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RE: Banks vs Bitcoin: Where Is The Money?

in LeoFinance2 years ago

Sometimes, I find myself wondering what "safe" even means, anymore.

We do have a bit of a conundrum to deal with, as far as I can see. On one hand many "hope" that BTC/crypto gains more mainstream acceptance, but on the other... the more mainstream we become, the more intertwined with the legacy financial system we become. It's not like there's a snowstorm of "we accept crypto" stickers going up on the windows of Starbucks and McDonalds... meaning, that people are still paying for everyday things with fiat, which almost invariably means there has to be some kind of intermediary between crypto and fiat, even if any give person purports to love crypto.

Even if you have a crypto-based debit card, it still has to move between your (for example) Hive and USD or EUR. Wish it were otherwise, but for now it isn't.

Meanwhile, I wonder whether anything will come of the rumors that Coinbase and a couple of other (centralized, I grant you) exchanges will be getting into the banking business.

=^..^=

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In El Salvador, there are plenty of "we accept Bitcon" signs at shops, and that's just the beginning. Adoption will skyrocket when the house of cards fiat system finally topples.

El Salvador is definitely a very cool "test case." But having the government declare "Bitcoin is legal tender now!" and gradual *"organic" adoption are difficult to compare. Imagine if the USA government said "Bitcoin is legal tender!" THAT would cause enormous shifts in everything economics...

=^..^=

The largest nations will be the last to adopt crypto, if they even exist in the future. It starts first with smaller nations and states within the bigger countries.