Cryptocurrency or fiat money in the future?

[Adebayonle7]

I think I will speak for crypto. The world is evolving at a fast pace and everything in the world now needs to be evolving so quickly too in other not to be left behind. Crypto is making name for itself and everything is getting better by the day. So I think it'll be very very difficult for anything to overtake or push it aside.

 

[BrolySSJ]

Both of them are the future because the fiat Currency is the medium of Exchange to paper Currency, bitcoin is just an asset not money so in my opinion bitcoin and money should be inter related not competing parameters.

This is a very good way to put it. I think that many feel that the two currencies will have to compete with each other and they have to continuously do that however this is not the case. Like you said they are related and they should be viewed as such. It is an asset and a coin of payment in terms of crypto and it can be converted to fiat, and therefore in order to see the maximum benefit from it we should ensure that both are used in conjunction with one another.

 

[Sake]

Im kind of torn between these two. You know i love Bitcoin ofcourse but with the huge transaction fees i wouldn't use it to buy something for real. I would rather sell the Bitcoin to fiat and use fiat to buy my needs. I can't imagine buying a soda for a dollar and needs to pay 0.4 cents for fees.

 

[BrolySSJ]

Im kind of torn between these two. You know i love Bitcoin ofcourse but with the huge transaction fees i wouldn't use it to buy something for real. I would rather sell the Bitcoin to fiat and use fiat to buy my needs. I can't imagine buying a soda for a dollar and needs to pay 0.4 cents for fees.

Yes the fees when it comes to crypto is the one reason why people prefer to transact in terms of the fiat currency because it is much easier to manage as well. Especially with small purchases. I was also torn about the same thing that you are saying here, and crypto whilst it is very good in terms of value and its use, the fees of it do not really promote its use. I think that coins like ripple and bitcoin cash are trying to address that though.

 

[Akinwale701]

There are many people who commented about the currency future, where they told about Bitcoin will replace the fiat money. In my opinion Bitcoin will not replace ever the fiat money, but however they will work together in the future. Is possible Bitcoin or cryptocurrency will be a unique and exclusive online payment method and fiat money for physical payment method...

What about you?

Do you think cryptocurrency will replace fiat money?..​

This is quite possible considering the fact that Cryptocurrency is gaining more attention that it has since the past 11 years from now. But one can't specifically say when it can be replaced fully. All the same it's still possible.

 

[Henrywrites]

What will make crypto becomes the medium of exchange in the near future is advancement of technology. There are many that don't have Bitcoin wallets, for example, and believe me, they won't take you serious when you talk about Bitcoin being their means of doing business.

 

[Trexxxy]

Fiat money will continue to dominate, since it is recognised and holds tangible claim in terms of mode of payment, bitcoin will serve as an alternative on the long run. Yes they will work together somehow.

 

[tuna89]

Definitely, this is already happening, one of the reasons for the growth in the bitcoin value, investors invest and accumulate a lot of btc, some have used them as payment modes for their websites and businesses while some have used them for commodities trading and other purposes. Let us expect a higher rise in the btc value.

 

[Sake]

Yes the fees when it comes to crypto is the one reason why people prefer to transact in terms of the fiat currency because it is much easier to manage as well. Especially with small purchases. I was also torn about the same thing that you are saying here, and crypto whilst it is very good in terms of value and its use, the fees of it do not really promote its use. I think that coins like ripple and bitcoin cash are trying to address that though.

Yeah those coins have potential to be used for everyday needs because of the low fees and i know ripple aims for that. At this point Bitcoin is only as a form of investment rather than a Currency itself if only the fees are low then probably possible.

 

[BrolySSJ]

Yeah those coins have potential to be used for everyday needs because of the low fees and i know ripple aims for that. At this point Bitcoin is only as a form of investment rather than a Currency itself if only the fees are low then probably possible.

Yeah. If you are using bitcoin for high transaction then I guess it becomes okay in terms of the transaction fees because the higher the transaction that you do the lower the percentage of that transaction will be the fees that are associated with it. But at the moment, it is not used as a means of payment. I think that Ethereum falls in the same category as well as the payment fees are quite high there too.

