Do you believe that cryptocurrency is the future of money?
Chukwueloka Okafor-Ezisi
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David McGraw@xmcgraw
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It absolutely will become the future of money, but not for a very, very long time. Just as we no longer throw physical coins at each other it will become meaningless to us all to have currency denominations. The optimist in me would set the over/under at 30 years. I'm guessing a bit later.
That said, it's one thing for consumers to embrace a technology, but it's entirely different for governments. Policy makers need to gain the understanding necessary to execute a non-trivial movement. They also need to see clear incentives. Who knows when that'll happen. 100 years from now?
What makes me way more excited is the underlying technology. If this system could be bullet-proof--which is absolutely critical to becoming 'the future of money'--why couldn't we make a political election so? What else can we do? It's pretty nifty stuff.
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My thoughts are that it won't be.
I think it'll help drive cashless systems and question our current financial system.
Not that I'm against it being a form of mainstream money. But I can see a lot of financial sectors using the technology to supplement their existing tech to enhance it.
There's a lot of people overhyping it in the industry obviously to drive Bitcoin's price but it's hard to change the mindset of older generations who still believe cash is king.
@markhmwong Thanks for your thought on this.
I believe that cryptocurrency is for the younger generation who are beginning to see the benefits of cashless policies being implemented by the world's governments. And these younger generations are the future we are talking about.
What do you think?
Not necessarily, it can be one of many choices, the roll of cryptocurrencies is multifaceted, I do believe Blockchain Money will be the future of Money, that does not mean cryptocurrencies not even stable coins. Since only Nation States can control the creation of currency a.k.a 'money' and monetary policy thus far. We will have and do have today, community money and with a Network Society, we begin to see the appearance of Social Money... a more complex idea since Social Currency is the actual Network Societies that are build by social media like tweeter, facebook and others.
@chukwueloka_okafor_ezisi we can agree to disagree, but bananas and potatoes are people's money too. From a monetary system point of view... cryptos are not peoples money, they an advanced form of a barder system. Its a private means of exchanging value. If some government tomorrow bans it, those who have a trusted expectation of inherent value will no longer accept is since they can't change it to hard currency. last comment, anyone can create monopoly money! Fraudsters in some cases are good enough to fool people to buy junk with the hope that somehow they will strike it rich, because some token salesman told them they will. If you have gold, you have money, if you have currencies (fiat) or crypto you have monopoly money! one is build on debt (fiat) and the other on Hope and Dreams.
@chukwueloka_okafor_ezisi true... for the next 10 years or so, the best crypto can do is liberate personal banking for every day activities. As long as the power in place do not feel it threats their monetary control and policies.
@chukwueloka_okafor_ezisi check the Berkshire Dollar - If you operate under similar guidelines as this community money, it works https://en.wikipedia.org/wiki/Be...
I was giving this a lot of thought in the past, I believe that in 20 years we can see it as a standard in online shopping like a safer option oppose to credit cards. But with banks all across the globe constantly implementing new payment option and governments loving to keep the eye on every penny I am not so sure.
Also, coming from Serbia, a country where online shopping is just developing, where a lot of people still prefer cash to credit cards I am not sure that I will live to see cryptocurrency being used in everyday life even if it becomes standard in other places.
And I don't think that any government is okay with the idea of not being able to track money, especially when it comes to people sending money to/from another country.
@una_vidakovic My hope is that we will live to see that day when cryptocurrency will achieve that fit.
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It's the future something, not sure if it will ever completely replace our current systems.
@austinmeta Hmmm... We will see about that.
It will hardly replace the system entirely, though it may complement it for sure.
@timothy_burton Well, you for one agree it's here to stay.
Someday you might even get funding or loan through cryptocurrency to buy a house or some assets.
@planepisode We can't wait for that day to come.
Not directly. At least in the mid-term, replacing fiat on a large scale would be next to impossible. If it were to happen, it would likely need to be a coin that had a large amount of stability in price. Most cryptocurrencies are too volatile to operate as a large scale medium of exchange.
However, blockchain technology itself will certainly become an integral part of value exchange. Either for the direct transfer of fiat funds to minimize expense and maximize security, or as a better way to manage contracts/loans etc.
@chukwueloka_okafor_ezisi Pretty sure Libra won't get out of the gates at this rate. It has too many issues both from public perception and government concerns RE facebook monopolizing markets.
The most likely solution is something like Tether being a transaction backbone but linked to fiat currency.
@madals @chukwueloka_okafor_ezisi More in number adoption will lead to easy adoption in this case.
An Outstanding option for imbalanced social, economic and political presence at varied times , more likely in near future ..... so options are always for those who actually opt and know timely how to get benefit either monetary or by monetary process.... I believe its better version of holding money resources which will make you strong rather than showing strong financially. More the area of calculation more the choices get averaged and comes out in best shape.
@rasham_sharma Great thoughts my friend. Thank you.