I have never thought of crypto as the only currency generally accepted by the public; well, I haven't had that thought before, but then sometimes I feel like crypto is likely to take over the world. "How possible is that?" And that I can't tell.
The only thing that is constant in life, they say, is "change," and that isn't just limited to people; it also involves the world around us. Back in the days when money wasn't invented. The only known means of exchange was "trade by barter." I wish I was in that era, though. Then, fortunately, change happened to mankind, and coins were invented. Then, the trade by barter was slowly drained out, and people started using coins to buy and sell goods and services.
Time flew by, and paper money was created "the money I know," thereby sweeping away the use of coins. When technology did its thing so many innovations were created, leading to the electronic system of banking where money can be transferred to another using our mobile phones. I think this particular invention is the best, sending and receiving money from any part of the world without having a physical encounter with the party sending or receiving.
Finally, crypto came into our lives by making life easy for us who are in the online space. Crypto came bearing a lot of opportunities, thereby making some people millionaires and billionaires. I've heard stories of how someone became rich through the invention of crypto and not just heard, I've seen.
But then, crypto isn't a currency that is generally accepted by any nation yet; it's still in the online space, and a lot of people don't know about it. Though some might have a slight idea about it, but then they don't know how it works.
Crypto has its advantages and, one of which is the fact that it isn't controlled or regulated by any government, the finances aren't monitored, there is a certain level of privacy to what an individual is earning. Not like the fiat, where the federal government is aware of the amount of money an individual is earning, and when a certain amount of money hits your commercial bank account, you are likely to get arrested.
The disadvantage is the fact that cryptocurrency isn't suitable as a store of value or a reliable medium of exchange for everyday transactions because of its unstableness in price and how it rises and falls. Or how unpredictable it is.
I believe cryptocurrency replacing fiat money will have a positive and negative impact on society, and I don't think cryptocurrency can replace fiat money. As we all know the demand and supply of fiat money is being controlled and influenced by the central bank of a nation. The central bank uses these monetary tools to influence inflation and employment through interest rates and operation markets.
So crypto replacing fiat money simply means the elimination of the central bank and I don't think there would ever be a nation without the central bank.
Thanks for reading ♥ ❤
