So for me I don't think the world can run on crypto alone because there are many reasons why crypto alone is not enough. For one major reason is that not everyone understands how crypto works. Many people do not know how crypto works, and that is a significant risk.
Now imagine being an old person who does not know how to use a smartphone, ehn… How would you manage crypto? You would struggle to buy crypto, let alone to even manage it. And if you make a mistake you will definitely lose your money.
Another reason is that not everyone is into crypto, many people do not know the benefits of trading crypto, and also they do not care, yeah they prefer to use fiat money because that is what they are familiar with, it's what they are used to.
So aside from all these reasons I have stated here, there are still many other reasons why crypto alone is not enough. Yeah so look at this;
Literacy
So as I said before, not everyone understands crypto, many people do not know how crypto works, and that is a significant risk. If the world were to run on crypto alone, many people would suffer.
Now Imagine being a student who doesn't know how to use a crypto wallet, How would you receive your school fees? You would definitely struggle to buy crypto, let alone to manage it.
So it is not just students who would struggle but also many people don't understand crypto, and they do not have time to learn, everybody is busy this days ,They prefer to use fiat money because that is what they are used to.
Adoption
Another reason is that not everyone is into crypto, many people do not know the benefits of trading crypto, and they don't care. They prefer to use fiat money because that is what they are familiar with.
It is not just individuals who are hesitant to adopt crypto, Many businesses do not accept crypto because they don't understand it, they prefer to use fiat money because that's what they actually know.
Regulation
Then there is the issue of regulation, Crypto is decentralized, which means there's no central authority to regulate it. That is a significant problem to many, I have seen web 2 users who don't even want to hear about anything called crypto, you can blame them you know…
Imagine you invested in crypto and you got scammed, Who would you report to? There is no central authority to report to, which means you have lose your money.
So it's not just individuals who are affected by the lack of regulation, Many other businesses domt even invest in crypto because they don't trust it and you cannot blame them.They prefer to use fiat money.
Security
Another issue is security, Crypto is digital, which means there's a risk of hacking, that's just the gospel truth about that and that is a significant problem.
You invest in crypto and have your money stolen by a hacker. Who would you report to? There is no central authority to report to, which means you have lost your money.
To conclude, crypto alone is not enough, there are many reasons why crypto alone cannot run the world. Literacy, adoption, regulation, security, and many other reasons. Instead of just relying on crypto alone, we need to find a way to make crypto work with fiat money you get… We need to find a way to make crypto accessible to everyone, not just those who understand it at least.
So we need to find a way to regulate crypto, to ensure that people are not scammed,we need to find a way to secure crypto, to ensure that people do not lose their money.
And we need to find a way to educate people about crypto, to ensure that they understand it, we need to find a way to make crypto work for everyone, not just those who understand it.
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