Quote from: kryptqnick on May 23, 2020, 11:12:51 AM

In the crypto-only world, I am pretty sure that major banks and other industries would simply create centralized altcoins of their own to join the game. And some people, who prefer guarantees and someone being responsible for handling their money (this might even be the majority) would opt for these centralized cryptocurrencies. As for Bitcoin and altcoins, the influx of users might be too big with transaction fees spiking unless people are encouraged to use a less popular coin. With many coins on the run and no regulatory framework or particular trust to any of those, many businesses might accept only some rather than others, and prices would be a mess due to volatility.
I don't think the world is ready for this. In a hundred years of gradual changes it might be, but if it were to happen within 5 years from now, I think it would be a disaster.

Good point. The volatility is what kills crypto's ability to be used more thoroughly in the mainstream world. With CBDCs in play, who’d like to deal with decentralized cryptocurrencies in the first place? After all, most people and merchants use Fiat because of its stable price. Not to mention, Fiat is backed by the government which means that it's 100% regulatory-compliant. In the future, we might live in a full-fledged crypto economy that's controlled by central banks around the world. Centralization will always be there no matter how we may try to avoid it. People who prefer to truly own their money, will simply resort to decentralized cryptocurrencies like Bitcoin and Ethereum at the cost of unstable prices across the market. For each purpose in life, will be the type of cryptocurrency to use for mainstream transactions.

We still have a long way to go before we're able to experience a crypto-only economy in our world. Physical cash is still relevant these days, despite COVID-19. Old people are reluctant to change, so we're going to have to wait until everyone (especially new generations) adopts digital payments. Once that's done, governments can start rolling in their CBDCs, phasing out physical cash at a slow and steady rate. Only then, we’ll be able to use cryptographic money (either centralized or decentralized) for nearly everything we do in daily life. Just my thoughts Grin