 

[Chumzy]

I don't think it is wise or ideal that anyone replaces the other. In future, they are both important for effective functioning of the world system. I think it is best if they coexisted together, both generally accepted as good value of money.

 

[Josemendez]

Not at all , cryptocurrency will not replace fiat currency for any reason ,because governments of most countries won't want to accept that. The economy of any country that does so will be adversely affected , because of the volatile nature of cryptocurrency .

 

[Sake]

Yes,

Yeah. If you are using bitcoin for high transaction then I guess it becomes okay in terms of the transaction fees because the higher the transaction that you do the lower the percentage of that transaction will be the fees that are associated with it. But at the moment, it is not used as a means of payment. I think that Ethereum falls in the same category as well as the payment fees are quite high there too.

Yeah Ethereum is also one of the most avoided coin when it comes to transaction fees.

Not at all , cryptocurrency will not replace fiat currency for any reason ,because governments of most countries won't want to accept that. The economy of any country that does so will be adversely affected , because of the volatile nature of cryptocurrency .

True story, the governments wouldn't allow that to happen unless they can have the full control on it, which doesn't make sense because that point of Cryptocurrency is to be freely used without all that regulations.

 

[Ltherman]

I can't really see beyond my nose for now but the future holds great prospect. Despite the potential that crypto holds i think it will still remain in the digital space and the fiat currency will still remain in the physical space.

 

[Heatman]

There are many people who commented about the currency future, where they told about Bitcoin will replace the fiat money. In my opinion Bitcoin will not replace ever the fiat money, but however they will work together in the future. Is possible Bitcoin or cryptocurrency will be a unique and exclusive online payment method and fiat money for physical payment method...

What about you?

Do you think cryptocurrency will replace fiat money?..​

It will be almost impossible for cryptocurrencies to replace fiat currency all over the world in all transactions. The truth is that some countries have not fully embraced the use of cryptocurrencies and have more respect for their fiat currency.

 

[Ebuka Stephen]

I think fiat money and bitcoin will still be the useful in the future, looking at it fiat money and bitcoin are two different things . bitcoin is a cryptocurrency and fist money is country currency so I still see both in the future.

 

[BrolySSJ]

Yeah Ethereum is also one of the most avoided coin when it comes to transaction fees.

There are talks however that etherum may want to introduce a standardized fee across their transaction. I am not sure if this will be in the form of a flat rate or as a percentage fo the transaction. The miners are not happy at all about this though. So I am not sure if it will actually happen.

 

[Dowenship]

I get your point and I think u are right for some aspect but the truth of the matter is no one knows what the future hold. We can predict that crypto will rule the transaction of the future and at the end of the day it rules nothing, we can only predict based on what we presently see.

Post automatically merged: Jan 18, 2021

I get your point and I think u are right for some aspect but the truth of the matter is no one knows what the future hold. We can predict that crypto will rule the transaction of the future and at the end of the day it rules nothing, we can only predict based on what we presently see.

 

[ossai]

According to Deutsche Bank the current money system is fragile. Deutsche Bank sees that by 2030 digital currencies will rise to over 200 million users. In the “Imagine 2030” report, Deutsche Bank suggests that digital currency could eventually replace cash one day, as demand for anonymity and a more decentralized means of payment grows.​

Ilias Louis Hatzis is the Founder at Mercato Blockchain Corporation AG and a weekly columnist at DailyFintech.com
Usually this time of year, we start to read price predictions about Bitcoin going to a million bucks a coin. I’ve never been a big fan of price predictions. Some get them right, and most get them wrong. Price predictions are about short term gains, that are usually very fickle.

 

[Ridorz]

That can not becpossible, Bitcoin or crypto currency can not ever replace a Fiat money. The both will be function continuely, there are many places that fiat money will useful than crypto currency, because not all product or service we can pay for through a crypto currency.