Topic: When will the role of fiat currency disappear against crypto. - page 2. (Read 841 times)

Actually I don't think that cryptocurrencies will replace fiat money in the nearest future. There are still too many people who don't believe in crypto and don't know how to use them. What is more, government can't control crypto and that's why they don't really want it to develop as this way they will lose control over people finances.

why bother if they can coexist and complement each other, where if we want bitcoin to replace fiat currency it is just an illusion that is uncertain.
because there are many situations that bitcoin and other crypto can't completely solve, if we look at fiat currency it's so complicated in circulation that sometimes the impact of printing money can result in inflation.
different from crypto
here I conclude in my life, as long as we buy food with fiat and if we have bitcoin and want to spend it must be exchanged for fiat
then one thing  impossible if fiat will lose to crypto

Yes, this silly talk about the possible replacement of fiat with cryptocurrency has been going on for several years now. So far we have not seen any prerequisites for this. These are just the fantasies of people who have little idea of how the state and its economy work. Such a replacement is not even possible in principle and never. Even if it were possible, states will never allow it.

It is not something used for thousands of years, up until very recently in human existence (last 100-150 years) we didn't even have proper banknotes that we used. Sure there were some rich people who hold bank notes instead of banknotes, stating that they had money in the vaults, but that wasn't everyone, that was the very rich that had excess to put in vaults.

Most people used coins actually, not crypto coins of course lol, but regular coins. So actually coins is the most common thing in the world of currency, banknotes has very little existence that nobody really consider, eventually we got back to coins again, only this time it was digital coins and not hand held ones.

Fiat currency and cryptocurrency can exist at the same time.
Cryptocurrencies have high volatility and their prices are constantly changing. And some countries have not yet accepted bitcoin payments, and they are more accustomed to using fiat currencies in daily life.

During the period of human development, the form of money is constantly changing to adapt to the constantly changing society and economy. Cash or fiat money (coins, banknotes, etc.) is a means of payment used for thousands of years. However, the role of cash is gradually being replaced by other forms of electronic payment.
More and more countries around the world are embracing the trend of using digital currency. The most popular cryptocurrency in the world today is Bitcoin. It can be exchanged, traded directly without going through a financial intermediary, the transactions are done instantly & anonymously. However, they are rarely used in traditional trading operations because their value is volatile and easily adjusted based on the number of users. Despite thriving and holding a lot of potential, this digital currency has not been welcomed in many countries because of its ability to be difficult to control.
If in the past, credit cards and bank cards were outstanding spending tools of consumers thanks to their security and convenience, today electronic wallets integrated in smartphones dominate. position. With outstanding features such as instant transactions and efficient financial management, it is not difficult to predict that this digital wallet will soon become the payment technology of the future.

The opportunity for crypto to replace fiat is indeed impossible, because after all the existence of fiat is needed by the majority of people.
Since most countries in the world still prohibit using crypto as payment, therefore how will crypto replace fiat if the government still limits
the use of crypto. I think Satoshi Nakamoto also created Bitcoin not to replace fiat, but as a payment alternative. So we really have to
think realistically, that crypto and fiat will co-exist. So we all have to accept the fact that fiat is irreplaceable, so we should be grateful
at least we can still use crypto as a digital asset, and most importantly we can still feel the benefits of cryptocurrency.

As long they do exist then there's no way for fiat to cease to exist or would be replaced by crypto anytime soon that why you shouldnt really be boosted up with that kind of mentality or presumption
for it to happen because it wont no matter how crypto will really fly colors in the future but still fiat would be number 1 option.It is just really good to look on crypto to be a good alternative
but going for it to be the mainstream then it is really having that 0% chance to happen.Lets just accept the fact that it cant really be replacen.

I agree that there is a good chance of crypto not being that much of a problem for fiat. However that is not because you need fiat and banks and all that, that is because governments have guns. That is literally the only reason, they have guns and they have power. If governments didn't had soldiers and police to control everyone then we would have riots everywhere so it is good that they have it, but it also keeps the profit to them and doesn't allow anything to change which means we can't be getting away from fiat anytime soon.

