Although there are a few countries who uses bitcoins and other cryptocurrencies now, I cannot help but wonder if the world is truly ready for this digital currency? It will certainly be hard to replace all currencies in the world but it could happen in a decade or so, perhaps even less? Still the question is, is the world ready? I think if this happens it might be one of the biggest changes that will happen worldwide.
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I believe the world is ready for crypto, but governments and banks are not ready to lose their power and control. Sooner or later, they will become the outsiders in the financial system. They try to postpone it, but the global acceptance of the cryptocurrency is inevitable.
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I think the world is ready for big changes. We live in time of technological development and definitely learned to adapt to changes and innovations. Surely, Bitcoin acceptance would be one of the largest events, but I think many people will concur that this is what we're all waiting for.
I use to be enthusiastic like you, but
I see less and less of practical use for cryptos, with speed and scalability as
main technical issues, while on the other side regulative laws are not trivial to enforce and implement.
I think that fiats won’t be replaced, at least not in a decade. There are several issues for cryptos to solve in order to become massively adopted. Crypto infrastructure requires a lot of time and efforts to be built. Coins are still not so easy to use. Not many people want to use a product on its half-way of development. The use of cryptocurrencies must be simplified with the comprehensive interface.
Short answer: No, but…
Long answer: Yes, if…
The world will have ‘crypto’ and blockchain mass adoption when people don’t know they’re using it.
Its still currently too complicated to buy and use crypto as an alternative to fiat or electronic currency. That WILL change, just not yet.
Laura
In my opinion, yes, the world is ready to welcome crypto, as there many countries starting to accept them
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I don’t know if the goal is to replace existing currencies, I think the goal is for everyone to have access to money and resources. If we go completely digital while keeping the flow of money that’s already circulating around we can actual save the environment and solve the poverty problem in the world.
I think the world is ready for the changes. But cryptocurrency won’t replace fiat money, at least not in near future. But blockchain technologies should be widely used in other spheres: medicine, education and science.
As far as I know crypto market isn’t going well so far. But before 1 year it has huge demand. Hope in the future it will rise again.
Since the question was asked in late September 2018, the answer might be moving from a no to yet but it a very slow way.
There was a lot of media attention during the bitcoin boom to USD20k but it did not really translate into adoption.
It will still take time but eventually there should be some integration and harmony between FIAT and cryptocurrency.
Just as how people don’t use cash as much in Australia and pay most payments by card, cash is still used nevertheless but to a lesser extent.
It’s a million dollar question from investment point of view. But gradually, we are heading towards right direction.
I believe that Cryptocurrency is exactly what you need for a single world that lives in complete freedom. But today the world is not ready for this technology.
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Yes, I believe that the world is in fact ready for Bitcoin. It being a decentralized currency, and gaining so much of trust of the years. I see many recognized platforms that have started accepting bitcoin as a payment method. In coming years, I am sure along with bitcoin, other cryptocurrenies like Libra, Litecoin, etc will also be used widely.
Despite many advancements in the industry, it is still easy to say that the world is not yet ready for crypto. There are way too many flaws in the system and there are many poor people who don’t have access to the coin. There is more to expect from developers to work on giving crypto to all people since that it is hard to get access to the internet in the first place. Keeping the coin relevant in the long run is hard if poor people don’t have access to it. but in countries like japan libre coin is already out for the public and is very much accessible as well as epoch
Source:
https://livecasino.io/blog/live-dealer/first-crypto-ipo-announced-by-epoch-partners-limited-in-japan
In my opinion, world is ready for the crypto. But many people are afraid of using it, reasons might be, lots of risk and lack of proper knowledge about crypto.
I think it depends on demographics. More of the younger generations are more readily accepting of usage as they’ve grown up in the digital age, e.g. Gen Z, some Gen Y, and a few tech savvy Gen X people who were some of the first people to embrace the Internet in the early 90s.
As the older generations who grew up on the fiat based Bretton Woods fiat system, who are more used to a centralized system make up less of the population as the years pass by, there will be an inevitable paradigm shift and bigger adoption curve, it will take time, but it will happen. Early adopters are in a very unique position right now.