"At the moment, virtual currencies such as bitcoin are no longer a threat to the existing order of credit and central banks," said Christine Lagarde, director general of the International Monetary Fund. .
Why? Because they are too precarious, too risky, too energy-consuming, because the underlying technology is not capable of changing and because many virtual currency is not transparent to law enforcement, a virtual currency has been hackers steal ".
What do you think?
I dont think cryptocurrencies will completely replace credit cards and banks, but I think they will make an impact. Using a credit card means you are borrowing money from a third party with the promise of paying it back. Paying with Bitcoin is not borrowing money, so its a little different. If someone wants just the convenience of not carrying cash, then cryptocurrencies can do this in lieu of credit cards, but if someone wants to buy on credit, cryptocurrencies dont really replace that feature.
Using the credit card in the US is important because of the credit record which enables people to get a loan to buy a house later on, this is why people are starting to use a credit card as soon as possible (when they have their first job), to build a good credit record. They use their credit cards even if they have the money on their savings account. If people were able to buy a house without credit, they won't bother with credit cards at all, they would use debit cards or cash.
As long as paying with cryptos don't help your credit history, there's no use of using them for daily purpose. Banks won't accept bitcoin and the alts directly now and in the future so as long as people are forced to use credit cards, they cannot fully change to cryptos, unfortunately.