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    Author Topic: lets imagine world without fiat currency  (Read 2262 times)

    • Asuspawer09
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    November 08, 2020, 11:28:34 PM
     #61
    Quote from: cryptoboss2020 on November 06, 2020, 10:15:47 PM
    now lets imagine world without fiat currency.
    lets say we use bitcoins.
    so milk price how many btc?  fuel price? rent ? and how the prices will calculated?
    and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
    so your skills or value in society dont count only matters who go the most of the bitcoins?
    bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
    okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
    stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
    so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
    well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!



    right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
    if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol Cheesy   so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

    and please dont comment something nonsense Smiley lets try to gather here only smart comments as this topic is important topic to know.

    I guess if the world is gonna use one currency its is not gonna world in every country, It might need 1 government to circulate the currency that is not gonna work in bitcoin currency.

    It's really hard to picture a world with fiat currency just because the idea of bitcoin as a currency came from a fiat currency, or we can just say that the bitcoin is just a better version of the fiat currency because it is digital.

    For sure every government is gonna try to control bitcoin at some point if bitcoin is the only currency available, possible if we have only one leader around the world but it's gonna be hard to govern.

  • Sapphire915
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    November 09, 2020, 06:49:21 AM
     #62
    I really cant imagine the world without fiat or physical money. Its hard to imagine such things especially that I am living in a poor country and not so digitalized... and the worst is, we have the slowest internet signal in Asia. Living in this place, requires fiat in buying our daily needs. Fiat is the mainstream currency that most locals here are using and they don't even know about digital currencies and digital payment method, so its really impossible in my place. Maybe, if I am living in a big City, its possible to think of those things because City life are way too far from the village and its more digitalized and lots of people are slowly learning the different kinds of digital payment system. Somehow, I believe that cashless living is quiet good and less hassle with just one tap of our finger and smart gadgets. Therefore, I imagined a hassle free and easy life world if there is no fiat. But, still we will realized that fiat can never be replace for now...people are highly relying on it.

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    November 09, 2020, 11:33:41 AM
     #63
    Quote from: Latviand on November 07, 2020, 08:17:08 AM
    It is really hard to think of a society without a fiat currency because we are living in a generation where we are used to paying with both fiat and digital currency. But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value. If it is the only thing that can be used for payment and there's no other option then bitcoin will not be the same as Gold that can be preserved its price. Bitcoin will be the fiat in that world and people will just look at it as normal money.
    You're right. We can't imagine a world without fiat currency. Unthinkable to operate without Fiat. Bitcoin and all other currencies are not omnipresent. But Fiat is at a standstill everywhere. All the endeavors of daily existence, even bank transactions and the rest of the endeavor are performed by Fiat. Fiat is stable and must be used.

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    November 09, 2020, 12:16:20 PM
     #64
    Quote from: oktana on November 08, 2020, 11:08:14 PM
    Imagining that there's this world without fiat, all I see is the world that once was(when it was trade by barter). I don't really find it bad that fiat is ruling, and if I had the chance to change that, I won't really do nothing. For now, lets be paying for s few goods and services using bitcoin. A time is coming when fiat will be forsaken.
    Before fiat, there was money called "gold coins and silver coins". They emerged on the market as an useful commodity to facilitate barter deals. Everyone was ready to accept money in exchange for their goods, because of high demand for money as commodity. Today's system is akin to that we had before except that money is different. It is controlled and printed by governments, has no intrinsic value, and is demanded only because it is the only legal tender on a given territory and accepted for paying taxes. Otherwise, we wouldn't use it because of its drawbacks such as unlimited supply, gradual debasement, falling purchasing power. In short, it doesn't allow us to make effective savings but incentives us to spend as quickly as possible. We can store our wealth in gold, but gold is not perfect for that due to its physical characteristics. It is heavy, hard to transport, very expensive to store safely, it can be seized by government. Bitcoin, on the other hand, while being digital (can't be used for industrial and jewelry purposes), has all the advantages of gold and none of disadvantages of fiat. It is a perfect currency to replace fiat.
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  • carlisle1
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    November 09, 2020, 01:29:29 PM
     #65
    Quote from: kolbalish on November 09, 2020, 11:33:41 AM
    Quote from: Latviand on November 07, 2020, 08:17:08 AM
    It is really hard to think of a society without a fiat currency because we are living in a generation where we are used to paying with both fiat and digital currency. But if bitcoin was used in all of the transactions, then probably it will become the same as fiat, its volatility will not exist and it will just have a stable value. If it is the only thing that can be used for payment and there's no other option then bitcoin will not be the same as Gold that can be preserved its price. Bitcoin will be the fiat in that world and people will just look at it as normal money.
    You're right. We can't imagine a world without fiat currency. Unthinkable to operate without Fiat. Bitcoin and all other currencies are not omnipresent. But Fiat is at a standstill everywhere. All the endeavors of daily existence, even bank transactions and the rest of the endeavor are performed by Fiat. Fiat is stable and must be used.
    Well this will only in a short time but once people and the world adopted formally the online currencies like PayPal,Paymaya or even Cryptocurrencies?surely Fiat will gone and all the payments will be made via online then.
    actually this may take time but in the end Online will won in this battle because we can see it now that most of us are looking to pay via electronic currencies than physical money.

