CTN Roundtable: Will crypto ever go mainstream?

Dennis
Hello everyone and welcome to the most amazing, insightful, and all around stupendous CTN ROUNDTABLE! Today’s topic is a doozy: Can crypto ever become mainstream or is this another pipe dream? Can it replace fiat currencies and can we collectively as societies use crypto instead of fiat?

Brandon
I honestly hate to be the one to go against the community but I don’t see how crypto will ever topple fiat.

Dennis
With that optimistic note let’s start with the first question – Can crypto ever become mainstream or is this another pipe dream?

Tony
I think crypto can definitely go mainstream and in the long run I hope it does, but it all depends on how well we can help businesses and clients use crypto. We need to educate them and this can’t be taken lightly.

Meredith
Yes, I believe crypto can definitely become mainstream as long as there is tech and supporting apps that can allow transactions to be secure and as fast as debit/credit card transactions. No one has time to sit around for 20 minutes at a Bitcoin ATM machine. Right now it’s niche and “exciting” but that kind of time table will not fly in a retail environment.

Matthew
I barely have 20 minutes to wait for dinner to cook!

Tristan
I agree, 20 minutes is a long wait when paying for anything. Imagine standing around waiting while your payment clears every time. I prefer to rush in, grab what I need, pay and walk out, done.

Tony
Yeah, I mean there’s this sushi place near our office in Orlando that accepts Bitcoin.

Meredith
That’s pretty cool, Tony. Maybe that could work in a restaurant/bar environment. But if you’re at the toy store with screaming kids, that’s a whole different scenario.

Dennis
So you guys think it’s a tech problem or an understanding problem?

Matthew
I think we will continue to see more mainstream use and acceptance, but I don’t foresee it becoming accepted everywhere until there is more education… and overcoming the stigma that the average layperson associates with cryptos.

A huge problem with it going mainstream is the capital gains issue, like discussed in my Starbucks article… I’m going to have to itemize over a couple cups of coffee? LOL

Dennis
These are all great points, but I think we’re glossing over the BIG question – how do we convince people to believe that crypto is REAL money?

Tony
People are paying $4K for 1 Bitcoin…

Brandon
I think that’s the biggest challenge, Dennis. Unless there’s a push by government to use crypto I don’t see how to convert the skeptics.

Meredith
I wonder if the general population really knows that “real USD money” is not backed by gold or silver anymore?
Government, IMHO, will hold back technology until they know how to tax it. To mainstream it, you need grassroots initiatives. REAL people networking and telling their stories. Think Missouri – it’s the SHOW ME state.

Dennis
It’s not even really backed by the federal government.

Matthew
Dennis, I think for that to happen, crypto has to be accepted in a lot more locations, for more products and services. Right alongside Visa, AMEX, etc., the general population needs to see “Bitcoin accepted here” or “Easily pay with your digital wallet” everywhere. Which is a Catch-22… because how do you get vendors to realize the benefits and begin accepting it?

Dennis
So, basically we’re saying:
1. Education
2. Transaction speed
3. Merchant adoption
4. Mainstream here we come!

Tony
That’s a good summary, I guess.

Brandon
3.1 market volatility

Meredith
I think if retailers really understood how much money they could save by accepting crypto instead of paying 3+% on every transaction through credit cards, they might give it a hard look. There’s a reason why a lot of smaller retailers don’t accept credit/debit cards for purchases under $10.

Matthew
Yeah, going to bed with $100 in your wallet and waking up with $75 isn’t going to draw in many consumers.
Yup. Exactly what I was thinking, Meredith.

Dennis
I agree, Matt. I think that’s one of the biggest problems – crypto needs to stop being a speculative investment vehicle if it really wants to be a currency.

Meredith
Volatility is another issue – a BIG issue.

Tony
Agreed.

Dennis
But maybe that’s the tail wagging the dog? Dollars are speculative financial instruments too – but the volume makes the movements smaller.

Brandon
True. The purchasing power of the dollar declines or strengthens much more gradually than cryptocurrency as well.

Matthew
One other point or question, I guess: Do any of the Alt coins stand a chance of really going mainstream as long as they mirror BTC’s market movements?

Tony
I used to really like Litecoin

Dennis
I think we’re maybe missing a fundamental point – we’re thinking with our first world, developed nation mentality – where there’s really very little incentive for people to bother with another currency, however, in places where “official” money is volatile and subject to all sorts of pressure – there’s a completely different story.

I believe that cryptocurrencies could follow the trend of smart phones – where places like Africa and South America almost jumped right over the “desktop internet” phase. There are billions of people living in parts of the world where even volatile coins are STABLE compared to local fiat.

