I don't think bitcoin and cryptocurrencies will replace fiat currencies. We are looking forward to them being incorporated into our economies.
Bitcoin and cryptocurrencies will be included as means of payments in economic sectors in most countries at some point.
There is a paradox here, we are communities around the world that are already using it as a way of life and even the central power is creating regulations so that the system works when we have already verified it.
Topic: When will the role of fiat currency disappear against crypto. - page 7. (Read 841 times)
Volatile cryptocurrencies will never be able to replace fiat currencies especially in developed countries. But governments will make their own digital currencies which will be like a stablecoin. And these digital currencies will be replacing fiat in time. Maybe things won't happen suddenly but we will start using our digital currency more than fiat day by day and the process will continue gradually.
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.
That will happen when you'll see the price of foods/drinks in groceries in bitcoins instead of USD. Now, if you go into market, you'll find 1 liter milk for $1, the day when you'll see it's price as 0.00001 satoshi, then you can feel happy and say that crypto has replaced the fiat. But that won't happen if you mean bitcoin in this case. None government will allow any currency to become major if they don't have total control on it. What do you think, USA accepting bitcoin instead of USD and people mining bitcoins in China and Europe? (well, not china right now) The government centralized cryptocurrencies may be the future but who knows... I wouldn't be so excited, current system/model works well for the government and is still innovative (VISA/Master cards, bank transfers...) 
It will only happen once cryptocurrency replaces fiat totally but that will be too impossible to happen for now. There are still lots of things to consider. In our current situation, most users rely on fiat for them to use cryptocurrency because not all countries accept crypto. I think it will still take a hundred years for crypto to replace fiat.
It is impossible to expect crypto to replace fiat, the government will not allow that. Because fiat does provide many benefits for the government,
that is the reason why fiat will not be replaced. Moreover, most countries in the world still reject crypto as a means of payment, besides that there
are still very many people who do not understand crypto properly. That means that the role of fiat is still needed, and crypto should only be
an alternative to payment, that's a very realistic thing to happen in the near future.
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.
Why are people so obsessed with crypto (bitcoin) replacing fiat currency? Do we really need them to replace fiat currency? Can't they both be used together? 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. At best we can see a new centralized government issued stable currency that might replace fiat.i don't understand why people have this kind of thinking, just because they got into crypto, now, they thought crypto can just replace fiat. let's admit the fact that fiat will still not be replaced by crypto, maybe not even in our lifetime. the adoption in crypto may grow stronger, but don't think it will replace the old financial system. the government has no full control when it comes to crypto, and that's the first consideration why it won't 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 is still needed because the stability it proportionates. I don't think humans would have life quality only dealing with volatile crypto currencies. How could anyone sleep well knowing tomorrow or in the next hour his funds may lose 50% of its currently value? Therefore, if right now there is a lot of whales trying to play with crypto prices, imagine how further they would go if the world's economy was entirely in crypto currencies. That would be an even more fragile society compared to the one we live nowadays, much more exposed to manipulation and tyranny.The same way crypto currency protects us from the inflation and abusive governments, fiat currencies also protect us from speculators and market's volatility. Each of them has a purpose to exist and we should use both, fiat and crypto currency, in the respective situations they best fit for us fulfilling our objectives.
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.
Why are people so obsessed with crypto (bitcoin) replacing fiat currency? Do we really need them to replace fiat currency? Can't they both be used together? 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. At best we can see a new centralized government issued stable currency that might replace fiat.
At whatever point USD fails to be stable you'll see its grip loosen in the crypto community. Inflation will eventually kill USD with how its federal reserve bank continues to take on liabilities through quantitative easing. Their economy cannot sustain so much cash artificially injected. And at some point the solvency of "stablecoins" will fail too when you realize they are centralized pieces of trash, held together by assets that don't even exist.
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
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).
atleast it evolved and join the cryptos . theres a saying that if you cant beat them join them , its true and this is happening now in the case of fiats . there maybe lots of kinds of stable coins now but the number of cryptos are still bigger than them and we are not forced to use them .
