It is really hard to think of a society without a fiat currency because we are living in a generation where we are used to paying with both fiat and digital currency. But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value. If it is the only thing that can be used for payment and there's no other option then bitcoin will not be the same as Gold that can be preserved its price. Bitcoin will be the fiat in that world and people will just look at it as normal money.
You're right. We can't imagine a world without fiat currency. Unthinkable to operate without Fiat. Bitcoin and all other currencies are not omnipresent. But Fiat is at a standstill everywhere. All the endeavors of daily existence, even bank transactions and the rest of the endeavor are performed by Fiat. Fiat is stable and must be used. 
Topic: lets imagine world without fiat currency - page 8. (Read 2209 times)
I really cant imagine the world without fiat or physical money. Its hard to imagine such things especially that I am living in a poor country and not so digitalized... and the worst is, we have the slowest internet signal in Asia. Living in this place, requires fiat in buying our daily needs. Fiat is the mainstream currency that most locals here are using and they don't even know about digital currencies and digital payment method, so its really impossible in my place. Maybe, if I am living in a big City, its possible to think of those things because City life are way too far from the village and its more digitalized and lots of people are slowly learning the different kinds of digital payment system. Somehow, I believe that cashless living is quiet good and less hassle with just one tap of our finger and smart gadgets. Therefore, I imagined a hassle free and easy life world if there is no fiat. But, still we will realized that fiat can never be replace for now...people are highly relying on it.
now lets imagine world without fiat currency.
lets say we use bitcoins.
so milk price how many btc? fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!
right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol
so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?
and please dont comment something nonsense
lets try to gather here only smart comments as this topic is important topic to know.
lets say we use bitcoins.
so milk price how many btc? fuel price? rent ? and how the prices will calculated?
and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
so your skills or value in society dont count only matters who go the most of the bitcoins?
bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!
right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol
so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed? and please dont comment something nonsense
lets try to gather here only smart comments as this topic is important topic to know.I guess if the world is gonna use one currency its is not gonna world in every country, It might need 1 government to circulate the currency that is not gonna work in bitcoin currency.
It's really hard to picture a world with fiat currency just because the idea of bitcoin as a currency came from a fiat currency, or we can just say that the bitcoin is just a better version of the fiat currency because it is digital.
For sure every government is gonna try to control bitcoin at some point if bitcoin is the only currency available, possible if we have only one leader around the world but it's gonna be hard to govern.
Imagining that there's this world without fiat, all I see is the world that once was(when it was trade by barter). I don't really find it bad that fiat is ruling, and if I had the chance to change that, I won't really do nothing. For now, lets be paying for s few goods and services using bitcoin. A time is coming when fiat will be forsaken.
I really imagine it, the world without fiat.
I imagine how many people, old people in my country can use BTC in our daily life. I cannot imagine how my parents and grandparents use Bitcoin, I think they can't because they are too old to learn and use this., whatever I tell them, it means nothing and they will not get the point, so do the other many more people around us.
In fact, we still need fiat whatever the condition. We maybe hate fiat and banks because they always rule anything that they like, take our money and then make complicated if we want to take them back. And here, we can't do anything because they have that big power. That is why what we can do is by making many more people aware of the crypto world and also concern about it
I imagine how many people, old people in my country can use BTC in our daily life. I cannot imagine how my parents and grandparents use Bitcoin, I think they can't because they are too old to learn and use this., whatever I tell them, it means nothing and they will not get the point, so do the other many more people around us.
so milk price how many btc? fuel price? rent ? and how the prices will calculated?
If there are rules about it, I believe that there will be certain calculating made by the institution or markets. however, the value may be always changing and we must be ready for that. Therefore may be different because of the pricing, calculation, and also the value of a thing. In fact, we still need fiat whatever the condition. We maybe hate fiat and banks because they always rule anything that they like, take our money and then make complicated if we want to take them back. And here, we can't do anything because they have that big power. That is why what we can do is by making many more people aware of the crypto world and also concern about it
It seems very difficult to imagine a world without fiat currency, because there are many factors that make this world still need fiat currency.
Because the majority of people are not familiar with Bitcoin, and it will take a long time for everyone to really get to know Bitcoin. Moreover,
not all areas are covered by internet networks, and also many people from third world countries who cannot afford a smartphone. The biggest
obstacle is that it is impossible for the government to agree with Bitcoin to replace fiat currency, because Bitcoin cannot be controlled by anyone.
So my conclusion is that this world is impossible without fiat currency.
Because the majority of people are not familiar with Bitcoin, and it will take a long time for everyone to really get to know Bitcoin. Moreover,
not all areas are covered by internet networks, and also many people from third world countries who cannot afford a smartphone. The biggest
obstacle is that it is impossible for the government to agree with Bitcoin to replace fiat currency, because Bitcoin cannot be controlled by anyone.
So my conclusion is that this world is impossible without fiat currency.
