Why would fiat disappear, and more importantly why would an objectively inferior currency like bitcoin replace it?
Bitcoin is practically unusable as a currency over any period of time because of it's absolute failure to hold a steady value. People rail on the USD for depreciating slowly but predictably, but think that something you won't know the value of tomorrow is somehow a better system? It's completely idiotic. If bitcoin was a viable currency, the concept of stablecoins would never have arisen. Stablecoins arose to do the one thing bitcoin will never be able to do- hold a predictable value, which is the most important aspect of a currency.
Topic: When will the role of fiat currency disappear against crypto. - page 4. (Read 834 times)
October 16, 2021, 04:42:37 PM
Talking about replacing fiat money with cryptocurrencies is like discussing what will happen in the next century. Bitcoin is a decade old but still in its infancy stage especially in the developing countries. Only a small percentage of the population know about it and owns a bit. Still, there is so much to learn specially for non tech-savvy on how to purchase, sell and keep track of bitcoin. Perhaps, in the many years to come, eventually, all the people will be crypto ready but right now lets wait for it to grow and mature.
lol but it's true 
even though instead of bothering to talk about things that will never end when talking about bitcoin and fiat and the advantages and disadvantages of each, I think it would be wiser if we use these two types of currencies to support the life we live.
because indeed, when talking about bitcoin and fiat, they will always have their own opinions, whether they support the change or indeed those who support bitcoin as a payment option only.
Quote
Can't they both be used together?
The living proof is right under their nose. In today's world, they are both being used together. What better proof does anybody need?This is why I believe that we are in a situation where we are making crypto payments easily. This is why I believe that we should not be forgetting that crypto is something that we could use with fiat without a problem. Yes, it is not so much yet, it is going to need to grow a lot more and eventually it is going to happen and I do not know when that will happen but I know that it is dual right now and could continue like this in the future.
Talking about replacing fiat money with cryptocurrencies is like discussing what will happen in the next century. Bitcoin is a decade old but still in its infancy stage especially in the developing countries. Only a small percentage of the population know about it and owns a bit. Still, there is so much to learn specially for non tech-savvy on how to purchase, sell and keep track of bitcoin. Perhaps, in the many years to come, eventually, all the people will be crypto ready but right now lets wait for it to grow and mature.
Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others. To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins). What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.
We have to face the realty that the fiat that are issued by the government will never be replaced, as long as government exist so will the fiat, and for that reason all these coins that are based on USD, are nothing but stable coins that just exist to make it easier and more relatable to sue crypto, we have to take in consideration that there are a lot of people who prefer to use fiat, and there is a lot of people who invest in crypto just for the profit and don't care about its nature, so i don't think that it would be replaced.
To eliminate the role of fiat of course it will take a long time, this is because there are many things that need to be improved from crypto, such as the rules for making crypto, currently anyone is free to make crypto so it is widely used to carry out fraudulent projects and I hope that strict regulations will be implemented soon.
Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others. To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins). What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.
We have to face the realty that the fiat that are issued by the government will never be replaced, as long as government exist so will the fiat, and for that reason all these coins that are based on USD, are nothing but stable coins that just exist to make it easier and more relatable to sue crypto, we have to take in consideration that there are a lot of people who prefer to use fiat, and there is a lot of people who invest in crypto just for the profit and don't care about its nature, so i don't think that it would be replaced.
Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others. To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins). What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.
We have to face the realty that the fiat that are issued by the government will never be replaced, as long as government exist so will the fiat, and for that reason all these coins that are based on USD, are nothing but stable coins that just exist to make it easier and more relatable to sue crypto, we have to take in consideration that there are a lot of people who prefer to use fiat, and there is a lot of people who invest in crypto just for the profit and don't care about its nature, so i don't think that it would be replaced.
Why are people so obsessed with crypto (bitcoin) replacing fiat currency? Do we really need them to replace fiat currency?
Human nature my friend. People tend to assume that a new thing in the market will always replace the old thing, on the contrary, if both have different uses, they usually conexist - something that humans are not "comfortable" with - it explains majority of the power struggles and reasons why wars have happened over centuries.Quote
Can't they both be used together?
The living proof is right under their nose. In today's world, they are both being used together. What better proof does anybody need?Quote
Bitcoin will never replace fiat currency unless somehow the government manages to make the whole bitcoin network somewhat centralized which I doubt will ever happen.
That much centralization is beyond imagination. Very less likely to happen.If they use stablecoins to run their fiat in the form of digital currency, then the situation also remains same. Just the coins you carried in your purse is now in the blockchain. Stablecoins dont equate to bitcoin in any aspect.
Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others. To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins). What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.
It is better you do not get your hopes too high about this happening in the future, while many of those that came early to the market and adopted bitcoin have had a similar dream the truth is that was not a goal of satoshi, satoshi created bitcoin in order to help you to truly own your money and become your own bank by not relying on a third party to approve your payment, satoshi succeed since you can already do that and the dead of fiat currencies is not really needed.
