The world is turning digital. Everything is becoming digitalised. Finances are not left behind either.

Fiat currency is controlled by governments through the central banks. The currency is vulnerable to corruption and fraud. Fiat currency is hard cash in coins and notes. Each country has its own but there is an exchange rate to translate one into another.

Cryptocurrency is not controlled by the central bank nor countries and instead it is controlled by blockchains. It seems to be taking over from fiat but there is no proper control over how it appreciates or depreciates.

Will crypto take over from Fiat?
in Business+Finance by 6 11 23

5 Answers

0 votes
Best answer
I don't really see this kind of situation coming to reality any time soon. I have always been of the opinion that cryptocurrency has not gotten to that level where we can say that they are going to replace the fiat money that we have in the world. Just for the past few weeks, one of the top cryptocurrency that we have in the world since 2009, bitcoin, has been having a downward spiral and this has been a worry to lots of traders of the coin.

I don't think that any country that is looking at how they are going to make their economy grow from one level to another will like to adopt a cryptocurrency as the substitute to fiat money. In fact, most countries are banning the trading of most of the coins in their areas and this is something that we should think about as well.
by 4 15 37
selected by
0 votes
There is a possibility for it to happen because nowadays many are still developing cryptocurrency and what's more? many are using and embracing it. It is now on the cycle as we speak. cryptocurrency nowadays is boomingly in a silent way.
by 1 1 3
0 votes
For the time being, no cryptocurrency has effectively overtaken fiat in any part of the world. In the end, it may be payment apps like SPEDN which most dramatically open up cryptocurrency payments to real-world applications.
by 4 8 32
0 votes
At present, cryptocurrency is starting to boom. But, it will take time to be materialized in the Internet world. It seems promising but it will be more popular when reaching the 5th Industrial Revolution.
by 9 14 49
0 votes
It will not take it that easily because fiat currency is also handy. It helps us to make payments instantly hence I think it won't depreciate that easily. 
by 3 7 15
5,880 questions
25,135 answers
7,619 comments
5,853 users