Today I decided to give my personal interpretation to a question that is very often heard on blogs and forums interested in the world of cryptocurrencies.
Very often we hear the hypothesis that in a few years crypto will be able to take the place of fiat currencies such as the euro and the dollar. But will this really be possible? Can a cryptocurrency system defeat a banking system that has been imposed on our societies for a long time now?
This question has a difficult answer as there are many obstacles to make this happen. A first point is the fact that the crypto market is characterized by great volatility and therefore the guaranteed value today for a payment may not be the same after a few hours. This in deferred payments would certainly be a difficult problem to solve.
If the problem of volatility is one of the biggest obstacles, another point may be that it is not a regulated world like banking. If for the banks we know owners, groups, shareholders and investors, many times in the crypto teams we do not have very clear figures and roles as we are often faced with opensource blochckain where there is actually no owner. Just think of the man who “invented” bitcoin who currently calls himself “Satoshi Nakamoto” but no one has ever heard of the real existence of anyone with this name.
Personally I think that with the right regulations it could really be the future of the economy. The crypto world has always wanted to defeat institutions that earn passive interest on currency holders. The real question therefore could be: Will banks be crushed by the power of blockchains or will they evolve towards a more technological world?