Thanks for your insight Louis. I think there’s a difference to be made between a country porting its national currency on a blockchain via some central bank-managed peg and the actual adoption of a decentralized blockchain-based currency. The former opens the door to easy mobile and micro paiements for the existing national currency. The latter is more challenging as it could effectively remove the power of creating money from the state/banks "cartel". That would introduce many problems for the state and the current financial/banking system. The most likely outcome is a system of competing currencies where the debt-based, inflation-ridden sovereign currencies will have to compete with sounder decentralized cryptocurrencies. Nothing beats a free market. Time to end the state monopoly on currencies.
Andreas Antonopolous was asked this question, and he gave a fascinating answer. He said it's equivalent to asking, at the time, if email and the internet are going to replace fax machines.
It's not that they are going to replace the existing currency system. That are going to usher in a whole new system and paradigm that we have never seen before.
They were planning on doing it, but then the EU stepped in and told them that they weren't allowed. They have no choice but to use the Euro. So probably won't happen now :(
It depends on the countries. BTC replacing traditional currencies in Venezuele and Zimbabwe. Yes I can see that.
But in the EU, USA, China and Korea. It will be a lot harder to win people over.
And I'm worried about the price that keeps skyrocketing, while BTC has virtually no adaption(In the normal community, so not geeks who buy sometime online with BTC for the heck of it).
Let's say the price keeps growing and growing. Then why would the non holders want to get BTC? That would be like financial suicide.
At the current growth BTC will become too expensive for the average household. Which is something we can't have.
true, although it might be a lot sooner than 10 yrs! I never though Bitcoin would go up so much so fast... I remember just a few months ago hesitant to buy it at $3700 hundred since it was already up so much already. Now kicking myself I didn't buy more back then obviously :P
I don’t know how to answer this. But I’m pretty sure every country wanted to have their own currency. Not even a country now some company also wanted to make their own currency with ERC-20, making their own token as ICO.
So to anwer that, yes and no. Maybe in the future every country will have their own digital money.
where did you hear/get the idea Amazon will accept Eth? I heard how they reserved those domain names but I think it's just because they don't want anyone else opening a website under those urls.
The government is always trying to regulate things so I'm not sure. I'll wait a couple of years and see how things go. I honestly would love to see it replace the USD and other currencies.
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@loisthomas why did you mention Ethereum out of all cryptos? Just curious... also in my opinion it will happen a lot sooner unofficially than it will completely sanctioned / in law. Just as you $USD and Euros are unofficially used in countries as an alternative to the native currency because they're more stable (relatively speaking ;). I'm in Belgrade at the moment, and just learned how day to day transactions are in the local Dinar but bigger transactions like purchasing a car, house, paying rent, etc are often in Euro.
I'd love to see crypto replace fiat currency. However, and I hate to say this because I HATE banks, it's going to depend on whether or not the banks decide to back crypto and profit from it, or if they decide to shun it.
I've heard opinions from both sides, and some say the banks are scared to death of crypto, and others say that banks are in the process right now of figuring out how to welcome crypto into the fold.
At this point in time, I don't think anyone could give an answer with any certainty. It's plain guesswork.
All I can say is that I think whatever happens, it's going to happen in the next 5-10 years. It's certainly going to be VERY interesting to see what happens. In the meantime, I'm along for the ride (and what a ride it's been so far)!
hey louis. almost nice to see your videos. keep up the good work.
just trying to get myself out there as well. I would recommend to see my work guys! you may like what you see on my blog and youtube.
Estonia actually has really cool and innovative ideas. They have an awesome but often unnoticed technology sector. I also think that cryptocurrency would be a great idea for the future of venezuela. A great way to circumvent the socialist government and to implement capitalism from the bottom up.
While I would love to see this happen, I don't believe it will occur. It would be way more believable that governments/banks create their own crypto instead of people just believing these institutions are going to fall out of the game and BTC will take over. Not to take anything away from BTC or these other cryptos, I think they are going to be around for a LONGGG time. Great question to ask though..
NO, it is not going to replace in near future, But what is going to happen is bitcoin will dominate the national currency. and the number of people using the bitcoin will spike like hell.
