Cryptocurrencies as a gateway to the digital finance; Will it sustain as the precedence over Fiat money?

[pacific 2268]

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Cryptocurrencies as a gateway to the digital finance.

Cryptocurrencies are the digital or the virtual assets which are decentralized and based on blockchain networks. A cryptocurrency is a peer-to-peer network where users can send or receive the crypto balances from anywhere in the world. As being a digital payment system, it doesn't rely on a centralized ecosystem, and there's no any central bodies or authorities to take control over it. Cryptocurrencies are decentralized, and immune to government interference or any third-party manipulation.

 

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Will Cryptocurrencies sustain as the precedence over Fiat money?

The underlying complexities over a blockchain network may leave a big question mark on its unreserved acceptance, credibility and anticipation. On a note of technological advancements, cryptocurrencies can be alternative to financial freedom; though cryptocurrencies likely to have varying price or value, and if it is adopted worldwide it may bring anomaly and there are also things to be considered like financial privacy while being anonymous for each transaction that are carried out. However, the adoption of cryptocurrency worldwide requires a secure payment gateway, and this can be managed with standardization, compatibility and innovation.

 

The following factor plays an important role to make cryptocurrencies on the top of fiat money;

 

1. No- inflation

2. Transaction Speed

3. Anonymity

4. Transparency

5. Peer-to-peer cryptocurrency network

6. Unlimited possibilities for transaction

7. Decentralization

8. No borders(No limitations)

[Ridam 7455]

To be honest the feature of the crypto currencies are becoming the major areas in which government is targeting and are trying to regulate them as much as possible. so there will be some pullback in this feature .

1 hour ago, pacific said:

Anonymity

But in all other features like no inflation(There is inflation but total supply is fixed), Transparncy, decentralised  Blockchain based servies either its crypto or other assest, they wins with no issues in compare with the fiat and traditional financial services.

Also the major benefits, I see is borderless and if we compare the current foreign exchange fee with crypto they are pretty cheaper and way much faster and accessible with one click.

[Hanbal 359]

Cryptocurrency has a wide range of benefit though it also has it own drawback but there are alot of things in cryptocurrency that have still yet not be answered because it founder was anonymous but i believe in the future new discovery and development will come along the way.

[abd1992 960]

10 hours ago, pacific said:

Cryptocurrencies are the digital or the virtual assets which are decentralized and based on blockchain networks. A cryptocurrency is a peer-to-peer network where users can send or receive the crypto balances from anywhere in the world. As being a digital payment system, it doesn't rely on a centralized ecosystem, and there's no any central bodies or authorities to take control over it. Cryptocurrencies are decentralized, and immune to government interference or any third-party manipulation.

 

The underlying complexities over a blockchain network may leave a big question mark on its unreserved acceptance, credibility and anticipation. On a note of technological advancements, cryptocurrencies can be alternative to financial freedom; though cryptocurrencies likely to have varying price or value, and if it is adopted worldwide it may bring anomaly and there are also things to be considered like financial privacy while being anonymous for each transaction that are carried out. However, the adoption of cryptocurrency worldwide requires a secure payment gateway, and this can be managed with standardization, compatibility and innovation.

 

The following factor plays an important role to make cryptocurrencies on the top of fiat money;

 

1. No- inflation

2. Transaction Speed

3. Anonymity

4. Transparency

5. Peer-to-peer cryptocurrency network

6. Unlimited possibilities for transaction

7. Decentralization

8. No borders(No limitations)

Encryption and digital currencies can actually be an alternative to fiat currencies that have a lot of features that can actually be good and bring people to it.

[yonkii 3205]

Good question and points raised in this post. I with anyone of us had an answer, maybe it will be cryptocurrencies to change the finances so much that fiat money will not be required. It is not going to happen in days or years but in very long time, maybe decades or a hundred years from today, unless we also count the digital fiat that is being produced and will probably be used instead of cash.

