Imagine a world where businesses, merchants, and everyday people use crypto as the only medium of exchange. Everything will operate autonomously and decentralized without the need for third parties. In this world, governments and big corporations might cease to exist as everything will be guided by both Blockchain technology and AI. People will be able to gain autonomy over their own money, reducing corruption and fraud in every way possible. Negative events in the mainstream world will have little to no effect on the world's economy, as it lives in cyberspace. No one will be able to control people's actions worldwide, as it'll be a "free for all" scenario. Central banks will no longer be relevant, as people will become their own bank via the use of various interconnected Blockchain networks.
While all of this seems to be more of a dream than anything else, there's a possibility it could happen in the future if people lose trust in governments, central banks, and conglomerates alike.
What are your thoughts?
In the crypto-only world, I am pretty sure that major banks and other industries would simply create centralized altcoins of their own to join the game. And some people, who prefer guarantees and someone being responsible for handling their money (this might even be the majority) would opt for these centralized cryptocurrencies. As for Bitcoin and altcoins, the influx of users might be too big with transaction fees spiking unless people are encouraged to use a less popular coin. With many coins on the run and no regulatory framework or particular trust to any of those, many businesses might accept only some rather than others, and prices would be a mess due to volatility.While all of this seems to be more of a dream than anything else, there's a possibility it could happen in the future if people lose trust in governments, central banks, and conglomerates alike.
What are your thoughts?
I don't think the world is ready for this. In a hundred years of gradual changes it might be, but if it were to happen within 5 years from now, I think it would be a disaster.