The effect of cryptocurrency on fiat currency

[Patrik]

Everything should be fine as long as people that got the ability to purchase goods and stuff in supported on their countries will be buying crypto with fiat, which means fiat will still be consumed

 

[ahmedo24]

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.

The ease of doing business internationally with bitcoin is one very good thing that it has brought , we Sha also be very free of armed robbery, the use of cash Will be highly minimal because all transactions can be carried out easily.

 

[Iamsodex]

Crypto currencies have been dong great against every currencies and it's so interesting to know that this is the best alternative to fiat currencies. Generally there's always been issues when trying to make payment or receive payment in foreign currencies but with crypto currencies everything has changed, you can send and receive your finds with ease and in few seconds or minute

 

[Heatman]

The very good thing about cryptocurrency that I love most is the privacy it offers to its user in any kind of transaction it's used in carrying out. It does not trace back to you. This is a feature most people now use to do money laundry.

 

[Highflyer]

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 up cryptocurrency payments to real-world applications.

 

[BrolySSJ]

The ease of doing business internationally with bitcoin is one very good thing that it has brought , we Sha also be very free of armed robbery, the use of cash Will be highly minimal because all transactions can be carried out easily.

This is true and that is an advantage in terms of armed robbery however the risk is still very high especially since this is an online currency and these types of currency are prone to hacking. There are many cases in fact where hacking takes place with regards to crypto and many are robbed off a substantial amount of crypto. Therefore in that case I think that risk could be the same or even higher than fiat currency.

 

[ahmedo24]

This is true and that is an advantage in terms of armed robbery however the risk is still very high especially since this is an online currency and these types of currency are prone to hacking. There are many cases in fact where hacking takes place with regards to crypto and many are robbed off a substantial amount of crypto. Therefore in that case I think that risk could be the same or even higher than fiat currency.

You are very much correct honestly, there are risk attached to both fiat and Crypto currencies, conviniency and volatility are the special features that makes all of us stay very active in the word of Crypto currencies and it activities.

 

[BrolySSJ]

You are very much correct honestly, there are risk attached to both fiat and Crypto currencies, conviniency and volatility are the special features that makes all of us stay very active in the word of Crypto currencies and it activities.

Yes the risks that are associated with both are high. And I definitely agree with you in that sense. I think that crypto is so popular because in this day and age when there is a lot of identity theft and so forth, crypto allows you to transact without having to actually worry about sharing your personal information or loading personal information onto a site. It is a simple and straight forward transaction process.

 

[ahmedo24]

Yes the risks that are associated with both are high. And I definitely agree with you in that sense. I think that crypto is so popular because in this day and age when there is a lot of identity theft and so forth, crypto allows you to transact without having to actually worry about sharing your personal information or loading personal information onto a site. It is a simple and straight forward transaction process.

A good features of annoymity is very important we don't need to input our card details to make payment online with Crypto currency all we just need is their recipient address and transfer the coins, this makes the wallet safe unlike debit card.

 

[BrolySSJ]

A good features of annoymity is very important we don't need to input our card details to make payment online with Crypto currency all we just need is their recipient address and transfer the coins, this makes the wallet safe unlike debit card.

There are some companies that even offer debit cards in the form of crypto, that can be used at any of the visa accepting stores, however this once again requires that you give to your personal information in order to obtain the card and load your funds and so forth, so whilst this might be good in terms of crypto usage, it defeats the purpose of the anonymity that many look forward to.

 

[Seun4luv]

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

 

[Aniwhyte]

If you are observant you would noticed that the world is going cashless and cryptocurrency is the main reason for this. Although it is quite risky but it's worth it.

 

[ahmedo24]

If you are observant you would noticed that the world is going cashless and cryptocurrency is the main reason for this. Although it is quite risky but it's worth it.

That's very correct, later this year the central bank digital coin will be launched so there is more hope for Crypto currencies, cashless economy is the next phase of the Economy.

 

[Aniwhyte]

Exactly, you're absolutely right on this,

That's very correct, later this year the central bank digital coin will be launched so there is more hope for Crypto currencies, cashless economy is the next phase of the Economy.

Let's just sit and watch as everything unfolds. I'm glad I already bought some cryptocurrency for future purposes.

 

[ahmedo24]

Exactly, you're absolutely right on this,

Let's just sit and watch as everything unfolds. I'm glad I already bought some cryptocurrency for future purposes.

That's great , you can keep them, buying coins that are like $0.01 or $0.1 for like $50 worth now , if such coin rise by 100% which is very possible in a short because they are still very low in value. You will surely smile. This is one advantage of investing in small coin.

 

[Kamon c4]

If you are observant you would noticed that the world is going cashless and cryptocurrency is the main reason for this. Although it is quite risky but it's worth it.

Truly the world is advancing and the use of fiat currency is rapidly sliding down but fiat currencies can never be replaced by cryptocurrencies. There’re some business that involves the use of fiat currency as a means of payment. It’s jusy like online and offline business. The world has advanced but offline business is still much required

 

[BrolySSJ]

Truly the world is advancing and the use of fiat currency is rapidly sliding down but fiat currencies can never be replaced by cryptocurrencies. There’re some business that involves the use of fiat currency as a means of payment. It’s jusy like online and offline business. The world has advanced but offline business is still much required

This is an excellent way of describing it. In order for there to be a good economic sector both of these need to exist and this will provide maximum benefit by being able to appeal to a larger group of people. This is exactly why fiat needs to be used in conjunction with crypto. Also, without fiat crypto loses a lot of its value which is also a need to have fiat exist in this time as well.

 

[Akinwale701]

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

ThIs thread seems to make sense. I will love to know more about what the original poster is trying to talk about. I'm on the comment sections reading all the comments, I'll love to learn more about the positive and negative effect

 

[Henrywrites]

With many people willing to trade on cryptocurenccies, I believe that the popularity of Bitcoin will go even higher. There are big companies in the USA and some Asian countries that now accept payments by Bitcoins and that's to show you the trust they have on Bitcoin. So, it's a win win situation at the end of the day.

 

[Ltherman]

Crypto can exist side by side with fiat currency, its been existing this past years with it side by sir and the governments won't just sit and watch their currency go to shit rather they may also want to evolve into the digital space or blockchain.