Those of us who have been in this space understand that the Blockchain is a people's invention. It's all about establishing a fair monetary system in which anybody may take part. When Bitcoin was first published, it took away the capacity of a tiny group of wealthy individuals to control money. Satoshi had a long-term vision. He designed the Blockchain to immediately solve the catastrophic worldwide monetary collapse/recession caused by stock market/banking and real estate market manipulation. Money printing and over-lending had gotten out of hand, resulting in a recession in which many people lost their houses.
The Blockchain experiment has had numerous setbacks, with greed possibly being its undoing and only a few cryptos are in the only way to replicate what Satoshi was attempting to transcend, but it is up to the people to decide. High fees and long transaction times have made BTC useless to this course; however, there are some Cryptocurrency who's utility is so high as to replace the fiat payment systems in their entirety, but this is entirely in the hand of the people.
When we tell people about cryptocurrency, we've always stressed the importance of scaling and low transaction fees. But what will persuade the masses to use it as a medium of exchange once the options for sending fiat money are no longer as slow and expensive as they are now?
The convenience, speed, and cheap costs that made Bitcoin effective, in the beginning, were all part of the original formula, but banks have improved in this area as well, so this is no longer a differentiator; the only thing that separates their experience is the blockchain's actual utility.
Will people truly make the switch now that transferring fiat is nearly as fast and convenient as sending some of the most frictionless cryptos? People can now easily purchase goods and services and send money to friends and relatives. Will the general public utilize crypto to pay for all of their purchases, or will they continue to use centralized methods to buy things and send money?
As long as cryptocurrency continues in the vision of Satoshi, it will survive. But the solution is just more than adoption, if things stay relatively the way it is now, why would the masses start using it? I think it will take something more severe, just organic adoption is not enough.
There is a large portion of the world that lacks access to excellent banks, adequate fiat, or stable governments; hopefully, we can make progress in this area. The adoption movement of cryptocurrencies should concentrate on the markets where the technology is most needed: the developing world, places with poor financial systems, corrupt regimes abusing the monetary system, and so on.
A decentralized payment mechanism is what we're talking about. At the periphery, things change. We must gradually penetrate the most vulnerable areas of the corporate world, which are primarily in developing countries right now. The technology that comes with Bitcoin isn't just for the world's wealthy nations. For the time being, ignore the Americans and Europeans. They are under the impression that they need something different, a digital investment tool, and they got that with BTC.
North Korea, like other African countries, is in need of censorship-resistant, anonymous, and easy-to-use network trace sound cash that isn't controlled by their corrupt government. People in these areas are now investing in the incorrect things due to a lack of understanding of how to leverage blockchain technology. They will eventually learn from their errors. The space would be taken over by the cryptos with the lowest friction. I'm hoping that the cheapest will get to the top of this list of cryptocurrencies and that its price will stabilize over time.
Of course, you can't just go into any of these countries and start a cryptocurrency city. Nonetheless, this is the area where the concentration should be. Consider the good that it could do for victims of brutal despotism.
BTC is no longer making headlines as a viable alternative to fiat, and the crypto sector is about to enter a new phase. Now is the moment for the global crypto community to get serious about adoption. Someone who can create a "killer app" for superior peer-to-peer electronic sound cash will undoubtedly win.
People require assurance that the cash they own will not depreciate and will be able to be utilized for day-to-day purchases of goods and services with minimal friction. In this regard, which cryptocurrency is in a strong position to succeed?
