Will Cryptocurrencies Replace National Currencies?
George Gore asks "Do you ever see cryptocurrencies becoming the main currency for an actual country, or even subsections of the global economy?".
George Gore asks "Do you ever see cryptocurrencies becoming the main currency for an actual country, or even subsections of the global economy?".
Good job @louisthomas!
Thanks for the perspective and quality post, namaste :)
Namaste.is it perspective and quality post?
Thanks for your insight Louis. I think there’s a difference to be made between a country porting its national currency on a blockchain via some central bank-managed peg and the actual adoption of a decentralized blockchain-based currency. The former opens the door to easy mobile and micro paiements for the existing national currency. The latter is more challenging as it could effectively remove the power of creating money from the state/banks "cartel". That would introduce many problems for the state and the current financial/banking system. The most likely outcome is a system of competing currencies where the debt-based, inflation-ridden sovereign currencies will have to compete with sounder decentralized cryptocurrencies. Nothing beats a free market. Time to end the state monopoly on currencies.
Andreas Antonopolous was asked this question, and he gave a fascinating answer. He said it's equivalent to asking, at the time, if email and the internet are going to replace fax machines.
It's not that they are going to replace the existing currency system. That are going to usher in a whole new system and paradigm that we have never seen before.
I love that response! Nobody comes close to Andreas.
Yeah he's great to listen to.
I'm amazed by what you said about Estonia!! I'm going to have to look into that, if it happens that would be pretty crazy.
They were planning on doing it, but then the EU stepped in and told them that they weren't allowed. They have no choice but to use the Euro. So probably won't happen now :(
Yes. It was a very good answer. That's what gonna happen
It will, but it will take some time because cryptocurrencies are very volatile
It depends on the countries. BTC replacing traditional currencies in Venezuele and Zimbabwe. Yes I can see that.
But in the EU, USA, China and Korea. It will be a lot harder to win people over.
And I'm worried about the price that keeps skyrocketing, while BTC has virtually no adaption(In the normal community, so not geeks who buy sometime online with BTC for the heck of it).
Let's say the price keeps growing and growing. Then why would the non holders want to get BTC? That would be like financial suicide.
At the current growth BTC will become too expensive for the average household. Which is something we can't have.
Absolutely. It's not gonna happen overnight.
true, although it might be a lot sooner than 10 yrs! I never though Bitcoin would go up so much so fast... I remember just a few months ago hesitant to buy it at $3700 hundred since it was already up so much already. Now kicking myself I didn't buy more back then obviously :P
Everyone, including banks are uncertain where to put their resources. My as well just chuck them in cryptos. Btw, this 1997 book answered it all!
https://www.amazon.com/Sovereign-Individual-Mastering-Transition-Information/dp/0684832720
Not familiar with that book. Might have to check it out. Cheers Kevin!
😍A very informative post. Great job. Keep it up! 😍
What do you think about Tether ?
The real reason bitcoin will continue to grow long-term:
https://steemit.com/bitcoin/@xsid/the-real-reason-bitcoin-will-continue-to-grow-the-unbanked
I don’t know how to answer this. But I’m pretty sure every country wanted to have their own currency. Not even a country now some company also wanted to make their own currency with ERC-20, making their own token as ICO.
So to anwer that, yes and no. Maybe in the future every country will have their own digital money.
thanks for your post ...
very inspiring .....