Sounds like a 2010 view of crypto when it was all new and exciting!
In reality there are a lot of practical problems that I don't think have been solved because they are baked in.
I feel they have been mentioned a thousand times on HN.
Just to pick on one, using cash which has a volatile value is not practical for the "unbanked". Whereas "IOU" cash based on $US is. Obviously $US is volatile too but a lot less than Bitcoin etc.
Stablecoins might solve this, but they are IOUs. And if they are not IOUs then they are untrustable not to crash to zero worth.
Crypto makes sense as a speculation, and also as an alternative to cash where you want to avoid government and private interference in transactions (but don't mind potentially losing privacy as all transactions are public).
For example Paypal can freeze your account or the Government can freeze your bank account, but "One does not simply confiscate bitcoin".
I am no economist, but probably it's more widespread use pins it down, and addition central banks are supposed to try and keep inflation within a target. Exchange rates fluctuate of course and they can be wild, but within a country currency is usually stable but slowly losing value.
In reality there are a lot of practical problems that I don't think have been solved because they are baked in.
I feel they have been mentioned a thousand times on HN.
Just to pick on one, using cash which has a volatile value is not practical for the "unbanked". Whereas "IOU" cash based on $US is. Obviously $US is volatile too but a lot less than Bitcoin etc.
Stablecoins might solve this, but they are IOUs. And if they are not IOUs then they are untrustable not to crash to zero worth.
Crypto makes sense as a speculation, and also as an alternative to cash where you want to avoid government and private interference in transactions (but don't mind potentially losing privacy as all transactions are public).
For example Paypal can freeze your account or the Government can freeze your bank account, but "One does not simply confiscate bitcoin".