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?
Yes, and not Bitcoin but possibly another much more scalable crypto that can handle all the transactions with ease and with lower cost. It is a hard process for the financial world to shift to completely paperless transactions, because of the government. Banks cannot match the efficiency of cryptocurrencies, and of course, banks want more profit and control over the funds, which is impossible with crypto.