Topic: Please, we should not totally eliminate fiat currency - page 5. (Read 27265 times)
Fiat currency cannot be eliminated because it is one of the factors used to determine the economic status of a country and has got the full support of the governments. Fiat and cryptocurrency complement each other with their unique features, thus unleashing the best experience in finances and all related transactions. Cryptocurrency and fiat must coexist and be utilized when and where necessary.
Fiat currency in the foreseeable future will always exist. Only the most developed countries with high incomes of citizens can afford to gradually reduce the percentage of cash by increasing the role of non-cash forms of payment. Other states will not even try to do this. If there is a cancel of cash, people will go to barter deals, and this will be very harmful for the economy. I think everyone understands this.
I totally understand your point of view, but am of the opinion that if and when crypto eventually succeed fiat, then provisions will be made to savage the issues of non availability of internet facilities in the rural area. Lets get to that bridge first then we figure out a way around it.
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.
For me, It won't happen, yes your right to the rural place that doesn't have a computer or internet to make a transaction truly needs fiat money. But fiat money will never be eliminated because to some 3rd world countries and the percentage of the fiat money user is still very high, almost everyone some money right. Even I have crypto I usually use fiat money to my daily basis, so even there are some countries are now mostly using cryptocurrency instead of cash. It will never happen to eliminate fiat money, especially that the government makes fiat money or physical cash. 
Fiat currencies cannot be eliminated completely because they have the full backing of the governments and its value determines the economic status of a country. Both fiat and cryptocurrency have their own unique features which must be allowed to reign, complement each other and enhance financial transactions in all circumstances.
I think that is a bit wrong, if the use of crypto currencies is bigger and more comprehensive, fiat will experience such a deep loss of trust and the effectiveness of government controls will be a serious problem, this currency will stand out from each other, and in the end there will be no which will disappear, will only evolve to stand on just one of them, and discard the already very conventional elements.
Fiat currencies cannot be eliminated completely because they have the full backing of the governments and its value determines the economic status of a country. Both fiat and cryptocurrency have their own unique features which must be allowed to reign, complement each other and enhance financial transactions in all circumstances.
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.
Your point is very correct particularly those leaving in the third world country where in some of their community they don't have internet facilities for them to make use of the internet let alone having to knowledge about Bitcoin and blockchain technology.
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First of all, they're just obsessed with cryptocurrency so they think that this is the only thing we need. Actually, if you consider all of these things, you'll find out that not all of us have the internet to access crypto especially those people in the provinces. We need physical over digital, it's better for those who aren't techy enough to browse a computer.
Second one, Government will not allow this, it's obvious.
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 think things get mixed up here.You confuse paper money with fiat money.
Paper money are banknotes.
They can be backed by gold, Bitcoin etc.
The banknotes that we know (cash) are backed by the law.
We are forced by law to accept them as money.
They are legal tender.
Fiat money is currency created by a monetary authority out of thin air, ex nihilo.
Today it happens through the Central Banks, by keystrokes.
Being created arbitrarily, fiat money historically devaluates.
No exception.
Bitcoin's attractively is that the number of coins cannot be increased arbitrarily.
What most of us want is the elimination of fiat currencies (fake money), not of cash
The hand market which actually relies on people from small families and live in places where they don't know of smartphones , well to be honest fiat is what they have .
I have gone to many villages and all and smartphones are still something that they know nothing about , maybe the younger generations are well informed but most old people and also the kids they will forever have a problem dealing with this.
People even consider bank accounts to be a thing of high class society you know .. how would you take into consideration all those people ? And still be able to get the economy for them going ?
I have gone to many villages and all and smartphones are still something that they know nothing about , maybe the younger generations are well informed but most old people and also the kids they will forever have a problem dealing with this.
People even consider bank accounts to be a thing of high class society you know .. how would you take into consideration all those people ? And still be able to get the economy for them going ?
