Challenge #4: Jason gets a glimpse of the future

Challenge entry: Jason sees the Fiat Apocalypse

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Jason had been pondering lately about the future of crypto. He had attended some events organised by some experts in his city and had heard all the promising innovation crypto would bring and how it would shake and reshape the financial world. His question had since then been, why then is crypto not supported by the government and accepted as a legal tender? Not that he doubted what the experts said but he was wondering, if things continued the way they were, what then would be the future of crypto?

"Well, we'll see how things play out, I just have to keep my fingers crossed" He thought aloud to himself, then turned of the light and went to sleep.

A short while later It seemed like he had awoken almost immediately but it was no longer night. If only he paid attention to his clothes, he would have known it was a dream. He got out and went to a nearby newspaper stand as he normally does in the morning. He was taken aback at the first thing he saw. "Government approves 2029 Budget Worth 1,246.48 BTC"

"When did the government start using bitcoins for their transactions?" he asked aloud in bewilderment. "I thought they were kicking against it". He continued.

Other bystanders looked at him in amazement. They wondered where he came from. Again, he didn't pay attention to another detail that would have made him realize he was dreaming, the year 2029.

One bystander offered some explanation and told him that shortly after the government passed a bill into law prohibiting the use of cryptocurrencies as financial instruments, a big multinational company bought a major stake in a government owned oil company that was privatized. They improved the company to a full vertical oil company, extending operations to the midstream and downstream sectors. About the same time, another multinational telecommunications company started operations in the country and took the telecommunications industry by storm. These two companies were fully into crypto and tree years into their existence, the law against crypto stiffen their operations. They had already invested so much in both monetary and human capital and their closure was going to have a huge negative effect on the country's economy.

The government held an emergency meeting at the brink of the closure of this companies and decided to pass another bill into law to repeal the former one against cryptocurrency. Once this was done these two companies stayed. The presence of these two giants attracted more investors into the country and soon more crypto users began to view the country as a top investment destination. Within the space of two years, the country had become a crypto haven. The government, sponsored by the two lots of crypto based multinational companies that were starting investments in the country, were able to come up with a regulatory framework that prevented criminal activities from having a field day using crypto.

Crypto became mainstream and lots of people switched over to crypto from regular banks. Crypto usage took a serious twist when the top three commercial banks in the country each bought over popular multinational exchanges. They began to seriously pioneer cryptocurrency mass adoption by giving all their existing account holders accounts on their newly acquired exchanges. They also started with zero transaction fees and very high positive interest rates. Little by little, the banks began to phase in cryptocurrency and phase out fiat currencies as people increasingly began to loose interest in them.

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In the present, 85% of the populace had no fiat currency remaining. The Central bank came up with a stable coin that was pegged to the US Dollar and another stable coin that was pegged to bitcoin. The country's Central bank also became very popular cryptocurrencies miner. As the world began to accept crypto more and more, nations began to accept it and international trade could be done with cryptocurrencies. The government trialed the use of crypto currencies once for their national budget and it worked and then it replaced fiat.

Everyone on the street knew about crypto now, it was even taught in school. A particular company later introduced an offline digital wallet that had a unique code. This code held the currency in wallet and the wallet was used to access it. Every transaction through the wallet had to be verified with a two step authentication making it impossible for someone to use another person's wallet.

The issue of theft slowly became history as more and more people began to use this wallet. If someone's wallet was stolen, the person goes to the exchange it is attached to and gets it deactivated and a new one is given just like a credit or debit card. The wallet with time began to have the credit/debit card design making it easier for people to carry about. With time, lots of merchants began to discourage the use of fiats by giving special discounts to crypto users. Fiat became almost extinct and the country was going fully digital.

By the time Jason had finished with the newspaper stand, he went back home. While he was making his breakfast, his phone rang, it was the usual monthly statement of account from what used to be his bank, but this was now a statement of his crypto transactions and wallet balance from the same institution that used to be his bank. He saw an amazing figure in the alert. His had accrued an interest of 0.05 BTC and had a total balance of 11.85 BTC in his wallet. He also had about 1,000 ETH in his balance. He was shocked as he felt he was dreaming.

Slowly, it began to dawn on him that it was a dream. Another alert came in again, very loud and then...

He woke up. It was late into the morning, about the same time he receives his usual monthly statement from his bank. H e opened his phone and saw his statement an hissed at the fiat balance he saw. The was a negative interest charge and his money was even reduced. He wanted to drop the phone in frustration when a push came in. It was a headline that read

"Goverment in talks to divest National Oil Company to Multinational Crypto Giant".

His eyes brighten and he clicked the notification to read the full news. In the end, he was surprised. It seemed he had just had a glimpse into the future.

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Thanks for reading.

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This story is entered as part of my participation in the ongoing steem crypto challenge, week #4 challeng titled 'The future of cryptocurrencies'

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Check my blog for other crypto related stories in the 'Jason' series

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