[Why The World Wants…And…Needs Bitcoin] Bitcoin Will Inevitably See Global Purpose, But There Are Conditions
Bitcoin Will Inevitably See Global Need, But There Are Conditions
The debate of whether bitcoin will inevitably replace the fiat-based payment system will always come with unending suggestions. However, there's a good chance that it might happen with some experts believing without a shadow of a doubt that there will come a day when bitcoin will eventually turn the tables.
Now, the highly respected bitcoin educator as well as an entrepreneur, Andreas Antonopoulos has backed those sentiments about bitcoin's presence having a fundamental shift on the world stage, but he says something has to happen first.
Developing The Yet-Unknown Applications Is The Key
Speaking at the ongoing Deconomy conference in Seoul, Antonopoulos is certain that even the South Koreans will need bitcoin if only the yet-unknown applications are developed. According to him, bitcoin will replace the current fiat banking system.
The significant way for bitcoin gaining a global need only lies with developing the next generation of use cases to make bitcoin's demand an obvious option for the average consumer. Also, the crypto educator highlighted the fact that the current cryptocurrency usage is either a niche hobby or merely a product of desperation with the banks.
Everything Should Be Made Simple
Antonopoulos argues that at the moment things are not that much easy to use bitcoin claiming that theirs is an overall difficulty to cryptocurrencies as well it requires some technical knowledge to transact and store successfully. Therefore, for that reason, most people have found it challenging to use bitcoin.
In fact, he pinpoints that blockchain and cryptocurrencies are being adopted in those places where the fiat financial system has got several issues that people instead opt to use cryptos despite their difficulty of understanding and securing.
As things stand, the only way is making advancements with the applications and simplifying the wording, only then will cryptocurrency achieve a global need.
There's no denying that there're several advances ongoing with bitcoin and who knows, sooner it may usurp the popular payment systems like MasterCard and Visa. Andreas noted that the capacity of the existing payment systems is about to be beaten almost by ten thousand times, hence a good indication that perhaps bitcoin is on track to becoming the future of payments.