Meredith
When the crypto markets dropped, people were freaking out. Some projects put their airdrops on hold, others dropped out completely. To mainstream, I expect that there will be adjustments to the purchasing power parity, but not to the point of waking up the next day and finding out the value is less than half of one’s investment. That’s a risk that too many people will never take. STABILITY. That’s exactly it, Dennis. There has to be some semblance of it.

Brandon
But aren’t they stable because they’re tied to the dollar or Euro? Because that’s what happened in Zimbabwe during hyper inflation. People fell back on dollars.

Dennis
Sure, but how many people in Zimbabwe could actually get their hands on dollars? Anyone with a smart phone can have a digital wallet.

Meredith
Brandon, isn’t that where we saw news footage of kids running through the streets with arms full of paper money? “I have a billion dollars. I can’t even buy bread with it.”

Brandon
Dollars became the de facto currency for the northern half, rands (lol) for the southern.
But my point is one Bitcoin = one Bitcoin means nothing. One Bitcoin = 5,000 dollars does.
And this is purely speculation but, I’d say Venezuela is like Vietnam, China, and other countries, where money is regulated in that it has a black market for dollars.

Dennis
True, Brandon. You have to a reference otherwise they’re just numbers.

Meredith
Sure. Cater to the human psyche by associating the new thing to familiar ones, pushing the boundaries of their comfort zone.

Dennis
So what’s the time frame? How long is this going to take? Changing people’s habits is hard work.

Brandon
I personally would like to see Bitcoin, et al., not replace fiat but become the new currency for international and online transactions.

Dennis
I think we’ll be lucky to see a big shift in the next 10 years.

Meredith
Honestly, I think the unbanked will adopt it immediately if they see they can buy stuff with it. It’s the rest of us that are dug in and stubborn. Changing those habits takes hardship sometimes.

Tony
I feel like the US will definitely take the lead alongside with China. I know of quite a few places where I could pay the bill with crypto – and not just Bitcoin!

Meredith
True. I’m seeing more and more ads with places that accept crypto. Look at craigslist. You can buy cars and houses, but I think those are mostly individual sellers.

Tony
Of course they are lol
I doubt you’d be able to pay for the whole thing in crypto though. That’s a major expense.
So, in conclusion, let’s give our estimates and maybe in a few years we can come back and see who was right. Ha ha.

Matthew
I say… 2025

Dennis
10 years

Tony
I say we’ll be able to pay for ANYTHING by 2030.

Brandon
I’m with Dennis. 10 years is a safe choice. In 10 years we will either have the option to pay with crypto or with bottles of clean air.

Matthew
LOL

Tony
LOL

Meredith
I’m going with 5 years (2024-2025). We’re already seeing adoption. I think it will snowball. Positive vibes.
OMG – bottles of clean air…. Brandon, that’s so bad! LOL
Do you think it would mainstream faster if Facebook got on the blockchain and accepted crypto for their ads?

Matthew
That didn’t work so well for Backpage.

Tony
Facebook doesn’t even work lol

Dennis
I’d rather see Walmart get on board!

Meredith
If you’re looking at the sheer number of people, we’re talking over a billion.

Brandon
Facebook has been talking about getting into crypto IIRC but hopefully they would be smarter about it than Backpage.
Yeah, Walmart and Amazon. But we need a good payment solution that actually works though.

Meredith
Walmart and Amazon, definitely the dynamic duo of retail.

Tony
BlocPal!

Matthew
LOL That’s what I was thinking, Tony.

Brandon
I know Tony. The rest are closed. 😉

Meredith
I really, really want to see BlocPal succeed, and I’ll be super excited if they issue a debit card. I would drop BitPay in a nano second.

Tristan
I’m excited for a debit card too.

Matthew
As for the one other question on today’s topics, no, I don’t ever see crypto replacing fiat straight out.

Dennis
Yup. Back to the topic. I also don’t think we’ll see crypto substituting fiat any time soon.

Brandon
I don’t either, but I think they can and will coexist happily.

Dennis
Okay, guys. Wrapping up with our conclusions. Crypto will mainstream by..?

Tony
Mainstream by 2030.

Brandon
Mainstream by 2029

Meredith
I’m hoping for 5 years, but realistically 10 years tops for mainstream adoption.

Tristan
I agree with Meredith.

Dennis
I think there’s a consensus that crypto can go mainstream but it’s going to require education, tech improvements, merchant buy-in and a ton of hard work! This concludes our roundtable this week. Thank you for joining in.