Question

Why do you think that people are willing to accept currencies such as Bitcoin that have no government backing? Do you think these have a chance at becoming mainstream currencies with real influence on foreign exchange rates?

Answer 1

Wider use of cryptocurrencies in order to warrant respect and acceptance by both public , private and civil society organisations to a certain critical mass in the world to a degree almost where cryptos are embraced by many merchants as a means of exchange for services and goods in circulation in society. You do not require permission from the government or the banks at this point. It is an exchange platform for people-to-people or peer-to-peers that has to evolve inside the world's free people and free institutions. Obviously, at some point, if the state is left out of a big and phenomenal revolutionary scheme such as this would promote conflict with the state (with the law) because, fundamentally, the role of the state is by necessity to control the lives of its people, invited or uninvited

Authority. The power and will of the autonomous peoples of the world will have taken over using the Blockchain technologies, and perhaps a new United Nations Organization would need to be created to regulate the application of blockchain governance and to guarantee that all designated (ratified) countries of the world adhere with and accept the basic values of blockchain-based operations without intervention. If Bitcoin will now be a universal currency or anything else does not matter. Bitcoin is just a currency, but the idea of approaching the absolute independence of world people from being confined by their governments is something we should accept.

When institutional capital joins the market, some economic observers say a major shift in cryptography is coming. In addition, there is the prospect of crypto being floated on the Nasdaq, which will help give legitimacy as an alternative to traditional currencies of blockchain and its applications. Some expect that a checked exchange traded fund (ETF) is all that crypto requires. An ETF will probably make it easier for individuals to invest in Bitcoin, but there also needs to be the need to invest in crypto, which may not be created instantly by a fund.

A debate about the future and that of other cryptocurrencies has sparked the rise of Bitcoin. Its popularity since its 2009 launch has inspired the development of alternative cryptocurrencies such as Etherium, Litecoin, and Ripple, despite Bitcoin's recent problems. There will be very divergent parameters for a cryptocurrency that aspires to become part of the mainstream financial structure. While this opportunity seems distant, there is little question that the ability or inability of Bitcoin to cope with the challenges it faces will decide the fortunes of other cryptocurrencies in the years ahead.