The dollar is more time tested than Bitcoin yet that is going to get destroyed by cryptocurrencies.
When talking about technology, time means nothing.
We are rapidly moving towards a digital world where value is digitized. People believing that gold will be a store of value, a physical asset, are going to see how misplaced that idea really is.
I don't disagree completely but why bitcoin specifically ? In the case of disruptive technologies it's always not the early movers who sustain over the long run. Look at the top internet websites today. Google wasn't even around when Netscape and AOL ruled the space.
If a faster better coin gets mas adoption, the digital gold we speak about in 10 years could be something completely different in the cryptocurrency space and not bitcoin itself although right not it has a tremendous first mover advantage
Bitcoin will not have the most apps, will not have the most developers, will not have the most traffic.
However it will have the market cap simply because Wall Street deems it so. It has the liquidity and the ROI which is what Wall Street looks for. Sure, you wont be buying a cup of coffee with bitcoin but you might pay your overseas supplier $50K with bitcoin. For transactions like that, it is ideal.
By the time people go about looking for a new "gold" bitcoin will be so entrenched that there will be no point...
Just like gold today, we dont look for another metal to replace it...we just accept it.
Bitcoin will end up doing the stodgy stuff like storing of government records, handling educational materials, etc.... It might still handle the larger transactions but it will never be fast enough to be the everyday currency. But it will have plenty of money invested in it which will keep it propped up.
Point taken. Perfectly rational to say by the time people go about looking for a new "gold" bitcoin will be so entrenched that there will be no point, the only exception I see to this case being something that's already well established in the space with a similar use case of bitcoin takes gets adopted by Wall Street - litecoin, for example, which is in the top 5 in marketcap , widely accepted among every other exchange and wallet provider.
Also deeply agree with you @taskmaster4450. Gold will become just another rear commodity among another ones, But digitized value in the form of crypto assets will revolutionize the global economy.