Can crypto really replace fiat currencies?

Bitcoin and crypto-currencies have really given us a perspective to see the world that is unique and completely revolutionary. Crypto in its fundamentals have ensured that there is no middle man and that no one, literally no one can interfere in the crypto-currency ecosystem, be it regulating, or to be able to control transactions.

In crypto world, there is no middle man, there is no central authority, there is no one from whom permissions must be taken to proceed with a transaction and no one except for the owner of the crypto address can ever spend a single penny from the crypto wallet.

There are oh so many advantages of using crypto currencies, like it gives us the complete freedom to whom we can send payments to in the world, it gives us a form of privacy by masking the owner in some kind, no one can regulate or intervene between a transaction taking place between a person who has money and wants to spend it and a person receiving it. A fully transparent blockchain in which every transaction is stored and can be checked by all whenever needed!

However, with all its advantages, there are so many disadvantages of using crypto instead of using fiat currency at least in today's world.

Fiat currencies have lots of advantages to be used for transactional purposes, that crypto, at least for now can't really provide us!

The first being tangible, like hey, I can touch a physical currency note and keep it inside my wallet, choose to spend at a store, donate it or do whatever I like with it. Even when offline! But incase of crypto, there is always a need of internet connectivity for transactions to take place. There is no way to spend or use crypto once a person gets stuck in a place where there is not much network connectivity!

Fiat is not so volatile! Fiat is not looked as an appreciating asset as well! Crypto on the other hand is both so much volatile and also is seen as some sort of "investment". Now, with so much volatility, will it not be difficult to manage our money and expenses and to set financial goals for the long term? Can one rest after working hard and getting paid in crypto and then he thinks he will spend this money for the next whole month while there is always a risk of having its total value losing half the value?! That would be messy!

Fiat offers us with actual security. We might hate very much regulations, but we can't deny the fact that using fiat currencies issued by the government has more trust and security than crypto. Fiat when is used in offline mode is hack-proof. Fiat money invested in stocks, funds, gold or kept in lockers are very secure. On the other hand, if one sends mistakenly their crypto to wrong address, or if the crypto exchanges they have stored their crypto is hacked or if the government simply choose to make it illegal to store and trade crypto, it will be very very hard to not lose funds!

However, each has its advantages and disadvantages. In the coming future, we will see how crypto gets evolved and adapt to meet the challenges it has and really become a revolutionary financial system!

Cheers!