First they start with bitcoin then, they likely get bored and move to altcoins. Crypto currency is changing the world, getting adopted slowly in the world. We are finding lots of people implementing it and have some countries and state considering bitcoin a legal tender.
El Salvador became the first country to make bitcoin a legal tender, though the country has been heavily criticized by a lot of people especially IMF. They all think that bitcoin being a legal tender is a bad idea. Currently El Salvador is at loss because of the bitcoin dip. The volatility is the only disadvantage I see in their decision. But I don’t live in El Salvador so I wouldn’t know what their condition of living and how Bitcoin is affecting their cost of living.
Currently we are seeing lots people support bitcoin, the support for bitcoin is gradually surpassing the criticism of it, we have seen people who disregarded bitcoin and said it was going to fail, publicly support bitcoin without shame after realizing and accepting they were wrong. We can take a page from JP Morgan’s play book, and others, this is the sign that we are winning the cryptocurrency battle against the world. Some of these people do this to cause FUD, so retailers can dump making it cheaper for them to buy.
Yesterday a bill was passed by Senator Wendy Rogers wanting bitcoin to be the state of Arizona legal tender. According to bitcoin magazine, the state is looking forward to wanting to implement bitcoin as one of the state’s lawful currency. This means that you get the option of getting paid in bitcoin or paying for goods and services in bitcoin in the state. You see how bitcoin and cryptocurrency is currently penetrating the judicial and legislative system in the government, this is another sign that, bitcoin is here to stay. We now have lots of people in power supporting and opposing bitcoin. Bills getting passed, countries considering bitcoin and so on.
Let’s not forget that the supply of bitcoin is still 21 Million, and 18 Million have been mined. According to estimates, in 10-15 years from now, the whole supply of bitcoin will be mined off and there will be nothing to mine. This means that before then, the competition to get bitcoin will be more and definitely more expensive. We are over 7 billion people in the world, competing for something that is less than 3 Million unmined and also competing to own the 21 Million total supply. Let’s not forget that the total available will be far less because some people lost the keys to their wallet, so the bitcoin is considered lost and Satoshi Nakamuto has 1 Million quantity for himself.
If the whole world wants to make bitcoin a legal tender, or according to Jack Dorsey, the internet money, how expensive do you think bitcoin will be to transact, or rather, how scalable will it be? This is where altcoins come in place, countries will start opting for other options like Altcoin for scalability and gradually the death of fiat will be here sooner than we expected. This is how the total crypto will dominate the world and make the world a better place.
Our little crypto community has shown that we truly don’t need the government, with decentralization and power held and own by the community, we can achieve great things on our own.