There are some believes that we might not necessary need fiat currency in trading cryptocurrencies.
My question now is If Fiat is completely irrelevant in the world, and gold do not back crypto, where will cryptocurrency derive it value from?
First, let me ask you a question. Where do you think fiat value came from?
Fiat might be still relevant decades from now. Maybe it will be irrelevant, but who knows. Let's assume cryptocurrency will be the main currency used by people for everyday purchase, hence completely replacing fiat. The value will come from its use.