Even though I currently live in United States, for more than 30 years I lived in another country and I had the opportunity to have many experiences that most americans never had. I lived in a country which at the time was part of Yugoslavia. One of them was Hyperinflation. I was a kid, but I still remember it vividly. Fortunately, all our income was in German Marks but we had just a small pension from my father, which passed away few years earlier. Every time we got the pension we would spend it right away, that would be approximately one month of groceries. Once I could not do it the same day and I went the next day just to check what can I get, and it was nothing, literally nothing. Not a single chewing gum. Since that day money always baffled me, that's why I decided to study economy.
One might say, but that was hyper inflation, and hyperinflation is rare. US dollar is strong and just because it is backed by a government it is safe. 2.2% inflation is nothing. This are misconceptions which the majority of people believe, and is wrong to the bone. Inflation is a cancer to the economy. Money is just a medium of exchange, but it should also should be a store of value, which is not. Let's do a simple math, how much value a 100K savings will loose over time, to a "small" 2.2% current inflation rate.
For 5 years 10.53%
For 10 years 19.94%
For 20 years 35.91%
For 30 years 48.69%
They say math is the language of the universe. And this is the ugly truth. Somebody who saved for retirement 100,000$, after 30 years those saving would be worth as much as 51,305$ today. Who gave the right to the government to devalue our hard earned saving? We did!!! We could not do nothing for decades, but our time is coming. Money is to important to be left for banks and governments to manipulate. Thank God, now we have cryptos.
The question is will cryptos replace fiat money. The answer is very simple, YES. When it comes to money there is a Law that stood still for centuries. Gresham's Law. It says that good money always drive out bad money. It stood still when I was a kid, we were spending as fast as possible our worthless denars and getting hold on german mars. When people get on hold something that is good store of value they will not spend it. First they will spend the one that won't store the value.
Same thing is happening right now. Do you know any person that spend as fast as possible BitCoin or Ethereum and saves US dollars. Off course not. It's the opposite. Change is underway but there will be no revolution as many preach. Just like Gresham's Law, good money will drive out bad money over time (not overnight). Just like every new technology, it takes time to reach mass adoption. It stood true for first steam engine, first car, first computer, internet, etc. When first computer was discovered, people were still using typing machines. They were fine with typing machines until computers reached mass adoption. But now, when was the last time you saw a typing machine, except museums?
Most people does not like change, that's why fiat money will not go away overnight, but it will die slowly. No government will let their fiat die overnight. But we will slowly stop using it, and they have nothing to do about that. Few years there will be only cryptos, until we invent something better.