Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.
I don't think crypto will replace fiat in the future crypto is volatile and it will be complicated if crypto will be our international currency like how we avail simple products for example candies that have a low value how we avail that thru crypto coins, we must have fiats in our daily living and crypto cannot replace it.
No this cannot occur any near in the future.Fiat is being used by each and every person on the earth.Fiat is accepted internationally and all the transactions are done through the fiat currency only.Cryptos are internet regulated and only a small percentage of people in the world use them.Cryptos are even banned in some nations.Cryptos are decentralised and so no central bank or governement supports them.Cryptos have a risk of getting hacked too.They are also very volatile.