When I first heard about cryptocurrency and slowly entered this world, it seemed at one time that it was a revolution of the future. A system with no intermediaries, no bank controls, and no government restrictions—just freedom. But would it really be good for everyone if the world shifted completely to crypto?
When we think about economic structures, we realize that the current world system's dependence on banks and fiat currencies imposes control as well as stability. Although many consider this regulation to be against economic freedom, it ensures that if our money is stolen, the bank takes responsibility, and the government can intervene if there is a major instability in the economy. But what if we become completely dependent on crypto?
To fully use crypto we have to break out of the current system which I think is not easy. All global transactions would then have to go through the blockchain, which is certainly secure, but also has some limitations. Hacking, cybercrime, or completely unregulated markets can lead to major economic crises.
Another big question is, is everyone really ready for this change? How can a common villager, who still doesn't understand digital payments properly, survive in a fully crypto-dependent world? Even if government controls are lifted, criminals will be able to freely transact money, which can be dangerous to society.
But it also has positive aspects. With crypto currency we can have full control over our money, which is not possible with fiat currency. Transactions will be fast, affordable and globalized. There will be no intervention by banks or third parties, which can free many from financial slavery.
So, the question remains—can the world survive on crypto alone? Maybe someday, but not right now. We need to be mentally and technically prepared for this arrangement. Just as there is danger in going beyond government control, there is also the possibility of freedom. Maybe in the future we will see a mixed system where crypto will exist, but fiat will not be completely eliminated.