Sooner or later fiat currency will disappear
By - cryptbunks
People who think crypto will replace fiat are just delusional. It’s never going to happen. Crypto will be a very strong competitor to fiat and maybe they can co exist together but one’s not gonna replace the other
Thank you. I don't understand why there are so many maximalists everywhere you look. "Crypto is dumb fake money that's ruining the environment!" "Fiat is trash that is going to disappear from the world within 10 years!"
Like people don't realize that they're going to coexist. Fiat isn't going anywhere lmao
> Thank you. I don’t understand why there are so many maximalists everywhere you look. « Crypto is dumb fake money tha’’s ruining the environment » « « Fiat is trash that is going to disappear from the world within 10 years! »
Might point of view is it is important that crypto offer an alternative.. and hopefully if the whole FIAT end up crashing badly crypto could help the transition, but that a tall order..
Fiat as we know it will be replaced, just as much as horses have been replaced for modern transportation. Some people still use horses, but it's not the same activity anymore. It's only a question of technology. Cars are far superior to horses for transportation. Likewise, cryptocurrencies are far superior to fiat. Sure, there will also be cryptocurrencies backed by traditional banks which will coexist with decentralized cryptocurrencies, but it will still be a major technological leap when compared to what we currently have.
Notably, banks will have a way harder time hiding their illegal activities. Currently, they are caught once in a while and pay a hefty fine (that you may actually consider as a tax), but it won't be the same anymore with a cryptocurrency.
And even more so, the simple fact there is coexistence will force banks to become competitive, notably regarding saving accounts and loans. They can't do as they see fit. They aren't an oligarchy anymore.
It won't, though. China and many other countries have 100% cashless, cardless, digital phone-based payments for their national currency. This is the model that countries will move to, while retaining fiat.
Guess what? Banks will not go away either, and they will *actually use crypto and defi*. Banks will have a fiat arm and a crypto arm, and the currencies will coexist.
People who say fiat will disappear usually don't fully understand what fiat means. Fiat currencies are literally made up, printed out of thin air without being tied to any physical reserves. Instead, fiat currencies are issued and understood to be backed by the solvency (so they can pay) and the military might (if they can't pay, is anyone powerful enough to ask for, and actually receive, the money?) of the issuing country.
When the USA issues USD, each USD has value globally as it is backed by the military strength of the country, and there are no solvency issues. When Euros are issued, it is backed by the strength of a coalition of countries working in a partnership to support this currnecy, each of which has varying degrees of military strength. And led by some true gems like Germany.
People are trying to tell me Euros, Dollars, Yuan, Yen, etc are going to disappear in 20 years? I'll agree to disagree on that one.
Ruining the environment?
Fiat will become crypto too, soon, but centralized crypto. It's competitor is gonna be decentralized crypto.
I believe we will soon see something like a FED coin. Right now besides FED also commercial banks have a huge impact on the dollar supply. They generate a decent amount of dollars through lending. If FED removes commercial banks and comes up with FED coin they would have more control over the dollar supply and they would lend it directly to everyone. This is very likely to happen and it's terrible for people's financial freedom and privacy.
Thank you! I don't know why, but the other guy just got thanks just for being a douche, so thanks for being an educated one.
I think (or at least hope) people are not going to let the FED directly control who gets to borrow money. A digital dollar is coming soon though
A fed coin doesn't need to be issued as crypto. Even if it is, it's almost certainly a provisioned blockchain. Look how cashless payments work in china for a preview of what's to come.
Stablecoins could replace fiat!
Stablecoin is also a form of crypto, it could at least partially replace fiat.
Tether is going to rip a hole through the market. Crazy he would do this but presume it’s pocket change.
People who think email will replace a letter are delusional. It’s never going to happen. Email will be a very strong competitor to letters and maybe they can co exist together but ones not going to replace the other.
You’re talking about 2 entirely different things but you’re so far gone that you don’t even realize when you make stupid braindead comparisons
Yeah it’s more like comparing physical books and ebooks. Both co exist and probably will continue to do so indefinitely.
Plus fiat is backed by government and good luck trying to make them abandon their precious money. You’d need total anarchy for crypto to take over
Couldnt say better
i personally think fiat will be gone in 20 years, or it will at least be all digital.
Right. And if fiat disappeared how could i get rich by crypto appreciating against it?!
If anything replaces physical fiat it'll be digital fiat. It definitely won't be eth or bitcoin.
it won't happen until it stops being treated as an asset by the IRS
Fyi, the Zimbabwe dollar still technically exists. Doesn't mean it is isn't complete shit and not trusted by anyone.
Crypto adoption really is picking up. But I don’t see wages being paid out in crypto for mainstream public in atleast 5 years..
I mean fiat and inflation is an advertisement for crypto right..so it stays or leaves, both is good for us
May take longer than that
Five years would be brutally quick. These things usually take a generation and we're only 10 years in.
>But I don’t see wages being paid out in crypto for mainstream public in atleast 5 years..
In meantime in Venezuela, El Salvador, Paraguay, soon Mexico...
Yeah that’s a real possible scenario. If the people are very much benefiting like the technical work to set up wallet and stuff outweighs inflation risk then they’ll be first to adopt IMO
> But I don’t see wages being paid out in crypto for mainstream public in atleast 5 years..
I agree, and it could even be longer. Which do you think would be better, being paid in stablecoin or other crypto that fluctuates easily?
Hmm, for me personally i'd probably want a split of stablecoin and other crypto (ETH obv XD) not sure what the split should be though. Crypto is still too volatile for me to want to risk being able to pay bills if a drop happens right after i get paid. Maybe a crypto pegged to gold (forget which one it is) could be better than a USD or other FIAT pegged stablecoin.
