Quote from: Mauser on Today at 12:38:25 PM

Quote from: GlobalMilk99 on March 10, 2023, 04:35:11 AM

I have been seeing the progress of cryptocurrency these past few years, and I've been thinking, will it definitely be a replacement for physical money and use crypto as a primary transactions in our everyday life?

Maybe in 30-50 years, but not right now. The first step would be to get rid of physical cash and only use electronic money, the second step would then be to switch from fiat money to crypto currencies. The problem is that already the first step can't be done in a few years and will take probably 15 years. If I look at my grandmother for example, she only uses cash. All the banking and using her cards is done by my uncle, without cash she would be lost. I think that most elderly people can't be forced to stop using cash, and the politicians won't push it as they are afraid to lose the votes. With the second step to switch to cryptos it would be difficult to get all people to adopt them. If I look at my parents, they have heard of bitcoin but never owned any and are quite sceptical to use them.

Satoshi Nakamoto actually launched the evolution of digital money.

Of course, this great cypherpunk and libertarian did not plan to create Central Bank Digital Money (CBDC). However, the success of Bitcoin, Ethereum and other cryptocurrencies prompted the powers that be to decide on the introduction of such a financial instrument as CBDC into circulation.

Currently, government officials deny that the CBDC will replace cash and all other forms of fiat money. However, most likely it is.

Using the example of China, we can conclude that CBDC is an integral and very necessary element of a digital concentration camp. In my opinion, CBDC is a very strong competitor for cryptocurrencies.

After all, the introduction of CBDC is supported by the state.