Topic: lets imagine world without fiat currency (Read 2209 times)
I'm a bit pessimist on that stuff, if we are all in to electronic, any terrorist organization or rogue state can just aim for the power grids and the emergency power supply of a country to cripple their economy even just for a week and I think that amount of time is enough to damage the economic health of that country.
A world without legal tender is the trend of the times! When people buy a certain item, they only need to take out their mobile phone and transfer some currency quickly to complete the transaction. They don’t need to carry cash with them. This is what people want to see. If legal currency is not used in future global transactions, perhaps only Bitcoin Coins can be used all over the world to pay for the items you need.
I think btc won't be the digital currency, it will be the digital gold.
Currency will become digitised and paper money will become a thing of the past. in certain places you already can't pay for some stuff with cash.
Currency will become digitised and paper money will become a thing of the past. in certain places you already can't pay for some stuff with cash.
Before the fiat era, ancient society had implemented a barter system for and I think this system will be applicable in any era. And you don't have to worry that humans won't find their economic solution.
Right now we can't imagine world like this even in next one century because this need some very tough and hard work and many digital and electronic related things which are not possible to use in many areas of world secondly if you are living with this all you have to face many issues currently which are not giving good feedback due to digital network transactions related and fees related.Here I am giving my personal view that national currencies are going to live for very long time even in different shapes and keep one thing in mind no normal mind is going to give this all in developer's hand because they have nothing to do with this all.
Well, the question is how can we purchase the bitcoin without the fiat? how can we do exchange or trade?. Fiat can never be disappeared from the world it's still vital for us.
Fiat is backed by gold although in the end it fluctuates with each other because it is damaged by the banking system itself. Had fiat never been created (in the sense of no banking system), I believe that satoshi would never have created bitcoins because there was no significant purpose (wanting to reduce the involvement of the role of "third parties" i.e. banks to transact or store the money).We can not pay $2 of the exchange charge for each Coffee we purchase.
Before the fiat era, ancient society had implemented a barter system for and I think this system will be applicable in any era. And you don't have to worry that humans won't find their economic solution.
If this thing was happened i dont know what about lower level of society such as tribes or rural people they can't use currencies and they could'nt be easy to access in currencies but as i know cryptocurrencies is only alternative way for paying or banking.
I can't imagine it as I know it will not happen.
Fiat = government, you can't take that out from the equation as that is the norms of the world.
Bitcoin was invented not to replace fiat, but to be considered as an alternative, it's just that people are more investing on bitcoin than using it as a payment system that's why we thought it will replace or disrupt the current norms, I'm telling you, it's not gonna happen.
Yes, government need fiat currency to run the system of the economy but it will be interested to see how the countries like El Salvador and others run in the long run once they have made bitcoin legal tender.
We can only imagine world without fiat but i don't think it is possible in the short or medium term.
A world without FIAT currency will entail huge consequences. The increasing demand for Bitcoins will lead to their value changing daily. There is no standard pricing that causes items to fluctuate on a daily basis. Merchandise production units cannot calculate the cost of producing goods and the wages paid to workers.
Without FIAT there would be an extremely complex society. That can create wars.
Even blockchains that allow smart contract implementation must generate DAOs and stablecoins. So stable coins are always necessary in the economy.
Without FIAT there would be an extremely complex society. That can create wars.
Even blockchains that allow smart contract implementation must generate DAOs and stablecoins. So stable coins are always necessary in the economy.
The price of Bitcoin is now unstable. When all items are priced with Bitcoin, the price fluctuations of Bitcoin will be relatively stable or even no fluctuations. How the fiat currency is priced now will be how Bitcoin will be priced. Every commodity and item will have a reasonable price.
I can't imagine this because of the status in my country. Most of the citizen here don't know how digital money works and if so it is only a percentage of it. Despite that, a world without fiat currency is not that possible in the future. If the price of BTC becomes stable, then possibly we can use it as a standard currency for everyday use.
Well, the question is how can we purchase the bitcoin without the fiat? how can we do exchange or trade?. Fiat can never be disappeared from the world it's still vital for us.
We can not pay $2 of the exchange charge for each Coffee we purchase.
We need both fiat and bitcoins, fiat can survive without bitcoins because legislatures and banks are taking care of it, where bitcoins can never get by without fiat.
There's nobody behind the bitcoin so disappearing the fiat will be a moronic thought
We can not pay $2 of the exchange charge for each Coffee we purchase.