Cryptocurrency replacing fiat money is far from happening. Not even half of the population knows what it is, plus they arent aware of the process of transaction that is necessary to avail crypto in their daily lives. Before trascending in this so called era where bitcoin has officially dethroned fiat, every known country should be technologically advanced and that its citizens should all be knowledgable of how to navigate through the net. Let's just accept the fact that we're not that ready to replace fiat but i do believe that there will be a time for that to happen.. maybe a couple of decades.
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.
Your point is very correct particularly those leaving in the third world country where in some of their community they don't have internet facilities for them to make use of the internet let alone having to knowledge about Bitcoin and blockchain technology.
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.
not eliminated , there is no intention to break and destroy fiat totally
the main idea is to challenge the existing dominance of the financial institutions and the money printing entities
the seniorage they get is the main reason for the wars and the rest of the bad things that happen
if it is taken out of the hands of the chosen few and transferrred to the people , the whole new world could emerge
but I'm daydreaming here , at the moment crypto is not strong enough or technically capable to take over the money transfers around the world
simply because of the transactions per second speed , bitcoin is capable of <10 per second , while VISA and Mastercard can do thousands
when Segwit and Lightning Network are mature enough to offer a ready made solution and it is introduced and tested successfully ,then we could talk about challenging fiat , not before that
From what I have seen so far in this forum and other crypto platforms, most of us want fiat eliminated.
They are dumb. Despite the fact that they are still using flat until this time, they think they can live without flat? What an idiot.its true but i do think fiat are going to disappear someday cause crypto is something bettet and more transparant. I do think every country will issuing their own crypto for transaction,
Talk to China then. They ban cryptocurrency. Moreover at the end of the world, you will go back to use dinar and gold.it will be easiear to count how much tax and prevent fraud.
It's not and more difficult. 
No matter how hard we try, it is simply not possible to eliminate the usage of physical fiat currency. The digital version of fiat (Paypal, Visa.etc) may become popular, but they will not be able to completely replace physical cash. Now replacing fiat with a decentralized currency is altogether another topic. It may be possible only within libertarian micronations, as the governments will never allow that.
in my opinion the fiat currency will not be replaced and only the system and its use will change and keep up with the times and technology, and of course all systems will change according to developing technology 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.
Your point is very correct particularly those leaving in the third world country where in some of their community they don't have internet facilities for them to make use of the internet let alone having to knowledge about Bitcoin and blockchain technology.Fiat money is already a part of every culture in the world and it functions for a very long time now so there's no point for it to be eliminated.
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.
Your point is very correct particularly those leaving in the third world country where in some of their community they don't have internet facilities for them to make use of the internet let alone having to knowledge about Bitcoin and blockchain technology. Of course, I agree with the opinion that through the banking system and through Fiat, the state controls the incomes of citizens and carries out taxation. But I want to say that we are missing a very important moment. After all, the fact is that a larger percentage of humanity consists of the elderly and older, for whom cryptocurrency is not only something new, but also unknown. TO
If we imagine that today there are people with different preferences, then they will continue to live. Someone likes to read paper books with leather binding, and someone is used to audiobooks. Someone reads news from paper newspapers, and someone listens and watches news on the computer. This is also a kind of fetish, when you come to a coffee shop and buy a cup of coffee and pay for it with paper money, not with cryptocurrency.
Of course, I agree with the opinion that through the banking system and through Fiat, the state controls the incomes of citizens and carries out taxation. But I want to say that we are missing a very important moment. After all, the fact is that a larger percentage of humanity consists of the elderly and older, for whom cryptocurrency is not only something new, but also unknown. TO
Agreed. Fiat currency is the source of confidence for people who are not accustomed to trading with cryptocurrency. Nobody can ever take the fiat simply because it has been there for ages.
its true but i do think fiat are going to disappear someday cause crypto is something bettet and more transparant. I do think every country will issuing their own crypto for transaction, it will be easiear to count how much tax and prevent fraud. Jump to: