It is more than possible. Considering what the world was a decade ago, what will happen after a decade is far from our mental approach. If you are old enough to remember the world 10 years ago, you must know that there was no concept of digital currencies. Everyone was using cash. Even credit cards were not that common.
Remember, what happened 5 years ago? Credit card use was becoming normal. Although crypto was still something unknown to the general public but not digital cash. People started using credit cards instead of carrying a lot of cash in their hands. This was a successful time for the banking sector. Everyone started opening bank accounts and putting their cash in there.
Later on, people started online shopping and then Bitcoin came to us. It was there in our world about a decade ago. However, not everyone knew about it. And even the people who knew were hesitant to buy them. Because they could not see its future.
As time goes by, businessmen made use of bitcoins and it helped them with escaping huge taxes. And that was not all, there were other benefits too. Thus, the investing and business sector was quite active with bitcoins and their purchase.
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No one has control over bitcoin. Even the creator is still not publicly known. The only thing that we know about the creator of Bitcoin is that he is a Japanese person and his name. Anything more than that? It is still unknown. So unlike our stock markets and global investments, Bitcoin is rather far away from interventions of the rich.
But will it be able to completely eliminate cash from the world?
This is the question that arises in our minds.
So let’s see what is happening in our world right now.
Use of Bitcoin and other cryptocurrencies
Just a year ago, people were only investing in bitcoins. They were either buying the coins, selling them at a higher price or they were mining them and getting paid. This was a very limited use but the amount of profit was huge because there was a surge in the public’s interest.
Just in the past 3, 4 years, mainstream and social media highlighted Bitcoin so much that everyone become aware of it. Media reports provide a bit of security to those who were n doubt about their investment. So when people started investing, the rates rose. It was only a matter of time and now almost in every country, there is a million-dollar investment in Bitcoins. Irrespective of the legality in countries, the public is investing in it.
No external intrusion
Bitcoin has provided its users with utmost anonymity. There won’t be any external intrusion. Furthermore, no one can trace your payment. So whatever you are buying, no one would know. The only thing is whether the seller wants the payment in bitcoins or not.
With more investments in crypto, governments had to do something. This was something beyond their control. Furthermore, people were investing a huge amount in it and there was no record of anything.
A person having a million dollars could escape paying tax. He could say that he invested in crypto and lost his money. On the other hand, he could just keep that amount in the crypto form. The governments could not trace his coins nor does they have access to that. And whenever he wants, he can turn that coins into cash again.
This concerned the governments and they started making regulations. As a result of this, the developed world legalized bitcoin and other cryptocurrencies. This provided confidence to investors. Consequently, people from developing countries and almost everywhere in the world started buying these coins. The investment pattern shifted from the stock market to cryptocurrencies.
Online shopping with bitcoin
This was not the case a year ago. However, with the huge surge in investments in this sector a lot of “big names” allowed their customers to pay in cash. This was the decision taken after the governments started regulating crypto. A lot of countries have legalized crypto.
As a result of this, brands also started accepting bitcoins and others.
- There are online shopping sites that accept bitcoins, Ethereum and many other cryptocurrencies. You can buy anything from them in exchange for your coins.
- Several international brands allow their customers to buy luxury items in exchange for their crypto coins.
- You can buy paintings and other expensive art pieces by paying through it.
- Similarly, you can even buy your private yacht
- Want to buy a car, Elon Musk said last year that you can buy a Tesla. Just pay through bitcoins and the car is yours.
- You can have a pizza if your local pizza shop accepts bitcoins.
These are just a few examples, but the normal use of bitcoins and money exchange is becoming common.
Replacing dollars and rupees
The United States of America and many other developed regions of the world have made crypto legal. Therefore, their people are using it normally. Their pizza shops are already accepting crypto coins. And it is not just Bitcoin but Ethereum, doggy coin and many other cryptocurrencies. So it is just a matter of time, maybe in the next few years, Bitcoin might replace dollars.
But whether it will replace rupees, it may or may not. It is not easy for developing countries to manage and regulate cryptocurrencies. Therefore, it might take some time there. Moreover, their general public won’t easily accept it.
All international transactions are made through USDs. Next up in this race is China. Although they still make a lot of their transactions in USD. But they are trying their hard to change it to their currency. So if these giants started using Bitcoins, the whole world might too.