Post
Topic
Board Economics
Re: Bitcoin and Fiat - this is how I see the future
by
Bonpay
on 10/09/2018, 13:09:55 UTC
If we truly want mass adoption for Bitcoin, we have to wait for about 20 years. Why? Because of old people who have money stored in fiat all over the world.

Let's stop talking about better technology, anonymity, security and all other things. The majority of people in the world don't even care how Visa or Mastercard work. Let's talk about usefulness and trustfulness.

Older people would hardly accept cryptocurrencies as payment because they got used to cash and fiat digital currencies. Nowadays the majority of people over 60 y.o. in the world have big problems with using Paypal, banking cards and other things for payment in everyday life especially online. They are fine to withdraw cash at ATM or to pay at the retailers' terminals but they are hardly using cards online.

They stored their pension savings, they don't care much about technology, they have problems with using tech and they would never convert their life savings to some hard to understand Bitcoin. Let me remind you that those people are the ones who have money. Young people care about tech but they don't have money.

So the situation we have now looked this way: Bitcoin is adopted by a younger generation who don't have money on the one side and the older generation who don't care about tech but have money on the other side.

Thus, if we are talking about real mass adoption, we have to wait for about 20 years while older people naturally pass away and the current young generation will generate enough position to use Bitcoin.

That's just an idea to be discussed.