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Is crypto going to replace fiat money in 10 years?

No i don't think so. 

There are a few possible scenario's you have to keep in mind. In the best case crypto takes over fiat but the chance is very unlikely. Governments have a lot of power since they have a monopoly on violence. And most people have an incentive to use fiat. Banking the unbanked is an easier task than unbanking the banked. 

I believe the most likely outcome is a scenario where fiat and crypto exist together.  And there is nothing wrong with that because this sector has still a lot of room to grow. If you compare it to the stock market, gold or forex market the whole crypto market cap is peanuts. 

IMO we are now at the beginning of wave 3.

BTW: It's not really about making financial transactions anymore. With a blockchain you can do so much more. It's useful in instances when you need high security and trust plays an important role, so you can't use a normal centralized database. Voting, insurance, finance, supply chain management, gaming (assets), ... Those are perfect examples where a blockchain could come in handy. 

Blockchain is a way to keep a decentralized database. You can program on that database whatever you want. (That doesn't mean it will be useful. In a lot of cases a normal database is more useful because of the lower price and faster speed.)


Replace entirely, highly unlikely.


No, I don't think so. Not any time soon. But crypto is going to disrupt a lot of financial institutions and systems.

It's going to change the status quo. It's going to bypass the accompanied bottlenecks that's involved with traditional financial transactions.

One major aim of cryptocurrency is to bypass third parties when carrying out financial transactions between two people. It is to bypass the banks.

For instance, if I'm sending money from Nigeria to someone in USA you'll have to pay for remmitances (transaction fees). And most times, these fees are quite outrageous. But if I'm sending crypto to someone in another continent from Africa I do that without any transaction charges or in few cases with very little transaction fees.

Another crypto advantage is that it is faster than fiat, you can actually send money to someone at a far distance within 5-10 secs. But with the traditional banking fiat systems it takes days.

However, I'm not sure of crypto replacing fiat completely in the next 10 years. But can sth happen to alter my thought? Yes!

That exactly, I don't know in details. Notwithstanding, if works and projects continue towards improving cryptocurrencies and developing the associated innovations about it then a revolution could happen soon.

There's so much work to be done on cryptocurrencies. It's volatile nature, the constant fluctuations of market price value, the minning, communities associated with its promotions and activities etc.

1 Comment

I don't think so.  There are still many issues to be sorted out before its world wild acceptability. Some concerns are:

Crypto currencies are highly unpredictable/ volatile.

A crypto market is not regulated by some regularity authority so there is no one to safeguard the interest of small investors.

As some large selling and buying is observed or some news is broke, crypto market reacts very fast.  

Decentralized technology is still new to the world. Its market penetration and adoption is still negligible.

So in future a more countries will jump into it and it will gain more trust of people. Its value will also increase but not sure that it will be so popular to replace the fiat currency in 10 years.


No. One can predict if it will take ten years or more, but that is what we're banking on in the not so distant future.

Cryptocurency has brought about a revolutionary methods of payment that is safe, reliable and free from external manipulations. With each passing day, we see new financial innovations occurring on the blockchain ensuring that its potential is maximized.

These innovations have caused attractions form governments, as well as private investors with more increasingly willing to give the cryptospace a try.

It is evident that while it may not replace fiat very soon, financial institution will find ways to integrate crypto in the near future, eventually paving way for the full ascension of cryptocurrency in the financial markets


Cryptocurrencies still needs a lot of fixing. The volatility is something that needs to change. Manipulation by other people is another thing. If it was fixed, cryptocurrencies will perform well. But replacing fiat, that's unlikely. Each country has its own currency, that will still be widely used by people. Cryptocurrencies and fiat money can go along together. There's no need of replacement of the other.


I don't think so for now but I do believe that the time will come when crypto will generally be accepted as a medium bof exchange,even in the markets, churches, schools and hospitals