Everyone has their own theory, some better informed than others. Hardly anyone (except the Russians and Iranians) is betting on cryptocurrency to replace the mighty dollar.
Bitcoin’s 10th anniversary could have been a glittering affair, full of promise. But as has been noted by those who follow these things, Bitcoin has not lived up to great expectations.
The original Bitcoin white paper of October 31, 2008, “outlined a type of online peer-to-peer electronic cash that would bypass financial institutions,” writes Lionel Laurent on Bloomberg. Those traditional shops were said to be irredeemably bad – abusing people’s trust, creating credit bubbles, and charging big fees. But, says Mr Laurent Bitcoin and other imitators “went on to show the world how to replicate the worst excesses of the financial system they were supposed to displace.”
I’m not sure how exactly but then I don’t know much about cryptocurrencies.
Suffice it to say, they’re not going to be standing in for the mighty dollar anytime soon.