There is still such a strong reliance on the traditional financial system, especially on our major means of exchange - Fiat money, that it becomes very difficult to imagine a post fiat scenario where evolution has completely taken over the financial system.

Paper currencies have no intrinsic value other than what their countries allots to them. They are heavily controlled, expensive, environmentally unfriendly (least we forget) and pose no real utility as paper. Yet for most parts of the World, it is still the most widely acceptable means of exchange for goods and services.

Digitization has of course brought with it alternatives, and even the fiat system has largely embraced digitization. There is very little need to carry actual paper currency around these days as most payments can be done with the use of our digital devices, leading to a slowing demand for the printing of actual paper.

Whilst the digitization process has made things easier, there is a fundamental flaw with traditional currencies that tends to stick out. This is that they are heavily controlled by governments and a select group of institutional regulators who determine their value, future direction and acceptance.

What's more is that these days the heavy controls seem to favor only a select group of people, or appear to be used as weapons of control in the name of maintaining stability. But stability has meant falling deeper into the debt trap for many people, only keeping more people at the risk of poverty and greater governance control.

Enter Crypto

The coming of crypto was timely if not anything. We have been introduced to a system largely run by individuals rather than regulators. Of course the aims are different, and so are the results. We have already seen the wealth creating and redistributive powers of the crypto space that it leaves no doubt as to what the future holds.

That doesn't mean fiat is dead though, or regulators will simply take as back seat. We've already seen a push back of sorts, and more is expected. The promise of stability which fiat offers is still quite alluring and even many crypto enthusiasts hang on to it.

Yet we are seeing a gradual but massive shift into alternatives to the traditional banking system, especially the mass adoption of cryptocurrencies. This is partly because people have figured out that stability is a very fragile concept, neither making us financially secure nor creating avenues for genuine abundance to the majority, especially as far as the banking system is concerned.