Will crypto replace legal tender?

[Godspower]

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.

You have made very good points. Cryptocurrencies are now many and it may be difficult to agree on one particular cryptocurrency as the generally acceptable means of exchange.

 

[Bousine123]

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.

Bitcoin will take a century to reach a point that government will implement it world wide for an usage, because right now they are still struck on it ban.

 

[Lens]

There is absolutely no way cryptocurrency Would replace the fiat currency. Both are two different entities. Cryptocurrency is a commodity and can't possibly replace the fiat currency.

 

[tyrim88]

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.

That is just a way to be in touch with the trend and morden reality in the way business are being trasacted globally,the independence and decentralise nature of virtual curency trade has really make most government to take proactive step in introducing their own version.

 

[Shigobad2020]

Currently we have close to five thousand different crypto currency coin throughout the world and its difficult to even exchange some , so it will not be easy to start using crypto currency to replace fiat currency.

 

[Sotherefore]

Apart from the country of El Salvador , I don't know of any other country that is considering making cryptocurrency as a legal tender. Me I did not just see the name because cryptocurrency generally is too volatile for this sort of thing.

 

[Shigobad2020]

Bitcoin will take a century to reach a point that government will implement it world wide for an usage, because right now they are still struck on it ban.

Though crypto currency is good and people are using it for exchange , but it will be difficult for crypto currency to talk over normal currency as the means of exchange because its not yet accepted generally.

 

[Good-Person]

I think that this may never happen during the current times. However, it seems like this will happen in the future as well. Cryptocurrencies could have had become a legal tender if it was backed up by something.

 

[Chibson]

There is no assurance that this will ever happen because cryptocurrency is a money used in the internet. It has not gotten to a stage whereby it will be used to physically and I don't even think that will happen. Some countries has adopted it as a legal tender.

 

[Shigobad2020]

I am not sure it will never happen , but it might happened in the next century , but right now crypto currency coin belongs to the internet and if you want to spend it , you must exchange it with real money .