> Crypto is still too volatile for me to want to risk being able to pay bills if a drop happens right after i get paid.
Great! I see someone is as worried about volatility as I am. I would only want to get paid in stablecoin, then I can swap a portion for whatsoever token or coin I'm interested in. I think the matter of volatility is going to be a big problem when it comes to this adoption. And stablecoin seems to be the only viable means.
> Maybe a crypto pegged to gold (forget which one it is) could be better than a USD or other FIAT pegged stablecoin.
Oh, I had no idea that there was a crypto pegged to gold. This would be great. I'll check it out.
I belive the gold pegged coin is Pax-G or something along those lines.
A few NFL players are receiving their salary in bitcoin, which is pretty cool.
but for the mainstream... I don't think crypto salaries will be a thing for 10 years optimistically, more likely 15-20.
Depends on the company you work for. I heard Binance pay their staff in BNB if they choose. Of course they have incentive to do so but I hope other companies will start to catch on, even if it's just paying 10,20,30% of the wage in crypto.
I’m not sure. Aren’t people currently asking for crypto payments because they see that (using the above example) $14 million worth of crypto could very easily turn into $1 billion worth of crypto? This guy is a millionaire already but he sees an opportunity to 100x an already sizeable asset.
I see people offering to cut hair for crypto, but I feel like its just because they want to get in on crypto as an investment vehicle. I personally am on a mission to acquire (and hold) as much crypto as possible for myself as an investment. For me it’s not to use in the real world to exchange for goods/services, but maybe someone can enlighten me.
I’m with you on that; I’m optimistic about crypto being adopted in the future (and that would also lead to a rise in prices) but I’m primarily in it as an investment
I will give him 14 DOGE and I’ll throw in the moon
More people jumping on the crypto wagon. Welcome aboard.
Shout out to his family!
5,800ETH. That’s a deal!
That's a lot of staking nodes and sustainable multi-generational wealth if he is on to it. I hope he is on to it.
Hold hard. Play hard.
Buy the dip hard
Yeah...for people comparing crypto to beanie babies...tell me who fucking ever used them like this
He'll definitely save on closing costs.
I would give him all my coins if he would just stop making "music"
Not to even mention his DJing skills, those are like a shitcoin 🤣🤣🤣
I cannot wait, it would seem like the economy would get better since there would be no need to generate all this paper money.
People who think government controlled currency will disappear are delusional. The adoption of crypto is inevitable, on a global scale, but you’re crazy if you really think a government would ever forfeit the ability to control their countries economy/currency.
all of that might happen but it takes time and a long process
I don't think fiat will ever fully disappear. Crypto might become the dominant currency but we'll still have fiat.
how many moons and donuts are that with the gas fees though
Damn, let me check, nope can’t afford it
***The World is Mine*** plays softly in the background....
I've never understood why people would pay for something using Crypto.
For example if buy David's house for XXX bitcoin today (worth ± 14 million today), in a year or 2 that same XXX bitcoin will be worth 20 million (if not more).
Whereas if I just paid cash, that 14 million today would much much less in the future due to inflation.
So why would I pay in bitcoin or any crypto, when the value will just continue to go up. . . Wouldn't we all be like the 10k BTC for 2 pizzas guy (after X years) 😂🤦♂️🤷♂️
Fiat will not totally disappear in my opinion but the circulation will reduce drastically. I can see people already using the Sylo smart wallet to purchase from vending .machine. A lot of things is changing already but fiat will not disappear
Aren’t you using FIAT to buy Crypto coins? Think about that first...
You can mine it though.
True... but that’s not the majority...
Anyone wanna help me out with some Bitcoin so I can buy the apartment for my budding DJ son?!
Yeah. I would too. Current price vs. Future price. Talk about flipping your property...
How about Dog Money......
The new way of buying the dip.
will he sell in terms of eth or in terms of fiat in the form of eth?
So, if you move this into a cold wallet from yours to his. That means you don’t have to pay taxes on a 1099? That’s a great deal for the buyer
Fiat will simply be ported over to Ethereum, where it's transacted as ERC20 tokens.
Shout out to his family.
Fiat currency is definitely ending soon as several e-commerce businesses are already integrating crypto payment gateway service like that of utrust into their platforms and now governments are also adopting crypto payment options already
Acronyms, initialisms, abbreviations, contractions, and other phrases which expand to something larger, that I've seen in this thread:
|Fewer Letters|More Letters|
|[BTC](/r/EthTrader/comments/nx49x9/stub/h1e93pe "Last usage")|[Coin] Bitcoin|
|[ERC20](/r/EthTrader/comments/nx49x9/stub/h1dtzb1 "Last usage")|[Ethereum Request for Comments #20](https://en.wikipedia.org/wiki/ERC20), smart-contract token standard|
|[ETH](/r/EthTrader/comments/nx49x9/stub/h1dnkyk "Last usage")|[Coin] Ether|
|[IRS](/r/EthTrader/comments/nx49x9/stub/h1g09q8 "Last usage")|(US) Internal Revenue Service|
^(*If you come across an acronym that isn't defined, please* )[*^let ^the ^mods ^know.*](https://www.reddit.com/message/compose?to=%2Fr%2FEthTrader))
^(4 acronyms in this thread; )[^(the most compressed thread commented on today)](/r/EthTrader/comments/0)^( has acronyms.)
^([Thread #911 for this sub, first seen 11th Jun 2021, 12:30])
^[[FAQ]](http://decronym.xyz/) [^([Full list])](http://decronym.xyz/acronyms/EthTrader) [^[Contact]](https://reddit.com/message/compose?to=OrangeredStilton&subject=Hey,+your+acronym+bot+sucks) [^([Source code])](https://gistdotgithubdotcom/Two9A/1d976f9b7441694162c8)