You think that governments might adopt cryptocurrencies to replace fiat currency - page 6.

zeze18

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Quote from: RedMinez99 on November 29, 2019, 07:50:43 AM

Currently, in this day and age, all governments around the world have adopted fiat currencies as a means for its citizens to trade with one another and to trade with other nations around the world. However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?

I can see that fiat currency has many flaws as all types of currencies before it, but with the new “government cryptocurrency” would it be able to solve the problems that fiat currency has and make a better economy? I’m not really sure myself as I can’t really predict the future.

Considering that fiat currency replaced all the previous currencies before it, would cryptocurrency replace fiat currency in the future?

It is really appicable but the government won't do it because they can't track the citizen's money when the people are holding cryptocurrency and the chance of they hiding their weatlh to avoiding tax is bigger, so the government needs to make a centralized and controllable cryptocurrency if they really want to replace fiat in a country

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Quote from: RedMinez99 on November 29, 2019, 07:50:43 AM

Currently, in this day and age, all governments around the world have adopted fiat currencies as a means for its citizens to trade with one another and to trade with other nations around the world. However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?

I can see that fiat currency has many flaws as all types of currencies before it, but with the new “government cryptocurrency” would it be able to solve the problems that fiat currency has and make a better economy? I’m not really sure myself as I can’t really predict the future.

Considering that fiat currency replaced all the previous currencies before it, would cryptocurrency replace fiat currency in the future?

There is a big possibility that government will use crypto currencies in the future instead of fiat but when the scenarios will be hit. The governments people can use crypto currencies without any problem.

Like illiterate people,beggars,persons with disability and other entities that is part of the government can easily use crypto currencies. Once this kind of hindrances can be solve then the era of crypto currencies as the main currency will begin. With regards to a better economy, I am not sure whether crypto currencies can do much about it as it will always depends on how the government will act to achieve it.

efxtrader

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Quote from: RedMinez99 on November 29, 2019, 07:50:43 AM

Currently, in this day and age, all governments around the world have adopted fiat currencies as a means for its citizens to trade with one another and to trade with other nations around the world. However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?

I can see that fiat currency has many flaws as all types of currencies before it, but with the new “government cryptocurrency” would it be able to solve the problems that fiat currency has and make a better economy? I’m not really sure myself as I can’t really predict the future.

Considering that fiat currency replaced all the previous currencies before it, would cryptocurrency replace fiat currency in the future?

Even if the Government replaces fiat money with cryptocurrency, certainly it will not be decentralized but will still be controlled by the Government. There are many challenges if the government replaces fiat money with cryptocurrency and one of them is the uneven internet access in various regions

Kiefner

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Theoretically it is possible. But in the near future, this is unlikely to happen. Many countries are still against cryptocurrency. I would really like to hope that cryptocurrency can really replace Fiat money, as it is much lighter.

CleverOracle

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I think almost all of the government are the same and always want to have full control on everything, just like China who will create their own cryptocurrency but seeing this on a positive side I think it will also good because people will learn to use crypto and soon they will learn the origin of cryptocurrency and choose decentralized coins like Bitcoin. the government may just put other cryptocurrency as another option for payment since they don't full control to it.

tracyhayley

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I think government won't replace FIAT with cryptocurrency as payments. FIAT and cryptocurrency have their own advantages. Maybe they will adapt cryptocurrency as alternative payments and use its technology. So there will be fiat and cryptocurrency in the future. Nowadays a lot of government have refuse cryptocurrency in their country because they think it is used by some bad people like terrorist and criminal. It has so many risks

tenakha

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Quote from: RedMinez99 on November 29, 2019, 07:50:43 AM

Currently, in this day and age, all governments around the world have adopted fiat currencies as a means for its citizens to trade with one another and to trade with other nations around the world. However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?

I can see that fiat currency has many flaws as all types of currencies before it, but with the new “government cryptocurrency” would it be able to solve the problems that fiat currency has and make a better economy? I’m not really sure myself as I can’t really predict the future.

Considering that fiat currency replaced all the previous currencies before it, would cryptocurrency replace fiat currency in the future?

Before paper money, there was another payment method that people used to. Cryptocurrencies will also be used, as paper money is used because it is better than previous. Obviously, I doubt that governments will choose one of the crypto's on the today's market. I think the money of the future will be the digital variant of the current money created by them. Or Bitcoin, who knows...

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Quote from: d3nz on December 01, 2019, 11:11:53 AM

Government might adopt the cryptocurtency but it will be centralized so they can trace and track our transaction and could implement tax every time we create a transaction when sending a money or withdraw.

That could be a problem if they adopt and approve the cryptocurrency and for sure they will not consider the privacy coin because it uses an anonymous transaction and a stealth addresses

There are several possible options for implementing the cryptocurrencies as a means of payment and store of value. It will be suicide for the banks to lose the competitions and that day is no longer than 10 years, in my opinion. The taxation is the biggest theft, I doubt the crypto transactions will be traceable for the governments due to the limited access to all features. Anonymous transactions will be a headache for governments in this case.

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Quote from: RedMinez99 on November 29, 2019, 07:50:43 AM

Currently, in this day and age, all governments around the world have adopted fiat currencies as a means for its citizens to trade with one another and to trade with other nations around the world. However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?

I can see that fiat currency has many flaws as all types of currencies before it, but with the new “government cryptocurrency” would it be able to solve the problems that fiat currency has and make a better economy? I’m not really sure myself as I can’t really predict the future.

