Please, we should not totally eliminate fiat currency - page 24.

Bitcotalk

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Quote from: Hatuferu on September 06, 2018, 06:57:09 PM

Quote from: HSRP on September 06, 2018, 04:34:11 PM

Please rest assured that. At this point cash is important and even later. It is still practical for human life, especially to boost the economy. Continuing economic flow in the long run.

Cryptocurrency may go a long way but surely fiat currency will still remain since there will still be more demands from people who still prefer to use paper money than make a change and use a newly digital currency.

At some point later on, I expect that the government and banks of most countries would have ended up adopting the blockchain technology and probably the printing of paper currency will come to a halt.

However, adoption of blockchain technology does not mean that eliminates fiat since it would still be in its centralized form as no government will want to partake in something they cannot control simply, so in that case, I believe both fiat and cryptocurrency will simply go hand in hand.

ocid

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Quote from: Sama517 on August 30, 2018, 06:33:41 PM

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.

Of course, fiat currencies will always be available and can be used anywhere in every government. Even though the development of technology is currently more modern, all countries cannot easily eliminate existing fiat currencies because for every fiat currency country has its own history. on the other hand, modern technology in the form of digital currency certainly has drawbacks, one of which is that if we lose the internet network due to bad weather conditions, this digital currency obviously cannot be used by anyone.

Agapelove

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Fiat money cannot be replaced by digital coins due the volatility of digital coins. Stability in the coins' price is one reason why digital coins aren't mainstream even with their high expectation.

kramat

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Fiat money will not be left behind because there are still many people who want to use it and in every corner of the country it must be untouched by technology so they will continue to use fiat money as transactions as in many small countries

sirminesalot

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Quote from: valentine401 on September 07, 2018, 08:44:57 AM

Quote from: Sama517 on August 30, 2018, 06:33:41 PM

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.

Fiat currency will never be eliminated because there are a lot of people who are working in the corporate world and just earning a small amount of money and they are unable to invest on cryptocurrency.

You are right because fiat currency is made by the country itself and is believed to be a legitimate payment system. Fiat currencies are also easy to use and store. if the missing fiat currency is impossible.

valentine401

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Quote from: Sama517 on August 30, 2018, 06:33:41 PM

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.

Fiat currency will never be eliminated because there are a lot of people who are working in the corporate world and just earning a small amount of money and they are unable to invest on cryptocurrency.

Bunsomjelican

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Quote from: Sama517 on August 30, 2018, 06:33:41 PM

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.

In our generation time now, Fiat currency will still be useful and it could take more years or decades. It is because, there lot of businesses/merchants that are not aware in digital currencies whether Bitcoin or altcoins. due to for now Bitcoin/altcoins was being for online payment methods or sending money in different places of the country.

kwabeedat

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Looking at the way various government, banks and financial/corporate institutions are rising against the use of crypto, the option will be that both crypto and fiat will coexist. With that it shall be a win win for both parties. My opinion though!! Wink

naily

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of course we cannot eliminate fiat currency unless the country is not already on the world map, and it is true that fiat currency can be used in an area that is not yet affordable for internet access

justdimin

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It is not up to us to eliminate fiat currency anyway. First of all crypto is not strong enough to eliminate anything, the best thing it was used for was provably fair on casinos, if you leave that aside there is nothing crypto and blockchain change that dramatically.

However, even if it was the banks have reacted a lot quicker, right now yes we do use cash for many things but mainly the amount of people who use their debit cards for regular purchases and their credit cards for bigger purchases is already insanely high which means people are using fiat banknotes a lot less.

Hence, banks are just moving digits from one place to other place instead of fiat actually being used, we are basically using tokens of those banks.

Kamote_1102

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I agree with you. There are still some rural places in every Country that has not been civilized yet. many people are still living in some areas without electricity and Internet. if we're going eliminate fiat, what would happen to them? and besides, is the World prepared to be a Cashless society? I don't think so.

UmitatsuKen

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Dont worry about it, there are places like what you had said rural places whereby no technology. Crypto needs gadget and internet, and not all cant provide it. Social life has more use of money like buying food in public market.

Boromon

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of course the fiat money very needed. because it would be very inconvenient if we must use cryptocurrency to buy our daily necessities. And of course the Government will not allow the fiat money is lost.

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Quote from: Sama517 on August 30, 2018, 06:33:41 PM

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.

I agree with you. As what I observe it is not necessary for the government to remove fiat since we have a new currency which is digital currency but if we put it into reality then this is quite impossible to happen.

WUUEX79

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Quote from: Sama517 on August 30, 2018, 06:33:41 PM

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.

No one who's able to eliminate fiat currencies including the government as the # 1 country organizer. Because, there are so many people who have not been touched by internet media especially in underdeveloped countries. But, despite the world community have 100% use internet media. Fiat currencies, can't be eliminated/replaced by other currencies. Because, fiat currency's one of the nation's pride products which at the same time can be used as a medium of promotion both about cultural heritage as well as hero figures in its publishing country.

Aleth

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Quote from: Sama517 on August 30, 2018, 06:33:41 PM

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.

Yes, it will take several time or years before fiat to be elliminated considering other people who don't know yet about crypto because they don't have access of it no internets and no gadgets. Don't worry my friend.

Hatuferu

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Quote from: HSRP on September 06, 2018, 04:34:11 PM

Please rest assured that. At this point cash is important and even later. It is still practical for human life, especially to boost the economy. Continuing economic flow in the long run.

Cryptocurrency may go a long way but surely fiat currency will still remain since there will still be more demands from people who still prefer to use paper money than make a change and use a newly digital currency.

Lorin

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Eliminating fiat money is not possible because not all are in crypto and there are still dont know what crypto is. Another is those who are i place where elecritcity is not possible and doesn't have internet. Of course at some case we will be using fiat money in some situation that crypto is not available. We can use both.

HSRP

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Please rest assured that. At this point cash is important and even later. It is still practical for human life, especially to boost the economy. Continuing economic flow in the long run.

wxa7115

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Quote from: Sama517 on August 30, 2018, 06:33:41 PM

From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated. But let us not forget that there are still situations whereby we can't use crypto except fiat like in rural places without computers or even internet facilities.

You are confusing fiat with physical money, we need a form of physical money because as you say not everyone is going to have access to computers or the Internet, that is correct but for that we do not need fiat, what we need is a form of currency that has been around for thousands of years and that the government cannot inflate the way they do with fiat, and fortunately for us we have a currency like that and it's called gold and silver.

So the elimination of fiat is probably not going to happen because governments are going to keep trying to get people to accept that form of money, but in theory we could use a combination of cryptocurrencies and precious metals and the economy will run fine.

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