It’s not a bad idea to believe that cryptocurrencies will take over fiat money someday. We've had a good start for sure but we are nowhere close to replacing fiat currency. I’m not saying it cannot happen over time, but just not in the immediate future. Expecting cryptocurrency to replace fiat in the near future is us just being naive.
However, we've managed to put these banks on the back foot, and that's as good as it can get for now. We cannot topple governments overnight with cryptocurrency. Certainly not in major countries without wreaking havoc on the economy. But we can push for the change; mass adoption and greater penetration.
The world is a huge place, and it isn't easy to replace a system of money that is backed by force-sometimes violent.
Recently, top Indian banks have been clamping down hard on Bitcoin exchanges, prevent deposits, slowing down withdrawals and eventually suspending their accounts. This has certainly disturbed the market slightly but it hasn’t slowed anything down at all.
If anything the users in India are looking suspiciously at banks-the supposed custodians of our money who are now preventing us to use our funds the way we want to. Seems rather hostile but there isn’t a lot that one can do against this kind of behaviour.
India is largely support by it’s rural economy. The greater percentage of our population live in rural areas. Banks in the past decade have aggressively tried to penetrate this market in hopes of providing banking facilities to the poor. Cryptocurrency is yet to anywhere close to solving some of these real issues.
Banks know this. They know that massive speculation aside many users don’t use cryptocurrencies as a mode of payment. The number of people who actually use cryptocurrencies to make payments are few compared to those who in this market for pure speculation.
For mass adoption of anything, the poorest of poor need to be able to use it anywhere, anytime. That’s why fiat money works very well even though it can be replaced overnight, like in the case of demonetisation in India. The governments will do whatever in its power to keep itself profitable.
We have every right to ask our governments to regulate this market and make it easier for us to trade. Governments have to comply but they simple don't because they know they can suppress us with force. Banks just work with them hand-in-glove.
Banks and heads of such organisation have to work very closely with government agencies and regulators. This prevents them to do anything beyond their protocols. Indian government is known for being corrupt and it comes as no surprise to anyone that the top banks have been arm-twisted into arm-twisting Indian cryptocurrency exchanges. Money that funds politics, exchanges hands in fiat currency after all doesn't it?
By adhering to fiat economy we put our futures in the hands of those we elect to work for us. However, they do anything but work for us but they work to keep their bureaucratic machinery well oiled to feed their agendas. Will we ever come out of this vicious circle? Only time can answer this question!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Watch This Fun Video From India Steem Meetup #1—Jaipur Edition!
- Crossed 17000+ Followers-A Few Thoughts As I Work Towards 20000 Milestone!
- Steemit.Chat Contest #14 + Contest #13 Winners Announcement!