>Remember when Napster began to transform the music industry in the late 1990s? We all watched it transform in slow motion (meaning daily). Today though, twenty years later, the music industry has been forever changed today. Now at the most you pay for a song is $1 more or less or you can go to subscription base and have access to all the songs you want. Anyhow, IMO what we are witnessing in slow motion is the world’s financial markets transforming.
You’ll note that Napster didn’t survive and it was apple that conquered the music market. Digital currency is going to be a thing, but it’s very unlikely bitcoin with insanely high transaction fees or very long delays is going to be it. Enjoy the ride while it lasts.
Cryptocurrencies differ only in that you have no recourse. If your wallet is compromised in any way too bad. It’s as if all your money was cash in a mattress and you have a fire.
Bitcoin is immune to inflation because it’s deflationary by design. The more widely it’s adopted the scarcer it becomes, so hoarding is rational and spending is irrational. But the purpose of currency is to act as a medium of exchange. Hence bitcoin can never be a viable actual currency.