Crypto vs Fiat: Who Will Determine the Future

We have to face the view that the current fiat financial system satisfies the needs of our civilization, that everything is good, payments pass, credits are issued, and anything to change is harmful and wrong. Therefore, cryptocurrencies are a random phenomenon and objectively unnecessary.

I would reformulate the issue a bit: if the fiat system is all right, cryptocurrencies would not appear. Then something is going wrong in our beautiful world.

What is it exactly? 

Let us simply take the view of one of those who supports the viability of the global financial infrastructure. 

JP Morgan chairman Jamie Daimon commented on US state debt. The financier used vivid epithets, stating that the country is moving at 60 miles per hour to the cliff and would reach it in about 10 years.

US Treasury Secretary Janet Yellen has admitted that she is scared of US state debt.

A year ago, officials sounded much more optimistic, and public debt was considered significant, but not critical.

What's going on?

At the very end of 2023, US state debt exceeded $34 trillion, exceeding 100% of GDP. 

The problem is that the current budget is strategically in deficit and is not going to change. And that is the fundamental problem of the fiat economy. It creates such deficits. It suffers from subjective decisions full of bias, corruption and incompetence. It’s a property of centralized society.

Blockchain and cryptocurrency offer an alternative. Decentralized system is free from subjectivism and works on the basis of precise algorithms. An excellent example is the perfect Bitcoin blockchain for 15 years. Without glitches, without errors, constantly repelling hacker attacks, Bitcoin follows the underlying algorithm. Deficits are fundamentally impossible in the blockchain economy.

Sooner or later, a more efficient economy wins, which is why "cryptocurrency transition" is almost inevitable.

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