Will crypto replace legal tender?

[CeeJase]

What is actually happening right now is that most countries of the world actually creating their own cryptocurrency to supplement their own legal tender in order for them to take advantage of the crypto-currency market and not be controlled by bitcoin and the rest.

 

[Toyoabasi]

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.

It is possible for cryptocurrency to replace legal tender. A lot of people are now investing into crypto, the transactions with crypto are done faster and easier and it tends to be more valuable.

 

[Nomad]

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.

When I invest, I also check the top 50 or top 100 coins according to coin market cap. This is the safest way for investing in crypto currency.

 

[Laurentta]

For now, i don't think crypto will become the new normal for financial transactions in the nearest future worldwide. Currently in my country, there's a ban on crypto and some countries are not even aware of crypto, so it won't be the new normal worldwide for now, maybe it could be in future.

 

[Kubiat-Abasi]

Cryptocurrencies could become a means of payment but it wouldn't outrightly replace the legal tender because a lot of factors would have to be checkmated. Technology has gone global but not everyone has leverage to technology.

 

[Sincerem]

When I invest, I also check the top 50 or top 100 coins according to coin market cap. This is the safest way for investing in crypto currency.

Yeah, that way it is safe. Because hardly you fall prey investing in those recognised tokens in the cryptocurrency market. You can't see me investing on shitcoins because the owners can close it down anytime and flee with my money.

 

[btaliat]

I don't see crypto taking over fiat currency. To be frank, the original launcher of crypto didn't have the mindset of having crypto competing with fiat currency but just to complement it. As crypto won't makes any meaning to the crypto traders until it is converted to the fiat currency.

 

[Trexxxy]

I think it is going to be hard for crypto to get to that level. I mean we have seen and tead about a lot of push-back from countries across the world.

 

[Nomad]

Yeah, that way it is safe. Because hardly you fall prey investing in those recognised tokens in the cryptocurrency market. You can't see me investing on shitcoins because the owners can close it down anytime and flee with my money.

Even when you invest in top coin, you might encounter loss, for example, my investment on ADA and Mattic are still at loss. The only thing that makes these coins safer because the re trusted by the market.

 

[Sincerem]

Even when you invest in top coin, you might encounter loss, for example, my investment on ADA and Mattic are still at loss. The only thing that makes these coins safer because the re trusted by the market.

Their is no coin without risks, they are volatile apart from stable coins. What matters around cryptocurrency is buying the right coin base on critically analysis you carried out. You can simply wait to buy them when they go dip to save the stress of waiting too long to make profit.

 

[Syldan]

I don't think crypto can replace the actual money which are used for the daily and day to day business transactions. this is because they level of science and technology which is used in the operation of cryptocurrency is not that widespread and adopted.

 

[Adecyptii]

Yea its possible world wide to accept crypto,even though it will take a long time, currently my country has bane that,they consider that as illegal,and most people consider that as scam.

 

[CeeJase]

For now, i don't think crypto will become the new normal for financial transactions in the nearest future worldwide. Currently in my country, there's a ban on crypto and some countries are not even aware of crypto, so it won't be the new normal worldwide for now, maybe it could be in future.

If I am actually going to put time on when cryptocurrency would be able to take over the world as a legal tender, that it should be nothing less than 100 years time because I don't see it happening anytime soon.

 

[Laurentta]

If I am actually going to put time on when cryptocurrency would be able to take over the world as a legal tender, that it should be nothing less than 100 years time because I don't see it happening anytime soon.

Lol, exactly my point, i don't think cryptocurrency would be able to take over the world as a legal tender, it could it in the future or like you said in nothing less than 100 years time.

 

[Shigobad2020]

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.

It will be a good and welcoming develop me if the governments can adopt the US of crypto in payment of salaries and transaction in each country because it will end the issue embezzlement and inflation, but i don't think they can do it bevause they are the one embezzling and causing inflation.

 

[Hrtbeat]

There are some huge challenges and concerns with this scenario. If cryptocurrencies outpace cash in terms of usage, traditional currencies will lose value without any means of recourse. Should cryptocurrencies take over entirely, new infrastructure would have to be developed in order to allow the world to adapt. There would inevitably be difficulties with the transition, as cash could become incompatible quite quickly, leaving some people with lost assets.

 

[kinqzbitz]

Well this news is actually new to me because I don't really know much about it but then from the looks of things it actually seems very viable and effective

 

[Good-Person]

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

I just hope that this will happen soon and many countries will lift the ban from cryptocurrencies. Banning cryptocurrencies is not the solution and I believe that the government hurts no one except the economy of the country when they ban cryptocurrencies.

 

[Setho]

We are beginning to see a lot of organisations accept cryptocurrency as a means of payment but that does not mean that it is anywhere near fiat. I believe that it is going to form a good part of our lives in the near future but it is not going to be a legal tender.

 

[Dagm1]

Cryptocurrencies will not, in my opinion, ever replace legal tender. This is due to the large number of cryptocurrencies available, making it difficult to choose a reliable one. Furthermore, most governments have not yet approved cryptocurrencies in their own countries.