Just by using your phone, you could purchase almost anything. No need to withdraw on an atm. No more heavy coins on your pocket. Paying bills, and purchasing tickets without standing on a line. Very convenient and less time consuming. I know we're already using credit cards right now, but using a single currency like bitcoin world wide could really help on transaction, having less error than the normal and faster transfer and of course the security. Do you guys think this could happen in the future of bitcoin?
That's awesome world.
But I think using single currency like Bitcoin is not good idea. If you transfer money to the wrong people (bitcoin use address, not the bank ID, it doesn't show the recipient's name), you will not be able to get your money back. Yes, Bitcoin is a modern, fast, convenient currency, but it's not suitable for daily life. If Bitcoin want to be daily currency, it may need to change. The amount of bitcoin is limited, but our need is infinite. I think bitcoin is not a good choice. In cashless world, Bitcoin should be extra selection, i don't hope it will replace cash.The biggest problem with Bitcoin is that it's too convenient for criminals. I don't think "mankind" like it.
Actually our need is not infinite. We, the whole population of the world, need from 60 to 75 trillion USD to be able to make our payments. Once I came to conclusion that even Bitcoin alone could satisfy the need if 1 satoshi was worth around $0.04. But taking into account that we have other good cryptos the world could definitely be good with cryptocurrencies replacing all the money. This will hardly happen in the nearest future though, becuase people are slow to accept changes .