Blockchain as a distributed decentralized datatabase comes with a lot of overhead, and this is not required for a currency to function properly. There are a few things that make a currency useful. First of all, it should retain its value over time, i.e. be a store of value. For that we need controlled supply tied with the needs of the economy but that has little to do with how a currency is set up (in a centralized manner or otherwise). Then it should be cheap in terms of transaction costs and fast in terms of value transfer. And blockchain is not an optimal solution in this department either. To sum it up, blockchain-based cryptocurrencies are useful in a decentralized trustless environment but this definitely comes at a cost
No way Blockchain can be used at any day instead of Fiat. We are already seeing people are not using Digital currency because most people don't have their own Androids to pay people. Blockchain private keys should be secured and should not used in public or in front people. If someone lost a blockchain key, then he would losing all his money even the police can't recover it.
Nah. Almost impossible knowing how some governments hardly disapprove cryptocurrencies. And looking at different scenarios, not everyone are capable of learning and using digital currencies. So people might have end up protesting about crypto being used and completely removing fiat.
Even if this will happen in the future, we're probably dead at that time already. Meaning, it's still so far from reality
To sum up all of the answers. It will be "NO." most of our member's responses are focus on availability for the people, which is right!
But it also affects our society, because if we use the cryptocurrency as the medium of exchange, the tax will not be monitored by the government. So basically, the economy will collapse without taxes from people. Tax is the primary source of income to run a country, so it will have a significant drawback using cryptocurrency instead of fiat.
In the future cryptocurrency might be accepted as an alternative. The government will not allow to have any control over currency. Crypto is decentralized and if ever it will serve as the main currency, the government will lose their jurisdiction over it.
Crypto currency may become other option for payments but I guess the whole implementation in kindly hard because some people have a lack of knowledge about this stuffs. Also maybe the pricing of some physical products is also a struggle for the markets and consumers.
Implementing of blockchain technology to the flat currency will be disapprove by the governments. The decentralize of block chain might be the reason to not implementing it and the tax issues will be involve on it. Block chain is for digital currency only and it is not suitable for all currencies on Earth
There are advantages and disadvantages with those like this. I believe Blockchain and cryptocurrencies can facilitate most part of the financial system but not all. However, it has nit been emperically investigated since blockchain is still in infant stages.