Even though there are many people who do not like to rely their assets to the government and banks, I don't think it is a good idea for them to cease. There should always be someone in position to manage and arrange everything in order, this is where government applies. What I think needed is to change some government to have good governance over the people, in managing the economy as well as in monitoring every people's asset without the power to take over someone else's property. How it will happen, that I do not know. Also, banks are important for people who would like to take over their assets to something reliable and will take accountability.
This I think is the reason why cryptos were made is to offer an option for some people but that doesn't mean it should take over the economy as a whole.
This I think is the reason why cryptos were made is to offer an option for some people but that doesn't mean it should take over the economy as a whole.
Without governments, everything would be a complete anarchy. But what if AI manages to solve this alongside Blockchain technology? We might be governed by "The System" instead of humans in the future. A crypto-only economy could be divided into two categories: centralized or decentralized. The people's money (decentralized) will be Bitcoin, Ethereum, and other popular cryptocurrencies we know and love today, while centralized cryptocurrencies will be entirely owned and manipulated by "The System". At least, that's the idea. But right now, banks and governments are too powerful and very unlikely to become replaced anytime soon.
An utopian world where people interact only with cryptocurrencies for everything is more than a dream than anything else. But sometimes, dreams become a reality. Everything will depend on how far people are willing to trust governments and central banks in these times of turmoil. If trust is lost, then the world will gradually shift to the decentralized realm. The crypto economy is already there but it hasn't replaced the traditional monetary system in its entirety. Maybe it'll be this way for the foreseeable future. In the end, crypto will remain as an alternative than a true replacement of Fiat in the mainstream world. Just my opinion