  • Bitstar_coin
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    November 09, 2020, 02:44:45 PM
     #66
    Lets say hypothetically we are in such a world without fiat, everything we are buying will be price on btc and sat, i.e all the things you mentioned which equally means btc will not be pegged to any fiat and there will be no price speculation which also means btc won't have any fiat value,
    that world looks like one of top Hollywood film director imagination Cheesy this can only been seen in the movies because in reality fiat already taken over and will not be going anywhere anytime soon.

  • Mr.sprin
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    November 09, 2020, 02:49:45 PM
     #67
    Transactions without fiat may occur in the future considering that now everything is digital, it is likely that in the future transactions will use digital currency.

  • ice098
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    November 09, 2020, 06:01:10 PM
     #68
    Quote from: Mr.sprin on November 09, 2020, 02:49:45 PM
    Transactions without fiat may occur in the future considering that now everything is digital, it is likely that in the future transactions will use digital currency.
    Many are wishing and hoping that someday we can use cashless transactions around the globe but I don't think it  would be possible most especially because there are people who can't afford to buy gadgets most especially those who came from an average type of state.

  • odolvlobo
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    November 09, 2020, 09:10:06 PM
    Last edit: November 09, 2020, 10:05:38 PM by odolvlobo
     #69
    Quote from: fladnaG on November 09, 2020, 02:46:42 PM
    Go on a trip to China and you will not have to imagine anything. People there almost don't use fiat currencies. And soon they will start using only digital yuan.

    The yuan, whether digital or paper, is a fiat currency.

    You (and many other people) seem to be confused about what a "fiat" currency is. "Fiat" doesn't mean that it is printed on paper.

    A fiat currency is a government-controlled currency whose value is not backed by anything.

    The dollar, euro, yen, yuan, franc, peso, pound, dram, ruble, rupee, etc., regardless of the country or whether they are digital or printed on paper, are all fiat currencies.

    BTW, some people consider any un-backed currency to be a fiat currency, and that would include Bitcoin.
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  • imstillthebest
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    November 09, 2020, 09:35:15 PM
     #70
    Quote from: odolvlobo on November 09, 2020, 09:10:06 PM
    Quote from: fladnaG on November 09, 2020, 02:46:42 PM
    Go on a trip to China and you will not have to imagine anything. People there almost don't use fiat currencies. And soon they will start using only digital yuan.

    The yuan, whether digital or paper, is a fiat currency.

    You (and many other people) seem to be confused about what a "fiat" currency is. "Fiat" doesn't mean that it is printed on paper.

    A fiat currency is a government-controlled currency whose value is not back by anything.

    The dollar, euro, yen, yuan, franc, peso, pound, dram, ruble, rupee, etc., regardless of the country or whether they are digital or printed on paper, are all fiat currencies.

