Will crypto replace legal tender?

[Deleted member 403]

Will crypto become the new normal of financial transactions, worldwide? How many years do you think we'll need to wait before this is implemented by governments globally? Is it a solution to the debts of our countries and inflation? Currently, most countries class legal tender as paper or plastic notes, which you can spend physically or virtually with a payment card.

 

[Nomad]

If Bitcoin was not as volatile as it is today, it could certainly be used as legal tender worldwide thus replacing dollars and euro. I think stable coin like tether has a better chance to be used as legal tender.

 

[tray59]

If Bitcoin was not as volatile as it is today, it could certainly be used as legal tender worldwide thus replacing dollars and euro. I think stable coin like tether has a better chance to be used as legal tender.

I dont think its possible for crypto to replace legal tender,bitcoin is not even been that popular in my country but its seems to be popular in some teir 1 country so for the uncivilized nation that will be very hard to become reality

 

[Godspower]

I don't think cryptocurrencies will replace legal tender in the future. This is because there are numerous cryptocurrencies and it is difficult to adopt a stable one. Also, most governments have not legalized cryptocurrencies in their country at the moment.

 

[eLdavis]

Crypto currency would most definitely become a normal means of transaction, even now alot of persons prefer carrying out their transaction with crypto. But can it be used as a legal tender? I doubt it, as most countries would not want to give up their own flat currency and the power it holds world wide.

 

[Thinker009]

Cryptocurrency could actually be a new norm for financial transaction ,so many institution are now adopting the use of it as payment option for customers to easily make payment for what they are selling ,it's a solution to inflation as during the pandemic a lot of countries printed more flat currency and lot of people had to invest in cryptocurrency to save their money from devaluation

 

[Seno inyang]

I hardly find it hard to believe that crypto can be replaced with the legal tender of most countries. It might be used by 80% of the entire population but won't take the place of the legal tender.

 

[Keibah]

I think we will get there someday. It may take a while but it isn't impossible. However, I do not think it will completely replace legal tender. Coexistence might be the order of the day. Every country wants to remain relevant.
I'm sure it is scary and overwhelming for world economies right now hence the hesitation.

 

[HayKay]

I'm not sure that would be conceivable in the nearest future because cryptocurrency wouldn't be accepted as the legal means of exchange.
Against which currency would it be based on? All currencies now are based against the USD because of its stability. Crypto is too volatile for that.

 

[tyrim88]

One thing that most government are usually afriad of is the unstable nature of cryptocurency,which has made it very difficult for any government to accept it as a legal tender,its fluctuation makes it an unreliable medium of exchange.

 

[Nomad]

I dont think its possible for crypto to replace legal tender,bitcoin is not even been that popular in my country but its seems to be popular in some teir 1 country so for the uncivilized nation that will be very hard to become reality

Maybe you should take back your word uncivilized. You cannot call lower tier country uncivilized. There are under developed but that does not mean they are uncivilized.

 

[Sincerem]

And the volatility made BTC in-demand today @Nomad. I wouldn't even consider investing around BTC had it been their is no high level of volatility attached to it. That's what made it possible for anyone to see profit over certain duration of time. We still have the stable coins, you should ask yourself, why haven't the govt legalized it? They simply want to monopolize everything, and nothing for us.

 

[Nomad]

And the volatility made BTC in-demand today @Nomad. I wouldn't even consider investing around BTC had it been their is no high level of volatility attached to it. That's what made it possible for anyone to see profit over certain duration of time. We still have the stable coins, you should ask yourself, why haven't the govt legalized it? They simply want to monopolize everything, and nothing for us.

If there is no central authority, there will be anarchy. Recently, the creator of Squid Token took investor money and vanished. This is the major problem around crypto currency.

 

[Kaffyfolla]

• I don't think Cryptocurrency can replace a legal tender due to its decentralization, the power is not on vested any authority so it will very be very hard for crypto to replace legal tender in the future

 

[Victorial]

Cryptocurrency is volatile and that is why it will be difficult for it to replace any legal tender. Looking at the price of bitcoin and how it has been fluctuating, it will not be good to replace legal tender

 

[Good-Person]

I have always been thinking that it will definitely take a much longer time. This is because the world governments are simply banning it and this is making it hard for cryptocurrency to get accepted.

 

[Justin]

I don't think crypto will replace fiat currency as a legal tender but I believe a lot of countries will start using crypto for cross boarder transaction and international trade

 

[Sincerem]

If there is no central authority, there will be anarchy. Recently, the creator of Squid Token took investor money and vanished. This is the major problem around crypto currency.

Remember, everything in this world isn't all about scam, if cryptocurrency is in for scam, it could've varnished long ago. Did you forget that no Ponzi scheme lasted past one year, but crypto especially BTC have stayed over 12 years.

 

[Nomad]

Remember, everything in this world isn't all about scam, if cryptocurrency is in for scam, it could've varnished long ago. Did you forget that no Ponzi scheme lasted past one year, but crypto especially BTC have stayed over 12 years.

I did not say crypto currency in general is scam, what I am trying to say is you could be scammed with something like Squid Token. One of the biggest crypto scams was One Coin. It is reported that it scammed 16 billion USD.

 

[Sincerem]

I did not say crypto currency in general is scam, what I am trying to say is you could be scammed with something like Squid Token. One of the biggest crypto scams was One Coin. It is reported that it scammed 16 billion USD.

Ohh, I got your information better now. I know their are scam coins, after going Live in the cryptocurrency market they simply become rug pull coins after getting the amount of money they want. I am wary of this kind of coins, I stay with the top 100 coins in the market with over 2 years of existence, high use cases, for investment.