whole BTC equal to what the actual price today but you didn't consider it as a value of the USD. If you look at that way you will see that the price is just the same in USD value but not in Bitcoin since the price of it is volatile.
We could use satoshi value if you think the price is kind of expensive and stable coin is not that recommendable at least to hodl unlike Bitcoin that has a potential to grow in the future.
Fiat and crypto currency should coexist at the moment although we don't know yet what would happen in the future but for now it needs more adoption that's why fiat and crypto should coexist.
We could use satoshi value if you think the price is kind of expensive and stable coin is not that recommendable at least to hodl unlike Bitcoin that has a potential to grow in the future.
Fiat and crypto currency should coexist at the moment although we don't know yet what would happen in the future but for now it needs more adoption that's why fiat and crypto should coexist.
Almost impossible to do away with fiat in this current century , though Change can occur dramatically.
If that would happen that is probably when the old guys are no longer in existence, Because with the current old people from 90s,
They would find it difficult to go Blockchain, therefore making most Government not to adopt the technology,
So it's not going to happen in this century where we gonna have a total end to fiat moneytory system in my view.
If that would happen that is probably when the old guys are no longer in existence, Because with the current old people from 90s,
They would find it difficult to go Blockchain, therefore making most Government not to adopt the technology,
So it's not going to happen in this century where we gonna have a total end to fiat moneytory system in my view.
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.
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?
When you say that stable currency it means the value of token is backed by a Fiat currency like USD so as you said if stable currency is used all over the transaction which means the fiat is the actual king right because the values are based on fiat not based on its own demand and supply. 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?
By the way you need to know fiat currencies never had stable value, the inflation keeps the value decreasing but not in the noticable level for days but take a look at the years chart you will see the downtrend only.
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.
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.
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I had never basically used stablecoins to ever pay in my transactions and if I can recall correctly, I only use those when market is not in the mood to go green for now.It is not meant for purchasing stuffs.
Stablecoins are capable of being frozen, so imma pass with that.
Don't even think about it, Fiat belongs to the real world and crypto belongs to both but right now one can't survive without the other, 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?.
The adoption rate of stablecoins compared to bitcoin outside of these platforms is simply not comparable in my opinion. Bitcoin is much more acceptable and adopted in many countries than stablecoin which incidentally are an alternative for stability or keeping your profits stable from high volatility.
Bitcoin is a decentralized currency or means of payment, meaning that by stablecoin you mean a centralized currency that many people will not like even if it is more stable in value than bitcoin. People will consider the decentralized currency “bitcoin” for privacy, so stablecoin are not one of them.
Anyway, I think this thread fits better on an economics board than beginners and help.
Bitcoin is a decentralized currency or means of payment, meaning that by stablecoin you mean a centralized currency that many people will not like even if it is more stable in value than bitcoin. People will consider the decentralized currency “bitcoin” for privacy, so stablecoin are not one of them.
Anyway, I think this thread fits better on an economics board than beginners and help.
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 alot of stable coins, no doubt stable coins are cryptocurrencies that run on blockchain but majority of them are centralized just like the fiat which actually makes no difference. I am not therefore seeing the end of fiat, but I am seeing a shift from the hardcopy fiat to the digital version called CBDCs.
Comparing CBDC and centralized stable coins, I think I will go for CBDC. So be expecting fiat to go digital in massive adoption.
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?
Like what I previously mentioned, I doubt that we will be seeing a shift to "electronic currency" or cryptocurrencies in the near future.
The technology of a country must adhere to such system before it can be implemented. In addition, countries also must globally accept and view such currency as the universal currency that must be circulated throughout the world. Given that majority of the countries are still underdeveloped, this kind of shift would be too costly to adapt at the current setting.
Again, why can't fiat and cryptocurrencies co-exist? Why does it have to be that cryptocurrencies SHOULD replace fiat? They harmonize pretty well and they can exist at the same time without being too much of a problem in today's era.
No it's not the end of fiat. If that's the goal or aim to achieve then why is it that the fiat still exist and bitcoin is not used as the main currency in an online store?. Bitcoin won't become a stable coin or unstable coin for the same uses as fiat so I don't think that fiat will ceases to exist because of Bitcoin. Even stable coins exist alongside fiat money even though you know that stable coin is similar to fiat money.
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.
As for its use as an alternative to paper money, it is not possible due to the absence of regulatory cover for it, and these currencies are used as a reserve to stabilize the price, which is much less than the reserve of central banks or government policies.
As for its use as an alternative to paper money, it is not possible due to the absence of regulatory cover for it, and these currencies are used as a reserve to stabilize the price, which is much less than the reserve of central banks or government policies.
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.
Bitcoin has been used globally for Peer to Peer transactions as it was intended, it is accepted as a means of payment by numerous merchants, including oflline and online stores.Volatility and speculative value adds trading to the list of Bitcoin utilities.
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.
Bitcoin was not intended to operate as a stable coins.Stable coins are mostly not decentralized.
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?
"Most" people do not use stable coins instead of Fiat and fiat would not likely be replaced.Countries might just simply adopt the blockchain through CBDCs.
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.
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?
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?
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