We have faced a valuable and safe money that works around the world, is not linked to the state, and does not need the current banking system. This same system can serve as a substitute for all current payment systems that use national monies. This money is a mere market invention that adds to traditional bookkeeping and store-of-value purposes one additional feature; it is likewise a global peer-to-peer method of payment.
About ten years ago, even high-level theorizers said this could not happen- yet it did happen.
We have seen the invention of smart contracting organizations that can run a vast number of human contracts, obligations, and communications. Even people who acknowledged that Bitcoin was genuine doubted that Ethereum could attain this. Yet it happened anyway.
We have even witnessed how this system has befitted a tool for growing capital and substituting even traditional loaning functions. Three years ago, this was just a speculative notion. Then it has become a one-hundred-billion-dollar actuality, and novel forms of capital being elevated through tokenization.
Apparently out of nowhere, we have now a whole suite of technology that could possibly displace and even substitute national money, old-style payment options, and even controlled capital markets, and bring us something novel and much more superb.
Regulation Is Key
There is an additional factor that is setting back the change from old to new. Regulations are trying to impose the new technology to perform like the old technology. In the US, to purchase Bitcoin or any cryptocurrency, it is obligatory to fulfill the know-your-customer regulations, forfitting every detail about your person. Any money you earn from rising price movements in your new asset must be conveyed and you have to pay taxes on it. Businesses that want to assist in onboarding and offboarding crypto to fiat have to record with the government as money trades. And with the capital-raising roles of blockchain technology, the regulators are foreboding to shut them all down and make them perform like old-style securities.
Is it wrong to be slightly in admiration of this realization?