    BTW, some people consider any un-backed currency to be a fiat currency, and that would include Bitcoin.


    when i was a noob i also thought that fiat was a form of paper money but no it wasnt .

    it can be in any form of money that local govt's created  . considering bitcoin as a fiat is money is funny , they must remove the fiat word when they say that ( ex. bitcoin is a money ) .

     i can imagine the world without a fiat because if we look on our past we will remember that there are no invented fiat before . all done on estimations but we can experience an unfairness to that measurement . they invent fiat to make things more accurate  . theres now way fiat will be gone again

  • oktana
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    November 09, 2020, 09:42:15 PM
     #71
    Quote from: witcher_sense on November 09, 2020, 12:16:20 PM
    Quote from: oktana on November 08, 2020, 11:08:14 PM
    Imagining that there's this world without fiat, all I see is the world that once was(when it was trade by barter). I don't really find it bad that fiat is ruling, and if I had the chance to change that, I won't really do nothing. For now, lets be paying for s few goods and services using bitcoin. A time is coming when fiat will be forsaken.
    Before fiat, there was money called "gold coins and silver coins". They emerged on the market as an useful commodity to facilitate barter deals. Everyone was ready to accept money in exchange for their goods, because of high demand for money as commodity. Today's system is akin to that we had before except that money is different. It is controlled and printed by governments, has no intrinsic value, and is demanded only because it is the only legal tender on a given territory and accepted for paying taxes. Otherwise, we wouldn't use it because of its drawbacks such as unlimited supply, gradual debasement, falling purchasing power. In short, it doesn't allow us to make effective savings but incentives us to spend as quickly as possible. We can store our wealth in gold, but gold is not perfect for that due to its physical characteristics. It is heavy, hard to transport, very expensive to store safely, it can be seized by government. Bitcoin, on the other hand, while being digital (can't be used for industrial and jewelry purposes), has all the advantages of gold and none of disadvantages of fiat. It is a perfect currency to replace fiat.
    Your response is quite informative. Talking about advantages and disadvantages, bitcoin may have the advantages of gold and no disadvantages of fiat like you said, but it does have it disadvantages. Just that irrespective of these downsides, it's just still better than fiat and gold.

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    November 09, 2020, 10:11:17 PM
     #72
    Quote from: ice098 on November 09, 2020, 06:01:10 PM
    Quote from: Mr.sprin on November 09, 2020, 02:49:45 PM
    Transactions without fiat may occur in the future considering that now everything is digital, it is likely that in the future transactions will use digital currency.
    Many are wishing and hoping that someday we can use cashless transactions around the globe but I don't think it  would be possible most especially because there are people who can't afford to buy gadgets most especially those who came from an average type of state.
    I don't which generation that will happen that all people were using cashless payment. But remember that not only crypto capable of cashless payment, there is also electronic cash which is you can use your debit/credit card. I guess it will take time before that will happen.

    Traditional money was there how many years ago and most commonly people used it. I don't know eliminating fiat will happen soon since all people don't have personal guests. So, a whole world without fiat is useless.
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  • Fatunad
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    November 09, 2020, 10:19:35 PM
     #73
    Quote from: ice098 on November 09, 2020, 06:01:10 PM
    Quote from: Mr.sprin on November 09, 2020, 02:49:45 PM
    Transactions without fiat may occur in the future considering that now everything is digital, it is likely that in the future transactions will use digital currency.
    Many are wishing and hoping that someday we can use cashless transactions around the globe but I don't think it  would be possible most especially because there are people who can't afford to buy gadgets most especially those who came from an average type of state.
    Fiat or paper currency would really remain and its just hard to believe that we would all transitioned to cashless basis and the thing you had mentioned is one of the possible reason
    on why we cant really just head up there.We do already had cashless transactions but doesnt mean that it will wipe out the paper ones and as long the government do exist
    then its impossible to think that they would really be removed soon.Its good to have some cashless society but the reality will really make not happen because not
    all will really able to deal with it.Not all does have device and not all are literally knowledgeable when it comes to tech.

  • Twentyonepaylots
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    November 09, 2020, 11:36:30 PM
     #74
    A world without fiat currency and is primarily run by bitcoin wouldn't be too different from the world we live in today. A milk carton will still cost tye same as everywhere else because value are just arbitrary qualities we imposed on objects to signify its relevance, only change being secure transactions, and a much more independent way of spending money.

