Drive of the cryptoworld
Bitcoin will always be the forerunners of all the 670 or so Cryptocurrencies on the market today. It is still far the leading currency and it is seen as the gold standard within the digital currency marketplace and an aspiration for most of all the other currencies. As a giant amongst coins, one feels that bitcoins will remain at the very top of the digital currencies world for a very long time and will continue to see its value rise way beyond a thousand dollar each. By right, bitcoin is the father of the technology that drives all digital currencies and that is in blockchain. The purpose of the blockchain was purely to find a solution for the global money, especially in a time when fiat currencies is on it last leg and hence the blockchain came to life out of bitcoin's development, now becoming the digital blue for an awesomeness that is still emerging.
Get a grip with the technologies
For many ordinary people around the globally, cryptocurrencies as a money solution, is very hard to grasp, but that is understanding, as technologist it was easy for me to understand the whole technology journey and the impact digital technologies as a whole brings in changing all of our lives. Almost overnight the world seems like it moves from the dark ages into an era of enlightenment. Many of my friends already admit that bitcoins and whole cryptocurrencies is way over their heads, they fail to see how money can both generate and work within a virtual space, configured purely by computers, bytes and algorithm programming. But many of my friends are still in the dark ages, just about getting their head around mobile phone technology. The new digital phenomenon is playing havoc in their thinking, hence they lack the imagination and the concept that the digital domain is real, they continue to have difficulty in understanding anything that is not tangible or anything that does not have physical dimensions.
Threat of Cryptocurrencies to different sectors
For many people cryptocurrency is a real threat. There are those who believe that cash is king, by having cash in their hands, they are have control and able manipulate the amount of money to show and what they can hide, this being governments need not know all about their money supply and for what government don’t know they cannot tax, has the purpose of government is based on tax and spend and unknown cash isn't taxable. On the hand there are those who have a vase amount of fiat wealth that they gathered over the years, most being through the exploitation of those who are less fortunate and the emerging of any new money is a threat to themselves and their immediate wealth. There is also another threat and probable the threat I have the deepest sympathy for, that is for those who either unable to use technology effectively or those with little to no access to technology, hence they being the most vulnerable people on the globe.
Governments, the bank and digital currencies
Many government globally are lukewarm to digital currencies being part of the solution to world money issues. They see the power in the blockchain technology, however they have problems accepting cryptocurrencies that are currently in place, as the currencies are out of their control and way ahead of the game. So much so that government and big banks can never able to gain control, hence government can only make move in trying to discredit digital currencies in their present state, hence we see statements coming out of government include murky, shady the use of money laundering. What we will see over time, government and banks coming together to make use of the blockchain technology to implement a new form of currency, implementing within nations and enforce legally.
Dilemma of Government
Government sees billions of dollars being generated globally within the crypto marketplace, new people building wealth and they are unable to do what government do best and that is to tax. The scenario for government, is for them to tax digital currencies, they need to make them legal tenders and by making them legal tenders they accept digital currencies as real and legitimate money and this government is at pain to do.