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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?

10 Answers

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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.
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It's unclear if cryptocurrency will completely take over from fiat currency, as it's still a relatively new technology with several challenges to adoption. However, cryptocurrencies may become more widely accepted and integrated into the financial system as their popularity and functionality increases.
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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.
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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.
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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. 
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It is difficult to predict the future of cryptocurrency and its role relative to fiat currency. While cryptocurrency offers some advantages such as decentralization, transparency, and security, there are also challenges that must be addressed, such as volatility, scalability, and regulatory issues.

At present, fiat currency is widely used and accepted as a medium of exchange and store of value, and it is unlikely that cryptocurrency will completely replace it in the near future. Instead, it is more likely that cryptocurrency and fiat currency will coexist, with cryptocurrency serving as a complementary or alternative form of currency.

As the technology and infrastructure around cryptocurrency continue to evolve and mature, it is possible that its use and acceptance will increase, but it remains to be seen if it will ever fully replace fiat currency. Ultimately, the success of cryptocurrency as a form of currency will depend on how well it meets the needs and demands of users, as well as how effectively it can address the challenges it faces.
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Hyperbitcoinization in it's strict sense , Bitcoin replacing Fiat currency will almost certainly never happen .on the one hand , government will never willingly replace their own Fiat currencies with Bitcoin
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Yes, cryptocurrency does take over from fiat currency. However, it will not be easy as fiat currency is difficult to exchange and exchange rate is also difficult to control.
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Most financial professionals expect digital assets will replace government-issued currencies within a decade, or at least present a solid alternative to them,” said a Business Insider report published in August 2021, quoting a Deloitte survey.
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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.
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