The way forward with Crypto and its grim reality

It’s no mystery that in order for cryptocurrencies to have enough critical mass and gain mass adoption among the populous, a “sizable chunk” of suppliers must be willing to accept it for their goods.

There are plenty of companies that already accept Bitcoin (e.g. NewEgg and Microsoft). I however think that suppliers of “everyday goods” like produce, clothes, and other commodities that must be purchased more frequently would go a long way in getting the layperson to start using crypto currencies in their everyday life.

A secondary problem that must be solved is transaction fees being competitive with fees in the current financial system. This is already being addressed with L2 solutions and Proof of Stake (PoS) blockchains.

Cryptocurrency will soon prove to be robust enough to handle the economic demands of the world and it will be a superior alternative to traditional banking for companies and individuals alike.

I think one of the most crucial steps for mass adoption however; the one that could allow society to decouple itself from the state, is the mass adoption of cryptocurrencies as salary.

This will be one of the largest affront to state power. If the layperson can subsist and fulfill their desires without once touching fiat, then there will be no demand for the inferior currency.

The reality however is that the state can already thwart this potential event of mass liberation. With KYC authentication becoming internationally more popular, suppliers of everyday goods will have to abide by this standard in order to do business with you. The state will know the entry point of the Cryptocurrency being paid to you and the exit point via your consumption by suppliers. Any money unaccounted for can be easily audited.

So what can be done? I suspect the state continues to use its monopoly on force to regulate companies and consumers. Cryptocurrency will outcompete the traditional banking system and result in more secure and efficient finance, but the state will remain on top as a mobster taking a cut.