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RE: Necessity is the mother of all invention - P2P crypto currency exchanges
Cryptocurrencies are being depicted as decentralized money. Is this correct? Can they replace fiats? I tried to analyze the problems associated with cryptocurrencies. For this I posted an article for the same a few days ago. If you like you can see my post.
Blockchain is a different thing and cryptocurrency is not synonym to blockchain technology. In fact cryptocurrencies are just part of this technology which has immense possibilities.
But the question is will crypto replace fiats? If yes, will it be the real decentralized cryptos or a just another version of government owned digital currencies?
The word crypto-currency itself is misleading. This is just a digital representation of a (legal) tender. If we take examples of China, they have already replaced the FIAT with digital currencies offered by alibaba, tencent etc. (The BAT). I think blockchain based digital currencies will be adopted by governments in the near future. I don't think replacing FIAT will happen.
Yes, these were the points which I had mentioned! Government owned cryptos will make everyone a slave. This is going to be happen soon.