Reasons why cryptocurrencies cannot replace fiat currency.

[btaliat]

No one really knows anything about crypto until late 2009. The wolrd was amazed when Satoshi started the block chain and mining of bitcoins started. No one really took him so serious and only few showed him attention.

Eleven years after, the people that paid utmost attention and preferred not to be wavered started reaping the sow of their patience hereby encouraging people to pay him more attention.

The growth in cryptocurrency has now made some people to conclude that it will soon be accepted globally and be used to replace the fiat currency. This notion made some people to start hoarding their coins for the future purposes.

However, from my own perspective, cryptocurrencies can never be used in replacement of fist currency for some obvious reason which are the following:

Its volatility won't allow shop or business owners to adopt it as their means of payment. Cryptocurrencies is never stable and will always affect day to day transactions. A coin that is worth $50 this morning may worth more or lesser in the evening hereby jeopardizing the day to day transaction.

Ignorance is other factor, some people are still ignorant of cryptocurrencies. They don't know anything about it and don't even bother to know. This set of people will be the stumbling blocks against the widely usage of cryptocurrencies

Which other factors do you think?

 

[Sotherefore]

Although your points are true but the reason I think why cryptocurrency may not be able to replace the local physical currency is because of high transaction fee, this is one of the reason why a lot of online community won't use cryptocurrency as mode of payment, the local currency might exist for a long time.

 

[Chibson]

I too do not think that cryptocurrency can replace Fiat currency for so many reasons. One of the reason being that many people depend on Fiat currency to buy things in the place of no internet connection. Cryptocurrency cannot be operated without internet connection and also the huge transaction fee is is another factor.

 

[Sotherefore]

I too do not think that cryptocurrency can replace Fiat currency for so many reasons. One of the reason being that many people depend on Fiat currency to buy things in the place of no internet connection. Cryptocurrency cannot be operated without internet connection and also the huge transaction fee is is another factor.

I also believe so because number one there is a high transaction fee when you deal with crypto transaction, we all will not be able to lose $2 just to adopt cryptocurrency on every transaction we are doing, losing 2 dollars on every transaction as transaction fee is not a welcome development at all.

 

[btaliat]

Although your points are true but the reason I think why cryptocurrency may not be able to replace the local physical currency is because of high transaction fee, this is one of the reason why a lot of online community won't use cryptocurrency as mode of payment, the local currency might exist for a long time.

I may not totally agree with your point because it is not all crypto coins that have high transaction fee. Some coins have average transactions fee. And even if you are talking about transaction fee, it does exist in fiat currency too especially if you are using bank transfer. Coins like ripples, litecoins and some coins don't have much fee.

 

[Sotherefore]

I may not totally agree with your point because it is not all crypto coins that have high transaction fee. Some coins have average transactions fee. And even if you are talking about transaction fee, it does exist in fiat currency too especially if you are using bank transfer. Coins like ripples, litecoins and some coins don't have much fee.

Yea , you said it, they don't have much but you must also understand that bitcoins is the best cryptocurrency , atleast it is the master of cryptocurrency,if any official store both online and offline want to accept payment via cryptocurrency they are likely to choose bitcoins..you won't afford to lose 3 dollars on every transaction you are doing every day.

 

[Briangsam]

Many cryptocurrency enthusiasts have tipped crypto to replace fiat currency. Especially the bitcoins but I think it will not happen. One barrier to crypto dominance outside of the world of speculative investing, I think is practical application and usability in traditional payment scenarios.

 

[Ralphjoe]

The only genuine reason that would make cryptocurrency never be able to replace the Fiat currency is because the cryptocurrency is quite complex to be able to operate and it's not everybody that can accept a digital form of payment especially the present people in the society. And again, the cryptocurrency requires big gadgets to operate them and so it cannot go all over the economy of a country like the way paper of your normal Fiat currency can go.

 

[sincerem]

Crypto can't replace country's fiat currencies in Any way. Both of them do tremendous job on their own way. Crypto is a digital currency that is used for payment online while fiat is used physically and digitally too. It has existed for many years, so for crypto to replace it will be impossible at the meantime. It is too early to think that way, even if the coins are booming at the moment. Not everyone can transact around crypto so well, those who can't transact with it feel comfortably transacting around Fiat currencies.