When will the role of fiat currency disappear against crypto. - page 6.

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Quote from: so98nn on October 09, 2021, 04:26:09 AM

Did the Gold replaced existence of Fiat ever? Though Fiat got regulated way later than gold and precious diamonds then also Fiat was the one who dominated the world since ages now. The very first quality of Fiat is its easy trade and value that it carries.

BTC is just measured in terms of Fiat for easiness of trade. You can’t just say someone I’m giving you 1000 satoshi and you give me a chocolate bar because no one would understand what’s it’s worth or whether the chocolate bar is 1000 satoshi worth (example).

So you simply measure it in USD or whatever currency your country carries. It’s factual stuff and they should coexist all the time.

Replacing entire Fiat system with crypto currencies is different topic and we already know opinion about it since long. It’s just impossible due to various crypto limitations. (Supply, regulations, the way it works etc. )

I do not think that it will be even like gold vs fiat neither. Gold is still used but fiat beat gold a hell lot more, we have so much more fiat in the world than gold right now since everyone moved away from the gold standard. Now I believe that the same can't happen for crypto vs fiat, fiat is too big to be beaten like that by crypto. Sure we can beat gold as well, that seems like a logical argument to be made and I believe it will happen one day.

Gold total marketcap is like 10 trillion at best right? Even at 20 trillion, we are going to see crypto to be much bigger, maybe even bitcoin alone be much bigger, just not right now but in 10-20 years bitcoin could have a bigger marketcap than gold.

wxa7115

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Quote from: sakbahagiaku on October 07, 2021, 10:57:10 PM

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.

Probably never, the scenario you are describing is probably the best possible one for bitcoin, and the only way for this to happen is if a massive crisis appeared and people went through incredible suffering and they woke up to the fact that fiat currencies caused the crisis and from that moment on decide to use bitcoin.

But it is very unlikely that things will turn out that way as governments can manipulate the media to spread lies and put the blame elsewhere, so I think that for the foreseeable future we need to get used to the idea that fiat will be around for a long time.

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Quote from: sakbahagiaku on October 07, 2021, 10:57:10 PM

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.

Will not this be a welcoming move from governments planning to make their own crypto currency which is stable and brings value to their coin like USDT? However, this will split the number of users to their own stable coins and I feel the current circulation rate of stable coin will go down. But number of users will increase from each country, I mean, we might have more investors from each country.

so98nn

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Did the Gold replaced existence of Fiat ever? Though Fiat got regulated way later than gold and precious diamonds then also Fiat was the one who dominated the world since ages now. The very first quality of Fiat is its easy trade and value that it carries.

BTC is just measured in terms of Fiat for easiness of trade. You can’t just say someone I’m giving you 1000 satoshi and you give me a chocolate bar because no one would understand what’s it’s worth or whether the chocolate bar is 1000 satoshi worth (example).

So you simply measure it in USD or whatever currency your country carries. It’s factual stuff and they should coexist all the time.

Replacing entire Fiat system with crypto currencies is different topic and we already know opinion about it since long. It’s just impossible due to various crypto limitations. (Supply, regulations, the way it works etc. )

lovesmayfamilis

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Quote from: zanezane on October 08, 2021, 09:58:54 PM

Maybe another century or probably when the humans become extinct, I don't think that we're going to lose our dependence on fiat, Romans and other ancient civilization used a form of fiat currency and they all collapsed as a civilization and here we are still using the same thing.

You are knowledgeable about "paper" money in ancient Rome. Grin

Honestly, this is not the first time I am surprised at your erudition. Again, your double logic. So when using fiat, all civilizations must collapse? Well, your knowledge is just at the level of God.
And if on the subject, then I do not think that there is a need for complete eradication of Fiat. Correct recognition of bitcoin by countries, without all sorts of obstacles, would be an ideal solution for the existence of both currencies.

timerland

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Quote from: sakbahagiaku on October 07, 2021, 10:57:10 PM

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.

What's wrong with stablecoins?

I think that intrinsically they are serving a valuable purpose which is bridging the gap between the fiat economy and the crypto economy.

