The effect of cryptocurrency on fiat currency

[mcjerry]

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

I don't think crypto currency has caused countries instability in economy. After all it is not crypto currency that is been used as major currency there. What ever they buy there will be in the countries currency and they pay with bitcoin so it is still there currencies that is been traded with

 

[Yusuf]

I really don't think the crypto currency exchange Business will affect the Fiat currency in any way. The only issue is just that government are complaining that it's been used to sponsor terrorism

 

[Elfinito]

In the near future I think people would prefer to trade with crypto currency than the fiat currency.
People are beginning to believe in the digital currency and this may soon see some fiat currency lossing value and everyone would love the cashless economy

 

[Samknowis]

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.

 

[Kelly5]

People in sting and trading in cryptocurrency have never in any way decrease the use of fiat currency in any way. Trading and investing in cryptocurrency is only another avenue to exploit to make money

 

[Heatman]

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.

Seriously, I believe that if the government of so many countries are able to embrace cryptocurrencies it is definitely going to find a way to boost their own Fiat currency.

 

[Justin]

I don't think crrypto currency can affect fiat currency. However, I believe fiat currency can affect crpto currency. That's because crypto currency value is always pegged with fit currency, mainly USD and Euro.

 

[Thinker009]

The evolution of cryptocurrency is really increasing ,the effect it will have on flat is that , people would not like to make use of it when it comes for transaction purpose and make use of cryptocurrency for such thing

 

[greenie]

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

 

[Grandeur]

Fiat currency and digital currencies like Bitcoin have their use cases but since more money that's supposed to be regulated by the governments bank is in crypto, this might have a shortfall effect on the local fiat currency of a country.

 

[Toyoabasi]

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 cryptocurrency would in a long run render fiat currencies less valuable. It is already beginning to happen. The advantage of cryptocurrency is that transactions are now made digitally and faster, safer and the currency circulates easily.

 

[HayKay]

I don't think there's any effect of one on the other. The cryptocurrency space is an entirely different scene to that of the Fiat currency space coupled with the fact that they're more controlled and regulated than the crypto space.

 

[tyrim88]

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.

True that has really been one of the ways that foreign exchange has been entering the country,because at the end of the day the money exchange through crypto will be exchange for fiat and spent.

 

[Chibson]

one of the major reasons cryptocurrency was banned in my country because it was affecting the value of our local currency. even now that it has been banned there is still no major improvement in the value of our Fiat currency. It has to do with economic policies though.

 

[Nat]

Fiat currency is losing its relevance. It can be stolen by pick pockets. You don't need to carry physical cash anymore. Bitcoin solves that problem easily

 

[Genie01]

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

Bitcoin being a digital currency has a large effect on the use of Fiat currency.
But it is however important to note that it can never completely replace the place of Fiat currency.

 

[Imran_Noori]

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 Bitcoin will change the worlds economic order and it will completely destroy fiat because nowadays people trust Bitcoin much more than fiat.

 

[Monster Masterpiece]

The fiat currency when transfer from one person to another there is no consumed energy unlike bitcoin or altcoins where each single transaction consumes a lot of energy. This is difference.

 

[GoldenLady]

While cryptocurrency can be used as an alternative to fiat, people will still prefer fiat due to its ease. The greatest advantage Bitcoin has over fiat is it's potential as a hedge against inflation. If it proves this, people will stop saving fiat and go for Bitcoin instead.

 

[UsmanAmoyo]

Cryptocurrency plays a complementary role on the use of Fiat currency especially the cash form.
It does not and cannot completely substitute it's use.