Quote from: BigBoom3599 on November 03, 2019, 03:32:07 PM

Quote from: Kevondo on November 03, 2019, 09:25:55 AM

Quote from: alexsandria on November 02, 2019, 01:57:33 PM

Quote from: JunoCoin on October 23, 2017, 05:37:09 PM

Since many people try to convince us that Bitcoin is a bubble and how we will lose our money eventually, I wonder if money is not a bubble actually. There exist economies in which money has a positive value in spite its market fundamental is zero. That means fiat money has zero value. Fiat money is a social contrivance. We take money from other people because we know other people will take it from us. In theory and practice the fiat money is a bubble.

Of course fiat money is a bubble and it is bound to burst as well. We cannot just fullfil recent experienced to future. We cannot as well assure that the government have the potential to maintain the economic resources while producing loads of money and besides it will run dry in the end as the payments, funds and transactions has to be made digitally.

After the invention of bitcoin and altcoins, fiat is destined to die in the future. We are living in a world where technology is making progress by leaps and bounds. Upcoming generations are more interested in performing all sorts of tasks with digital tools. Digital currencies are the future of money and bitcoin will remain the king of them all. Governments will introduce their own crypto coins.

This is absolutely not a given. Crypto currencies still have many many challenges to overcome before they can challenge fiat currencies. Crypto is still in its infancy and is still very much an experiment.

The biggest problem that has yet to be solved IMO is scaling. At this moment there is no blockchain that can handle even 1/10th the transactions that VISA is doing. The technology just isn't there yet. And there is no certainty that it will ever get there. Maybe cryptocurrencies are at its core just flawed and outright can not be scaled up due to some limitation. If that is the case than it will never replace fiat currencies.

Then there is also the government. Governments will do everything in their power to stop their own currency from losing dominance, if they lose their money they lose their power, which is the last thing they want.

If crypto currencies have been able to overcome the challenges of past then they can beat any sort of hurdle placed in their way. With bitcoin as their leader, crypto currencies really do not need to worry about anything. Blockchain is still too young but the idea is amazing and VISA cannot give us the same security. All the governments will turn towards crypto currencies once China will launch its digital coin.