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?
Actually this answers are long brief here. Bank is centralized system policy taker and on the other hand crypto is a decentralized policy taker. So there are two different system here. Government must think about centralized system that they can track money of people so that inflation is also a big factor here. If govt could not track exchange total economy system will collapse. So i think banking system can not abolish ever.