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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.
actually it is happening already to some countries . they are now using crypto an official currency as replacement to thier local currencies because they think it was too useless anymore .
I think things like this will be very difficult and will even tend to the impossible.
because on the other hand both fiat and bitcoin I think they have something they can't do alone and they are like a symbiotic mutualism that needs each other.
I think the two will stay side by side and indeed even if you hate or don't like fiat but this will always be there and everyone will inevitably return to fiat for now, even when you convert crypto it will return to fiat
because on the other hand both fiat and bitcoin I think they have something they can't do alone and they are like a symbiotic mutualism that needs each other.
I think the two will stay side by side and indeed even if you hate or don't like fiat but this will always be there and everyone will inevitably return to fiat for now, even when you convert crypto it will return to fiat
I have a feeling that some of these topics are set up with the intention of creating echo chambers.
The worst place to be deciding your own future is wearing a bucket on your head because all you will be hearing is the echoes of your words.
I hope that people research the pros and cons of investing in Bitcoin and other cryptos slowly and fully, so that they don't lose their money.
The worst place to be deciding your own future is wearing a bucket on your head because all you will be hearing is the echoes of your words.
I hope that people research the pros and cons of investing in Bitcoin and other cryptos slowly and fully, so that they don't lose their money.
~
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 discussed this topic time and again and i am surprised that some are having these doubt still. There is no way you can expect cryptocurrencies to replace fiat currencies. There might be countries that legalize BTCitcoin like El Salvador and many governments who are struggling to stay afloat due to inflation might consider accepting cryptocurrency, other than that it is just a dream that cryptocurrency will replace fiat globally, it will coexist and that is what i am expecting. 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 will not disappear even in the near future, it will only transform into digital currency like CBDC from every country, we must consider the volatility of crypto and its disadvantages. Most people are afraid to buy crypto because of its very volatile movement and only stables coin can counter this, do you want to sleep and when you wake up all your money is down 50%? Of course not! thats why we need stable coins.
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 won't until the use of fiat is completely obsolete, which I doubt would happen in the near to long future.
Remember that in order for fiat to become obsolete, all countries must adhere to the shift of currencies. Back in the days, barter was the main system of trading and it slowly evolved where countries used paper money to denominate a standard value of currency. If cryptocurrencies were to replace fiat, then all countries must view and accept BTC as the main standard of currency used around the world- which is nearly impossible for the time being.
Had the government had complete control over bitcoin, it would still be possible to think that bitcoin would replace fiat for countries that wanted it. The problem is that bitcoin cannot be controlled by anyone, including the government, although currently they can only regulate it. It doesn't matter if bitcoin and fiat coexist because I'm sure many people don't want fiat to be eliminated even if it is replaced with gold or other asset. Somehow I don't think the government will make bitcoin the main currency of a country unless they don't have their own fiat. I agree with mk4 because if you want the government to do it then you seem to be just daydreaming.
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.
Well I think we still have a long ways to go before you should consider yourself wrong in that area. That being said I do not believe that cryptocurrency will replace fiat currency anytime soon. I think that it will continue to work in conjunction with cryptocurrency and eventually yes, devalue fiat a bit, but I simply don't see it taking over ..maybe ever, unfortunately.
It will only happen once cryptocurrency replaces fiat totally but that will be too impossible to happen for now. There are still lots of things to consider. In our current situation, most users rely on fiat for them to use cryptocurrency because not all countries accept crypto. I think it will still take a hundred years for crypto 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.
Well I think we still have a long ways to go before you should consider yourself wrong in that area. That being said I do not believe that cryptocurrency will replace fiat currency anytime soon. I think that it will continue to work in conjunction with cryptocurrency and eventually yes, devalue fiat a bit, but I simply don't see it taking over ..maybe ever, unfortunately.
I'm not sure why, but the first thing that came to mind when I read your title was an old system or old computer, because "we shouldn't change it because it's still working." It's similar to how, when it comes to government websites that are several years old, most of their supervisors will say, "Why are we going to change the system when it's still working?" It also applies here, because why change our fiat if it is still working? It is efficient and effective. We can't easily adopt in new ones because not everyone is aware of this.
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