I am just wondering would it be possible in the future for the world to run solely on cryptocurrency? Considering that right now there are many people from different walks of life who are using cryptocurrencies in their day to day life. I think right now one of the main limiting factors for world-wide cryptocurrency usage is the world’s governments who make restrictions on cryptocurrency usage. Moreover, I also think another factor in limiting cryptocurrency usage is a lot of people’s lack of understanding of cryptocurrencies as it is a rather new technology to most people.
I think that we can solve most of these problems by educating people about cryptocurrencies and debunking what the mainstream media have done to slander cryptocurrencies. I honestly think that if these issues a solved then we will probably have more people to use cryptocurrencies worldwide.
What would do you guys think, I’m just speaking (posting) my thoughts over here. Feel free to correct me if I am wrong. I’ just rather optimistic about the future of cryptocurrency usage in the future.
Here are few thoughts to think of on this. Adpotion. We need more people to use crypto. Any government or such power can not stop the use if one is knowledgeable properly. We need more awareness about the benefits of crypto especially bitcoin. Like: Decentralization, Limited supply, Can not create from out of thin air etc.
The more crypto educated people we will have the better the space will become.
There are a lot of factors to be considered when talking about acceptance in general. Being optimistic about cryptocurrencies would be are good for you and for the people who accepts it. If you educate people about it, it's might be something that some might step aside after a couple of months. They should have practical application and usability of it.
Cryptocurrencies that are stable has potential. Other unstable like Bitcoin and other altcoins cannot be used to replace existing fiat monetary systems because of their volatility, which makes it difficult to be used as a medium of exchange, especially with smaller transaction amounts. These volatile ones still need to rely on stable currencies to be even viable of becoming a medium of trade for goods and services.
It is realistic for the world to run on cryptocurrency since the technology is already available and there are some adoption that show great promise about using it. Though we do not need to rush because there are still some major flaws in the cryptocurrency system and that is the belief of the rich quick scheme. People must be well educated first for cryptocurrency to function well. The idea of rich quick should be debunked and the right and actual usage of cryptocurrency must be inculcated to the mind of people. If the lightning network ends up being successful sometime in the future, then a single crypto can definitely scale(not to mention that there will most definitely be other layer 2 and layer 3 solutions to help scalability). It just mostly depends if the governments around the world would actually allow bitcoin to be used as legal tender.
If we look on a longer view, cryptocurrency is possible to be used worldwide. But right now, we still have to work on a lot of issues and problems before it will happen. People has been using paper money for a longer time and not everyone are capable of adjusting that easy. Although with different factors preventing crypto to achieve mass adoption.
it's not really impossible, there are some companies and country adopting blockchain and implementing cryptocurrency, people only follow what they see as the norm and of those they can understand, when they see people and companies using Cryptocurrency, they will just adapt it also, but it's not something we can get overnight, ten years of Bitcoin has reached a lot of milestones and we just need more years to make this happen.
There are major challenges still such as the media is always spreading FUDs about cryptocurrency which in some way discouraging people from adapting to the use of cryptocurrencies in their online transactions. The adoption rate of cryptocurrencies into the mainstream financial ecosystem is very low. The only way for the world to run on cryptocurrencies is through mass adoption of it into their daily transactions.
This is the main question could cryptocurrency overcome centralization. Each country has leverages of power, one of which is reserve fiat money. If countries begin to use crypto, this can not be manipulated, that is why the cryptocurrency will not be massively accepted instead of fiat money, it will be as a separate ecosystem.
Overall in general, I think its realistic for the world to run cryptocurrencies. I believe eventually we can all adopt into it. These years and more may seem to be a transforming stage for everyone. Another 10 or 20 years I guess will be the year of adoption. Technology is always evolving and so are people. Just like the old stone age and look at is now, its really improving. We cannot really feel it now but I know the world is slowly adopting the crypto world.
Now let’s hear your views? Do you think its realistic for the world to run on cryptocurrency?
Tell me why or why not. This could be interesting.
Thank you
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