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The Bitcoin is not a bubble. It's a paradigm shift. It should and it most certainly will replace the present banking system in most if not all nations.
Bitcoin did experience problems in its early years. It was suspected of enabling fraud. For instance, see these: This was in Moreover, statements like this from Gaven Andresen: But what turned the tide in favor of the cryptocurrency in such a way that despite all the negativity and skepticism around it even from its own developers! Singapore government owned firm Temasek Holdings decided to experiment with Bitcoins in The nation where Bitcoin is fully regulated: Bitcoin has increased in value over a million times in 7 years.
With that being said, I believe once the above concerns are addressed, bitcoins and other cryptocurrencies can replace the banking system which takes a significant chunk of GDP in every nation and simplify trade. Even if bitcoin is too expensive and out of reach for some people, they can rely on Ripple, Ethereum, Litecoin, Dash, etc.
IOTA is another new cryptocurrency that could help. I've not fully understood this, but from what I inferred, simplified business to business interactions is one of their goals and the Internet of Things is one of their tools.
Why not, I'll check it out, and if it's good, I'll surely invest in it! Thanks for letting us know! Bitcoins adil has written an interesting post here: It's limited in number. At present, there are only A maximum of 21 million bitcoins will exist totally, so the more it's mined, the costlier it becomes. Sales taxes are minimal to nil in bitcoins. As long as there is an Internet connection, bitcoins can be traded with no trouble.
Since bitcoins grow in value with time, people will prefer to park their currencies in bitcoins instead of banks. However they do have their own downsides: Competition from other cryptocurrencies. Very volatile, varies in value dramatically. However Omega One is trying to solve this. This, my friends, is the future of banking and finance. Thank you all for reading. Have a great day. Authors get paid when people like you upvote their post.