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. 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
In 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.
Why not create this thread on Nigeria Board to have a better discussion as it concerns it. Here is the link to the local board
https://bitcointalk.org/index.php?board=275.0
