Will Monero XMR Replace the Fiat Currency System?

By dan saada January 16, 2020 Off
monero XMR Fiat currency

Alexander “Snipa” Blair, the Lead Maintainer of Monero (XMR), got introduced to the Monero Community.

Sydney Ifergan, the crypto expert, tweeted:  “Replacing the entire Fiat Money System with just Monero is indeed challenging like what Alexander “Snipa” Blair opines.  There are several other competitors in the market.”

Snipa spoke on his views on the future of the cryptocurrency market. He explained how there is not a single coin suitable for all use cases.  He stated:  “The idea that a single currency is going to be better than the rest is completely absurd to me […] Certainly, in some ways you can consider the fact that bitcoin is a transparent ledger where you can see how funds are flowing is actually a positive in a lot of use cases, it’s not a positive in every use case which is somewhere Monero shows off.”

Though Blair understands the degree of difficulty in replacing the Fiat money system, he reinstated that it is the main goal of Monero. To get this done, he opines there should be a big step forward in a way to get people to see and experience the benefits of Monero (XMR). He acknowledges that the mass adoption of Monero is indeed a challenge.

Monero XMR Cryptocurrency to Fiat

At the time of writing, Monero has been trending at $64.42.  The already existing systems concentrate on the conversion of the transferred cryptocurrency; however, in the long run, it can be beneficial only when merchants accept it directly in the form of XMR without converting it into fiat currency.  In the first step, they need to at least hold it for some time in the form of XMR rather than convert it immediately to fiat currency.

“In total, there are 18.4 million XMR, and mining is projected to go on until 31st May 2022. After that, the system is designed so that 0.3 XMR/min is fed continuously into it.”

When questioned about what are the main weaknesses of Monero, Mr. Blair stated that it is related to daemons, and he further opined that improvements in this area would promote adaptation.  The technical team is working on figuring out repository layouts and resolving major issues.

Monero XMR Restoring Faith

Following the Monero Supply Chain hack, the attacker planned to steal investor funds by replacing legitimate Linux and Windows Binaries with malicious versions.  The hack went off as a secret.  However, Snipa opined that security should be improved, and trust should get restored in the system.

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