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?
During this time fiat currency has become a benchmark for every increase that occurs in crypto currencies. Fiat currencies are still needed especially for transactions in buying and selling cryptocurrency, especially for those in countries where the government prohibits the use of cryptocurrency.
Cryptocurrency gets value after a deal from both parties, namely between the seller and the buyer.