You think that governments might adopt cryptocurrencies to replace fiat currency - page 7.

Ozero

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Quote from: RedMinez99 on November 29, 2019, 08:50:43 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?

Of course not. Cryptocurrency will never replace the national money of states. Cryptocurrency does not have such an opportunity and is not intended for this. Each state relies on its national money to grow its economy. Cryptocurrency can successfully walk in society only along with the national money of states. Cryptocurrency will simply occupy its niche as one of the means of payment, and no more.

pragna

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Quote from: RedMinez99 on November 29, 2019, 08:50:43 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?

Anything can happen but its very very tuff project to convert all government transaction into crypto currency. It needs more research so that if it goes will take more years.

BitcoinHunt3r

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Quote from: joshua123 on November 30, 2019, 03:02:01 AM

Quote from: BitcoinHunt3r on November 30, 2019, 01:36:12 AM

I think as long cryptocurrency almost same with digital fiat, will be small chance for it to replace fiat. Although cryptocurrency can send all over the world, maybe to replace fiat must look perfect crypto, fast transaction, cheap transfer fees, and regulation. Maybe for regulation, government will keep use their currency and wouldn't let crypto to interfere.

But that's impossible to create I guess. Perfect crypto? One thing I like it is the transparency, the most I concerned about is its security. Being able to hack is unavoidable for some users who keeps or not following rules to be safe. Imagine when it becomes a replacement for fiat? You can lost in an instance youre money. Well, perfect crypto still probably got 0.01% of vulnerability which bad guys would exploit.

That is why i said that will be small chance. Zero possibilities maybe not, because in the world of technology nowadays maybe someday people will create cryptocurrency that really perfect to use as payment. Or at least without it's volatily it can be used as payment and can be accepted all over the world.

#Darren

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I think nowadays it is barely possible that any government would adopt crypto currencies. Everything is great, they are collecting a lot of taxes and making themselves reach, why should they change such a successful scheme?

Gotumoot

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Crypto currency is a great example of new currency in the future, and I think there is a lot more to be resolved before it can be implemented.

And one of the many obstacles to achieving this is the current lack of knowledge of crypto currency, especially people living in the middle of the mountains, which has not yet been reached by government support.

tsaroz

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Quote from: RedMinez99 on November 29, 2019, 08:50:43 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?

Of course they would. More than 50% of countries would have their fiat on blockchain by 2030. But that may not be entirely a good news for crypto but surely would be a boost for blockchain development. The crypto world needs to go hand in hand with the government to create a safe and acceptable crypto environment for everyone.

Tcode53

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Some governments fear that Bitcoin can be used to circumvent capital controls, can be used for money laundering or illegal purchases, and could be risky to investors. The adoption of cryptocurrencies by Governments will come at a price of breaking the decentralization law

crisanto01

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Quote from: Genemind on November 30, 2019, 11:43:39 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.

This is not impossible, I believe that this is really possible in the next decades, for sure that every country already have assigned person what crypto really means and how they are going to adopt it, which is already happening in some countries, there is a country too who made Bitcoin as a legal tender so this means that they found out this interesting and advantageous to the country.

PuertoLibre

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After that GOLD deal in Bretton Woods agreement by big countries, the average USD rate was backed up with the gold ounce(exchange rate applied $35 an ounce per USD.) Now the situation is a bit different, there is no backup and the single 1 USD equals just 1 USD(USD backed up with USD). A bit complicated but the money illusion is the point here, whatever amount the FED wants to print, they add one more digit the global debt. If the cryptocurrencies are going to be used as a means of payment and store of value, the systematical changes should be made first by the governments. It is not easy as we debate the every stuff except the intentions of governments, in this case.

masterrex

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Quote from: RedMinez99 on November 29, 2019, 08:50:43 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?

I think both cryptocurrency and existing fiat money can be use in any form on every country if it was permitted by the government itself. cryptocurrency was using blockchain, and why the government didn't try to use the blockchain to make a digital form of fiat money? sounds good but its hard to do. I think the main reason why governments are dont like cryptocurrency because they consider it a treat to the existing system that they are using.

