Have you heard the hype about bitcoin and other cryptocurrencies? Everyone seems to always be quick to say Bitcoin is the best thing that has happened since the discovery of gold. Some even say Bitcoin and Ethereum are the future… and bla bla bla. Popular billionaire Tim Draper even recently said that Bitcoin is a better currency than any other Fiat currency.
I feel all of these are just out-of-this-world statements; and they are preposterous. I strongly believe that Bitcoin or any other cryptocurrency is not ready or ripe enough to attain that status right now or at least not anytime soon. It may in the far future though. Yes we all know a whole lot is happening with cryptocurrencies and the future looks very bright for it. With use cases in music, sports and practically every sector down to even social messaging apps like the TokLok token. But when we talk about Bitcoin in comparison to Fiat currencies we should understand the limitations which bitcoin still has.
Unlike Fiat currencies which even the uneducated in any part of the world understands. You need to be digitally skilled to be able to understand crypto-currencies, digital wallets- Ethereum, Solana, Cardano wallets etc and how they are used. And this is a luxury in many developing countries. Crypto transaction fees are also still very high when compared to the free Fiat transfer fees available in many countries.
This however does not mean that sometime in the future, maybe in another decade, cryptocurrencies will become the main thing. But I feel that right now anyone saying that cryptocurrencies are better currencies than Fiat currencies is just deluded and not in the present.
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