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Elsa
Elsa

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Will cryptocurrency become the legal currency in the world in the future?

I have a doubt!

Will cryptocurrency become the legal currency in the world in the future?

Discussion (31)

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ben profile image
Ben Halpern

It vaguely is in some places already — so the answer is probably that there's no blanket yes or no. The world is diverse in this way, which is definitely a good thing here.

Realistically, crypto will come to play a role in the overall monetary system because it certainly has momentum, but the good parts and bad parts will likely regress to the mean and the abstract concept of money will stay about the same.

Macroeconomics is complicated — and I feel like most people are wrong most of the time. 😆

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dumboprogrammer profile image
Tawhid

I completely agree with you

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elsa profile image
Elsa Author

Who knows, the main reason for for blockchain technology creation may go useless
¯_(ツ)_/¯

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Thorsten Hirsch

My guess:

  • 95% of all cryptocurrencies will die
  • Bitcoin is likely to stay, despite its huge energy consumption
  • stablecoins like USDT and USDC will continue to play an important role
  • privacy focused cryptos like Monero will get banned in some areas (but might continue to live in the darknet)

...and yes, more and more countries will adopt cryptocurrencies as legal tender. We will also see CBDCs (cryptos from central banks).

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elsa profile image
Elsa Author

Well, let's see what happens in the future :D

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dumboprogrammer profile image
Tawhid

wild guess eh?

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SPABOI

Most probably in some places but not all. There’s already a country who made Bitcoin as its national currency but it’s also risky to make cryptocurrency just like money. Cash will still be the best option in my opinion. And it’s more safe.

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devencourt profile image
Brian Bethencourt
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spaboi profile image
SPABOI • Edited on

Yeah it isn’t a reliable source of currency. There are a lot of exploits that you can find.

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elsa profile image
Elsa Author

I think the same thing

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JoelBonetR • Edited on

Isn't it legal nowadays? I mean, you can buy 'em, trade them and so.
It's nearly a CFD market plus you can buy things in any place where they admit those coins, just like if it was a foreign currency but with better support.

Governments are starting to keep track on them on an aggressive way so... I'll need to pay like 1k in taxes in a couple of months 😅

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Bernd Wechner

Seems unlikely in the extreme given the very bad rap it's getting for wasteful energy consumption and concentrating the wealth in the hands of the already wealthy no less than existing systems (essentially people with the capital to buy up tons of GPUs and run them for mining earn all the coins mined). In short I suspect new ideas may emerge from the current blockchain implementations but as they stand they are on a path to self destruction IMHO with a declining plummeting reputation.

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brunojustino

No. The currency system is gonna be the ones where's the gov't can keep track of them.

Bitcoin never gonna die. OFC Big Companies gonna try to kill it. Bitcoin is a instrument to fight the oppressive system where we live.

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elsa profile image
Elsa Author

sounds good...

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korneldoe profile image
Kornel • Edited on

My biggest concern would be about the proof of reliability in the position of us users. What do I mean by that? Is that, when someone who is advocating this as one of the good implementations of futures economy being asked how secure and how is it working under the hood can only assure you with preset that its guarantee to be never breakable and you shouldn't worry much about it is unacceptable. I remember watching the presentation of quantum cryptography where a speaker when he got asked what does he think about shadow realm of scientists and gov funded researches ( unlimited funded ) he just stepped back with the head down and said with disappointment that his "lifetime work" would just go to the bin, what he meant is that its technically possible that crypto is already in the hands of someone, ( relate that he is working in a one of the companies that are doing quantum computing ). What do I want to say is that, this crypto thing to me is one more race between nations in technology. Who's first going to crack this "crypto"? Crypto is temporary. Even if some say that it's unbreakable, impossible, look at this, look at that, this is so irrelevant as if it would be one more constant found in the universe, never changing, always present. It's not, its just a technology, its just a math, its just a numbers, so if there is an entity such as infinity in the universe, there is clearly space for the technology to catch up with this and crack it. The question is again who's going to be first to do so. Knowing that I believe that countries which are somewhat racional are not prone to do something that would cost them a lot more to redo afterwards rather than not implementing this at all. I do like some side effects of the crypto, but what I do not like the most is this confidence in everyone. Its just a matter of time after all.. The equation is simple to me: more attention it gets = the faster it will be cracked. Would like if someone could change my mind in terms of "unbreakability". Thank you.

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elsa profile image
Elsa Author • Edited on

Really thank you for your comment :D

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Dylan Oh

There are some countries doing it but I think this might face some difficulties in terms of completely taking out or having both centralized (central banks, aka the current finance system, countries) and decentralized systems at the same time. They try to regulate it, but it might not be easy on the journey of making it a "currency" (legally), which they do not have much control over it. But I do hope this happens.

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Can Olcer

No, of course not. No government in their right mind would adopt a currency that as legal tender that they cannot control. This would be the downfall of the economy. I also wrote a post about why cryptos are a negative-sum thing for society if you want to learn more about my reasoning.

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elsa profile image
Elsa Author

thanks for you info :)

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chrdek

Probably the cryptocurrency market will get saturated in a couple of years. Prices of buying might go higher and in the end might not be very affordable for everyone.

In the end, the whole idea behind blockchain/web3 might help programmers worldwide with implementing clean coding standards and efficient web apps with higher security.

Just my opinion though.

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elsa profile image
Elsa Author

thanks for your comment 😊

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Joe Mainwaring

Perhaps a future generation of crypto currency, but the technology today is not scalable for mainstream adoption.

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smitagravat profile image
smit-agravat

Maybe but i don't think it will replace physical currency because it has it's own drawback same as physical one.......

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devdufutur profile image
Rudy Nappée

BTC... already did in some countries

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Ivan Jeremic

IBAN is crypto, we already have crypto for years.

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Doug Schwartz

Nope. It's way too volatile.

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fyodorio profile image
Fyodor

We live in the world where the legitimacy of cryptocurrencies rise each day. The reasons for that are not very nice unfortunately but it’s already inevitable.

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basharath profile image
Basharath

May not become legal tender but may co-exist with them.

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arguably8773 profile image
Dangle Albright

IMO Probably Not

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JessicaHanda

As the market is trending everywhere , I think It will be .... Islamic dua to win court case

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taijidude • Edited on

With the speed that the Facebook currency was shot down i think no. My laymans Impression is that the crypto currencies will remain a niche topic. But the block chain itself might find more adoption with other use cases than currency. Maybe in fields like shipping (maersk.com/news/articles/2021/07/2...)