Abandoning Fiat And Banks For Crypto's Brave New World
Many years ago, people saved money in their houses, buried into the ground or in safe containers. While that wasn't so safe as there were break ins, it was effective in helping them not spend all their money so quickly. Years later, local banks were introduced and it was better.
People travel far and near to banks, deposit their money and make withdrawals only when they go to the nearest bank automatic machines until an easy access (POS) was introduced. Money is kept safer in the local banks than it was with the old ways of saving but the best was yet to come.
All through these changing times, cryptocurrency have been there but with very limited number of people who knew about it's potential. The world is advancing even higher and even if local banks never go extinct, they will likely become less of great value than they have been thanks to crypto.
Cryptocurrency is a game changer when it comes to securing funds in both positive and negative ways, but the positive is on a higher side if the right awareness and training is taken to be in full and good control. With crypto, people can not only save their funds (cash), they can invest too.
A world where fiat and banks do not exist is the dream for most of us who are into one thing about crypto or the other. Having a taste of what it's like to use crypto for any payment and investment will most likely make you want to see a world filled with that particular kind of lifestyle.
In a world of crypto only, people will made to take full control over their funds and while that would be good in many sense, it doesn't come without some cons. I think a world like that will also have more professional hackers and so, people could lose all their money within a brief period of time.
To an extent, the Government have played some important roles in our fiat through the local banks but in a crypto world, there will be no one to make complains or help you out when there is a mistake or wrong transactions. Even though it's stressful, local banks will most likely find a way.
A crypto world could cause chaos if there are no awareness for the people who are to live in such a world. I believe with the right knowledge and training, people will have no need about the government having no charge over their funds in crypto. That world would make things easier.
It's one of my dream to see people accept crypto payment everywhere, more people investing in crypto and earning in crypto. I believe that's the crypto world we're talking about and I would love to see such a world come to reality. It isn't going to be an easy feat considering how long it's taking for people to migrate from Web2 to Web3.
I believe it's a world that's possible to happen and such a world will thrive without fiats and banks.
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Indeed, crypto is a technological revolution that can ensure people's financial freedom, but proper knowledge and security measures are essential. Dependence on banks and fiat will decrease, but abandoning it entirely may be challenging. Despite the risk of hacking and wrongful transactions in particular, with proper training and awareness it is possible to build a strong crypto-reliant economic world.
I believe so too, proper training will eliminate a lot of the setbacks in such a world.
A crypto world also translate to a decentralised means of exchange and economic system, it looks amazing when you look at the aspect of people having total control over their funds and having access to numerous glittering investment opportunities offered by the crypto space but to an extent fiat provides a less complex security system compared to crypto currency. By putting our money in the bank means we have put them in charge of its security but in a cryptic world we would be the primary custodian of our currency which is kind of risky. Our level of awareness of specific security protocols in the crypto space differs.
What about the stability offered by fiat, knowing that crypto currency is extremely prone to volatility and can easily be manipulated by whales with huge liquidity what will be the fate of average people with lesser funds? When the whales pulls their weights and all that is left of average people funds is just scraps.
A crypto world might not be controlled by the government but that doesn't mean it won't be driven by wealthy individuals with what it takes to manipulate the market to their own advantage, since it is a crypto world the manipulation will be on a global scale.
Indeed there are a lot of issues that will come up in such a decentralized world and if there are not taken into consideration before the transition, it's going to be a disaster.
I am glad we are part of those who embraced it and hopefully with time we get to see more people onboard. Crypto is interesting but highly volatile. I think that’s one of the big hindrance it would have if to take over conventional banking
I agree with you. Crypto is reliable, private, and secure. But it needs a long way to cross to the point where we can use it in daily life, where the whole society can access it.
Also, the government doesn't want such a powerful tool to be free/out of their control. Bank is far better to them to control us.
Crypto is secure but lots of people needs proper knowledge of it and the government also doesn't want people to have financial freedom. But I believe crypto will top the world soonest