What Business Will Be Most Affected by Cryptocurrencies
I feel that gambling and banking will be most affected, as government letting gambling legal in the US the most common used cryptocurrency used daily in the US is the casino chip. I think the banks will also be flipped on their head if cryptos are fully allowed to implement themselves among the public.
What are your thoughts?
The business that will be upset by cryptocurrencies the most will definitely be the banking system... If people can start to carry their balances out of control of the bankers, then they will be able to buy digital gold, silver, and even many other physical commodities... Many of these are already starting up right now and even a few major miners are getting on this... The bottom line is the power to print fiat will disappear and then that will create all kinds of havoc as inflation then hyper-inflation kicks in... Crypto will speed that process especially if some trusted entities back it... It won't take much for that to happen, and some people think the process is much closer to happening and in fact even started.
Wow that is really hard to imagine, as always the digital stuff will be based on the precious metals on hand because the paper is quite often no better than fiat with it farmed out so much. Maybe the govt will wise up and start fortknoxcoin based on their holdings in that fortified bunker?
Having a hard asset backing govt issued fiat is a last ditch option because of limits it would place on spending, just imagine federal govts would actually have to make a budget and follow it? That in itself would be revolutionary.
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I think gambling and banking will find a way to take a large slice of the pie. It’s the government that is going to be hit the hardest.
That would be very nice, for once the rest of us get to breathe easy and the national bureaucrats can sweat a little, lol. Good point, thanks for the comment!
Yeah, but, banks... UGH. Of course they'll find a way to screw us all over and completely defeat the original point of Bitcoin.
It's really murky right now because banks and government are so intermingled because of regulations in the last ten years they are practically another arm of the nationally centralized platform (lol federal government). They are already trying. The are basically behind the giant run up on ripple, and I would go as far to say that they are somewhat behind the crypto run up lately. It seems to me that the effort to pick up the top cryptos (according to coinmarket.com) has been very spread out and highly concentrated, buying all dips the last few months. I think that steem is even among the cryptos being picked up by banks or by some heavyweight monster financial institution, it will not go down, very different than before, there is an artificial cloud protecting the price as of the last about month and a half that I had not seen before in my six months here, whatever that means lol. The top 100 cryptos on coinmarketcap add up to a total value as of right now $160billion (give or take a few billion-in that neighborhood anyway) which sounds like a lot, but to institutions that are pumped millions daily like mutual funds, hedge funds, whatever they could very possibly take a big stake in that over in time if they really wanted to.
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