Is this a chance for cryptocurrency to replace other currencies?
The economy is inflationary, at risk of a downturn. As a result, cash and traditional currencies constantly lost their value. Therefore, in Europe, their citizens decide to invest in cryptocurrency as their solution because everyone can make money by investing and trading crypto. According to FMCPAY Exchange, the number of new registers from Spanish has been increasing since last week. There are thousands of people from Spain submitting their KYC information everyday on this platform.
Cryptocurrencies will not replace other currencies, but they can coexist. Both cryptocurrencies and fiat currencies have their own advantages, and they can bring different benefits. Replacing fiat currency with cryptocurrencies is difficult, and it is only accepted as a payment method in a few countries. Due to its decentralization and volatility, it has not been recognized by countries all over the world.