  • emmybd
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    November 11, 2020, 07:19:16 AM
     #75
    Fiat money is government-issued currency. Fiat currency gives central banks greater manage over the economy. Fiat money was introduced as an alternative to commodity money and representative money. US dollar,pound sterling,the euro are known as fiat currency. We call it fiat currency as it is accepted by all of us because government says that it's legal tender.There are around 180 fiat currencies.
    Fiat currency only has value because the government maintains that value. Fiat currency has a risk of losing it's value in the event of hyperinflation. The main problem with fiat currency is that while it is generally seen as more stable than commodity-backed currencies,it can be collapse under the wrong circumstances. Fiat currency is an exceptional. But by properly managing fiat currency it can serve the society better than a commodity currency.  
    Fiat currency is an alternative of commodity currency as a result we can live without fiat currency. But fiat currency gives strength to our economy. It supports our economy. If we use fiat currency sensibly it will help in the progress of the world. So, it will be difficult to think world without fiat currency.
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  • Digitalbitcoin
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    November 11, 2020, 08:05:12 AM
     #76
    Quote from: cryptoboss2020 on November 06, 2020, 10:15:47 PM
    now lets imagine world without fiat currency.
    lets say we use bitcoins.
    so milk price how many btc?  fuel price? rent ? and how the prices will calculated?
    and if there is only limited supply of bitcoins.....then those who who have bitcoins merely will rule over others?
    so your skills or value in society dont count only matters who go the most of the bitcoins?
    bitcoin halving by the time so less and less btc will be in circleation....so how the world will remain sustaineble then ?
    okay if bitcoin is not good to be currency then ethereum ?? well ethereum is centralised as i know ?
    stable currenies?? well i dont see point of them they are just the 1:1 of the same fiat currrencies.
    so where does the theory come from then we go all in cryptocurrency and fiat currency will disapere?
    well this is not possible bitcoin without fiat can not serve all the peoples currecny needs !!



    right now we dont have clear answere so fiat currency still rules. how we are going to control the money supply how big quantity of currency is in circelation?
    if bitcoin is the future of money without fiat then everybody will have the guns and shoot each other:D just to get other bitcoins becouse btc has limited supply lol Cheesy   so i want to know if fiat currency will disapere then how the new currency will be issued? and how it will be backed?

    and please dont comment something nonsense Smiley lets try to gather here only smart comments as this topic is important topic to know.



    Human is only the intelligent animal of this planet, and this is proven by its own inventions and discoveries.

    Fiat currency was neither been just created, even its spread to maintain the system.

    In today's world, the human is becoming more selfish than ever before, don't even care for enviounment.

    Every physical object costs something, which is counted in money. Humans understand this with their own intelectuality.

    No school teaches what is money, rather schools are designed to enhance student's life by enriching their own understandings and learnings to earn money with skills which they have.

  • Darkelf11
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    November 11, 2020, 08:20:00 AM
     #77
    Quote from: Mr.sprin on November 09, 2020, 02:49:45 PM
    Transactions without fiat may occur in the future considering that now everything is digital, it is likely that in the future transactions will use digital currency.

    It is possible but I haven't foreseen yet our world without fiat currency. I know that we are now transitioning into the digital world but fiat currency being banished from this world will surely make a lot of adjustment because as the fiat currency rules over the years, it surely had make a great impact to everyone. Digital currency is better considering our state but it needs a lot of research for that to happen. We may experience either a bad result or a good one if we truly live without fiat currency.

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    November 11, 2020, 09:12:41 AM
     #78
    Most of the countries have begun to endorse cashless transaction, as a part lot many changes have been taking place in the financial system.

    The pandemic helped it for a bigger level with people avoiding touch and making use of digital transactions.

    Through one way or the other the digital growth is getting more and more importance. Years back this wasn't possible, because people weren't used to it. Now people are in a situation to use it, and has found it to be easily accessible than traditional fiat. We can imagine a world without fiat, but the same won't be effective in reality.

  • OrgonePyramid
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    November 11, 2020, 01:15:13 PM
     #79
    I will prefer a world without any kind of currency

  • wiss19
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    November 12, 2020, 09:28:01 AM
     #80
    First of all I want to say that we are all aware that such is not going to happen.

    But, since you said it’s an imagination, well then let’s just imagine that the government chooses cryptocurrency Bitcoin as the main currency, first I don’t think that they are going to leave it to have a limited supply, they are going to make it be like fiat; it is going to become something that they themselves can control and print/mine at anytime they want, and it’s no longer going to be miners mining the cryptocurrency and devs determining how many coins we will have.
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