Will Bitcoin Overtake Fiat As the Dominant Global Currency Anytime Soon?
Apparently not, according to this article from "Newsbtc.com". To summarise it, the best we can expect is a sort of makeshift parallel system of finance running in conjunction with the old one. So, the revolution may have to be put on hold for while. And you know what? That's totally fine...
To be honest with you all, I've been expecting this to be the case ever since I got into crypto back in 2014. Because let's get real here. "If" crypto is the undeniable truth and mass adaptation is it's ultimate goal, it will take time. And lots of it! One of the biggest factors being government regulation. I mean, let alone the powers that be attempting to figure out how to control and tax it, they're not even sure how to classify it! Is it a speculative asset? An independent digital currency? Or even something in between?
We're dealing with a technology the world has never seen before and change on this scale, will take a while to run it's course. So this is where I've always been at. I'm not trying to sing praises of world dominance for our beloved coins. I'm not even asking everyone on earth to get pay attention and involved! I'm just a regular guy who happened to stumble upon something that I see to have incredible worth somewhere in the future, although not sure when specifically. And simply wanna make a good buck along the way. I mean, that's fair enough, right?
Sure, people say that most investors in crypto are only in it for the money. But hell, that's quite a valid reason to be into "anything" where massive profits are possibly on the table. I can separate out my respect for the tech as well as the financial opportunity presented here for us. They don't "have" to be mutually exclusive, by default.
So, in my lifetime, a system of tandem regarding crypto and governmental fiat will do me just fine. Anything more than that will be an unforeseen bonus. A final seismic shift to a crypto-only utopian paradise, will most likely take several decades, in terms of any such agreeably implemented plan to be put in place. But that doesn't mean you and I can't make a healthy killing off of it in the meantime!
Sit back, enjoy the ride and let the destination take care of itself. :)
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Crypto only seems utopical to me... Cash is still so much of value for most of this world, that’s a fact and very hard to pull out of...
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Very true. It'll be a long and hard road to get to where we wanna go.
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Sadly, that's a definite possibility.
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Seems sensible enough. It would be hard to believe that the world would just switch without a proper phasing out of the other.
Yeah, but I think many are assuming that "perfect case scenario" is not too far off.
For sure! i’d personally like to see a better “tandem” system in place before this perfection commences anyway... there’s still waaaay to much to sort out before we can leave behind the old model.
That being said, ideally some progress occurs sooner rather than later lol...
I expect the same but if you see the history and evolution of money from gold to credit cards, each evolution is taking less time to adopt. This shift could occur quicker than many expect particularly if we have crisis in between market cycles.
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An unforeseen cataclysmic event is the only way a see hastened mass adoption happening.