Genemind

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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.

aemma

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Even if the government should adopt crypto it will be a centralized one where they will be able to monitor, control and have access to all users. Fiat is easy to be manipulated and used for many things which most people in the government likes. Also, a blockchain system is known for many advantages, I for once think this is the angle the government will be channelled to, that is, using the underlying technology in various systems and industries but for the coin itself might not be possible.

mrdeposit

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We can see this as the development of the payment system. Cryptocurrency is the updated fiat money. With the current situation, the majority may think that the volatile price cannot replace paper money. But this volatility exists in the current market, as the market gains value, this problem will be solved. Also look at the advantages: certain supply, small transaction fee, no need for the third party. I think the best one should win this competition.

upyem2k

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I doubt if the government can at any time soon accept cryptocurrency as a legal tender until the transaction is traceable. What they can only adopt at the moment is the utility and security aspect of the blockchain technology.

biddicoin

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In this case, there are two different point which we should know:

[1] Making one currency to this world

[2] Making one cryptocurrency as a world currency

Both are different, that's why we should know it.
i think the option [1] looks so good. but it has many disadvantage too, of course it will affect to world economic.
and the option [2], it is still far, we cant afford that in short term. crypto is still young, hasnt been mature.

Shasha80

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In my opinion, it is rather impossible for the government to adopt cryptocurrency to replace fiat. Because there is no compelling reason
to make it the government must take that step. Moreover that cryptocurrency is decentralized, uncontrollable, volatile and also transparent.
Make the government more afraid to adopt cryptocurrency, but since no one can guess the future. The possibility of the government changing
its mind is still there, even though the possibility is small. I think it's more ideal if cryptocurrency does not replace fiat, but cryptocurrency
goes side by side with fiat.

TastyChillySauce00

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Quote from: Chuky92 on November 30, 2019, 03:08:11 AM

Quote from: RedMinez99 on November 29, 2019, 08:50:43 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?

The government loves control and fiat gives them that power to do so, blockchain and cryptocurrencies are hardly controlled thus the term decentralization. Because of this control, removing fiat and holding on to crypto might be a difficult thing to do, even if they should, it will be a centralized cryptocurrency that will still give them power to do whatever they want. Who knows, in years to come it might be a reality but for now, I don't think it's possible.

It is already a reality, the centralized cryptocurrency. What do you think all those stablecoins are? despite being a little bit decentralized because some of stablecoin relies on the already existing blockchain from smart contract platform like Ethereum their value heavily depends on the company behind it and the company can do whatever they want with the coin even printing them as much as they can. I'm sure that some of government out there have in touch with centralized blockchain or you can just take over all the nodes existed and it will automatically be yours.

Chuky92

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Quote from: RedMinez99 on November 29, 2019, 08:50:43 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?

The government loves control and fiat gives them that power to do so, blockchain and cryptocurrencies are hardly controlled thus the term decentralization. Because of this control, removing fiat and holding on to crypto might be a difficult thing to do, even if they should, it will be a centralized cryptocurrency that will still give them power to do whatever they want. Who knows, in years to come it might be a reality but for now, I don't think it's possible.

joshua123

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Quote from: BitcoinHunt3r on November 30, 2019, 01:36:12 AM

I think as long cryptocurrency almost same with digital fiat, will be small chance for it to replace fiat. Although cryptocurrency can send all over the world, maybe to replace fiat must look perfect crypto, fast transaction, cheap transfer fees, and regulation. Maybe for regulation, government will keep use their currency and wouldn't let crypto to interfere.

But that's impossible to create I guess. Perfect crypto? One thing I like it is the transparency, the most I concerned about is its security. Being able to hack is unavoidable for some users who keeps or not following rules to be safe. Imagine when it becomes a replacement for fiat? You can lost in an instance youre money. Well, perfect crypto still probably got 0.01% of vulnerability which bad guys would exploit.

GideonGono

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Quote from: Chrystora123 on November 29, 2019, 02:11:03 PM

Quote from: Slow death on November 29, 2019, 09:08:09 AM

Quote from: RedMinez99 on November 29, 2019, 08:50:43 AM

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?

maybe 100 years from now it will be possible to do so, but it is impossible today because there are many governments that invoke the sovereignty of their governments to refuse many things when those same people of governments who invoke sovereignty issues like to accumulate their wealth in US dollars and buy homes and other properties in rich countries like the US

IMO.. 100 years from now is too long, I predict that governments from various countries will adopt cryptocurrencies in the next 35-50 years. the governments in various countries will not replace fiat currencies, they will make fiat currencies and cryptocurrencies in circulation together.

That’s what I thought too since fiat still has its own uses and conveniences that cryptocurrency may not provide and it also goes the other way around. With that amount of time from our time, I see that the cryptomarket would have a massive volume which would mean that price spikes would not happen much due to low volatility which is quiet good in the aspect of mass adoption throughout the world and also that doesn’t mean that traders would not still make a reasonable profit but rather it is now much safer and healthy.

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