Until the crypto space evolves to the point that it is self sufficient we will always need stablecoins around, unfortunately. And peaceful coexistence of cryptos with fiat is honestly not a bad outcome either.

Victorycoin

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Exactly the fiat has been around for many years fiat's use of cryptocurrencies since the introduction of the currency has led people to invest in cryptocurrencies for higher profits, but many have stopped investing in higher fees when prices fall. It takes a long time to replace crypto against fiat currency it is possible to stop using crypto if you want, but fiat must continue to live a normal life fiat's circulation will never end.

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For as long as our current government structure remains the same, fiat currencies will always exist and will always be protected. Bitcoin, or any other cryptocurrency for the matter, will never replace fiat in the world's stage since one is as flexible as it can be, and its specifications can be altered at any time whereas the other is bound by lots of limitations which isn't suitable for tending the economy. What's happening currently is that the governments are trying to integrate some aspects of cryptocurrencies in fiat, to make it even more flexible and to adapt to changes that are happening in the economy.

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Role of fiat won't disappear in the short or within specific time period. I don't think there is possibility for crypto dominant economy around the globe. The adoption rate compared to the past have increased a lot, but this at any point hasn't lowered the fiat usage around. This means people are looking for an alternative, but not moving towards cryptocurrency leaving fiat.

Another thing, the day when people start using cryptocurrency for anything and everything we can think of fiat currency disappearance.

el kaka22

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Role of fiat is to give power to nations, do not assume that it is to keep people going as a medium because it hasn't been that for a long time. We have been trading digits on banks for a long time, money itself is not needed, it could be anything, you could write in "14 chickens" on your bank account all we care at this point instead money and everything could be priced like that, "an apple worths 0.1 chicken sir" in a grocery store type of deal.

Hence, I would say that money is not the medium for giving or taking. It is however obvious that governments need to keep their power via making their fiat powerful against other nations, and crypto can't do that for them hence why fiat will never disappear.

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The I believe, the I thought, in some people they fight to be right and I do not know why in the case of the dollar each one dreams the same, the idea that the bitcoin or any crypto will sentence the death of the dollar, but curiously something that was thought was not going to happen so fast, and it turns out that today they have the dollar and bitcoin coexisting in a legal ecosystem.

mindrust

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Quote from: Kong Hey Pakboy on October 08, 2021, 02:52:19 AM

Why do you think that way? If it's evil then why are you still using it?

It is evil because it constantly loses its value. The interest rates are not high enough and you get punished for holding FIAT.

Quote from: Kong Hey Pakboy on October 08, 2021, 02:52:19 AM

Also, there's no such thing as necessary evil, it's all evil. Middling, lesser or necessary, they're all evil.

There is a balance in the universe. Without darkness, there can be no light. It is an equation.

Quote from: Kong Hey Pakboy on October 08, 2021, 02:52:19 AM

You're one of the people that the Cracked video was parodying with their video about Cryptocurrency.

No.

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Quote from: sakbahagiaku on October 07, 2021, 10:57:10 PM

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.

Personally, I think it’s high time that you all stop all these comparisons. Whatever you want to make use of just make use of that and don’t feel that others are going to do the same thing just because you are doing it. If what is working for you is Bitcoin and other cryptocurrencies then you should stick to it and not waiting for when others will start making use of faith, you just have to start doing your thing and not wait for others. And effort has decided that Fiat is the best for them then they are also going to continue with that both of these things can coexist. We don’t have to eliminate one before the other turn is east, both of them can be there.

There are transactions I make and how prefer to use Fiat for it and there are also the ones I would be making and we feel that making use of crypto currency would be best option for me, so it all depends on you.

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Quote from: Darker45 on October 08, 2021, 08:45:21 PM

Completely eliminate is something only the obsessed fans or the blinded supporters can speak of. I guess it would be more like meeting halfway rather than one totally replacing the other. If you notice, there isn't really a takeover going on. For one, banks are not really eliminated in the face of the rising Bitcoin. As a matter of fact, they are in the process of adoption. They're even in the frontline now. So I don't think fiat is going to be replaced anytime in the next one hundred years at least. Its dynamics could change, though.

