Interesting Dialogue on Fox Business News Varney Show
Jim Rogers, economic forecaster, appeared on Varney today. He is attending a blockchain conference today in Miami and indicates he knows nothing about cryptocurrency nor blockchain.
Mr. Rogers told this interesting story:
He recently went to China. While attempting to purchase an ice-cream cone, he had no bitcoin or cryptocurrency wallet and the woman offered him the cone free of charge.
He stated that many people have told him that the problem with cryptocurrency is education. And he added, he's looking forward to learning at today's conference and will get back to Varney on the conference.
Education is the Key
I agree with Mr. Rogers on educating the public. I had a very difficult time understanding the process of purchasing. My bank at first denied my first request for funding Coinbase. Then I needed to have a perfect scan of my ID. Once I received my credentials with Coinbase I had no idea what to do next.
Since I'm retired I wanted something interesting to do. Here I am, but only because I persevered.
Though, crypto supports are hopeful that one day cryptocurrencies will replace fiat currencies but this is not possible because various governments are mulling to issue their own cryptocurrencies which will have legal status and people won't hesitate to use them because of governments backing. Also, cryptos have many inherent flaws without addressing them it is not possible for them even to co-exists with fiat currencies. However, this situation may be changed if developers will be able to address these problems.