The Money Phases: Will crypto stay?

Have you ever wondered the tremendous changes of money, like how it all started in the ancient days and where we are now? When it comes to the formation of money we could clearly see that every phases were unique in there own way, from the exchange of goods and items which was commonly known as the trade by barter fair, to the use of cowries and valuable items in the African traditional ways, then to the use of currencies which is still in use but now moving into the digital realm. Now the question is, will this digital currency fade out the fiat currency/bank currency that we have today, like how others were?

source
The world is moving at the highest speed digitally what will be the fate of the fiat money that I cannot tell but since the introduction of the cryptocurrencies years ago, it has experienced rapid growth in value, popularity and it acceptance policy is being divided. Investors and retailers see them as a useful tool to earn returns and store value.

Cryptocurrencies in their current state transcend borders and regulations, which has it positive and negative effects. Not controlled by the central bank like how fiat currencies are in developed countries which best explains it to be a decentralized system. But the effects in completely replacing of fiat currency is still being evaluated and with the speed, I think the use of fiat currency won’t be extinct but rather limited because the adoption of digital coin as a payment form will be preferred to use than the fiat currency. The only ways where fiat currency will be highly used are for international trade between countries that haven’t adopted crypto as a legal tender.

So Fiat currency won’t be extinct but it will adapt alongside the use of digital coins just like how the use of normal coins adapted to the use of fiat currency when it was developed.

Thank you for reading

Posted Using LeoFinance ^Beta