Thanks, an interesting read.
To me FIAT currency is just a digital non-crypto transaction method that is owned by an elite few.
Initially the interfacing of crypto into mainstreem is like having 1 wordprocessor computer in a manual typing pool (circa 1970-1980).... difficult to manage.
But with "apps" I'm not so sure the integration will take as long.
Maybe "visa" will be required (elite owned) or maybe not.
If I want to give you or a shop keeper money for goods, then we both just need an app. Like that iPhone "bump" app to transfer a file.
But it's going to be an interesting 6-12 mths coming up IMHO
$0.02
I agree with you. Technology today can impact change more quickly than 20 years ago. I think 6 to 12 months the pace will pick up very quickly, but I think we are 5 years or more from a decentralized currency/network that threatens a centralized payment network and has mass adoption.
I think the centralized vested interests will see to it that the decentralized scenario you describe will never happen, by force if necessary :-)
It has to exceed their control. They'll try to creat their own or buy whatever looks promising. The interesting thing about cryptocurrencies is that the cost of creating your own currency or an app on top of an existing currency is fairly low.
But assuming my coffee shop takes crypto and so does my landlord as they both have an "app"
I just transfer crypto as needed.
I don't need FIAT unless I want to deal with someone still on that old system.
At least thats the way I'm seeing it. (prob in 3-6mth at the current rate of progress!! :-)