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Cryptocurrency will someday replace fiat currency?

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I think not crypto currency not replace to fiat currency .

If you say in future some countries govt accept like a payment then maybe this done slowly slowly crypto currency value go up and in future we see so many companies accepted crypto currency for payment.

But this is not mean crypto replace fiat currency just in future crypto currency is a acceptable currency in market

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On 8/28/2019 at 3:49 PM, Thanh do said:

Crypto Currency is now 11+ years Old  and still struggling to be acceptable but strongly going and spreading worldwide. What your mind says ??


I don't think crypto will totally replace fiat money. The reason is quote obvious, crypto is very volatile. And I'm sure until the day bitcoins approach to the last Bitcoin that is mined, the price will stay volatile!

Cryptos might dominate the financial ecosystem very soon, but totally replace fiat? May be never.

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Every single day I am sure that cryptocurrencies will replace fiat money.  I don´t know if Bitcoin will be the one who takes the place, maybe will be another crypto that will become the daily transaction coin.  What is sure, in my opinion is that Bitcoin will become the standard and will become the Store of Value coin.  At this sight, my advise is to hodl it as much time as you can and in the meantime keep doing your own research to find that other gem(s) that will forever be part of the daily life. Good luck and HODL !

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Supporters and experts of digital currencies strongly believe that Bitcoin will one day supplant traditional money and become a global means of payment, while others claim that it does not meet the criteria of money and therefore cannot replace fiat money.

Over the past 20 years, the system of traditional currencies has undergone many changes, however, none of them turned out to be as significant as the appearance of bitcoin on January 3, 2009. Bitcoin was conceived as a direct competitor to the traditional monetary system, and this led to many speculations that it could replace fiat money.

Although it is difficult to imagine that in the future all existing currencies can be replaced exclusively with bitcoins or something like that, in fact this day can be much closer than we think.

“They will laugh at you for not using cryptocurrencies”
Well-known investor, billionaire and Bitcoin optimist Tim Draper believes the widespread adoption of cryptocurrencies will lead to the fact that the circulation of fiat currencies will significantly decrease and they will be replaced by digital currencies. Now, Draper has significantly increased his bullish forecast for bitcoin, naming the price of $ 250,000 per coin over the next four years, and also predicted that fiat money will disappear much faster than expected.

His son Adam Draper, founder and CEO of Boost VC, also recently made similar statements, saying that in 10 years there will be more digital currencies in the world than fiat ones.

Most investors also believe that over time, the share of bitcoin in cash turnover will increase significantly compared to fiat money.

According to US Global Investors, today in the United States the volume of circulating fiat money is $ 1.59 trillion, and according to the Chicago Fed, this figure may be reduced to $ 501 billion over 10 years, since in general bitcoins and cryptocurrencies have become more widely used. for transactions.

The St. Louis Fed also makes similar predictions, stating that a rapid transition from cash to cryptocurrencies could occur.

Researchers at London's Imperial College and the eToro trading platform, having evaluated the fundamental role of traditional currencies and compared them with cryptocurrencies, have come to the conclusion that new payment systems do not appear overnight. However, they noted that cash payments have long evolved from cash to digital or contactless.

According to London researchers, “the wider use of cryptocurrencies and digital assets is just the next natural step.”

Who reacts and how
If the United States seeks to explore the prospects of bitcoin as the world's leading currency, countries such as China are worried about a decrease in cash turnover, which, in turn, may also lead to an increase in alternative payment methods.

Each country reacts in its own way to the appearance of bitcoin - in some countries it can completely overthrow fiat money, and in other countries cryptocurrencies and fiat money can apparently coexist.

On the one hand, cryptocurrency enthusiasts are looking forward to the moment when traditional fiat money will completely disappear and they will see that Bitcoin will become the single currency of the world; but, on the other hand, governments and central banks see this as a multitude of problems.

If cryptocurrencies prevail over fiat money, then the latter can quickly lose their value without any hope of recovery. Such a transitional moment can cause significant problems for established governments, which will have to change their methods of work in order to keep pace with the times.

Since cryptocurrencies are not under the control and censorship of governments, the latter are likely to lose control over their traditional currencies, and they will no longer have to determine how much currency to print in response to external or internal pressure. The most fanatical bitcoin enthusiasts see this as positive, but the general public may have some concerns about this scenario. Apparently, the fact is that not all people are ready to fully control their own finances.

Researchers from the St. Louis Fed Alexander Berentsen and his colleague Fabian Shar believe that it is not difficult for central banks to create their own cryptocurrencies, but at the same time, they say that the key characteristics of cryptocurrencies are that which are not compatible with the activities of the central bank.

“Bitcoin does not satisfy the main features of the currency”
New York Fed President and CEO John Williams is not worried that Bitcoin could replace fiat currencies. According to him, bitcoin and other cryptocurrencies cannot replace the American dollar, because they do not pass the basic test of what the currency should be. According to him, "Bitcoins have enough problems with fraud, money laundering and the financing of terrorism."

So far, of course, the vast majority of world governments use fiat money, and it is unlikely that bitcoin will replace them in the near future.

Another ten years?
Perhaps Bitcoin needs some 10 more years so that we can use it as everyday money. At least that's what the words of Twitter and Square CEO Jack Dorsey are:

“Ultimately, there will be a single currency in the world and the Internet. I personally believe that it will be bitcoin. It will probably happen in ten years, but it can happen faster. 

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On 9/4/2019 at 2:47 PM, wngo123 said:

Cryptocurrency will probably never replace fiat currency for one and only reason: governments. Governments love fiat currency because they can control it and they can create unlimited number of money when they need it, it is called debt and we pay this debt in form of inflation it's like tax that most people don't see.

Common sense and sober mind make you agree with your arguments. But in recent years, the fiat has compromised itself and continues to compromise (inflation, devaluations, practically uncontrolled emissions, quantitative easing programs and you are possible, etc.) that first release national crypto assets, and then, possibly, transnational assets. It’s a pity only to live in this wonderful time ...

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I think that because cryptocurrencies, especially bitcoins, can enter global markets and thus be replaced with local currencies because local currencies do not have positive things and are always stable in their price, but bitcoin is the opposite that it rises every year and is a strong and very successful currency.

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