Fiat currency is issued by governments. Β And let's face it, no government has ever really attained immortality. Β If a government falls apart or gets replaced for whatever reason then its old currency becomes worthless. Β When that happens that money is about as valuable as some expired coupons, nobody will accept it as payment anywhere.
But cryptocurrencies are a new kind of money, they're not issued by any governments, they're completely decentralized. Β And the money part is practically all they do. Β No government on Earth can 'overthrow' cryptocurrency, because cryptocurrency isn't tied to a nation that can just be invaded.
Even if all the developed nations in the world just decided to ban all of the cryptocurrencies at the same time, that would only change the supply and demand to make crypto even more valuable to everyone else. Β And then the folks in the "3rd World" countries would become rich while the folks in the "1st World" countries would become poorer by comparison.
Bitcoin has the political world stuck in something like a Chinese Finger Trap, the more governments struggle against Bitcoins, the more it clenches its metaphorical grip. Β If the governments of the world really wanted to hurt Bitcoin they should have just ignored it, because all the controversy only makes it more valuable.
Take into account that the Bitcoin is already worth thousands of times more than the Dollar, it's a clear sign of the high demand for Bitcoins. Β But more importantly, being worth significantly more than the Dollar means that Bitcoin has already "overtaken" the Dollar. Β At least on paper, Bitcoin is winning by a mile.
But the interesting thing with Bitcoin is that most of the people in the world either haven't heard of it yet, or they still haven't taken it seriously.
But either way, it's only a matter of time for people to hear about Bitcoin. Β And it's more likely that more people will take Bitcoin seriously as time goes on.
Also as time goes on, governments will have to face more and more challenges, problems like we've never dreamed of before. Β But crypto is about as logistically immortal as anything gets, it can only ever really die when the last password is finally lost and forgotten. Β Even if the electricity goes out in your country, or even the entire continent, your coins are still there, you still own them. Β You would just need to wait until you can get back online again before you can spend them. Β (And in the mean time you can still receive Bitcoins, even with your electricity out!)
The real "problem" with crypto doesn't have anything to do with any bubbles. Β It's an issue they call user-adoption. Β Right now cryptocurrencies (including Bitcoin) are in their infancy. Β It's a lot like the Internet in the early 1990's, at first it was just computer nerds who were using it, but then it caught on, and it spread like wildfire, and now almost everybody is online. Β When that happens with Bitcoin you'll be seeing everybody and their grandma getting into crypto.
So, how will crypto replace fiat? Β Crypto has already won the numbers (it's way more valuable than the dollar, and even gold), the rest is just a waiting game. Β If you want your crypto to make you rich then just get as much crypto as you can and hold onto it. Β Wait for more people to catch up with the technology. Β And wait for the technology to become more user-friendly. Β Because by that time the supply and demand mechanism will have raised the prices way beyond what anyone anticipated.
Good view into thoughts about the crypto market you are writing about.
I going to hold onto my steem
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Wow what an inspirational read. I love the Chinese finger trap analogy.
I first read about Bitcoin about 6 year ago. It was Christmas and my wife and I were visiting friends in Oslo. They had a magazine lying around and it had an article int there. Dont ask me why but I "got it" almost immediately.Actually it is not so much a mystery, I had been studying finance for a while to learn how the financial crash had occurred. Like everyone else I was angry at the banks.
Anyways, I got what Bitcoin was about and I got all excited. "We need to buy $500 worth" I said to my wife. She had no idea what I was going on about. I think they were priced $15 or $30 at that time. Well, to cut a long story short, we did not buy them. But I did buy some when they were at $200.
Guess if I ociassionally bring this up to my wife lol - she always responds "Dont talk to me about it"
I was just saying to a friend tonight that crypto-currencies are only just at the beginning.
You are wise fellow anomoly
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Strongly agree, thanks for sharing. I dont give to Fed 10 years when they need to start printing the 1000000000 dollar notes
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Bravo!
