I can totally imagine that day. But will it happen? I have no freaking idea.
I think crypto is more likely to become part of the larger financial system rather than something that will overthrow the current system. You only need to look at the government agencies who are looking to create their own coins. Or the banks who are also looking at how they can incorporate the technology into their current banking systems. This is how the crypto market will receive mainstream usage.
I don't think there will be a revolution in the way some people are talking about it. It will be more an adoption of the technology. Some of the current players will lose out. Others will win big. I personally think that the players who are using crypto for uses such as social media and gaming platforms will survive quite comfortably. Others who are trying to disrupt the financial sector such as XRP could quite possibly be replicated and driven out of the market.
The world would have to be a very different place. Governments love fiat money of their own because national central banks allow each nation use monetary policy as a tool of policy making. Yes, central banks are supposed to be independent but in a lot of countries, they aren't. An even in the West, central banks are under a great deal of pressure to support government policies. Secondly, governments would have to make cryptocurrency legal tender. According to the definition of legal tender, the government 1) makes accepting legal tender as a precondition for enforcing repayment of debt, 2) requires any entity having accounting obligation to use legal tender as the unit of account, and 3) requires all taxes and fines to be paid in legal tender. Because of those reasons, legal tender has a huge advantage over all other means of payment.
Perhaps Bitcoin with the Lightning network or something similar could be able to scale sufficiently. Legally, Bitcoin and the lightning network or other cryptos in that role would be payment systems instead of currencies. From a legal point of view using crypto as a medium of exchange would be a case of barter. The only way I see governments being forced to accept Bitcoin or some other cryptocurrency as legal tender is it having been become a de facto currency of international commerce or, for example, payments between machines on the Internet of Things or otherwise have been grown too big to not grant it this status.
Yes I do foresee a day where it overtakes fiat. Some governments are already taking steps to create their own cryptocurrency because they know the power and the benefits that crypto can have. There is still a long way to go until that day happens, but the fact that we are having this conversation is a great sign
I can see it happening but don't ask me for a time frame. I think it will slowly creep into every day life and happen over a fairly short period once it starts.
I can remember when the mobile/cell phones were launched and it took a few years to take hold and now look at everybody. People were reluctant to buy one and as it took hold everyone jumped in. I think it will follow the same lines as that when it happens.
Fiat and crypto will be used side by side and it won't replace it totally as everyone will have a choice. the way we do our banking and paying of items will change but these things will take time. Once all the FUD has gone and it is all positive news it will start to swing quite rapidly.
The more Dapps that are being built and the more usage we have of every day crypto will have a huge say in bringing this to fruition. Will it be 5 years/10 years or longer no one knows ,but I am positive it will happen.
Crypto usage is definately increasing. As more and more dApps are built and cryptos are included in transactions crypto would become popular. However, there is one reason that crypto currencies can never overtake fiats is because there is a speculative value associated to crypto currencies and there is a possibility of small group dominating them, whereas Fiat on the other hand is under the control of rulers of the country and is centralized currency. There are well established regulations to control. Though we can earn cryptos finally to spend them you have to convert it to fiat
Yes I think it's going to happen but not in immediate steps as it would cause panic. Imagine by tommorrow everything is cashless. It would be implemented in stages. There is still alot of testing going on. There are many things that crytos need to be able to do before it can replace or be side by side with fiats. Maybe in a year or two it can happen.
The next question is how much value would it retain especially in bit coin. How can it be standardized in calculation of basic goods. At the moment there is not yet a stabilization of a fixed value for the currency. If cryptos act like stock markets prices, it would send everything into chaos. If a good for example banana cost 0.1btc today and the price spiked so tommorrow it becomes 0.2btc.
Unless I guess there is a global currency that pegs to bit coin that is released then only cryptos could be accepted. It's a matter of time before someone finds out. Before it hits mainstream, it always goes through this early adoption phase. Only if it survives many of the tests then it can remain. I still remember many years ago before techno was mainstream only some of us listened to it. Then nowadays it's almost in every single song where there would be some element of techno.
The good side of this is that, there won't be maybe any currency rate differences and we could go travel more freely. The good thing about Steem at the moment as a kind of currency and God bless the CEO of Steem, thanks alot for the creation. Now it can basically boost income for many people around the world it creates a ripple effect. In the past, if someone wanted to earn usd, they would have to most of the time be physically be in the US of A. Now with cryptos I truly believe it can reduce poverty after it is adopted into the main market some day.
Though it might not be available on areas that are not fully developed yet and doesn't have sufficient infrastructure (internet).
But for the majority of 1st world & developing countries who are able to tap into the technology that supports crypto, then it's a yes for me! I just really hope that will become feasible & more reliable in the next few years to come.