Why is fiat ruling the financial sector?
Fiat finance has been successfully running throughout the world for years. Every nook and corner has been covered by fiat economic infrastructure. The invention of the Internet has made it convenient to serve global citizens more elegantly.
People want and rely on a financial system that is universally accepted throughout the globe. People want a financial instrument that has got univrsal acceptance and service irrespective of location and nationality.
Fiat currencies acquired the trust of the people for a very long time which doesn't seem to be easily interrupted by other systems of currencies, such as cryptocurrencies.
What is stopping cryptocurrencies from succeeding?
In principle, a cryptocurrency can provide improved service compared to fiat currencies. But, people's long-time trust in the fiat economy is experience-based. The people are satisfied with the current state of services of fiat economic infrastructures.
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Global citizens depend on fiat currencies for an extended period. Their trust in fiat currencies is vital due to long-time experiential knowledge.
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Cryptocurrencies need to demonstrate distinct advantages over fiat currencies.
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Only then cryptocurrencies may attract mass adoption.
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Mass adoption may only trigger more adoption by the mainstream world.
The stopping factor for cryptocurrencies is that people are more or less satisfied with the services of the fiat financial sector, such as banks, credit cards, etc.
Bitcoin Cash getting more adoption is a positive sign
The worldwide adoption of Bitcoin Cash is a positive sign.
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When I see a merchant in a nearby locality accepts Bitcoin Cash as a tendering currency, I get inspired to incorporate Bitcoin Cash as a payment instrument for my business enterprise.
"The Accept Bitcoin Cash initiative" is a searchable list of merchants worldwide to find existing merchants and enlist new merchants to the database.
More adoption of Bitcoin Cash can put it in a growing state compared to the other cryptocurrencies.
Closing remarks
People are mentally down looking at the decreasing cryptocurrency price cap.
If we continue to use a cryptocurrency, it can rise again. Promote your choicest cryptocurrencies.
Mass adoption will be the key for cryptocurrencies to succeed.
About me
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I am from Science, Technology, Engineering, and Mathematics (STEM). I have also added "Arts" and "Fine Art" to my interests and made my interests STEAM - Science, Technology, Engineering, Arts, and Mathematics.
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I develop solutions for password and cybersecurity relevant to cryptocurrencies, blockchain, and other block-less distributed ledgers.
I hope the entire blogging community will strive here and elsewhere.
If you have time, please explore my "Learning Times" and other channels on Odysee-dot-Com and earn crypto coin LBRY Credit or LBC for consuming and creating content.
It was originally posted on read.cash.
Cheers! Debesh Choudhury
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Disclaimer: All texts are mine and original. Any similarity and resemblance to any other content are purely accidental. The article is not advice for life, career, business, or investment. Do your research before adopting any options.
July 26, 2022.
