Does cryptocurrency replace normal currency?

This makes the currency decentralized giving ownership to the user. These can be purchased through an online exchange or a Bitcoin ATM. Landmark feature of a bitcoin is that it can curb the chances of fraud and identity thefts, and hence is considered a safe mode of holding money .

One important consideration is that cryptocurrencies cannot be manipulated quite as easily as fiat currency , largely due to their decentralized and unregulated status. Beyond that, cryptocurrencies could better support the concept of a universal basic income than fiat currencies would.

Essentially, digital currencies are electronic forms of currency issued by the government while cryptocurrencies are a store of value that is secured by encryption .