Banks, Fiat Won’t Be Going Anywhere When Blockchain’s Mass Adoption Happens
The Three Implications Blockchain's Mass Adoption Does Not Assure
It unfolded merely a decade ago, and slowly but steadily the blockchain technology is extending its roots into the society and taking its place. The tech in question promises to do a lot, and as a result, it has been referred to as the next big thing.
In the current digital world, how we regulate as well as maintain administrative control needs to change, and it's in this area that blockchain has shown to have a lot in the locker to help. Several institutions are now into the blockchain, and its adoption is rapidly growing.
Even though it has had its legitimate criticism, cryptocurrency space, as well as blockchain technology sooner, will be everywhere. In fact, several predictions have been made others which suggest that in the next three years almost half of the globe's technology leaders would have implemented blockchain.
It's easy to say that the adoption of blockchain will sooner change how we operate, but then there are some other implications that it does warrant. Some of the top three include:
- Going Forward, Cryptocurrency will Replace Fiat
From the current state of things, in several ways, cryptocurrency has shown how superior it is to fiat currencies. Besides, having a decentralized sovereign currency is something welcome for everyone, but then when talking about doing away with fiat can be a great deal.
Stop for a second and imagine Bitcoin and Ethereum taking the positions of a dollar and the Euro. Outpacing fiat will only call for rapid new infrastructures as well as systems to be developed to help in the transition.
- Banks Becoming Obsolete
Cryptocurrency is all that users be their bank, but it doesn't guarantee that banks will be destroyed for the peer-to-peer alternatives. Besides, the banks are on the front foot leading into mass adoption with other banks even launching their crypto such as JP Morgan. Therefore, the prospect of banks being obsolete is very much unlikely as most will not take the initiative voluntarily.
- The coin will make you rich
There is no guarantee about your coin making you rich in the near future. Even if the market grows as much as you can imagine, not all the coins will appreciate uniformly. In fact, with time some grow and absorb those stalling to grow meaning there will be very much unparalleled growth as the industry matures. Therefore, some will have moderate growth while others go extinct. The point is clear that nothing is guaranteed with mass adoption.