Can the World Run on Crypto Alone?

Imagine waking up one day in a world without banks, without the government controlling our money, everything is just pure, and then we have decentralised cryptocurrency as the new thing. Looking at it, this sounds so exciting. This means our money would truly be ours, with no restrictions, inflation, and no authority would be in control. My question is: would this be a dream come true for many people or a complete disaster?

Honestly, I don't think the world can run on crypto alone, not just because of the technicalities, but because of one major obstacle - the government. We are in a world where government wants to control and one of their biggest tools is money. They regulate banks, print fiat currencies and ensure their word is final, no more addition or subtraction - they say it and it's done. These people won't let such happen, I mean a world where people fully own their money and are free from the government intervening. It just won't happen.

But let's say, hypothetically, we move to a fully crypto-driven world. Would we be free financially? I don't think so.

One major issue is accessibility. Right now, banks might control our money, but they provide a structure to it. For example, if a person dies, their next of kin can gain access to their accounts. Yet, even with such a regulated system, this isn't as easy as it looks. This can be very frustrating. When my mom passed away, my dad was her next of kin and he struggled to access her money due to endless problems, and in the end, nothing happened. If banks, with all their structured systems, could make things complicated, how would a world run on crypto alone, especially one where access depends on private keys and seed phrases?

I read @moremoney28 post, and though I agree with all his opinions, one thing is missing. When it comes to crypto, when someone dies without sharing their passwords/private keys, especially to a trusted person, their assets are lost forever. No central authority to appeal to (at least one can still walk to the bank to complain and take necessary actions), and there's no backup plan. Such a thing is as good as vanishing into thin air.

Then, there's the issue of fraud. At least there are some levels of protection against fraud and theft with banks. But in a world that runs on crypto alone, scams would increase and be rampant. Anyone could come and trick you into releasing your life savings, especially when it comes to the uneducated ones and the oldies who do not know how this works, and there's no one to report or complain to - no fraud department, no reversal, just loss, and that's the end. Right now, crypto scams are everywhere; they already exist, and they are bad enough.

Don't get me wrong, there are advantages when it comes to crypto: financial autonomy, speed in transactions, no unnecessary fees and the like. But should we depend on it entirely? No. While banks and governments have their flaws, they also provide structure, security and accountability and this is something that seems difficult when it comes to a world driven by crypto, a fully decentralised financial system.

So, can the world run on crypto alone? Probably not. But maybe when everything is put in place, especially with a revamp of our current systems, because if this isn't looked into, there would be chaos in the world. No one will like what will happen next. For now, with the world running on both fiat and crypto and existing side by side, it is a good one, and it is more realistic. Financial freedom is important, but so is stability, and sometimes, going all the way to make the world completely decentralised is not the way.

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