Being in the crypto world we all have lots of dreams. Today I thought maybe someday Cryptocurrency might have 100% adoption and it can become the only payment method. There can be several types and several cryptocurrencies but when everyone embraces this technology, would this become the only payment method? This was just my imagination and I started thinking about the pros as well as cons of this.
The future of crypto is very bright. There have been adoptions everywhere. Recently Indian government also released CBDC. Even though it is not completely a cryptocurrency, I'm glad that they are taking the right step. Having something like this can clear the path forward for the future in my opinion. We might as well start accepting cryptocurrencies as the payment method. I heard that countries like South Korea are already using similar things for toll collection and other use cases. The same can happen in many countries.
Digital to crypto transformation
It can take several years to transform from digital to crypto. Currently, the biggest challenge here is that not all people are used to digital transactions, and taking that to the people themselves is becoming a big challenge. Some people embrace this technology and some people find it very hard to understand this and adopt digital transformation. Using crypto is also a part of digital transformation.
Some countries like Singapore are crypto-friendly countries and some countries even have the crypto transaction in their official transaction list. I'm glad that many banks have identified a way to transact with crypto faster compared to that the old way of doing transactions that used to take a few days. XRP plays an important role in this.
Possibility is very low
I would be very happy to say that it is definitely possible to have crypto as the only payment method. But the sad thing is that we would always have people who would be against technological advancements and there would always be people who would be against digitalization and would love to have everything done with the help of cash transactions. If that is the case, it can be hard to convert everything to digital.
I have a close friend who personally does everything in cash transactions and he never likes to do anything with digital wallets or UPI. Many people might have friends like that who don't want to turn digital. I do have some hopes for these people because they still use bank accounts and try to do fund transfers from the bank account. It is a part of digitalization actually. But they don't want to learn more than that. But one fine if the whole world is pushing them towards crypto, is it not obvious that every individual will have to learn more about crypto and start adopting this technology?
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