Yeah it's still a long long way to go, bitcoin just created 12 years ago while fiat has been there for centuries. Moreover right now people are buying bitcoin are not for transaction purpose but for investment purpose. The fee of cryptocurrency transaction gets high when the network is crowd, just imagine if right now all people on the world using crypto transaction there will be a monster fee. This cryptocurrency system should be adjusted and developed more to make it world currency at it will need long way to go

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Quote from: zanezane on October 08, 2021, 09:58:54 PM

Maybe another century or probably when the humans become extinct, I don't think that we're going to lose our dependence on fiat, Romans and other ancient civilization used a form of fiat currency and they all collapsed as a civilization and here we are still using the same thing.

But for me its always alive because theres a different uses to us in online and offline transactions. I agree with you that can only be a maybe. We know that every government need fiat thats why they are still exist. For author thats why there are more stable coins like usdt , busd and many more is because they need to control there assets to avoid big losses. Thats why they need to use this kind of fiat based coins.

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Quote from: sakbahagiaku on October 07, 2021, 10:57:10 PM

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.

Expecting fiat to disappear was a rather dumb expectation in hindsight. Bitcoin is practically unusable as a currency because of it's absolute failure to hold a steady value. If it 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.

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Quote from: izsara on October 08, 2021, 02:36:53 PM

Quote from: michellee on October 08, 2021, 06:18:26 AM

I do not think that crypto will replace the role of currency in our daily lives but I think crypto can work together with fiat to fills our daily needs. If that can happen, many people will have a chance to make money and not just from their regular job but they can also try crypto. Maybe the government will create their own digital fiat to work with crypto and give ease to transact. As long as fiat still exists and the government is not changing its regulations, crypto will not replace fiat.

I think this is true for now even a lot of people who switch from the work they do or those who don't have a job switch to crypto.
and it is true that until now when assuming that crypto will replace fiat it would be very difficult because both of them have their own advantages and disadvantages.
crypto will still be crypto as well as fiat which is still dominant and is still the end result of crypto today because even if we hold crypto we will not be able to release fiat because most crypto conversions will end up in fiat

I think people switch from they do or trying to do a job in crypto is because they want to have additional income. In this situation, while we are still in the pandemic and many people have lost their job, they need money to survive and they see crypto as something and offers a new thing that can help them earn money. So they are trying to invest in crypto or do crypto trading and earn money by coincidentally.

Yes, crypto will still be crypto and fiat will still be fiat. It would be better if crypto could live besides fiat and help people have another way to make money. I think that will be a win-win solution for people and for the government that is still not accepting crypto, they will see the advantages of crypto even if they do not like it because there are El Salvador that already approve and agree crypto to be used in their daily lives.

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Maybe another century or probably when the humans become extinct, I don't think that we're going to lose our dependence on fiat, Romans and other ancient civilization used a form of fiat currency and they all collapsed as a civilization and here we are still using the same thing.

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Quote from: sakbahagiaku on October 07, 2021, 10:57:10 PM

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.

Although there has always been a hegemony of the dollar, it must be taken into account that the fiat currency with respect to crypto should not be seen as a competition of who is better, because crypto needs FIAT to establish a value in either USD, EUR In whatever way, in order to be marketed, just as gold has a value in FIAT, oil, precious stones, everything must have a value in fiat.

The usdt as well as other stablecoins are not entirely pure, they are always mixed with some crypto, when we establish for example: BTC / USD, or BTC / EUR, there if it is only with the currency, there it makes perfect sense, meanwhile. some stablecoins are being established, like the Chinese stablecoin, among others.

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Completely eliminate is something only the obsessed fans or the blinded supporters can speak of. I guess it would be more like meeting halfway rather than one totally replacing the other. If you notice, there isn't really a takeover going on. For one, banks are not really eliminated in the face of the rising Bitcoin. As a matter of fact, they are in the process of adoption. They're even in the frontline now. So I don't think fiat is going to be replaced anytime in the next one hundred years at least. Its dynamics could change, though.

Topic: When will the role of fiat currency disappear against crypto. - page 6. (Read 834 times)