Cardano’s Charles Hoskinson Talks Crypto’s Chance at Replacing Fiat Currencies
Cardano CEO, Charles Hoskinson, Talks About Changing Scenario Of Fiat Currencies And More
Charles Hoskinson, the CEO of the Cardano Foundation, has recently shared his views on fiat currency during an Ask Me Anything (AMA) on YouTube. During the chat, he talked about all the most important issues based on cryptos and blockchain technology right now.
One of the most important questions answered by Hoskinson was focused on the need of a public blockchain and on how many cryptocurrencies will have to be created before one of them is actually able to replace fiat currency.
Hoskinson’s answer was very unlike most of the utopian answers that you can find in the crypto space. According to him, fiat are already losing some of their relevance, but he does not see a future in which any crypto will completely replace fiat currency. According to him, cell phones did not wipe out phone companies, they only modified the business model of the existing organizations.
It will be very different from this, according to him. “Innovation won’t kill the central bank”, he affirmed. However, competition between public and private money would be a game changer, that is surely true. They will be both placed on the same ground in the future.
The Universal Wallets of the Future
The future envisioned by Hoskinson includes universal wallets. They will be able to store all the digital money of the holder, including airline miles, real estate, etc, all of that via transactions. Hoskinson has suggested that the universal wallets would function in a similar way to an investment portfolio that has all the holder’s possessions.
He also believes that decentralized markets will cause major changes in the market and that there is a lot of potential for many innovations like resisting inflation, for instance. If you live in a country with a lot of inflation, cryptocurrencies, as they are transnational, will be a good way of immunizing against it.
Finally, the creator of Cardano has stated that digital currencies should not aim to replace fiat currency in the market space. According to him, they have specific purposes and can open a lot of new ways to use money and assets, so they should not necessarily try to be the new fiat currency and only that.
Click the play button below to watch the full AMA: