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.
Crypto currency is not at all capable of replacing conventional national money. Monetary banknotes, this is a practically improved debt receipt of the state for a certain part of the property of the state, denoted in its denomination. That is, money has always been tied to the state of the economy of the state. Crypto currency is completely different. It is created more as a payment system, and not as money. In any case, we can not take some kind of candy from the side and say that it will already be our new money. It is against all economic rules.
