Here you will find our extensive collection of cryptocurrency FAQs. If you can’t find the answer here, then you can submit your own question(s) and answer(s) at the bottom of this page. Or you can simply write a comment regarding any of our existing cryptocurrency FAQs.
In many cases, such as questions about taxation and regulation, the detailed answer is country or state-specific so we are unable to give you the full answer in one little faq, but we will try to point this out.
Other questions, such as those regarding cryptocurrency safety and security, often depend on how the cryptocurrency is being used.
Other answers depend on the exact cryptocurrency coin in question. For example, what may be true for bitcoin may not also be true for Ethereum.
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banking (2)
It isn’t possible to say with certainty the cryptocurrency being used by the banks since none have been publicly endorsed by the institutions. However, behind the scenes, banks are considering the possible uses of cryptocurrencies particularly in facilitating faster and cheaper cross-border payments and transfers. A case in point is the XRP cryptocurrency which is required for Ripple’s xRapid financial transfer product to work. As such, should the banks adopt the xRapid product, then the XRP cryptocurrency will be used. Other banks could choose other cryptocurrencies, or they could band together to create their own. Also, any stable coin could be a good choice for use by banks so that they can be sure that the amount of money they send is the amount of money that will be received.
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Cryptocurrency may never entirely replace fiat money. What we will likely see in the future is a handful of dominate independent cryptocurrencies peacefully coexisting alongside the fiat currencies of the world.
Fiat money is used by governments to control and regulate their economy as well as their citizens. For this reason, they are unlikely to ever totally give up on their fiat. Even if those same governments created their own proprietary cryptocurrency, it would most likely not be decentralized. It also might not have a limited total quantity. These two factors would mean that government-backed cryptocurrencies would not be considered TRUE cryptocurrencies.
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Beverly Vasi says: 
matt peperman 
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