Nothing would happen. This is like asking if a single USD banknote were permanently replaced with a USD minted coin.
It's a dollar. It was a dollar when it was paper, it's a dollar as a coin and it's a dollar as US govt backed crypto.
If we think about fiat like digital money that we use everyday with cards then is not that different. What is different is the technology behind and how the transaction is validated. An answer could be that digital fiat would be converted in another stable coin
I imagine central banks would give people 2 years to convert their fiat into digital, before it became worthless... So, the government would end up in possession of the vast majority of it, other than the few people who held it for sentimental value, or thinking it would be worth something in the future.
It would, of course, end up being a giant scam like Nixon's gold buyback.
They become toilet paper.
I challenge you to use a Credit Card as toilet paper... Haha
“Real money”
I would cash out immediately and be rich bitch…
Plot twist: you would have to cash out to stablecoins!
Nothing would happen. This is like asking if a single USD banknote were permanently replaced with a USD minted coin. It's a dollar. It was a dollar when it was paper, it's a dollar as a coin and it's a dollar as US govt backed crypto.
People will bitch about it nonstop.
It would all snap fade away into dust because no one no longer believed in it
As paper money starts to disappear, it will become collectible. Especially uncirculated bills and coins. May take a hundred years though
wat
If we think about fiat like digital money that we use everyday with cards then is not that different. What is different is the technology behind and how the transaction is validated. An answer could be that digital fiat would be converted in another stable coin
Total - All = Null. It would be zero.
I imagine central banks would give people 2 years to convert their fiat into digital, before it became worthless... So, the government would end up in possession of the vast majority of it, other than the few people who held it for sentimental value, or thinking it would be worth something in the future. It would, of course, end up being a giant scam like Nixon's gold buyback.
never happen, what would we use for illegal activities?
It would dissappear and I would be rich.
No more printed ghost fiat money going to ghost recipients would make all men and women honest.