What is going to be the faith of other currencies in time to come.

Neobanks

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Quote from: Fiatless on May 14, 2023, 01:51:43 PM

Quote from: Zilon on May 12, 2023, 02:10:05 AM

A time will come when people will stick to that which is convenient and can be sent anywhere in the world without having issues of conversion or currency preference, local fiat currency might be reserved for domestic transactions but international transactions might see an increase in crypto usage. If our fiat system fails to improve crypto will definitely take up greater percent of the financial market, The crypto world is constantly evolving and with the ease to which p2p is conducted it might get more adoption in the future.

I think Bitcoin and fiat will exist side by side for a long time. Adoption will also be gradual but consistent. Most economically advanced countries will be the first to massively adopt bitcoin while adoption in underdeveloped nations will be slow because of poverty, lack of infrastructure, and illiteracy. The citizens in these underdeveloped are limited by basic infrastructures such as electricity and internet facilities. This means that Bitcoin adoption will not happen at the same time globally, it will be relative.

The type of leadership will to a large extent determine bitcoin adoption. Authoritarian nations would keep on restricting their citizens from using the currency while democratic nations will give their citizens more freedom to use Bitcoin.

Quote from: Cryptomultiplier on May 13, 2023, 10:53:20 AM

For me I see it as the strong ones would survive, while the weaker ones would crash out or become forked.
Digital currencies right now, is still being explored as citizens are keen to learn the true reasons for its implementation. Hence why few even care about the digital currency.

We are in a time where the battle for dominance between fiat and crypto is hot and the countries who have adopted crypto as a legal tender have accepted their fate to make it better to suit their concerns.
No time to think too much about the future. Every crypto has the reason it was created, so in time as A.i is gaining face, the right crypto will remain due to acceptance and usage. The others will feasel out or merge or become forked.

Quote from: collinscoinz on May 11, 2023, 03:39:29 AM

In deed we understand that things are now changing,technology is now eating so wild on the system of things in the world,and i wanna ask if it will not going to affect some countris currency,we have come to see the digital currencies how is growing and is expanding the coast of geting richer every day,do you think that one day this digital currencies will not dominate some country currency like ours,

Quote from: collinscoinz on May 11, 2023, 03:39:29 AM

In deed we understand that things are now changing,technology is now eating so wild on the system of things in the world,and i wanna ask if it will not going to affect some countris currency,we have come to see the digital currencies how is growing and is expanding the coast of geting richer every day,do you think that one day this digital currencies will not dominate some country currency like ours,

am saiying this because of the value of our naira i observed that our 500 naira is o.124 and some fraction in dollar and our highest 1000k is1 dollar so were is this country going.

With the way things are going and the unprecedented awareness of digital marketing I think many currency will faces some challenges because digital currency like Bitcoin is becoming more convenient for people and as such many people will consider it more reliable for financial transactions and investment. Although, some other strong currency will still be invoke depending on the economic sustainability and policy.

KingsDen

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Quote from: collinscoinz on May 11, 2023, 03:39:29 AM

In deed we understand that things are now changing,technology is now eating so wild on the system of things in the world,and i wanna ask if it will not going to affect some countris currency,we have come to see the digital currencies how is growing and is expanding the coast of geting richer every day,do you think that one day this digital currencies will not dominate some country currency like ours,

Things are changing and humans and society is also changing. Technology isn't constant and same is adaptation. If you are talking about digitalisation of currencies, even the naira you mentioned has an e-naira which is the digital version.
The value of your country's currency to dollar has nothing to do with technology or bitcoin. It is about economical management.
I have read that some group of financial experts advised your leaders to devalue their currency for good 35 years and they did, that is why the value of your currency is so low compared to dollar.

qwertyup23

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I do not think that there will be a shift from traditional fiat currencies to digital currencies anytime soon. This is so because the technology that demands for the use of such digital technology is vast, to the point that you would need every person to have access to the following:

Stable internet connection;
Cellphone; and
Software

Given the fact that majority of the population composes of countries that are underdeveloped and developing, the. demand for such technology is wanting. There are even people who do not have access to clean water and education, let alone having to provide them the needs of having such luxury. If this were to be implemented, this would heavily prejudice these people thereby making them poorer in the process.

Fiatless

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Quote from: Zilon on May 12, 2023, 02:10:05 AM

A time will come when people will stick to that which is convenient and can be sent anywhere in the world without having issues of conversion or currency preference, local fiat currency might be reserved for domestic transactions but international transactions might see an increase in crypto usage. If our fiat system fails to improve crypto will definitely take up greater percent of the financial market, The crypto world is constantly evolving and with the ease to which p2p is conducted it might get more adoption in the future.

