What do you think about the future of cryptocurrencies ? Even today it’s already different from 2 years ago. So when will it stop ?
Bitcoin and other cryptocurrencies may be a prototype which will have to be replaced:-
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What people tend to forget is that the Bitcoin system is software and not some physical object. With software, it can be continuously improved and updated . Technically, if the Bitcoin community wants bitcoin to be asset-backed or alter its consensus mechanism, it’s all possible.
It’s kind of like saying “That Microsoft Windows prototype needs to be replaced.”
Fast forward a couple years, “That Microsoft Windows 3.0 needs to be replaced.”
Fast forward a couple more years, “Microsoft Windows Vista sucks! It needs to be replaced.”
The Bitcoin Core software’s latest version is 0.16.0. It’s not even version 1.0 yet.
designing the most scalable, no transaction cost robust cryptocurrency… that’s the easy part.
Getting users to adopt it instead of Bitcoin also possibly is not insurmountable.
The difficulty comes with getting governments to not treat it as a commodity and thus not tax it.
Without that I find it difficult to envision people using it on a widespread basis as a currency.
The only solution that I can think of would be to have it pegged to the currency of your country. So maybe usd pegged crypto currency, another one for euro. Chinese probably not because government would probably not allow it.
Then you have no fiat gains, so nothing to tax.