If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?
I don't see it is happening anytime soon or within our lifetime. Cryptos need government regulation and clear legal framework to become local currency first. Out of all countries in the world, only Japan and Germany have adopted them to be used as a legal tender. Rest all countries are still going through a dilemma. They have neither absolutely adopted it nor absolutely banned it! So the chances look really grim for bitcoin or any other crypto to become a global tender in our lifetime.
Even if it happens in the near future, it will be certainly not bitcoin. It will be something similar to the government regulated digital currency whose values will be guaranteed by some of the big economies. I don't see much future of cryptos here in the global level for global trades because the consortium of governments won't let it happen!
I do agree with this. Crypto has a long way to go in terms of replacing the fiat currencies.
But, we are in the stage that crypto money has real fiat value so we can use it for our everyday living.
Though many merchants are already accepting cryptocurrencies as a form of payment, yet, it is still in its early ages.
So, I believe that the global economy would still be the same if ever that scenario will happen, only that, business transactions are faster and are more transparent.