The effect of cryptocurrency on fiat currency

[Kamon c4]

Bitcoin was originally created to serve as another means of currency that alternate the fiat currency and help the dying economy at that time. It’s believed that the increase in the fiat currency printed causes a lot of harms than good to the economy. With a stable amount of bitcoin I believe it has done justice to the supply making it controllable from inflation. Recently most people have found interest in cryptocurrency and they’re investing, saving and trading with cryptocurrency and that’s gradually decreasing the usage of fiat currency.
How do you think this will affect fiat currency? Please state the positive and negative effects
Thanks

 

[Goodday]

Bitcoin was originally created to serve as another means of currency that alternate the fiat currency and help the dying economy at that time. It’s believed that the increase in the fiat currency printed causes a lot of harms than good to the economy. With a stable amount of bitcoin I believe it has done justice to the supply making it controllable from inflation. Recently most people have found interest in cryptocurrency and they’re investing, saving and trading with cryptocurrency and that’s gradually decreasing the usage of fiat currency.
How do you think this will affect fiat currency? Please state the positive and negative effects
Thanks

Cryptocurrencies can actually affect the economy in both positive and negative ways. Many people are now going into the crypto community because it has higher returns than that of the fiat Investment. The attitude of the people can also create instability of the fiat value and this is also the main reason why most governments still have fears with the cryptocurrency growth.

 

[Peterlight]

Cryptocurrency have caused some country economy instability cos the citizen do not spend the currency and do prefer to invest their cash in crypto, which reduces the income of the nation.

Crypto currency have made it possible for business worldwide to connect and make easy transaction with just little fees

 

[Sincerem]

Bitcoin was originally created to serve as another means of currency that alternate the fiat currency and help the dying economy at that time. It’s believed that the increase in the fiat currency printed causes a lot of harms than good to the economy. With a stable amount of bitcoin I believe it has done justice to the supply making it controllable from inflation. Recently most people have found interest in cryptocurrency and they’re investing, saving and trading with cryptocurrency and that’s gradually decreasing the usage of fiat currency.
How do you think this will affect fiat currency? Please state the positive and negative effects
Thanks

For me Cryptocurrency as a digital currency, have aided the means of carrying money to the bank and waiting in the queue for a customer to attend to him or her for transaction. Now the world is moving down to cashless organization. You don't need to take your money to the bank anymore and waiting in the queue. Just create a wallet online and fund it with your card pay for goods and services at your own convenient.

 

[Ralphjoe]

From my ends here, Bitcoin Is affecting the economy in a very positive way, in that it's now a major way most people receive payment in the country from abroad thereby bringing in the much needed foreign exchange that has been so lacking for a while now.

 

[Lagazine]

Well, bitcoin and fiat money are two different currency. Both are important at their end. I've never seen someone who buy tomatoes in the general market and pay with bitcoin. Likewise, no one has ever pay fiat currency in exchange for an online transaction. Both have their uses and where they are applicable.

 

[Shole]

Bitcoin was originally created to serve as another means of currency that alternate the fiat currency and help the dying economy at that time. It’s believed that the increase in the fiat currency printed causes a lot of harms than good to the economy. With a stable amount of bitcoin I believe it has done justice to the supply making it controllable from inflation. Recently most people have found interest in cryptocurrency and they’re investing, saving and trading with cryptocurrency and that’s gradually decreasing the usage of fiat currency.
How do you think this will affect fiat currency? Please state the positive and negative effects
Thanks

Well, it wasn't. It was created as a reward for people who were mining, not really to serve as a means of replacing the currency. After value was added to it, it was usually used for illegal deals in the Dark Web, and only a few years ago it started to be considered valuable by other companies, and I think only 3 years ago or maybe 5 I always mix it up, it was considered valuable enough to be used by a bank. So yeah it is a positive in my opinion, and I love that it exists, and it will probably replace paper and coins(not BTC necessarily). After all China is slowly cutting down on money spent, and are using WeChat Pay more and more, I even bought some vegetables from a granny in China with WeChat Pay. So yeah digital/crypto Currencies are the futures, so you might also hold on to your biznotes, you never know

 

[Suba]

In many countries, especially in developing countries, the excess circulation of Crypto can affect the financial stability of a country so that fiat money is also disrupted, because there is an interaction between virtual currencies and the real economy. For countries that prohibit Bitcoin and cryptocurrency, retail and institutional investors will buy cryptocurrency in other countries, so that some of their fiat money supply will move to another country, so that it will cause the country to experience financial circulation disruption.

