Will cryptocurrency be the "new money of the future"?

[cryptomarcianos]

With APY's on yield farming reaching insane levels and also crypto being seen as a good hedge against fiat now there is a feeling that crypto is replacing standard money. Though I don’t think cryptocurrencies will replace “standard money” immediately fully. The main reason is, there are too many formal big players like Banks, Payment processors and many other middle men, agencies out there who get their share from the current monetary system.

Perhaps as more adoption grows and more business Blockchains like Concordium start serving the masses by integrating public blockchain in enterprises, with regulatory compliance and on chain ID verification in place, it might become easier for businesses to adopt this technology and might become a strong parallel money system that can co-exist with the traditional money.

Global Debt is something that is to be a major worry for all countries and the fiat money losing its value over years and economies heading towards hype inflation of fiat money.

Banks, governments are looking at introducing stable coins. And digital money dominance will eventually increase with reducing paper money. People will be more comfortable to view digital numbers on their screens and
also have a sense of owning and controlling it, this is when cryptocurrencies will take the cake since it will not be owned by a single entity.

I think we are heading towards a world where the definition of "standard money" itself will change. Now coming to the question of how long will the part last? Well, the part can never stop if it is fully regulated and legal from a regulatory point of view. Hence, I think the way forward will be regulatory compliant crypto. But crypto can never be stopped.

What are your thoughts? What is your "standard money"?

[Biban]

It will not be new money, but it will always coexist with traditional currencies. In addition, cryptocurrencies will always help make ordinary money with traditional instruments like structured deposits.

[MrSpasybo]

Satoshi Nakamoto's idea gave birth to the concept of cryptocurrency to allow everyone to regain economic autonomy from the manipulative hands of governments. This makes governments concerned and find ways to limit the global crypto ban. However, I still believe that the future is in crypto, that one day we will be able to use crypto as comfortably as we do with fiat today.

[[email protected]]

Time will tell whether cryptos would take fiat currencies' place in global economics, but Nakamoto's idea definitely changed the world.

[keygen707]

I am sure that the type of money that Satoshi Nakamoto invented will change “standard money". It's only a matter of time.

[Cryptonnaire]

I’ld like to believe that cryptocurrency would make its mark on the global finance system much more than it already has. Growth in other altcoins cannot be underestimated as well. Yes, cryptocurrency and the fiat will live side by side for as long as possibly but for how long?

[[email protected]]

I am sure that the type of money that Satoshi Nakamoto invented will change “standard money". It's only a matter of time.

Change them how? In what what?

[Redix]

It will not be new money, but it will always coexist with traditional currencies.

Why are you so confident claiming about it? Do you have any data or theories supporting your statement? or even you experienced it a long time? Actually, I still have no idea to conclude it as who knows what's happening in the future. It's too speculative if we judge the future of crypto in the early stage like this.

[dereklock]

Many of us would like this to happen. But for some reason, every year my hopes are dashed.

[termion]

By the way, cryptocurrencies will become the most famous alternative to fiat money.  I think this will happen within the next three years.  The next year will be decisive in this regard.

[hair]

I am not sure crypto will become a currency, all of that is impossible because crypto is not legally incorporated while money has a legal entity and is regulated by the government

[Redix]

I am not sure crypto will become a currency, all of that is impossible because crypto is not legally incorporated while money has a legal entity and is regulated by the government

As you said, I also will never believe that it will be such cryptocurrency. The price of this crypto is still fluctuating and it is volatile. That is why it will be difficult to determine it as the currency with the changing price always. But, it doesn't know the shown that it is the big fluctuation

[termion]

Don't forget about stablecoins.  There is no fluctuations here.  And I think that movement of stablecoin will soon gain sufficient popularity.  Meanwhile, Venezuela is expanding its cryptocurrency adoption

[hair]

As you said, I also will never believe that it will be such cryptocurrency. The price of this crypto is still fluctuating and it is volatile.

Yes. even though using stablecoins, many people do not understand using blockchain technology, I think crypto will still be a digital asset not a currency

[Redix]

Don't forget about stablecoins.  There is no fluctuations here.

Are you sure "no fluctuation"? You must know that the prices of stable coins experience rise and drop as well. But indeed it is rather small than other crypto coins/tokens. Doesn't it mean a fluctuation? In my view, it is still classified as fluctuation even if a small move.