We need both fiat and bitcoins, fiat can survive without bitcoins because legislatures and banks are taking care of it, where bitcoins can never get by without fiat.
There's nobody behind the bitcoin so disappearing the fiat will be a moronic thought
I can't imagine how much will be the price of essential goods using bitcoin and without fiat currency. If the value of bitcoin is very expensive and without fiat I think it would be difficult for the people in a lower level because if you will use bitcoin to buy and pay your essentials it will also expensive compared to a fiat money. Fiat money has a lower value than bitcoin and you can carry it but bitcoin always needs internet in order to make transactions.
I am thinking the same thing. What if bitcoin will be implemented all around the world, what will happen to third world countries? I think even if it is a good thing for most of the people, it will be kinda problematic to some countries. Also, without fiat, how can we know a certain price of something? Fiat pretty much symbolizes every country, cause it has its own value, and own name. Maybe countries don't like bitcoin because of that. 
There are positive and negative of any situation but It would be extraordinary but the hazard would moreover be colossal programmers would be energetic to induce into any gadget to urge data or your money. This is the reason why I too take off a few cash on my house in case I would go out, Just envision in case we would live without Fiat and we would go out and lose our versatile phone or any gadget that we would utilize to transfer or remittence.
Fiat can without much of a stretch handle by the government and the banks which means they can handle the economy and the climate. Yet, on the off chance that we supplant the fiat with the digital currency, at that point it becomes difficult for each government to control the cost and the economy. Since cryptographic forms of money are profoundly decentralized and they change their value each day so it will upset the public authority. It is better to have both Crypto and fiat. Allow the government to manage their responsibility with the fiat cash.
Don't take me wrong but I don't think cryptocurrencies will replace fiat on the other hand many countries will launch their own digitally stable currency for online transactions. For small-small payment, our crypto coins will cost us more than fiat because of high transaction fees. What do you think about this concern? but I can say Bitcoin will be the hot choice for the investors in coming years.
Your words are not beyond the reach of reason to suggest. Fiat currencies rule. When we talk about price of any crypto we talk about fiat (about dollars). All exchanges shows price like that BTC or alt costs "X" dollars and buy crypto by selling dollars. If we won't have dollars how can we understand the price of crypto? Crypto is inseparably associated with fiat. Think they can't be divided.
Yeah man! You're absolutely right! If there is no government backed currency, there will be total chaos and humanity will revert to a barter economy!
In addition, I would generally not want paper money to disappear completely and we would be completely under financial control from the side of governments, and this should be remembered by hotheads who advocate abandoning cash.
It is hard for me to imagine world without fiat because at the first place in order to obtain bitcoin you should have internet connection first.
People need to internet connection to buy Bitcoin online? They can do it offline. People could use loaded chips, wallets, cards, vouchers. Or if one person really trust other, they could exchange data drives (hdd,sdd,flash) with installed wallet software in exchange to good and services.
For example in France you can buy a 100 EUR worth card in a "tabac" shop. If other institution agrees, they can take as a payment. See, no fiat money or The internet was involved in this deal.
Your words are not beyond the reach of reason to suggest. Fiat currencies rule. When we talk about price of any crypto we talk about fiat (about dollars). All exchanges shows price like that BTC or alt costs "X" dollars and buy crypto by selling dollars. If we won't have dollars how can we understand the price of crypto? Crypto is inseparably associated with fiat. Think they can't be divided.
Yeah man! You're absolutely right! If there is no government backed currency, there will be total chaos and humanity will revert to a barter economy!
Your words are not beyond the reach of reason to suggest. Fiat currencies rule. When we talk about price of any crypto we talk about fiat (about dollars). All exchanges shows price like that BTC or alt costs "X" dollars and buy crypto by selling dollars. If we won't have dollars how can we understand the price of crypto? Crypto is inseparably associated with fiat. Think they can't be divided.
Yeah man! You're absolutely right! If there is no government backed currency, there will be total chaos and humanity will revert to a barter economy!
Without fiat currency it is very difficult to trade. Because Bitcoin currency is a very volatile currency. Its rate is changing in every second. But fiat currency rates are stable. And their price is equivalent to United states dollar. But due to the popularity of Bitcoin, many companies sent their payments in Bitcoin. But fiat currency is still very popular nowadays.
Individuals who approach fiat cash currently rule the world so I don't believe that will be an issue if is to bitcoin on the grounds that on the planet that we are in on the off chance that you approach anything you in control. In the event that the world began without fiat money at this point, I think there would have been a path around the unpredictability issues whatnot.
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