 

[Abibatabosede]

I use to think Bitcoin is a currency spent in another country until one of my colleagues at work introduce me to bizdustry and I began to ask the relevance of the Bitcoin.

 

[Keibah]

I think cryptocurrency has done it's part in reducing the amount of Fiat in circulation. However, the investment is shifting into the crypto world. More people would rather risk in the the crypto world and it has measured a tremendous increase in people interested in it.

Now the power houses of fiat are also doing everything they can to make sure fiat also goes virtual without a lot of cash in circulation. They'd rather you have credit cards and make purchases with different applications. That way, it becomes a choice for you to trade either with fiat or cryptocurrency.
Most people would pick the one that's less risky.

 

[grabthe.com]

I dont know enough about it. I used to mine and now I use a faucet that earns me interest on the bitcoins I have now..

 

[Josemendez]

With cryptocurrency , inflation can be controlled as the use of cryptocurrency will help reduce the supply of fiat currency in supply .
Secondly , cryptocurrency has been helpful to companies with weak fiat currency to experience to an extent , equal purchasing right as with person from top tier country

 

[WhiteHouse]

For a cash to be cash, it needs:

wide acknowledgment as a vehicle of trade

Acknowledgment as a store of significant worth

At the point when you take a gander at Bitcoin, the most very much perceived of cryptos, you see that couple of individuals really acknowledge it as a genuine mechanism of trade. Most places that do, do as such as curiosity. Indeed, I challenge anybody to attempt to live with bitcoin for seven days in any western city based on their personal preference without utilizing the homegrown fiat cash.

Moreover, as the estimation of Bitcoin as yo-yoed throughout the previous one year, hardly any individuals get it as a store of significant worth. It's generally a theoretical apparatus.

At that point there is the central investigation of cryptos. It has esteem absolutely in light of the fact that every other person figures it does. Without a doubt, it is scant (or if nothing else restricted) yet that is certifiably not an adequate condition to import esteem. There has been actually one such resource through mankind's set of experiences that has reliably been considered as a store of significant worth in spite of no undeniable pragmatic use - Gold. Saying cryptos are at a similar norm, with no drawn out evidence would be silly.

 

[Nurudeen]

The introduction of Bitcoin or crypto currency exchange Business won't affect Fiat Currency, it will only affect the greedy Investors who hoard there Fiat currency to make money in the forex market. I believe crypto currency as come to stay and pose a real challenge to the Fiat currency that nothing last forever.

 

[Tienda]

Institutionally, banks...etc Yes fiat money affected by cryptocurrency without the doubt. But on the other side it has helped many people, so if we measure the damage and the good it has done, especially in this pandemic situation. In case it has not even existed, it is possible the world will turn into a zombie.

 

[gammarays]

I think crypto currencies will affect fiat currencies negatively with time that's why financial institutions were kicking against it. More people will convert their fiat currencies into crypto causing the fiat to be devalued. The only option is to integrate both together just like PayPal and others are doing.

 

[Niftyyem]

Until there is a global acceptance of cryptocurrencies, I don't think there can be any negative effect on fiat. In fact I really don't think that they should negatively work against each other since Cryptos still translate to fiat for many people.

 

[MastetG]

Overall, crypto currencies can have a considerable impact on developing countries, by increasing financial inclusion of individuals and companies. In particular, by reducing the transaction fees and time, cross-border payments can be improved (Scott, 2016).

 

[giddy]

For the time being, no cryptocurrency has effectively overtaken fiat in any part of the world. In the end, it may be payment apps like SPEDN which most dramatically open upcryptocurrency payments to real-world applications

 

[BrolySSJ]

Bitcoin was originally created to serve as another means of currency that alternate the fiat currency and help the dying economy at that time. It’s believed that the increase in the fiat currency printed causes a lot of harms than good to the economy. With a stable amount of bitcoin I believe it has done justice to the supply making it controllable from inflation. Recently most people have found interest in cryptocurrency and they’re investing, saving and trading with cryptocurrency and that’s gradually decreasing the usage of fiat currency.
How do you think this will affect fiat currency? Please state the positive and negative effects
Thanks

I think that the introduction of crypto is likely to be an advantage for fiat currency because there is something that can substantiate the currency as well and be used as an alternative means of payment. At the same time i think that this can encourage inter country relationships with the ease of transactions with crypto and this may allow the value of the fiat currency and the exchange between the various countries to strengthen.