How Long Will It Take?
I was asked this question this morning dear reader. It was to do with cryptocurrency and how long will it be before it replaces [fiat] cash.
An interesting question.
CryptoWorld conveniently produced a pictorial recently where the following question was posed:
"How many years did it take for these products to reach 50m users?"
In other words around 1% of the world's population. I found the results interesting.
Cars 62 years
Telephone 50 years
Electricity 46 years
Credit Cards 28 years
ATMs 18 years
Internet 7 years
Paypal 5 years
YouTube 4 years
Facebook 3 years
Twitter 2 years
It is clear to me that since Berners-Lee's amazing invention [world wide web] the speed of change and acceptance of change has quickened significantly.
To answer my friends question, in light of the above, is no easier BUT alternative currencies are here to stay. Regulation and payment solutions, not to mention the advent of crypto Exchange Traded Funds will make cryptocurrencies mainstream.
The centralised system and its advocates will use ever more desperate tactics to frighten people off but it is inevitable that the revolution, started 10 years ago by a group of disgruntled tax payers, paying the price for the latest financial crash, is gathering pace.