Considering that fiat currency replaced all the previous currencies before it, would cryptocurrency replace fiat currency in the future?

Even countries like US, UK, Switzerland, Australia and so on have legalized crypto as a currency, it will be impossible for cryptocurrencies to replace fiat currency because the government and banks will still support fiat over crypto that the government don't have any control to cryptocurrency.

d3nz

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Government might adopt the cryptocurtency but it will be centralized so they can trace and track our transaction and could implement tax every time we create a transaction when sending a money or withdraw.

That could be a problem if they adopt and approve the cryptocurrency and for sure they will not consider the privacy coin because it uses an anonymous transaction and a stealth addresses

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Quote from: RedMinez99 on November 29, 2019, 07:50:43 AM

Currently, in this day and age, all governments around the world have adopted fiat currencies as a means for its citizens to trade with one another and to trade with other nations around the world. However, would it be possible for in the future for governments around the world to create a cryptocurrency as a means of trade to replace fiat currency?

I can see that fiat currency has many flaws as all types of currencies before it, but with the new “government cryptocurrency” would it be able to solve the problems that fiat currency has and make a better economy? I’m not really sure myself as I can’t really predict the future.

Considering that fiat currency replaced all the previous currencies before it, would cryptocurrency replace fiat currency in the future?

Adopt yes and it's recommended, replace fiat I don't think any government is ready for this, the government lacks enough infrastructure to do this, companies still control the internet connection and every country has areas that have no internet connection, so how are they going to transact.

White Christmas

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Quote from: Edraket31 on December 01, 2019, 10:44:21 AM

Quote from: puremage111 on December 01, 2019, 10:41:31 AM

Well it is not easy to fully replace fiat with crypto somehow
It have a huge cost of doing this, it takes long time for people to convert from physical to digital
So, future yes but not if instantly

I can't imagine it too right now, maybe it is not yet the time for this to discuss, maybe too early for now, but we don't know what will gonna happen in the future, and we are aware that it can really happen but not too soon yet. Maybe for now, we should focus on adoption as that is what we need most now rather than thinking how they can replace it.

We really don't know on what would really happen a few years from now if the government will really adopt cryptocurrency and if it will take over the fiat currency in the future or no. We already know right now that some of the governments and even country hates cryptocurrency because they see cryptocurrency as a threat to the government so they afraid of it. Well it would be better to start first on adaptation by the masses so that the government will be able to understand why cryptocurrency is good for their country and it is not a threat for them.

Edraket31

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Quote from: puremage111 on December 01, 2019, 10:41:31 AM

Well it is not easy to fully replace fiat with crypto somehow
It have a huge cost of doing this, it takes long time for people to convert from physical to digital
So, future yes but not if instantly

I can't imagine it too right now, maybe it is not yet the time for this to discuss, maybe too early for now, but we don't know what will gonna happen in the future, and we are aware that it can really happen but not too soon yet. Maybe for now, we should focus on adoption as that is what we need most now rather than thinking how they can replace it.

puremage111

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Well it is not easy to fully replace fiat with crypto somehow
It have a huge cost of doing this, it takes long time for people to convert from physical to digital
So, future yes but not if instantly

Emilyearl

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No they won't
1. Cryptocurrency can't be controlled by the government even if every country launches their own cryptocurrency they can only control that which won't be used worldwide reasons they're fighting against cryptocurrency.
2. Cryptocurrency won't replace fiat what it can do is gain ground and be adopted. Many countries have citizens who have no access to the Internet without Internet people can use cryptocurrency.

shoreno

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yes govt's now already adopted cryptos but they dont said that they will replace fiat with cryptos . there are also other govt's that creates thier own crypto aside from supporting standard cryptos but of course they are more in favor of thier created cryptos since they can partially controlled it as some of them are centralized based cryptos but still fiat currency are still there and its still the main currency that thier country use . i think cryptos will only work this way forever ( as an alternative means ) .

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Quote from: Genemind on November 30, 2019, 10:43:39 AM

I believe that the government will possibly adopt it but they will never replace fiat because they can't manipulate cryptocurrency. It could possibly happen especially if the government situation is shakey. They will still consider lots of things so it will surely take a long time. We all know that crypto is multifunctional and I'm sure that it will also be an advantage if a certain country will have it as a currency.

As you said, crypto is a multifunctional system and solve the problems of payment and shipping over long distance is quite good, the government is sure to capitalize on these benefits, it will greatly reduce the cost as well as transportation time, improve work efficiency. But crypto is also not entirely good when everyone knows the system creates anonymity, no control and change from the government can appear here, while fiat currency is always imposed by the government, and for the sake of the common good, the government will choose fiat as the main currency, crypto is only an emergency option when needed

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Digitizing currency's they will do.

awakpane

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In my opinion, it is difficult for governments to adopt cryptocurrency to replace fiat currencies. because the crypto currency is fluctuating and difficult to guess the price movement. especially with the current crypto currency experiencing a very significant price decline on the exchange. the government needs to study in detail before making a decision.

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Quote from: RedMinez99 on November 29, 2019, 07:50:43 AM

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Considering that fiat currency replaced all the previous currencies before it, would cryptocurrency replace fiat currency in the future?

It's not that easy, I think, even though cryptocurrency is able to cover the shortcomings of fiat in terms of utility and modernity, but there are certain aspects that cannot be dealt with. In certain editions, the use of fiat is more effective, for example in instant and micro payment, free of fees and more effective right to pay directly. And for me, cryptocurrency is more effective as an investment tool.

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