Quote from: Ludmilla_rose1995 on April 22, 2020, 10:43:58 AM

Quote from: XenoFever on March 01, 2020, 10:11:58 AM

I have seen so many posts about emerging cryptocurrency, and they think that someday it will take over our current system, or it will replace our fiat currency, which is really impossible, yes cryptocurrency is such an excellent currency especially the bitcoin, cryptocurrency keeps on being more prominent and more significant. Still, I think it is not enough to replace the fiat currency. It will be hard for the government to do that.

It will be hard for us if we use our cryptocurrency as our standard currency, the volatile currency will not be useful in real life; only that money is only suitable in real life. Not all individuals are really used in technology, so how could they handle their money if they are not familiar with the technology.

There are still some rural places in this world, so it will be hard for them to adopt the new system if this will be implemented in the future, which I hope won't happen, and even those person in provinces will also get mad if those things happen.

Actually, cryptocurrency holders also need fiat money. Even, in my opinion, 85% of cryptocurrency holders do not use it as a currency but rather a commodity or asset for a profit. They only take values, not functions. that means, if what is needed is value, then they will exchange it for fiat if it has a profit. so, fiat cannot be replaced by cryptocurrency because crypto holders also need fiat money.

I wouldn't be surprised if that number actually exceeded 85%.

However! If you look at the community and the userbase surrounding Ethereum/DeFi and, particularly, the DAI stablecoin then I can see some glimmer of hope when people ask if cryptocurrency can replace fiat.

The major problem is, at the moment, the difficulty curve that comes with crypto. It's not easy enough so that my mum/grandma/grandpa/dad could easily just jump in. You need that knowledge base.