The idea is not at all to replace fiat, rather offer an alternative where the asset can exist as a decentralized asset and giving the user/owner a transparent and secured means to access his/her asset without the involvement as a third party.
The legacy financial institution will always be there because of the very fact that a country is governed by a centralized system and there is a centralized authority of a country and there are many components of that centralized system of a country and those components are army, finance, agriculture, education, industry, mines, etc. As you can see finance is a component of centralized governing body and rather it is one of the most important component and considered as the back bone of country. Therefore it is very difficult to replace an economyfiat) completely with cryptocurrency, however the old and existing technology can be replaced with blockchain technology. I hope you know the difference between a cryptocurrency and its underlying blockchain technology. For a cryptocurrency, a blockchain technology is just like a vehicle for it.
Therefore the best way is to make both cryptocurrency and fiat available to the people and let the people decide which asset they prefer the most and with the passage of time when there will be a mass adoption across the society in a wide scale, then the people will use more cryptocurrency for sure but again it is not going to be a scenario where the fiat will be replaced completely. As long as a Govt is functioning, there will always be fiat money to deal with many aspects of the functionalities within the country. So the better option is to make a bridge between fiat and the cryptocurrency and make a regulatory framework so that crypto to fiat and fiat to crypto deal can be possible by an ease.
Thank you and Have a great day.
I don't think it will replace it but rather become another form of payment. Much like how checks came to be then debit/ credit cards now we have apple pay and things like that. I believe it will just be an alternative. I mean we use to be on the gold standard and paid for things with gold coins.
It is possible, but for that to happen, I think we would probably have to see a global collapse of governments in general. It is pretty rare that the powers that be would allow something to take over that they can not regulate and control.
This answer ended up being a lot shorter than I had anticipated, but I think I covered my stance pretty effectively.
I think it is a possibility ,but not right now. In the next 10 years or so the financial world will change and crypto currencies will be a predominant force.
Not everyone believes this and can see it but it will happen at some point. Think of when the mobile/cell phones were launched it took time. About 10 years to gain a proper foothold around the world.
Th same will happen with crypto's and it may take a little longer to achieve. Money is what we know now and crypto's are invisible and will be spent on cards or swiping your phone. The financial revolution will happen but we need patience.
Here in the Philippines, I think it is still so far from reality. It is because there are still few people here who are aware about cryptocurrencies.
Although there is a Bitcoin ATM here and some crypto coins being used by some companies, still it is very few compared to other countries.
The financial institutions here as far as I know where not yet open in accepting those cryptocurrencies as something legal.
Maybe someday there will be a lot of establishments here that will accept cryptocurrencies and therefore more people will be encouraged to useit. But it will not totally replace the use of fiat or paper money especially on small markets and transactions.
Yes, it is a possibility. Maybe not anything soon but there is a chance that crypto will witness mass adaptation and will take over fiat. Already some companies and institutions have started to incorporate the blockchain technology into their business. Everyone is preparing for the next financial revolution which will start with crypto. So its a big yes for me.
It is possible but we can have both. As of now, we cannot say cryptocurrency is widely accepted knowing the opposition of some people and entities. Besides, the volatility is also a problem. Remember, the value of cryptocurrency at the moment is disheartening and we cannot change the fact it is causing FUD to a lot of people. If cryptocurrencies are stable in prices, then the likelihood that it can replace fiat is at a high level.