[hani20980 2706]

Peoples today are more interested in cryptocurrencies and bitcoin more then fiat currencies i think

they finally understand that cryptocurrencies are the future and the fiat are going to be worthless

however it may take too long but im sure that cryptocurrencies will be the future

[percare 3192]

The positives are obvious against a fiat system that is inflating and creating for us loss of income, reduction of wealth and making us work without being able to save something. Investing in cryptocurrencies is a way out of this, as it was stocks so far and a little less gold. I think that gold is better for the wealthy of our societies, but Bitcoin lately is proving to be worth a lot more.

[cryptovlek 2597]

I don't know how long it will take. It is maybe a few years or ten years or more, cryptocurrencies will be pivotal in the financial change and once the world is over from the covid pandemic, it will be fundamentaly different in finance. Crypto will be on the frontpage for decades and decentralized finance will change, won't be what we have today that are some foodcoins and troll or memes.

[Syedbesharat 5423]

The fiat system is collapse and now rhe big countries like China, Germany, European union is making their move toward crypto legalisation. This shows how important is crypto for them to run their financial cycle in the country. The crypto is gonna become the main payment system but it will take time and good frame work for government. Because now the crypto is ban in almost many countries the countries are divided in three group first one who accepted and legalised it, second one who ban it and restricted their people activities in crypto. The third ones are neutral who are keeping silence and not banning or forcing any policies regarding crypto. But sooner or later the choices will be made and crypto become as a payment over fiat in upcoming years. 

[abohasnn9 2401]

My friend, cryptocurrencies are the money of the future, and they will put coins on the ground and far away while they spread globally. Several countries, including China and the European Union, will do digital currency instead of heavily tangible currencies. Thank you very much.

[Guru2050 8284]

Decentralized and anonymity feature of Crypto currencies are the imperative features accelerating the growing demands for the system. These significant features explicitly distinguishes Crypto currencies from fiat currency attracting public, government attention to Crypto currencies. In nearest future Crypto shall dominate the whole world

[Whited35 15285]

Blockchain technology-based cryptocurrency is the breakthrough for the world finance that has enabled the endless possibilities. Blockchain technology is designed to protect users' assets by enabling an advanced encryptions and such encryptions are generally fascinated by the hash functions. Existing financial system to process the fiat transactions had some demerits that's why cryptocurrency is invented and it is capable of overcoming such downsides persisted in the traditional financial system. 

[Raqeebzy 6456]

Undeniably, there are so many advantages of decentralized blockchain based financial system compared to the conventional though half of them under scrutiny of the government and regulations/restrictions. And I think that's the main point.

Cryptocurrency with its properties promises financial transparency and freedom, one which can't get in the good books of the government except is some rare cases. Crypto is inevitable but to think there will be total precedence on fiats isn't logical so long as both are under governmental regulations.

[Dormilon 2183]

On 1/21/2021 at 3:35 AM, pacific said:

1. No- inflation

2. Transaction Speed

3. Anonymity

4. Transparency

5. Peer-to-peer cryptocurrency network

6. Unlimited possibilities for transaction

7. Decentralization

8. No borders(No limitations)

@pacific Of all the options, there is one that does not occur in all currencies, although one always refers to the currencies with the highest adoption and that are in the first places of acceptance that if they comply with what you write, there are some currencies that They are very slow to transfer, although not because of the blockchain itself, but because of the developers who are not looking for a more expeditious way to do it quickly, there are some that need many confirmations due to the danger of being attacked by 51% and then it becomes slow to transfer them from one place to another, in that the transaction speed is a bit trapped in the confirmations, the post is very good, thanks for sharing it and greetings.

[piuri01 446]

I think that virtual currencies today are having a lot of participation in the world market, however I do not think they can prevail over physical money, since this type of finance has always existed, and we need it to exist because currencies are not accepted in various countries, so in order to buy something in those countries we need physical money.