I think Bitcoin and fiat will exist side by side for a long time. Adoption will also be gradual but consistent. Most economically advanced countries will be the first to massively adopt bitcoin while adoption in underdeveloped nations will be slow because of poverty, lack of infrastructure, and illiteracy. The citizens in these underdeveloped are limited by basic infrastructures such as electricity and internet facilities. This means that Bitcoin adoption will not happen at the same time globally, it will be relative.

The type of leadership will to a large extent determine bitcoin adoption. Authoritarian nations would keep on restricting their citizens from using the currency while democratic nations will give their citizens more freedom to use Bitcoin.

Cryptomultiplier

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For me I see it as the strong ones would survive, while the weaker ones would crash out or become forked.
Digital currencies right now, is still being explored as citizens are keen to learn the true reasons for its implementation. Hence why few even care about the digital currency.

We are in a time where the battle for dominance between fiat and crypto is hot and the countries who have adopted crypto as a legal tender have accepted their fate to make it better to suit their concerns.
No time to think too much about the future. Every crypto has the reason it was created, so in time as A.i is gaining face, the right crypto will remain due to acceptance and usage. The others will feasel out or merge or become forked.

SOKO-DEKE

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Quote from: collinscoinz on May 11, 2023, 03:39:29 AM

In deed we understand that things are now changing,technology is now eating so wild on the system of things in the world,and i wanna ask if it will not going to affect some countris currency,we have come to see the digital currencies how is growing and is expanding the coast of geting richer every day,do you think that one day this digital currencies will not dominate some country currency like ours,

I believe that no fiat currency will be affected by the rise of cryptocurrency, especially Bitcoin. But all I am aware of is the dire economic scenario that does significantly contribute to the value losses of fiat money, which is mostly brought on by inflation.Countries with weak economic systems will see a decline in the value of their fiat currency.if you believe that people will switch to digital money, particularly Bitcoin, and start using it in their nations, I urge you to think again because many governments has yet made Bitcoin legal in any nation.infact many governments don't want Bitcoin as alternative currency to their fiat currency because of the strong control they want to have their fiat currency.

Quote

am saiying this because of the value of our naira i observed that our 500 naira is o.124 and some fraction in dollar and our highest 1000k is1 dollar so were is this country going.

If you believe that your fiat currency is not safe by being saved in banks due to inflation, it would be wiser to spend some portion of that money to purchase some Bitcoin instead, especially with the money you don't intend to use right away. I believe that Bitcoin will be safer in that manner because of it volatility.but don't invest when you don't have any idea how Bitcoin works.

aysg76

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We are seeing how inflation and government policies are devaluing the fiat system of respective countries even if we take strong economic countries like Britain,US,Russia the fiat have lost significant worth over these years so what do you expect from them in future? The thing is the usage will always be there in digital payment mode also like the new concept of CBDC and cash as well but not completely vanish from the monetary system of an country.

People are getting aware about this scene this is why adoption rate for crypto like bitcoin is increasing day by day not only due to profits but the utility also behind it and deflationary nature also but the government will also let fiat flow in the economy in foreseeable future but it's worthless if you understand it.

Shamm

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Quote from: michellee on May 11, 2023, 11:12:13 PM

Isn't this digital currency already with us? Because the government has started to allow the use of digital currency as a form of payment. But unfortunately, it's not crypto because, until now, there are still countries that haven't allowed the use of crypto for their citizens.

If you mean cryptocurrency, it will still take time for it to be accepted by all countries as a new currency that can function as a means of payment. Maybe it will affect the country's currency, let alone the ups and downs of crypto, which we know so well so far.

If indeed crypto is used as a new currency for all countries, maybe it will change the economy in all countries. So until then, you can still enjoy your country's currency.

Yes you are right that mate not all the country around the globe accepting Bitcoin some other country they will accept bitcoins but some country are very strict about Bitcoin even their netizens they can't use bitcoins because once they caught then they face the consequences.

Quote from: hugeblack on May 13, 2023, 08:02:20 AM

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Yes you are right that mate inflation is not new to us and we all know how scary the inflation is. It because through inflation theres a particular item will cost hundreds or even thousands .

hugeblack

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Inflation is not a new crisis. Since the dollar was disengaged from gold or paper money in general, inflation was associated with it in one way or another. We have examples such as inflation in the German mark, which reached limits that Zimbabwe's currency did not reach.

Therefore, converting it to other models such as the digital dollar or any other models will not solve the problem of the economy, because the solution to the problem does not lie in the form of money, but rather in the state’s behavior with that money and how to manage it economically.

alastantiger

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Quote from: collinscoinz on May 11, 2023, 03:39:29 AM

In deed we understand that things are now changing,technology is now eating so wild on the system of things in the world,and i wanna ask if it will not going to affect some countris currency,we have come to see the digital currencies how is growing and is expanding the coast of geting richer every day,do you think that one day this digital currencies will not dominate some country currency like ours,

There is always a 1% possibility that digital currencies particularly bitcoin will dominate some currencies. Have you heard of El Salvador? This is only for countries whose currency, economy and political structure is weak. Definitely. What we do not know is which country and how soon it will happen. Bitcoin has performed far better than the currencies of other countries within the short period of its existence so why shouldn't it be a better option. Let's see how far the regulation and volatility goes.

