Bitcoin has come to change the way capitalism works no doubt about that. But why hasn't it exploded in use already? The answer is simple. People don't trust a machine to keep their assets, YET. Just like money, when you see a million dollars personally it's a different feeling of when you see it in numbers online in your bank account. You know it's there, but you're not holding it and still have that small doubt whether it will be there in the morning, even though you know it will!
The reason you trust a bank is because you have someone to blame in case something happens, different from bitcoin whereas you lose your private keys, your money is gone and you have only yourself to blame.
I believe society is waiting for a company to back up their Bitcoins and its value, even if there is volatility. Personally, I think bitcoin will remain quite volatile for quite some time to motivate people to spend it and move money more frequently so if investors pop in with millions of dollars, that would mean a lot of bitcoins are sitting there and not circulating, which means its use isn't increasing much.
I believe society is waiting for a company to back up their Bitcoins and its value, even if there is volatility. Personally, I think bitcoin will remain quite volatile for quite some time to motivate people to spend it and move money more frequently so if investors pop in with millions of dollars, that would mean a lot of bitcoins are sitting there and not circulating, which means its use isn't increasing much.
Cryptocurrency will prevail and put banks out of businesses because of two factors:
1. They are extremely cheaper to send, receive, liquidation time and have the community is more involved. It's amazing how you can send thousands, millions, even billions across the globe in a mere 10 minutes. Imagine having to send someone money in another country. You have to use a bank, where they charge you fees that you have no idea where they come from, they convert it also charging another fee, the brutal wait time, sometimes a week. It's a horrible experience because I've been through it before. they eat about 10% of your money.
2. No government control. This has an advantage and also a disadvantage(maybe)(unfortunately), The advantage is, is that they can't dip their hands into your assets without your permission. Now, paying taxes(some) is important because they provide basic services like trash pickup, roads, etc.. but also they overpay politicians that mostly protect the interest of large corporations. The disadvantage is that it's harder for them to backup the currencies value, this is where the maybe comes in because what gives money its value is its acceptance, if everyone accepts and values Cryptocurrency, then that theory is busted.
Sorry for the long post, just some insight of what and why I think cryptocurrency will overpower traditional fiat. I'm currently researching Cryptocurrency at Unicamp, so any comments or opinions are more than welcome!
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