>Bitcoin is a fiat currency and I trust the Bitcoin specification a lot more than I'll trust any central bank. They're notorious for usury, secret bailouts, and inflation.
That's great for you. What about the average consumer?
>This is the same thing that happened with online shopping at the end of the '90 and early '00s. Consumers got used to using their credit cards online and they will get used to the notion of owning, transferring, and protecting digital property.
Except with the vast difference that credit card companies were already well established in mainstream life, and people trust them (right or wrong) to keep their information safe. Pair that with a massive PR campaign on the part of credit card companies, and you've got something.
>There is no such headache. The software will improve and the banking infrastructure will grow. I expect to see banks that hold their reserves in Bitcoin and give out lines of credit denominated in Bitcoin. Infrastructure will solve this problem, but first capital is needed to meet current regulatory compliance with the archaic legacy system that is currently in place.
Yes, yes there is. Imagine, again, being an average suburban housewife. Now, try to cash out your bitcoin. Try to wrap your head around the volatility of the currency.
I genuinely believe you're being a bit too optimistic about how banks and bitcoin will interact. After consulting with large and small banks alike, I've learned they are incredibly risk averse. Something as volatile as bitcoin, and as out of their control, is a red flag from day one. There may come a day when banks exchange in bitcoin, with heavy fees, but I'm not certain that they will hold their reserves in it, or extend lines of credit in it, either.
There's more to this than having a secure currency. There is a lot of politics. There is quite a bit of control that banks want to have. They, generally, want to make sure that any bets they make can be insured. Can they do that with bitcoin?
Cryptocurrency in general, but Bitcoin and dogecoin especially strike me as being marketed as the next big get rich quick scheme, and I'm leery of that, regardless of the technology behind it.
Maybe I'm wrong, who knows; I'm just fascinated to see this develop, and am generally as cynical as possible.