Definitely Cryptocurrency is going to be adopted as National Currency by most of the counties. Barbados is the first country who has implemented as National currency as I suppose. Even it will not take 10 years. Thank you for steemingIT.
This is an interesting question but I think you have misinterpreted what these countries are doing. They are planning on adopting blockchain technology to track their own fiat currencies, not a decentralized crypto like BTC, ETH or LTC.
For example, the US will never accept BitCoin for payment of taxes. All income calculations within the US for tax purposes will be calculated in USD and not an alternative, otherwise there is no way to apply incentives/disincentives through the tax system.
One of the real values of fiat is that you can be guaranteed to pay your taxes or employees with it.
Like @inegoveritas says, they may create an equivalent currency that operates via blockchain to increase tracking and collection but they will not adopt one of the currently circulating coins.
It would certainly, it would become most trusted. Internet was alien to everyone at a time in out lives. The Blockchain is the new internet and the young ecosystem would soon become the in-thing. In my own understanding. Yes it would take over and wth time
Good job @louisthomas!
Thanks for the perspective and quality post, namaste :)
Namaste.is it perspective and quality post?
Thanks for your insight Louis. I think there’s a difference to be made between a country porting its national currency on a blockchain via some central bank-managed peg and the actual adoption of a decentralized blockchain-based currency. The former opens the door to easy mobile and micro paiements for the existing national currency. The latter is more challenging as it could effectively remove the power of creating money from the state/banks "cartel". That would introduce many problems for the state and the current financial/banking system. The most likely outcome is a system of competing currencies where the debt-based, inflation-ridden sovereign currencies will have to compete with sounder decentralized cryptocurrencies. Nothing beats a free market. Time to end the state monopoly on currencies.
Andreas Antonopolous was asked this question, and he gave a fascinating answer. He said it's equivalent to asking, at the time, if email and the internet are going to replace fax machines.
It's not that they are going to replace the existing currency system. That are going to usher in a whole new system and paradigm that we have never seen before.
I love that response! Nobody comes close to Andreas.
Yeah he's great to listen to.
I'm amazed by what you said about Estonia!! I'm going to have to look into that, if it happens that would be pretty crazy.
They were planning on doing it, but then the EU stepped in and told them that they weren't allowed. They have no choice but to use the Euro. So probably won't happen now :(
Yes. It was a very good answer. That's what gonna happen
It will, but it will take some time because cryptocurrencies are very volatile
It depends on the countries. BTC replacing traditional currencies in Venezuele and Zimbabwe. Yes I can see that.
But in the EU, USA, China and Korea. It will be a lot harder to win people over.
And I'm worried about the price that keeps skyrocketing, while BTC has virtually no adaption(In the normal community, so not geeks who buy sometime online with BTC for the heck of it).
Let's say the price keeps growing and growing. Then why would the non holders want to get BTC? That would be like financial suicide.
At the current growth BTC will become too expensive for the average household. Which is something we can't have.
Absolutely. It's not gonna happen overnight.
true, although it might be a lot sooner than 10 yrs! I never though Bitcoin would go up so much so fast... I remember just a few months ago hesitant to buy it at $3700 hundred since it was already up so much already. Now kicking myself I didn't buy more back then obviously :P
Everyone, including banks are uncertain where to put their resources. My as well just chuck them in cryptos. Btw, this 1997 book answered it all!
https://www.amazon.com/Sovereign-Individual-Mastering-Transition-Information/dp/0684832720
Not familiar with that book. Might have to check it out. Cheers Kevin!
😍A very informative post. Great job. Keep it up! 😍
What do you think about Tether ?
The real reason bitcoin will continue to grow long-term:
https://steemit.com/bitcoin/@xsid/the-real-reason-bitcoin-will-continue-to-grow-the-unbanked
I don’t know how to answer this. But I’m pretty sure every country wanted to have their own currency. Not even a country now some company also wanted to make their own currency with ERC-20, making their own token as ICO.
So to anwer that, yes and no. Maybe in the future every country will have their own digital money.
thanks for your post ...
very inspiring .....
