Quote from: ulhaq on August 31, 2018, 04:13:42 PM

A lot of good points. Many have said that fiat is necessary now. Well, obviously, the question was whether fiat would be necessary in the future.

Quote from: carlisle1 on August 30, 2018, 11:44:53 AM

Fiat has been tested for how long period of time,while virtual money was just here for only 10-15 years so please never compared the two because they are two different thing that has single purpose and that is to serve the people

Fiat has not been tested for a long period of time, maybe 75 years total. Before that it was gold or gold-backed currencies.

Quote from: Martha_Ferris on August 30, 2018, 07:20:45 AM

This discussion has been coming up everywhere recently. Although,I do not support the phasing out of the Fiat currency, I can't really find a point to back its existence. But I still think it's asking too much. Even if cryptocurrencies would replace Fiat, it would take a lot of time. But before than happens, some things must be taken care of. Take for example the volatility of cryptocurrencies. Such variable makes it too difficult to be made a major means of exchange. This is only one of the issues that I have in mind.

Volatility is not an issue, the volatility has been going down every year and will continue to do so.

Quote from: Incodium Coin on August 30, 2018, 06:16:21 AM

Given the risks involved, l don't see a total switch to digital money anytime soon. Besides, an increasing acceptance of digital money comes with some compromises. The government in South Korea demanded that crypto accounts not be anonymous, but use actual name. This will facilitate taxation, and trace corruption. These and a number of measures will be taken by governments around the world. Besides, do you see the internet connectivity rate being 100% all around the world? What of those places without access, how do they functions?

This is a good point.

Quote from: pitiflin on August 28, 2018, 11:41:31 PM

If crytpo is decentralized, and if all the governments use it, doesn't it mean, all economies are one? Roll Eyes

No, all economies are not one, because governments will have different overall tax rates, will tax different things (income tax vs. corporate tax vs. sales tax), have different deductions, different agreements with each other for mutual taxation, will decide to spend the money on different purposes, etc.

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Hey! What you are saying it is great, but what is the reason for such a switch? I don't think that governments are ready to work with crypto instead of fiat money. Moreover, fiat money give them several tools to manage economics. For example, interest rates, money supply etc. By increasing the emission, by lowering rates or by QE programms, central banks stimulate business activity. I can't see such a possibility when using Bitcoin, for example, as the emission is limited and the very crypto is out of reach for central banks

I don't see that any of those tools work to manage economies. By changing interest rates and the money supply, ostensibly to "stimulate" the economy, governments have created massive bubbles with catastrophic results. The thinking is that consumer demand for products needs to be increased during a recession. But most of the products people buy are junked within a few years and the individual has nothing to show for it, while savings rates are very low. It is nothing more than a transfer of wealth from poor/middle-class to corporations. How does that benefit the economy? Also the money that is spent to "stimulate" the economy is money that could have been spent elsewhere - eg, infrastructure, education. So I would say that direct money spent has had the effect of enervating the economy by diverting it from more productive use.

At least 2 good points - difficulty in in-person, small, retail transactions, and internet connectivity issues. But even these are potentially solvable in the future. The technology to collect crypto could become so cheap that even small retailers and stalls could accept crypto, also internet connectivity improves all the time, maybe there will even be backup internet connections available at some point. But even so, it is good to have fiat as a backup currency.

Very well put together, some arguments make sense but if you look at the pace of technology, in a few years every retailer probably will have a manchine (Pundix?) that converts any crypto to a currency of they acceptance, people will have embraced crypto currency a lot more and use for commerce, at least there is a high degree of probability.

I see another concern from a different direction, most of us typing here live in so called privileged countries, not only do we have fresh water, but also electricity and even high tech such as smart phones...however we are in the minority. Large parts of the planet does not have these luxuries, not even clean drinking water or sanitary installations.