As long as Bitcoin has a limited outlet or cannot be used on daily transactions, it can never replace fiat. We need massive adaptation as well as government acceptance. As of today bitcoin is viewed as an investment tool not as a medium of exchange.
Bitcoin has been creating to gave us another choice instead use the traditional economic. It will never replace fiat but bitcoin has become an option right now. Bitcoin has some advantages which are not owned by fiat. It can become a commodity, store of value, and payment channel at the same time. I think that you will need deep research about that. It's not all people use bitcoin as a store of value but it has the same result as people use bitcoin as a payment system.
We are one step closer to the digitalization ERA when everything will be digitalized included the fiat currency itself. The worth without fiat will be the same as cryptomarket when everything was being digitalized.
People much more convenient to send stable coins wherever.
Fiat is good,it plays a very important in daily transaction and if it will be wiped off is cannot just be suddenly, it will gradually be withdrawn if it's effect will not be evidently implicating, but I think they will still have to leave some underdeveloped regions, considering the illitrates, but I think very soon there will be more orientation for people to be able to embrace and use it .
It is really hard to imagine a world without fiat, I admit that.
I don't even think that we can live in a way where digital currency are controlling the way we live, especially those people in rural areas.
In the future, maybe, bitcoin will become more popular than fiat but I don't think that fiat will be phased out soon. Development are still slow in other countries due to economy so I can't imagine a world without a fiat currency circulating the market.
It won't be a problem though if bitcoin is the currency we have from the beginning. But if we have bitcoin as the main currency from beginning of the world, it might have been an outdated cryptocurrency(don't know how to out it). There will still be institutions that'll create their own currency and have a usecase attached to it.
We all have different states or country that are dealing with different currencies, bitcoin can be a good way in terms of making it useful by everyone anywhere, but we can't change how fiat works especially it's been the traditional way of Payment in many countries for so long and others are not open for any changes so bit9can only be an alternative to only those who wanted it. Exactly my point. The whole world knows only fiat currencies.
The only ones that are free from centralisation are we that believe in crypto and therefore we enjoy decentralized banking. What we need is to drive to adoption so that there will be more usage.
fiat currency is never possible to imagine the world without Fiat currency. People are able to live a normal life without the use of Bitcoin because many people have no idea about the use of Bitcoin. But Fiat is never possible without currency Introduction of Fiat currency in every occupation including livelihood and employment. Improving the country's economy is not possible without the introduction of Fiat currency. People will be hindered in every work and the central banks will lose their existence. After the need for cash for education and product purchases.
Basically the topic tried portray "a world without fiats currency", how do you think?. We can live in the world without fiat currencies sincerely speaking mate, becasue the digital moment we are living in will expand to accommodate buy and sale of digital coins in smaller or smallest quantities - meaning having smaller denominators of these coins like in the fiats can enable it uses like fiats. The world without fiats will be feasible but not when the digital generation just emerge, we should wait for some years of improvement and development of this technology. 
A world without fiat currency? Hmm. I wouldn't say that would be good. Cryptocurrency needs something fiat doesn't. Internet. I can mention many examples of why fiat is better than bitcoin on some important spots of life. This over enthusiasm of this community has lead to the belief that fiat does always bad. Inflation is what have made it bad, otherwise it's pretty useful. You can transact without internet immediately.
I do believe that bitcoin brought us some new ideologies about money, like that it is not minted by a single authority, it is anonymous, it's not physical etc, which really helped me, personally, to understand money better.
We do forget something very important. Fees. If the whole world started using bitcoin instead of their national currency, bitcoin would be... useless... Who would pay a thousand dollars in fees? I have mentioned it several times on this forum. I consider bitcoin as a store of value, not as a medium of exchange and I do that, because it looks more like gold than dollar. Both gold and bitcoin have value because people think they should. On fiat government forced everyone to believe it has value. The fun fact is that everyone is blaming government because dollar is losing it's value. Guess what, no one told you to keep it. You can buy the analogous assets to store your value, but not on fiat. Dollar is a medium of exchange, gold is a store of value. Do you understand now the difference between fiat and bitcoin? This is how I see it.
Other cryptocurrencies, though, that have less demand and you can confirm transactions faster and cheaper, can be used for purchasing stuff. (e.g Litecoin)
I do believe that bitcoin brought us some new ideologies about money, like that it is not minted by a single authority, it is anonymous, it's not physical etc, which really helped me, personally, to understand money better.
We do forget something very important. Fees. If the whole world started using bitcoin instead of their national currency, bitcoin would be... useless... Who would pay a thousand dollars in fees? I have mentioned it several times on this forum. I consider bitcoin as a store of value, not as a medium of exchange and I do that, because it looks more like gold than dollar. Both gold and bitcoin have value because people think they should. On fiat government forced everyone to believe it has value. The fun fact is that everyone is blaming government because dollar is losing it's value. Guess what, no one told you to keep it. You can buy the analogous assets to store your value, but not on fiat. Dollar is a medium of exchange, gold is a store of value. Do you understand now the difference between fiat and bitcoin? This is how I see it.
