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?
Nothing is going to replace the fiat currency, the only thing is we can use both these currencies in tandem and it is the best solution in certain aspects, all the governments around the world needs to have a control over their currency and they will do their best to avoid a decentralized set up as it will take the power away from them, so there is no point in thinking about a future without fiat currency, but we will have a mix of the both worlds.