Cryptocurrencies have marked their importance in the financial industry with all the prospects that they provide. The question that naturally comes to every person’s mind is this, will cryptos replace fiat as we move into the future? Many experts have varied opinions regarding the outcomes in the future. While some believe cryptos will dominate the financial markets completely, others are of the view that cryptos are just like a tide of an ocean which will settle down itself as the time passes by. But what does a software developer, a person who actually builds crypto infrastructures behind the scenes, thinks about this scenario?
BlockPublisher got in touch with Tyler Willis, a developer at Groestlcoin, in order to show the world the perspective of a developer. Talking to BlockPublisher regarding cryptos replacing fiat in the future, Tyler stated:
No. I don’t see that happening in a future that’s close enough for us to think about realistically.
As we see today, the crypto market itself is engulfed in a lot of issues. Volatility, manipulation, lack of regulation etc. are a few of the problems that make people question the credibility of this nascent market. Keeping the reality-check in view, it is very hard to imagine a future where fiat, a framework has been operating the global financial ecosystem for years, will be replaced by cryptos completely. Tyler is of the same view that realistically, this outcome seems very unlikely.
Adding on to his statements, the Electrum-GRS Maintainer at Groestlcoin said:
I’ve never believed that cryptocurrency is the answer to everyone’s problems. I believe that without an alternative, fiat currencies will be managed in an increasingly irresponsible way. That’s why cryptocurrency will have an important effect on fiat, but will probably never replace it completely.
Although cryptos have a lot of issues associated with their framework, it also does not necessarily specify that the fiat framework is foolproof. As of today, we are seeing fiat frameworks breaking down in various countries such as Iran, Zimbabwe etc. As a result of such outcomes, the aspect of finding an alternative to the fiat framework naturally arises. The closest framework that we have as of now is crypto. If cryptos do not replace fiat globally in the coming time, they will surely help make the fiat framework better overall, as implied by Tyler.