Well I think it will, and we don't have to wait very long.😀
I'm sure it will !
good job
I think if Amazon starts accepting Ethereum
It's game over for swift, paypal, western union...
Wait- what part of the economy won't be affected?
Whatever the future of the world holds: it's global, technological and casshless...
where did you hear/get the idea Amazon will accept Eth? I heard how they reserved those domain names but I think it's just because they don't want anyone else opening a website under those urls.
No it want simply because of the greed inside of the crypto currency world
The government is always trying to regulate things so I'm not sure. I'll wait a couple of years and see how things go. I honestly would love to see it replace the USD and other currencies.
Cool
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@loisthomas why did you mention Ethereum out of all cryptos? Just curious... also in my opinion it will happen a lot sooner unofficially than it will completely sanctioned / in law. Just as you $USD and Euros are unofficially used in countries as an alternative to the native currency because they're more stable (relatively speaking ;). I'm in Belgrade at the moment, and just learned how day to day transactions are in the local Dinar but bigger transactions like purchasing a car, house, paying rent, etc are often in Euro.
I'd love to see crypto replace fiat currency. However, and I hate to say this because I HATE banks, it's going to depend on whether or not the banks decide to back crypto and profit from it, or if they decide to shun it.
I've heard opinions from both sides, and some say the banks are scared to death of crypto, and others say that banks are in the process right now of figuring out how to welcome crypto into the fold.
At this point in time, I don't think anyone could give an answer with any certainty. It's plain guesswork.
All I can say is that I think whatever happens, it's going to happen in the next 5-10 years. It's certainly going to be VERY interesting to see what happens. In the meantime, I'm along for the ride (and what a ride it's been so far)!
Great video!
Undoubtedly yes, soon smartphones will cost 5 dollars, less than a physical wallet.
I can see why these small countries are interested in 'making a Splash' by adopting the cryptocurrencies EARLY On.
And it's wacky to think that Russia is going to have their own crypto ♦♦ дикий (TRANSLATION = WILD )
No. Not stable enough.
hey louis. almost nice to see your videos. keep up the good work.
just trying to get myself out there as well. I would recommend to see my work guys! you may like what you see on my blog and youtube.
Cryptos should replace all fiat, but should remain anonymous.
Estonia actually has really cool and innovative ideas. They have an awesome but often unnoticed technology sector. I also think that cryptocurrency would be a great idea for the future of venezuela. A great way to circumvent the socialist government and to implement capitalism from the bottom up.
I dont think so
While I would love to see this happen, I don't believe it will occur. It would be way more believable that governments/banks create their own crypto instead of people just believing these institutions are going to fall out of the game and BTC will take over. Not to take anything away from BTC or these other cryptos, I think they are going to be around for a LONGGG time. Great question to ask though..
NO, it is not going to replace in near future, But what is going to happen is bitcoin will dominate the national currency. and the number of people using the bitcoin will spike like hell.
Definitely Cryptocurrency is going to be adopted as National Currency by most of the counties. Barbados is the first country who has implemented as National currency as I suppose. Even it will not take 10 years. Thank you for steemingIT.
Hello, I just want your help in this social network I invite you to follow me that I will follow you in the same way, help with help is paid
Agree bro.
We are in a revolution against the system.
Everyone deserves good health, wealth and a good heart. Who is with crypto??!😊
Uruguays Banco de la República just started a CENTRALIZED crypto trial run with 10000 participants.
This is an interesting question but I think you have misinterpreted what these countries are doing. They are planning on adopting blockchain technology to track their own fiat currencies, not a decentralized crypto like BTC, ETH or LTC.
For example, the US will never accept BitCoin for payment of taxes. All income calculations within the US for tax purposes will be calculated in USD and not an alternative, otherwise there is no way to apply incentives/disincentives through the tax system.
One of the real values of fiat is that you can be guaranteed to pay your taxes or employees with it.
Like @inegoveritas says, they may create an equivalent currency that operates via blockchain to increase tracking and collection but they will not adopt one of the currently circulating coins.
It would certainly, it would become most trusted. Internet was alien to everyone at a time in out lives. The Blockchain is the new internet and the young ecosystem would soon become the in-thing. In my own understanding. Yes it would take over and wth time