Bitcoin ATM. Image source wikipedia
I believe we have known cryptocurrency beyond crypto itself, yes as we know that cryptocurrency is a digital currency that has no shape and is untouched.
Cryptocurrency or digital currency is often used as an alternative currency, cryptocurrency is generally decentralized. Decentralization has to mean, no one is able to intervene in crypto movement as in conventional currency, so no government or anyone can manage crypto.
I often refer to cryptocurrency as "A country without the nation".
When does the era of cryptocurrency begin?
In 2009 the history of cryptocurrency began, beginning with the discovery of bitcoin by a developer who to this day is still mysterious, bitcoin utilize the hash function of the design critic of the National Security Agency of USA.
The first "alternative coin" or altcoin was created in 2011, Namecoin. Later in the same year in October Litecoin was released, Litecoin is an altcoin that is considered successful because it uses hashes that serve as different manuscripts of bitcoin. The advantage of using this script is that people can mine Litecoin without having to buy certain devices source.
Cryptocurrency has a high security because crypto has the ability to independently secure from third parties, we call it with cryptography.
From my observations, some countries in the world have legalized the use of cryptocurrency as a legitimate currency. These countries are among others source.
United States
The American government has issued a special regulation on the use of bitcoin as the legal currency of the country, although its use is still around 25% and mostly used for online shopping payments.Japan
Currently, many retailers in Japan are receiving payments with bitcoin, and there are even specialty stores that receive payments with bitcoins.Denmark
While the Danish government has not yet fully legalized the use of bitcoin as a legitimate currency, but today many stores accept bitcoin as a means of transaction. This is because the Danish government also does not impose a ban on the use of cryptocurrency as a transaction tool.Russia
November 2016, Russia officially legalizes Bitcoin as a legitimate means of exchange, the regulation issued by the Russian government is considered a wise and lucrative choice because with the regulation the government can easily supervise any cryptocurrency transactions to minimize money laundry and other abuse.Finland
The Finnish government has made it easy for cryptocurrencies, such as bitcoin free tax and many ATMs to do bitcoin transactions, the data suggest that Finland is the country with the highest bitcoin transaction ever compared to other countries in 2016.South Korea
The South Korean government issued a special regulation to protect Bitcoin users, in order to avoid the risk of worldwide crypto explosions.
Even recently, Belarusian National Technical University (BNTU) in Minsk states it has opened a program on cryptocurrency source, wow :)
Some of the things mentioned above are a very significant progress of some countries towards the increasingly dynamic economic changes.
What are the current cryptocurrency challenges?
Many central banks refuse the existence of crypto as a substitute for the traditional currency, it is simply caused, the bank will lose authority on the economic field.
Many of the logically perceived reasons ultimately serve as a tool for attacking the existence of cryptocurrency as a more practical means of exchange, traditional bankers consider crypto to be the media of money laundry, the financing of terrorism and other reasons to undermine the use of crypto in some countries.
Indonesia itself does not prohibit its citizens to invest in the form of digital currency (cryptocurrency), it's just that Indonesia has not legalized cryptocurrency as a legal transaction tool.
Well what if we wished
Let's say that for the next few years crypto succeeded in replacing the traditional currency, and the use of traditional currency no longer exists, which means the world has only one type of currency that is cryptocurrency.
Then what?
Many countries that do not prepare for this condition are eventually left behind or may go bankrupt because the world economy uses crypto as a medium of exchange, every export and import activity is paid using digital currency.
What's the difference if the traditional currency does not exist anymore?
It makes no difference if the traditional currency is annihilated
/no longer used then crypto is no different from the current traditional currency.
Will we still be able to invest with crypto?
Of course, still can because later will many altcoins that can be invested.
How long does crypto survive?
Until the blockchain perishes or the internet no longer exists.
What happens if the internet goes down?
You just have a pile of computer junk and do not have anything.
Is it possible internet down?
It could be, but I do not know when it happened
What will replace crypto?
Gold, land, barter, and other real things.
Is it possible that it really happened?
Why do you reject this truth?
What should we do to prepare for that time?
I advise you to invest also in the real thing.
Do you know? crypto is worthless if you, me and we leave it and no longer use it.
So, who makes crypto have a value up to thousands of dollars like today?
We are.
And do you know? that the bank is currently considered irrelevant and ancient