Cryptocurrency in the Mainstream: Who is Winning the Race to be Digital Cash?
Digital currencies going mainstream, is a common question in the cryptoverse, and one that has varied angles to analyze. You can look at it from a marketing perspective and say that we are waiting for the masses to know about digital assets, and you would not be wrong. We could mention the volatility in the markets and surmise that Wall Street money has not truly entered the game yet.
”Like it or not, the world still currently runs on government-issued fiat currency. Living entirely off of cryptocurrency, without any method of conversion into fiat, it is extremely difficult at the present time, and not a viable option for most people. The average person will need an easy way to buy and offload a cryptocurrency for it to be a practical option for them. Most cryptocurrencies are only easily accessible through first acquiring Bitcoin. In order to become dominant and widely accessible, that crippling reliance on Bitcoin needs to end.” -Joel Valenzuela 1
Solving the Problem
All digital currencies are in the midst of the chicken and egg problem. Merchants won’t accept what people are not using, and vice versa.
As the video mentions, the three solutions for merchants and consumers to switch are:
• Faster and easier
• More secure
• Switching incentives
Most of Dash’s ideas are in the video, and I think they are good ones. One item that is not mentioned is the Super Bowl ad they are planning. It may or may not happen this year, and most likely depends on how the rollout of their wallet goes.
I still cite Dan’s article from last year on Steemit’s Evil Plan for Cryptocurrency World Domination for what Steem is doing to reach the masses. A lot has changed technically since that time, but the basic outline presented here has not changed – bootstrap a currency with a community that is willing and able to use it.
My friend, @digicrypt, wrote a great piece on crypto ATMs adding Litecoin last week. Of the crypto ATMs in existence, 90% of them support Litecoin – that is second only to bitcoin. That kind of fiat on/off ramp is part of the reason Litecoin has a great chance to become the king of digital cash.
So what is going to happen?
I believe that we will see these 3 gain market share in the coming months and years from bitcoin. It is too early to make a call on who will be the winner. Although, you could make an interesting case for Steem having a trifecta of real world solutions as it becomes more integrated with bitshares and EOS.
me for more great content.Video Source: Dash Video
I see this thing a little bit different. Banks will realize the big potential of crypto currencies and they can invest a lot of money. You will be able to upload any crypto directly on a credit or debit card and just pay your bill like now. People will not even know the difference. Bank will exchange it to any fiat in any country. We'll gonna pay fees and exchange like now, and banks will take advantage of fast and simple transactions. We can only benefit if we grab as much crypto while is still cheap. But, hey. What do I know, I'm just a guy on a steemit.
Hmm, I have not thought of it from that perspective before. It makes sense if we keep some semblance of the fiat system
Fiat will be here for ever.
You are a legend on Steemit and we all know it LOL.
3 second blocktimes, no fees......
if we can do away w the politics like there is everywhere, the solutions are ENDLESS here.
I don't know if this makes sense, but I wonder if the Baby Boomers factor in. This generation effects every market it passes through, from baby food to funeral homes. This is also the last generation with the highest percentage of people who don't/won't use computers and smart phones. They still use checks. They are still the biggest market group. Could be when retailers that benefit from them no longer have their business, they will adapt.
Right now many don't have to. Grocery chains for example.
Just a thought?
That is a great thought!
A few economists I follow talk about the wave of spending that occurs when people go through certain stages of life. The Baby Boomers are in their peak spending years, and the next generation is entering it in about 5-7 years.
I'd say in that time frame we will see the transition money from early adopter to mainstream come in. We are still in the innovator stage if you look at the percentage of people using the technology.
I think you're probably right. And until the time gets closer, we'll see digital currencies rise and fall all scrambling for the lead. It may not be until the latter part of the early adopter period that we really start to see which coin(s) ends up on top. When all the businesses start to scramble to accept digital currencies, some standardization will start to happen.
Just wanted to let you know I got here, and leaving this post up, after my UV her for you, it is very late online for me!!!
Love you man, have a good day/nite wherever you are LOL
Lol, thank you for stopping in brother!
Have a great night and rest up for a productive day tomorrow! :)
Upvoted. I'll be resteeming this now :)
Thank you! That is kind of you to do. :)
the adoption of bitcoin is still less it need a perfect boost and people will freak out again and look at this as a potential growth booster
That pendulum swing is not too far off.
Nice one. Soon everything online will be decentralized, just a matter of time.
Just a matter of time is right.
Thumbprint transactions? No thanks. I have enough of Big Brother. However the other features of Dash sound promising.
As a lot of us in crypto have. Dash has a good pulse on what needs to happen moving forward.
I don't know much about this stuff but I'm trying to learn! Thanks for breaking it down so easily.
Read a LOT daily and watch videos, and learn what is crap and what is a good resource, you will be fine.
Steem On my new Crypto friend.
I write stuff daily always remembering all the new people like you.
Thanks for the advice! I try to read as much as I can but once people go into all the technical jargon, they've lost me :-). I appreciate the writers who keep the new people in mind. I will keep an eye out for more great resources like yours. Have a great day!
Thanks for commenting today my friend....
Steem On!
It is so good to hear from you! Thank you for your kind words.
I enjoy this space, but realize it is essential to break it down so people can understand it. We don't reach the masses unless we make it simple to understand.
Simple like my handle...that's the ticket! :-) I have been a little more absent the last two weeks since the big decision was made...enjoying my last two weeks of freedom while I can. I know I've missed some big things happening with the split so I'm trying to catch up and wrap my head around all of it.
Enjoy your freedom. All the noise can wait while you treasure that peace.
I dont pretend to be smart enough to be able to value all those coins. At the end of the day, Steem seems to be attractive because of Steemit to me, yet many would argue its the other way around.
Haha, Steem and Steemit create a nice circular argument for their value - not a lot of use cases for us outside of Steemit for the moment.
For me BTC still remains the king however look out for Steem in the future followed by Bitsahres and EOS. Always a great read from you.
BTC may very well stay the most valuable crypto, and we'll see another take its place as the everyday payment asset. You're right, the Larimer trifecta has some high tech tracks to run on. Thank you, my friend.
For the sceptics of BCC see https://coinmarketcap.com/ its now number 3 and might climb to second position
guess its time to pay more attention
You are welcome, keep steeming to more success.