Zilon

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Quote from: collinscoinz on May 11, 2023, 03:39:29 AM

In deed we understand that things are now changing,technology is now eating so wild on the system of things in the world,and i wanna ask if it will not going to affect some countris currency,we have come to see the digital currencies how is growing and is expanding the coast of geting richer every day,do you think that one day this digital currencies will not dominate some country currency like ours,

A time will come when people will stick to that which is convenient and can be sent anywhere in the world without having issues of conversion or currency preference, local fiat currency might be reserved for domestic transactions but international transactions might see an increase in crypto usage. If our fiat system fails to improve crypto will definitely take up greater percent of the financial market, The crypto world is constantly evolving and with the ease to which p2p is conducted it might get more adoption in the future.

michellee

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Isn't this digital currency already with us? Because the government has started to allow the use of digital currency as a form of payment. But unfortunately, it's not crypto because, until now, there are still countries that haven't allowed the use of crypto for their citizens.

If you mean cryptocurrency, it will still take time for it to be accepted by all countries as a new currency that can function as a means of payment. Maybe it will affect the country's currency, let alone the ups and downs of crypto, which we know so well so far.

If indeed crypto is used as a new currency for all countries, maybe it will change the economy in all countries. So until then, you can still enjoy your country's currency.

Pandu Geddon

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Quote from: collinscoinz on May 11, 2023, 03:39:29 AM

In deed we understand that things are now changing,technology is now eating so wild on the system of things in the world,and i wanna ask if it will not going to affect some countris currency,we have come to see the digital currencies how is growing and is expanding the coast of geting richer every day,do you think that one day this digital currencies will not dominate some country currency like ours,

when the use of the digital currency Bitcoin is legal as a means of payment in most countries, it will become another alternative after fiat. to dominate or not, it all depends on its usage. that's why the government still restricts the use and ownership of Bitcoin and other digital assets. but I think more of the government that will manage their own digital assets to suppress the dominance of the use of Bitcoin which is completely uncontrolled by anyone.

MarjorieZimmermanGinger

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Quote from: collinscoinz on May 11, 2023, 03:39:29 AM

In deed we understand that things are now changing,technology is now eating so wild on the system of things in the world,and i wanna ask if it will not going to affect some countris currency,we have come to see the digital currencies how is growing and is expanding the coast of geting richer every day,do you think that one day this digital currencies will not dominate some country currency like ours,

Dominating or not depends on how your country accepts crypto and so far talking about the reality there are still many countries that have not thought about using digital currency for transactions in their country, instead what I see is that many countries are trying to develop CBDCs as decentralized products that have full control by them. Realistically there is no opportunity yet for digital currencies to dominate payment systems, moreover every country has rules governing payment systems legitimate.

But I'm sure the growth of digital money will continue to grow, where many people will make payments for products that have accepted payments using it and today there are also several online products that can be paid using digital currency and business people will also think about providing easy services to customers.

BitDane

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Quote from: Zaguru12 on May 11, 2023, 04:20:57 AM

Quote from: collinscoinz on May 11, 2023, 03:39:29 AM

In deed we understand that things are now changing,technology is now eating so wild on the system of things in the world,and i wanna ask if it will not going to affect some countris currency,we have come to see the digital currencies how is growing and is expanding the coast of geting richer every day,do you think that one day this digital currencies will not dominate some country currency like ours,

If I get you correctly you are actually asking maybe people will ditch the fiat currency for currency like bitcoin or crypto in general.

People will never ditch fiat currency one major reason is that it is the most convinient way to pay for goods since it is accepted anywhere while store that accept cryptocurrency is not available everywhere. Some people maybe an advocate or promotes Bitcoin as an alternative but I am sure they still have cash in their hand for the given reason I stated.

Quote from: Zaguru12 on May 11, 2023, 04:20:57 AM

It is a two way something. First the government is yet to legalize or accept bitcoin or crypto as a legal tender due to same fear as you have, so people will still use fiat as an exchange for transactions. Secondly since the inception of crypto most especially bitcoin people have begin to see that the fiat currency isn’t great for future holding

Due to inflation and excess printing which causes its devaluation. Now they are looking for a currency that is a store of value or hedges against inflation and that is why many are looking into bitcoin for investment purposes. This act has been the reason why the government decided to have its own digital currency (CBDC) which is still has same similar characteristics like the fiat currency to me.

