I hear it all the time. Bitcoin/crypto is alternative to fiat. And almost every token philosophy is based on this premise.
The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?
... Thought as much... The much lauded JPMCoin was all noise and no substance. But can an accident happen to make legacy institutions catch up to the decentralized world?
Why not? Bitcoin already beated bank since it was just invented. By saving Bitcoin instead of centralized currency, it means that bank's money is lower than before. They lose their cutomers because people decide to use BItcoin and other cryptocurrencies to store their money. About crypto replacing financial institution, it's on progress though. I do believe in the future bank system will switch from centralized to the decentralized. But, I dont suggest you to store any of your money on banks no matter it's centralized or decentralized because there must be always something bad on bank system, the bankers.