"...it can only ever really die when the last password is finally lost and forgotten."
This is a great visionary, and I would say prophetic, manifesto!
I posted this item on my Facebook profile. It is my duty - to spread the truth among the slaves of the fiat order.
https://www.facebook.com/vasil.karajan
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The big question is: when will cryptocurrencies have their 'Netscape' moment?
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Technology changes very quickly. The new processors and other hardware and new software protocols will give rise to problems eventually. Just like an old file using the old OS cannot be opened on the new platform. I guess.
Cheers.
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A small correction:
Coins and bank notes are produced/ floated to the market by the central banks, which can be private or governmental/national. The amount of fiat money is created by private banks when giving credits...(90% of the whole amount of money)...
The equation good: private; and bad: governmental does not work but both are not serving/working for the benefits (and the will) of the majority of the people....
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Cryptocurrencies surpass fiat currencies at some point in the future. One important consideration is that cryptocurrencies cannot be manipulated quite as easily as fiat currency, largely due to their decentralized and unregulated status. Beyond that, cryptocurrencies could better support the concept of a universal basic income than fiat currencies would. As a matter of fact, some programs have already experimented with the use of cryptocurrencies as means of distributing a universal basic income.
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great post anomalyl! keep it up! and thanks again for following!
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Great post and turn on the lights about crypto
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Keep up the good work!
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UpVoted. I like this line @anomaly "The distance between your dreams and reality is called action." The present and the future are exciting times for Me. The introduction of CryptoCurrencies is a sign of Freedom, away from Fiat Money. I sense Bitcoin will grow further and deeper acceptance by the general populace, as Trust be more they embrace.
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Love this!!!! I caught a little giggle when thinking of how we are going to turn things upside down......I honestly believe this is the answer to bringing balance to social interactions, money, and life in general!!!! Crypto is breaking so many barriers, it's refreshing to say the least!!!
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Wow great post! Resteemit...
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bien hecho, dejo mi voto, gracias por tu ayuda!
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I would have to agree that it is only a matter of time before crypto currency goes mainstream and we are in a unique situation, in that we have a chance to invest early
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czesc dobry post ciesze sie ze jestesmy na poczatku tej drogi ja tez inwestuje w krypto wiem ze to przyszlosc nikt juz tego nie cofnie a co do bankow uciekac od nich trzeba w polsce blokuja konta ludziom ktorzy wplacaja na gieldy zeby kupic BTC pozdrawiam
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@anomaly
nice post
thanks
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I did the mistake and lost some with mining, but the rest is locked and I dont touch it until I am really rich! Hahaha:-))) Thank you and have a great day!
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wow good knowing..
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Bitcoin the original fire starter!
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This information is very important to the community! Thanks a lot!
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Thanks for sharing
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Excellent brother, good information greetings from Venezuela @joserc.vzla
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Interesting point of view even if I think that this vision is a bit simplified. Legal matters are still at stake and unless you want to go completely off the grid, you still need to pay in currencies that are accepted for taxes, electricity, etc... so in fiats... what do you think ?
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Thanks for sharing.
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This post is exactly why I'm getting into steam. Eggs in all the baskets. Followed
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Completely agree with you.
Some of them will go through the roof !
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because i hate the bank because you hate the bank we hate the bank and we can't wait till they Bankrupt like Blockbuster bitcoin is ethereum and internet TV streaming IPTV Long live Kodi
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see you after a lots of time
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nicely put together anomaly - we are on the same page - i agree that the crypto-currencies & the community will become dominant over almost all fiat currencies, unless the currency is backed by a precious metal - even then, since we are currently in a debt based system, those "gold-backed" currencies will still struggle - crypto-currencies are not really debt based & that is good for humanity - debt is slavery
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Amen to that ππ½βΊοΈ
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This is an interested article. Thank you.
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Nothing is impossible in this world but the great hold of fiat money on current world economy is very powerful so we can say it's not easy.
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Good info.
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