I don't think the market is ready to phase out fiat yet. At least until there is a stable coin that has a 1:1 exchange rate to usd and can be decentralized or mined without depending on any CEX exchange. However, p2p fiat is expanding the popularity of bitcoin and crypto, which will be good for the market before the world is ready to accept bitcoin as I guess legal - new forms of payment are enacted
Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others. To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins). What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.
We have to face the realty that the fiat that are issued by the government will never be replaced, as long as government exist so will the fiat, and for that reason all these coins that are based on USD, are nothing but stable coins that just exist to make it easier and more relatable to sue crypto, we have to take in consideration that there are a lot of people who prefer to use fiat, and there is a lot of people who invest in crypto just for the profit and don't care about its nature, so i don't think that it would be replaced. 
Since the beginning of creation bitcoin was not intended to replace current currencies including fiat, so forever it will not be able to replace them in this life.
it's too high risk when they replace currencies, especially fiat and it's enough like this bitcoin only needs recognition and trust regardless of legal payments or not it depends on the policies of each government because the authority is in them and when it is decided to be a legal payment ( not a substitute) means they are ready with the consequences.
it's too high risk when they replace currencies, especially fiat and it's enough like this bitcoin only needs recognition and trust regardless of legal payments or not it depends on the policies of each government because the authority is in them and when it is decided to be a legal payment ( not a substitute) means they are ready with the consequences.
Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others. To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins). What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.
You are right that there are many types of stablecoins out there already like the ones you said. To answer your question into whether crypto will replace the role of fiat currency, try to answer this one first.
- How much of the world's population right now have access into crypto?
If you have an answer to that one then you will know the answer into whether it will replace fiat. You are asking this question because you yourself are involved into crypto for a long time and to think that it will replace fiat currency? A currency that has been there for just 12 years will replace it? Not all of the people worldwide have access into crypto and in fact, there are a portion of people in the world that has no access to smartphones or whatever technology that it needs to access cryptocurrency.
On the other hand, crypto and fiat can exists at the same time so why the thinking of "Bitcoin will replace fiat in the future" and the like? I don't get the idea with this TBH because at first place, crypto isn't created to replace fiat.
One is better than the other on different purposes. When you eliminate the usage of USD (it can be the traditional one or the stablecoin) there arises the trading difficulty. Majority of the users make trading against the stablecoin and rarely against other cryptocurrencies. Everything has got a reason/need. In terms of usage the USDT and other stablecoins aren't used much on physical stores or on any online stores. Now or then, the cryptomarket will coexist with the traditional system and won't intend to replace fiat.
I guess fiat being gone is not something that is completely possible. Sure it could be used a lot less but just like you said we peg crypto against something and we use it. That means crypto could grow a lot larger, and I mean like a lot, I mean like bitcoin could be one million dollars per bitcoin type of level and I would not be shocked. However at the end of the day if you are not spending it and calculating based on bitcoin itself and still calculate how much it equals in fiat then you are not going to see much change in crypto.Fiat will get weaken, even USD gets weakened every year by the politicians and their horrible fiscal responsibility (both democrat AND republican) but crypto would make it faster. Being bigger and being better are different things, fiat is too big, it is much bigger and it is not even remotely close to each other, but it is not better.
To put it into perspective, you could ask when is the role of fiat going to disappear versus gold. As you can see, it is not going to happen. A legal tender is the currency in which taxes and payments can be legally settled in a country. No state is going to voluntarily decide to fully give away their monetary policies just because bitcoin is cool (not even El Salvador has btc only as tender).
Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others. To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins). What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.
Fiat wont be gone.Period.We arent talking about which coin would be gone and which coin would remain yet basically these two things would simply exist on this market and would serve out different purpose.
Decentralized vs Centralized and at least people do have their own choice on which one they would tend to engage on.Role of fiat would exist and stay no matter what as long
government exist then they cant just let things like that to happen.It is impossible even into my own dreams so better cross out this possibility.
One is better than the other on different purposes. When you eliminate the usage of USD (it can be the traditional one or the stablecoin) there arises the trading difficulty. Majority of the users make trading against the stablecoin and rarely against other cryptocurrencies. Everything has got a reason/need. In terms of usage the USDT and other stablecoins aren't used much on physical stores or on any online stores. Now or then, the cryptomarket will coexist with the traditional system and won't intend to replace fiat.
Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others. To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins). What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.
Fiat wont be gone.Period.We arent talking about which coin would be gone and which coin would remain yet basically these two things would simply exist on this market and would serve out different purpose.
Decentralized vs Centralized and at least people do have their own choice on which one they would tend to engage on.Role of fiat would exist and stay no matter what as long
government exist then they cant just let things like that to happen.It is impossible even into my own dreams so better cross out this possibility.
Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others. To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins). What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.
It is better you do not get your hopes too high about this happening in the future, while many of those that came early to the market and adopted bitcoin have had a similar dream the truth is that was not a goal of satoshi, satoshi created bitcoin in order to help you to truly own your money and become your own bank by not relying on a third party to approve your payment, satoshi succeed since you can already do that and the dead of fiat currencies is not really needed.
Jump to: