Lets say crypto completely and utterly replaced fiat. Fiats don't exist anymore. All governments have seen the advantage of using digital currency and have completely changed their fiat into crypto, like dollar to dollar token(obviously not tether). How viable is this? For example anyone can see how much I am holding using the public ledger and track me down and force me into sending them the cryptos I hold. I wanna discuss in reality if cryptos actually replace fiat how life will be and what are the problems we are gonna face and the immediate effects of it.
No one can actually tell what the future holds but personally, i don't see crypto replacing fiat. Both will coexist because the government derive power from the fiat due to its centralized nature. The governments can prefer to go digital currency using the same fiat which is already seen by the use of smart cards, credit cards etc.
Even if we cannot say what awaits us in the future, it can be said with full confidence that cryptocurrency will never replace fiat with itself, it is simply not capable of it. No matter how fast the spread of cryptocurrency would be, the cryptocurrency will always be incomprehensible to a significant part of the population. To use it, technical devices and the Internet are necessary, and this always causes certain difficulties.
However, the most important thing is that no state will ever agree to such a replacement, and this cannot happen without a decision of the state. Moreover, the states in this regard will always act very harshly.
