Cryptos today have flaws but these are early days. These will evolve and become better in future. At the same time, there is scope to improve fiat currency.

The world has exchange mechanism that keeps changing. Cryptocurrencies are an outcome of cold mathematics and algorithms. These work out without the intervention of state.

Agreed, Bitcoin wastes tremendous electricity. Innovations are needed to overcome these issues. Algorithms have to be improved. Cryptos have come into existence because of the weaknesses of conventional currency. State has to respond creatively.

When wealth is stored in conventional currency, it is subject to inflation which weakens its value. Cryptos can have a steady state based on algos. This leads to price stability. Central banks world over are addressing the problem of inflation and growth.

Conventional money transactions are subject to state surveillance system. This assaults individual privacy. Cash is preferred as it offers privacy. Gold too. Cryptocurrency can create a framework for privacy.

Cryptocurrencies, like gold, can avoid limitations imposed by capital controls.

Conventional money too will try to improve. They will curb inflation to protect against loss of value, reduce surveillance, promote the use of cash, access to current account at the central bank and scaling down capital controls.

Crypto genie is out. It will not go back into the bottle.