Will cryptocurrency replace fiat currency?
“At the end fiat money returns to its inner value—zero.”
– Voltaire
With the craze around crypto, the real question is whether or not cryptocurrency has the potential to replace fiat currency and if so, what are the necessary conditions that need to be met in order for this to occur?
Fiat currency was once backed by gold, but as of 1971, the U.S. dollar has been backed by nothing other than the trust of the people in the currency. It is evident that trust is diminishing globally.
Our current system is outdated and blockchain technology is revolutionizing the way we think of currency. But first cryptocurrency must overcome issues including scalability, spend-ability, regulations and stability. Read more about the advancements and challenges below.
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