The most enthusiastic crypto supporters once claimed (and some still do) that digital currencies can address all the flaws, risks, gaps, and shortcomings that burden the traditional financial system and that so many people are dissatisfied with. Except the reality has demonstrated they quite obviously can’t.

Crypto is indeed an exciting and promising innovation that has already proven it can be useful in many real-life situations, but that doesn’t automatically turn it into a fix-it-all. It’s not able to substitute fiat, nor can it single-handedly address issues like economic inequalities, structural inflation, security risks, and other similar problems.

However, if crypto were completely useless, we wouldn’t still be talking or…