Let say fiat currency does go away completely and there are hundreds of decentralized cryptocurrencies. How will modern society agree on prices of commodities such as food, clothing or steel? will there need to be some kind of consumer pricing system that enables all the currencies to agree on their respective prices for various goods? Will services crop up that keep track of this sort of stuff? If so, wouldn't that be "trusted 3rd partty", which goes against the current blockchain stands for? It's easy at the moment main;y due to there only being a single currency (in this case the dollar) in the United States.How will we be able to handle things when there are thousands of them?
Effectively there isn’t. You can buy things with cash, credit, charge, debit, checks, paypal,rewards points, coupons, rebates, google pay, apple pay, and so onl. It still remains to be seen what a mature crypto transaction will look like.
Stable coins are an answer. When more people own and use crypto there will be less volatility. There are thousands of coins and there will be many more, but only some of the coins will be used by a lot of people for this purpose.
I don't see fiat currency going away or why that would be necessary to be quite honest.
The pricing will be based on the inherent value in the asset. Decentralized currencies are created by companies that represent the product that they are offering. Users will be able to clearly decide which products they are using which will drive value based on the functionality and usefulness of the asset.
The value between currency pairs will change everyday depending on which currency is most stable/strongest. Take US dollar, it's stronger and more stable than the British pounds. So what about the pricing of a steak? it's the same for everyone, just depends on the amount of pounds or dollars you have to fork over to buy the same steak. In the crypto world, we still have to find out which currencies will be the strongest players in the future. We don't know which currencies we'll be using to create pricing for goods. There could be multiple out there.
I believe fiat will never ever go away. They will coexist. Crypto and fiat together.
Possible the same as the current system really, I dont see it completely replace fiat and more acting similar to money you would exchange for a foreign currency when going over seas.
I tbelieve least the USD will remain as a standard and for compaction sake tbh. It's hard to live in a world when your wage double or halve at random interval.