Other cryptocurrencies, though, that have less demand and you can confirm transactions faster and cheaper, can be used for purchasing stuff. (e.g Litecoin)
The halving does not reduce the number of bitcoins. Bitcoins are not consumed. The number of bitcoins increases until it reaches 21 million. It doesn't go down.
The supply doesn't decrease. Although, the available bitcoins do and since they do it makes the currency even more valuable. (Article)Ethereum is not centralized.
What needs cannot be served by Bitcoin that can be served by fiat currencies?
I can't buy a coffee with bitcoin. And even if I can, I won't pay it $2, but more than double. If the coffee shop wants at least 1 confirmation then I'll also have to wait some minutes next to the cash register.
There was a world without the fiats currency and that generation was used to the market exchanged. They used the golds and silvers for products and services, the world moved from these errands to the world of fiats currency which we're part. Bitcoin as a digital currency will take over from the fiats currency because the WCB is making some move that will empower every sovereign nation to have it own digital currency. When this happen, the world will trade in Bitcoin and other digital currencies like we have done to gold, silver and fiats.
It won't be a problem though if bitcoin is the currency we have from the beginning. But if we have bitcoin as the main currency from beginning of the world, it might have been an outdated cryptocurrency(don't know how to out it). There will still be institutions that'll create their own currency and have a usecase attached to it.
We all have different states or country that are dealing with different currencies, bitcoin can be a good way in terms of making it useful by everyone anywhere, but we can't change how fiat works especially it's been the traditional way of Payment in many countries for so long and others are not open for any changes so bit9can only be an alternative to only those who wanted it.
If ever world has only bitcoin as a currency from the beginning, I think the supply of bitcoin is not only 21Million. Of course the creator of bitcoin will also consider everything when creating this digital currency. And about the price of every commodities, I believe it has still a balance which everyone can afford to buy using bitcoin. And also knowing that bitcoin is the currency to be use everyday in exchange of fiat, for sure the value of bitcoin is not so high like now.
It won't be a problem though if bitcoin is the currency we have from the beginning. But if we have bitcoin as the main currency from beginning of the world, it might have been an outdated cryptocurrency(don't know how to out it). There will still be institutions that'll create their own currency and have a usecase attached to it.
fiat currency ruling is the best for option for now. imagine the world was being managed by crypto currencies, you were living in a world were thief does not have to come to your house to steal from you. you wouldn't feel safe anymore. that is not a world i would like to live in
For essential supplies, Bitcoin can still be used to pay for the products and services. The good thing about Bitcoin is that you don't really need to buy or own 1 or more bitcoins in order to take advantage of the benefits it offers. People easily get carried away from they hear the price of bitcoin forgetting you can get started already with smaller quantities. Once that mindset is removed, we can start pegging the price of these commodities to denominations in BTC. No matter how high Bitcoin's price get, it would still be possible to get small denominations.
The op is talking about sustainability and not about the price alone. Bitcoin has a limited supply. The earlier adopters holds the highest numbers of coin. However, the concept of halving which I do not know truly maybe it reduces the total supply of the bitcoin. I generally think bitcoin is not sustainable to be used globally as the only currency due to the limited supply, increasingly high transaction fee etc. The fiat currencies we have today are being recycled and new one are minted. holistically, it is more sustainable than the bitcoin although this is because it is being controlled and regulated by the government. By further increase in bitcoin price which also increase the transaction fee, a time will come that the cost of transaction fee will be twice the price of the commodity you intend to purchase with bitcoin.
Yes, nothing can be done without fiat currency there are many countries where bitcoin is not supported but many traders invest in bitcoin in which case they are able to use the money to convert fiat into currency every country has fiat and everything needs fiat currency to work. It is not possible to buy anything with crypto fiat currency is considered to be the only means of exchange for people in today's world without fiat the demand of commercial banks for deposits practically does not fall within the scope of the currency.
I live without Fiat currency because the currency of my country is devalued. All my income that I have earned is based on Bitcoin and crypto so I made the decision to only spend what I need each month and I have divided it by each week to convert it into Fiat. With the aim of spending only what is necessary and saving the rest to buy whatever my family and I need.
I think that Fiat will always be with us and cryptocurrencies will gain ground because they are doing the work that governments and the banking system have ignored.
I think that Fiat will always be with us and cryptocurrencies will gain ground because they are doing the work that governments and the banking system have ignored.
really helps our life to be simpler and safer. no theft on the road. and of course, very easy transactions. but we see primitive people. how can they adapt to the crypto world? i think. the development of cryptocurrencies in the world will not spread perfectly. unless the government provides maximum socialization to provide understanding of bitcoin to them.
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