Years ago you would have got laughed at if you mentioned the idea that the dollar could be replaced with a cryptocurrency.
Sceptics would have swamped you with their overwhelming numbers claiming that it is a scam, that it would not amount to anything and that you were crazy to even think that. Fast forward to today and Bitcoin is still the dominant force in the digital currency markets and it's market share is surpassing that of PayPal's
Above you can see Bitcoins charts as of August 14th 2017
Above is PayPal's market cap at $70Bn.
The Flippening
'The Flippening' is usually referred to when the tipping point of one digital currency supersedes another. We almost saw this happening in May 2017 when Ethereum's market cap approached Bitcoin's from a surge in popularity. Some observers believe that the true flippening will be when a digital currency becomes more popular than the traditional Fiat currencies and thus show a prominent shift in the economic climate.
Now that Bitcoin is challenging PayPal's market cap (one of the largest payment processors on the planet), this could be the first sign of things to come where digital currencies continue to grow and change the way we pay online.
New Money
Part of the popularity of cryptocurrencies lie in their underlying technology, the Blockchain. This is the technology that makes digital currencies so much more efficient than Fiat currencies, it cuts out many of the intermediaries which makes money transfers quicker and cheaper. The Blockchain also has another feature with it's unchangable ledger, every transaction on the Blockchain is tracked and cannot be changed, this ensures that there is no manipulation of the currencies.
The Blockchain is a new way of trusting people, it's uncompromising approach to the ledger is a way for people that have never met to confidently trade with each other. The applications of the Blockchain can go beyond crypto currencies and we are starting to see ways in which people are using this technology in other areas. That however is a topic for another post.
What do you think would happen if cryptocurrencies became more popular than cash, let me know in the comments.
If you like this post and want to see more of the same then please upvote (that way I know I'm doing something right)
Til next time
Chris
Nice post, even though I think that is not close yet but I would love for it to happen. feel free to follow me @belalh
Yeah I don't think that it will happen soon but it is definitely moving in the right direction
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