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RE: The Fate and Future of Bitcoin: The Bankster’s Battle for Control
but I am concerned about what the govts and banks are going to do... if they stop conversion to fiat and withdrawal to bank accounts, how will all this crypto money be spent?
That is exactly my warning. The government, the banks, control the conversion of crypto to fiat. They can and will shut that down.
There is a certain irony that we have to convert to fiat to use crytocurrency. This is the way it is now but as more people trade goods and services for crypto it will make fiat obsolete.
Yes, step one is done. The next step is making the current banking payment systems obsolete by walking away from them. Once some more big time merchants support full crypto exchanges without converting it to USD, things will get more and more interesting.
that makes all of this a huge huge bubble. I'm not saying it's a bubble. I'm just concerned about what the government is going to do
People will use cash to buy from a willing seller. Then finally money is no more relevant. People transfer cryptocurrency amongst each other. They don't even use cash.
My point is that most real world stuff is not yet available for sale using crypto, I am not saying this will remain as it is always but we don't exactly know when such a day will come. If regulations play spoilsport, then it will definitely become an issue in largescale crypto adoption