If there is one thing i don't like to eliminate from most proposed or projected ideas is the possibility of it happening but this one, a crypto system completely eliminating and replacing fiat, i doubt its possible.  Fiat doesn't just stand as a medium of exchange but then, it serves as a nation's national symbol. One thing that crypto is not prepared or can't be because, it would be bringing some centralization into the system.
The best we could hope for is crypto and fiat to work in along side each other. Besides, as it is now, its been one way treasure the crypto value and its working quite fine.

I think you have given the reason that one will not give way for the other but to compliment and work different. If there are bad network, it will surely affect cryptocurrency transaction and then fiat operation can be relied on. The most beneficial of this is the people who no longer wait and get frustrated when the transaction for one fails. I have watched the frustration when btc transaction fee is very high and that discouraged many investors with the transaction.

Yes, the existence of the national currency of states will depend not on the popularity and liquidity of the cryptocurrency, but primarily on the position of states and their bodies. And the states themselves will not make such a decision. El Salvador is an exception so far, but there were specific conditions and the absence of its own currency. And it is still too early to talk about the success of using bitcoin as a national means of payment.
The most likely and optimal for cryptocurrency will be parallel circulation along with the currencies of states. She shouldn't count on more.

As long as there are countries and central banks, fiat will continue to survive, even though we are crypto lovers but I never thought that the presence of crypto would eliminate fiat, moreover crypto is very dependent on the internet so that if there is an internet problem it will make people unable to transact.

True, although the volume of crypto transactions continues to increase and currently reaches more than $ 140 billion per day but I'm sure it will never replace the function of fiat, maybe the influence of fiat will continue to decrease and switch to crypto but I believe fiat will always exist and last forever.

I think to the best of my knowledge that the role of fiat currency won't stop to influence crypto as fiat money came into existence before crypto and has greater value for the time being.
We still have Many countries that haven't accepted bitcoin and other cryptos as a medium of exchange yet,recently diverse seminars have been held in many interior countries to be able to convince peeps from nooks and crannies  of the whole world to buy and trade bitcoin and other crytos; these is the main reason why we have free airdrop links all over the internet,so peeps could gain free and easy access just to buy their interest.
Sorry for going off topic a bit

I still need fiat and still need bank service to make deposit to the exchange as well as to withdraw my profit from the exchange to my bank account. Fiat will still be needed and will always coexist with crypto in countries that do not legalize bitcoin as a mean of payment. This situation can last longer until the government legalizes bitcoin as a means of payment so that the dominance of the use of fiat as a mean of payment will decrease.

Regardless of whether I like the fiat centralization and banking system, I still have to use it because I don't want to violate the rules that have been set by the government of my country. Bitcoin or cryptocurrency will be a payment alternative in the dim in countries that do not legalize it as a mean of payment.

That would be unlikely. Both crypto and fiat can coexist as they have different real use case functions. Fiat cannot be replaced and is here to stay. Crypto can be used as alternative payment option for goods and services. Yes USDT is a stablecoin, but it’s still a cryptocurrency.

In addition to pride, it is a well-established payment method and means of payment for all since our currency was first introduced. I agree with you that it is extremely difficult because our currency is well-established, which means that it is fully functional and has no flaws; all that is needed are new innovations. I believe it is preferable to use cryptocurrency as a secondary payment method because it is extremely useful to us, rather than replacing fiat currency, which is not a good idea.

Well, in the not too distant future you will be able to buy food and anything that has to do with goods and services with BTC, in fact FIAT money always needs to exist, it is our benchmark to give value to BTC.

I think that FIAT money will also be used to go the Blockchain path, as CHINA is doing, they already manage their currency or digital stablecoin without any problem, and in some news many countries are working on their model and project of digital money or stablecoin, as well as many are considering having BTC as legal tender, just as El Salvador is doing.

each country is certainly competing to get a strong position among the currencies of other countries and of course with control from the government. to lose control and leave fiat, I feel it is also unlikely that this will happen, especially since the currency in each country is different, and it becomes a pride for a country, except for countries whose currency becomes worthless.