In the 14th century, the people on Yap island used carved stones as a medium for exchanging services, quite interesting how revolution takes place back in Africa, before the colonial rule trade by barter was the collective means of exchange no fiat currency no printing machine to Barr! excess circulating money to thin air, little did we know during those old good days about fiat currencies if there could ever be a need for paper currency as means of exchange.
Time skip
Time travel if I had to go back in time and have a quick conversation with our 14th-century ancestors about the future of fiat where the paper would be used as a means of exchange, replacing their precious stone system, trade by barter am sure I'd be taken for a fool bringing up such a dumb idea, well today it's now a reality look who's laughing now. more likely it's dumb when you did say bitcoin could replace the current fiat system you will be taken as a shallow-minded individual without foresight let me get this straight this is what you will hear Damm impossible for bitcoin to replace the traditional fiat system, well it's hard to believe time always play out at the long run.
CBDCs: Central Bank Digital Currencies
Fiat digital currencies issued by centralized banks are a means of distracting users over the use of cryptocurrencies (bitcoin) little did we know that Central Bank Digital Currencies CBDCs violate and infringe on users' privacy which isn't the sole ideal of decentralization with centralized currencies all your transaction-related activities are still closely monitored limiting users self-sovereignty over their assets, this move is intended to counter crypto adoption as a whole or generally slow it down, with its flaw of infringing on users privacy I guess this will only act as means of embracing the new digital currency which breath freedom to financial custody.
Can bitcoin replace fiat?
Fiat is back by an influential governing system its none volatile nature makes it stand out as a superpower asset its highly unlikely to predict when this could happen revolution happens over time could take a couple of years but like the old system becoming obsolete with time we could have a decentralized financial economy system that does not depend on the government where people have monetary control over their money, this also means bitcoin's volatile nature will be stable against market manipulation only then can we start considering having digital asset replacing the current fiat system.
What are your thoughts on this will love to hear your side view do you see bitcoin replacing fiat?