I think some sort of cryptocurrency that is independent of the banking system will exist
I agree, I just don't see why it should be Bitcoin.
The major negative to having Bitcoin survive long term in its dominant position is that a large chunk of it is mined, and already owned. So.....that gives a big incentive for the rest of the world to create a similar yet superior crypto, which is not already mined and owned. In other words, why would the rest of the world want to help current Bitcoin holders become gazillionaries over the long term? It seems like the rest of the world would want to offer a crypto similar to Bitcoin, but easier to to access, store and use, and start afresh with none of it mined.
But....I don't know who is going to do that.
I thought something similar about Google search way back when it got rolling. It's just a search engine. If it's so valuable and can generate so much ad profits, surely some person would set up a search engine which would PAY its users a share of the ad profits, and we'd all use that engine (and make some money) rather than use Google and let Google have all the profit. No one ever did that, so my forecasting ability is far from proven.
I don't know why PC and cell phone makers - with their massive consumer market reach - don't put a new Bitcoin like crypto on each new phone/PC/tablet, and voila, Bitcoin like crypto for the mass market. It may sput sales, and it seems like it would be fairly easy to do given that the companies are selling a computing device with a processor (it can run the crypto code), the user interface should be easy to create, and it might help them to sell devices. If I were in charge of Samsung, I'd do it. Announce the first 10 billion devices sold by any device maker get 1 NewCoin each installed on their device, and set it up to run along the same line as Bitcoin. Something like that. If done properly it would surely displace Bitcoin. And without new buyers Bitcoin would collapse. Who wants to own a store of value that decrease in value? |
