The effect of cryptocurrency on fiat currency

[Noor khan]

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 it was not. It was created as a reward for people who were mining. No 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.

 

[Mostee501]

Cryptocurrency has so many advantages some of which are they unemployed and the employed have benefited from it but i don't think it will affect fiat money because fiat currency is the nation's economy for transactions.

 

[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 crypto will actually take away from crypto and in this way unless it is managed well then people will start to use crypto more than fiat and this will devalue the currency. This is seen a lot in the devaluing of the us dollar.

 

[Heatman]

Fiat currency will and can never be able to rival cryptocurrency because they don't operate in the same way when it comes to value appreciation and depreciation. Cryptocurrency is way too high.

 

[Noor khan]

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.

Well I think 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.

 

[Sincerem]

The cryptocurency introduction has had an effect on the economy in the sence that control of the crypto curency cannot be controled by the government and it will make the government go short of cash when they want to get money out of circulation for development.But on the other hand the inflow of foreign exchange will make the economy be push up and cash will be in circulation.

All the government have to do now, is regulate Cryptocurrency ecosystem, stop the money laundering issues and fraud going through it, and not banning it.

 

[Heatman]

Personally I believe that the government will keep on doing what they're doing with the belief that they are helping their country but in essence they are just looking out for only their selfish interest than that of their citizens.

 

[cowantussie]

Typically, electronic currency like digital or cryptocurrency both are influencing the world economy under the ledger technology, where as traditional fiat currency plays vital role in socio economy followed by conventional printing method. This review paper is basically focused on most influential facts behind the economical elements like the applicable operation via successful blockchain algorithm, architecture and mining operation based on contents from journal publications, online publications, news reports, seminars and workshops. Several aspects of crypto and fiat currencies are rolling on emerging economy, from this point, this paper tries to figure out how consensus algorithm and growing numbers of crypto and fiat currencies are performed with its existing pros and cons towards further developing process.

 

[eLdavis]

What you said now is the complete opposite of what my country is saying. Based on one of the reasons the government in my country gave as to why they banned crypto was that it was reducing the value of our flat currency, that we kept on getting these coins and exchanging it to our Flat currency Without actually giving anything back to the economy

 

[Heatman]

Personally I don't think there is no too much effects of what cryptocurrencies does with Fiat currencies in any country but it's just that the government of most countries are to illiterate to see the truth.

 

[Setfragil]

The effects of bitcoin on fiat currency cannot be overemphasized depending on the laws guiding and protecting fiat currency in each country. Bitcoin can render the use of fiat currency useless or valueless if there is no precautionary measures in place to regulate it.

 

[Heatman]

Well as far as I'm concerned the government are just being paranoid that cryptocurrency on its effect on Fiat currency because as far as I'm concerned I believe that it's a currency that is going to help the nation also.

 

[Nomad]

The rise of crypto currency is making people less depended in fiat currency for buying and selling products and services. It is easier to transact with crypto currency compared to fiat currency, especially for cross boarder transaction.

 

[Heatman]

The rise of crypto currency is making people less depended in fiat currency for buying and selling products and services. It is easier to transact with crypto currency compared to fiat currency, especially for cross boarder transaction.

I won't really say that the more use of cryptocurrency is making people not use fiat currency as well. In fact, there is a high number of people who are not yet open to using cryptocurrency.

 

[Alexandoy]

Personally I don't think there is no too much effects of what cryptocurrencies does with Fiat currencies in any country but it's just that the government of most countries are to illiterate to see the truth.

Maybe it is not the government that do not know the facts but the fans of crypto coin that they think it is more powerful than fiat money. That is a crazy idea because in the first place they do not know who is controlling the crypto coin. The fiat has the central bank which is respected.

 

[Heatman]

Maybe it is not the government that do not know the facts but the fans of crypto coin that they think it is more powerful than fiat money. That is a crazy idea because in the first place they do not know who is controlling the crypto coin. The fiat has the central bank which is respected.

Yes exactly, the power the central banks of each country lords over their fiat currency is something they don't want to give up because with cryptocurrency, they have no power.

 

[joy101]

I think the cryptocurrency has affected the economic fiat in all part of the world because most country received money through cryptocurrency.

 

[Josemendez]

I think the cryptocurrency has affected the economic fiat in all part of the world because most country received money through cryptocurrency.

The effect of cryptocurrency on Fiat Currency is not much for now and will not affect it afterwards if governments if various countries should work towards regulating it than ban

 

[Jlife]

Most people are no more interested in saving most of the money in the physical cash because to them it is not profitable, including me i save most of my money in cryptocurrency.

 

[Rhapsody]

Bitcoin and other crypto currency including stable coins are been a way to invest our money. Most if the coin have risen from below $1 to more than $100 . And they are still rising. No country currency will rise that high