The Modern Era Digital Money vs The Old Fashioned Fiat

Photo Credit: Artem Bali

Cryptocurrencies’ market capitalisation of around $500 billion is still small compared to the $1 trillion bourses dealt by each of the major 19 stock exchanges. The speculations of price fluctuations further erode their base. Even though cryptos haven’t yet tapped even 1% of the 40% unbanked population of the world, it’s currently using more power than the per annum electricity consumption of some third world countries. The carbon footprint of a single crypto transaction is nearly same as 0.5 million VISA transactions.

Although privacy and decentralization are some major benefits of cryptos, the fiat currency scores over them in mass appeal and ease of…

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