1.Bitcoin and other cryptos have the potential to completely erase and remove the current financial systems like central banks and ultimately it will erase the central governments due to lack of paid tax amount from citizens. So those authoritarian people will try to keep saying bad things about cryptos to keep a control, but they can't control actually.
That's a Bullshit. Neither Bitcoin, nor other crypto-currency has any potential to replace current financial system. If you have some advanced knowledge about either of How Finance works nowadays, or How Blockchain technology works, you would never say that it has potential to replace the Cash.
Current system is based 100% on full identification of the customer. You open an account with any bank, you have to identify yourself. You make a transaction - you again have to identify yourself. And this is done not for the Banks to make tons of money, which they definitely do. It is first of all made to protect you from losing your money.
Now you, and everyone who has some vision of the Crypto Currencies overtaking the world, do you really think that one day all the people who are still very far from technology boom, they will all agree to switch to any CryptoCurrency and take the risk of loosing all of their assets if they don't manage to keep their private keys in secret and at the same time not loosing them? Do you really, really believe this could happen one day? Do you also really believe that the anonymity is a global problem, for the majority of people on this planet? And how about the fact, that the Bitcoin is not that anonymous anymore, because exchanges require full identification, because ISPs can trace your traffic and identify you, because of many other things already happening around. And do you know that this is much worse than what we currently have, because anyone, I repeat - ANYONE, knowing your wallet address can see all of your transactions, at any time?
So, you might call me an idiot, I don't care, but I know for sure that not Bitcoin, or any other Crypto Currency could ever replace the Cash. It's just not going to happen.
First of all, if I don't know about how the financial system, banks and cryptos work, then I would not be interested in cryptos as compared to the current financial system and I would not have posted any comment without a basic understanding of what it is.
Second, cryptos are not going to replace the financial system tomorrow or next week and that's I am sure about it and hence, no one has to be in a hurry. But neither me nor anyone knows when it will happen, but I know this for sure is that when it will happen people who are too far from the latest technologies will have no time in even understanding what it is and will be in a chaos. That is the whole purpose of creating this thread and explaining about cryptos.
The reason for this is because cryptos emerged out of Blockchain technology and every new technology has a tendency to follow exponential growth which may seem nothing at the beginning, but when it will sustain for a sufficient time, then it will grow in an infinite growth in very short time that is what is being shown in Bitcoin and it is still just the beginning. But I call only those people as idiots who don't understand and see the underlying fact that it is natural exponential growth and they keep saying it as bubble. All exponential curves in time scale will appear as bubble, but they are not.
When I said replacing the system and you have many questions, you can get answers how cryptos will replace current financial is like follows:
Did everyone stopped using land phone after the emergence of mobile phone and tablets? No
Did everyone stopped using bullet carts, horse carts after emergence of cars, vehicles, planes, etc? No
People will or may still use banks if actually they will exist in future, but the % of people and % of cases where banks will be used might be so negligible that it is almost like cryptos will only control the whole financial system.
Though there are many reasons for it, but two of the main reasons for the current financial system to collapse is as follows:
1.No fixed supply of currency for a particular country: In the current central banking system there is no fixed supply of currency and the central governments can print money whenever they want to control the entire economy and control the currency value which leads to devaluation of the currency per unit currency.
2. Centralisation of money: Following the point number one, there are a hand full of people who have 80% or more of control of the entire economy of the entire world and they can play around with the economy and the currency value whenever they want as per their personal agendas leaving the common public having no control of their earned money. So whether someone makes 1000 USD per month or 10,000 USD per month income when the currency itself can be controlled, then such figures don't mean anything.
There are many other challenges or reasons which can be solved by the crypto currencies in one shot though it can lead to some other problems for sure. Also, other challenges like scaling problem is there in bitcoin that's why thousands of cryptos arised now.
By the way, after just few years may be 5 to 10 years of time, no one will be going to bank to open an account and transfer funds etc and everything will be done online based on biometric data of individuals and I am not talking about some sci-fi stuff here. There are multiple countries which are collecting and trying to link biometric data to banks which will be ultimately can be linked to cryptos as well. Such technolgies are already existing and will be soon implemented in cryptos.