I don’t think people will abandon the fiat currency totally but dependent on it will reduce drastically. But the fiat currency will still be use for internal or little transactions or when things like the current transaction fee saga on bitcoin arises

If people abandon fiat currency they will only make their lives worst because not all establishment and service accept Bitcoin or other cryptocurrency as payment. I believe people will continue to embrace the fiat system no matter how worst its performance is as long as it is backed by the government.

Hyphen(-)

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In deed we understand that things are now changing,technology is now eating so wild on the system of things in the world,and i wanna ask if it will not going to affect some countris currency,we have come to see the digital currencies how is growing and is expanding the coast of geting richer every day,do you think that one day this digital currencies will not dominate some country currency like ours,

Fiat currency loses value due to inflation most of the time, but it can never be fully devalued as you might expect because the government and country rely on fiat currency to run the country's economy. To avoid all of this money deflation for one or two reasons, Bitcoin is here to provide us with a transparent alternative to fiat. Instead of keeping your fiat in a bank where it can still lose value, why not use it to invest in Bitcoin and reap the benefits?

Quote from: collinscoinz on May 11, 2023, 03:39:29 AM

am saiying this because of the value of our naira i observed that our 500 naira is o.124 and some fraction in dollars and our highest 1000k is1 dollar so were is this country going.
[/quote]
Even though fiat currency loses value due to inflation from time to time, the country's economic system contributes to the value difference between the dollar and the Naira; thus, instead of keeping Naira, which does not have a stable value, buy Bitcoin and hold.

Ndabagi01

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Quote from: collinscoinz on May 11, 2023, 03:39:29 AM

In deed we understand that things are now changing,technology is now eating so wild on the system of things in the world,and i wanna ask if it will not going to affect some countris currency,we have come to see the digital currencies how is growing and is expanding the coast of geting richer every day,do you think that one day this digital currencies will not dominate some country currency like ours,

I'm not sure what country you're from, but it appears that bitcoin is not legal in your country. The growth of digital currencies has created significant competition with the use of fiat currency. The lack of bitcoin legalization is preventing fiat currencies from viewing bitcoin as a credible alternative to itself.

If bitcoin becomes legal today, I'm confident we'll see a drop in the use of fiat currency as people learn more about what bitcoin is and the value of having 100% ownership over your asset. Bitcoin is intended to be used as an alternative to fiat currency and is not intended to replace fiat cash. However, the acceptance of bitcoin will undoubtedly represent a threat to the use of traditional currencies.

Dr.Bitcoin_Strange

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Talking about digital currency, I am trying to figure out if it's Bitcoin you are referring to or another digital currency, but if it's Bitcoin you are referring to, we cannot tell what will happen in the future, but if Bitcoin continues to exist, it will definitely be accepted by many people worldwide, and some countries will also accept Bitcoin as legal tender the way a few countries are already doing. An example is El Salvador. The faith of other currencies, like the local currency of every country, do you mean? It will just be what it is; the idea of local currency cannot totally be eradicated; it will still be there. If there is no economic solution provided to combat the situation of inflation, that will mean that our local currencies will devalue and the purchasing power will really be minimal.

Z390

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Unfortunately it's a No, it would be cool if a country decide to start using Bitcoin as its main currency but it's never going to happen, maybe some day when a new country is developed and named a decentralized country.

The government always need to be in power of everything, so they won't allow something they can't control, Bitcoin is a perfect fit for something they can't allow as a country's currency.

Op instead I would rather dream about how crypto and Fiat can co exists and governments maybe one day be more friendly to crypto and bitcoin, enough of all the bans and FUD already, to me, people are winning, more and more people now prefers crypto because things are getting harder and people want to have a good life.

You can lose money in crypto but the risk is not like a casino gamble, unless you make it so, crypto is changing peoples lives than their government, I read that's even one reason why the government won't want crypto to succeed.

It's is about the people losing money in crypto or is it about seeing poor people turning into millionaires?

348Judah

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Quote from: collinscoinz on May 11, 2023, 03:39:29 AM

do you think that one day this digital currencies will not dominate some country currency like ours,

With the current way of financi economy development in the blockchain technology with bitcoin adoption, i want to believe that only those that are ready to quicken their decision for bitcoin adoption and ebters early will be likely to be tge ones to arrived early when the whole world would have been totally dependent of this technology, but in times to come, everyone would have developed an opened eye in understanding the difference between having bitcoin in your personal wallet which is non-custodial and having the use of centralized exchanges which are custodial wallets, bitcoin is dominating already but still on a gradual process, we can still use our local currencies together with bitcoin, they were both legal and acceptable means of making payments.

Topic: What is going to be the faith of other currencies in time to come. (Read 233 times)