I think cryptocurrencies will eventually power big chunks of the world economy, if not all of it. But not today and not ten years from now either. Bitcoin itself is, I think, going to crash eventually. Transactions now take more than ten minutes to finish and some take days to finish, and transaction fees to convert Bitcoins to other currencies are too high. Maybe the Bitcoin Cash fork with its much faster transaction rate will catch on, maybe something else. I think it's inevitable.
And yes for now, people get cryptocurrency and then trade it for traditional government-backed currency to do transactions. That's going to be the standard for a long time, but if Bitcoin Cash or Ethereum or whatever stabilizes in price and grows in popularity and has consistent ultra-fast transaction confirmation times then people and businesses will conduct business entirely in that currency.
But I'm just some idiot making guesses, don't read too much into it.
?? I hope that was a joke, the code that mines and manages transactions with Bitcoin is open source / free software.
And yes for now, people get cryptocurrency and then trade it for traditional government-backed currency to do transactions. That's going to be the standard for a long time, but if Bitcoin Cash or Ethereum or whatever stabilizes in price and grows in popularity and has consistent ultra-fast transaction confirmation times then people and businesses will conduct business entirely in that currency.
But I'm just some idiot making guesses, don't read too much into it.
Originally posted by edoantonioco
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