"We all hope to see the day blockchain technology will completely replace traditional systems."
NOT All!
I rather doubt that blockchain technology will ever replace traditional systems for a number of reasons:
There is only very minimal acceptance of crypto currencies by merchants, and virtually none by traditional banks, despite crypto being around now for several years.
Blockchain wallets (regardless of type) can be hacked. If and when that happens, you will have lost all your money. Traditional bank accounts on the other hand, cannot be hacked. Your money is safe with them.
Deposits made to crypto accounts are not insured. If a traditional bank goes out of business, your deposits with them are insured. If on the other hand a crypto exchange goes out of business, you will lose everything.
Transacting in crypto depends on the internet. If portions of the Internet went down for any reasons, as could easily happen with a terrorist attack, you would have no access to your funds.
Crypto transactions can not be reversed as is the case with traditional credit cards transactions, or even some wire transfers. Thus, when fraud takes place with a dishonest crypto merchant, who does not ship products, or what ever, buyers lose their money. Banks and Governments will never allow this to happen.
Thinking that crpto institutions will continue to operate without heavy government control is being very naive, and once that happens, its back to square one...no better than with traditional currencies, in fact, a lot worse.
No my friends, for these and many other reasons, crypto currencies will never replace traditional currencies at any significant volume.
Indeed, not all people hope to see the rise of crypto currencies. Warren Buffet called bitcoin "rat poison squared." Bill Gates is well against it, and congressman Brad Sherman is trying to outlaw it. Many perceive those who are already on top of the current system as being against a new one. But many view central banks as working against their citizens and think that separation of state and money is a good thing, but still a thing that those currently in control of central banks would be well against.
You have a point. However, We we have to wait and see what becomes of cryptocurrencies in the nearest future. As for crypto enthusiasts, they will as optimistic as ever. Whatever happens, it seems that cryptos will return some real-world application.