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<blockquote data-quote="TiredPG" data-source="post: 65024" data-attributes="member: 9578">I don't think Bitcoin (nor those others mentioned above) is going to last. It is an ideology and has the benefit of fame (or infamy), and that's evidenced in the extreme volatility. It is not the friend of governments nor banks or businesses, so I think if it is still around, it will be in spite of serious competition. It's behaving like a commodity and even as a store of value it's 🤪I think crypto assets themselves will stay, obviously. A centrally-backed cryptocurrency is much more attractive to states (tax raising; security; tracking ownership; etc.) but that will not be attractive to commercial banks unless they are involved in the banking process - but that's almost anathema to (the ideology) of crypto. And banks won't give up their place in handling fiat currency - but surely banks shouldn't handle crypto currency as it's all about decentralisation, etc.? As lawyers do we want commercial banks to have less of a role to no role in transactions? Probably not.I think we'll begin to see a commercialisation of crypto currency as various market makers look to be the first or to entrench their position before states - JPMorgan's JPM Coin is a good example of that, as is China's centrally-backed trials with a digital currency. I think it's only a matter of time before a consortium of national or global banks launch a digital currency which will challenge cash.</blockquote>

[QUOTE="TiredPG, post: 65024, member: 9578"] I don't think Bitcoin (nor those others mentioned above) is going to last. It is an ideology and has the benefit of fame (or infamy), and that's evidenced in the extreme volatility. It is not the friend of governments nor banks or businesses, so I think if it is still around, it will be in spite of serious competition. It's behaving like a commodity and even as a store of value it's 🤪 I think crypto assets themselves will stay, obviously. A centrally-backed cryptocurrency is much more attractive to states (tax raising; security; tracking ownership; etc.) but that will not be attractive to commercial banks unless they are involved in the banking process - but that's almost anathema to (the ideology) of crypto. And banks won't give up their place in handling fiat currency - but surely banks shouldn't handle crypto currency as it's all about decentralisation, etc.? As lawyers do we want commercial banks to have less of a role to no role in transactions? Probably not. I think we'll begin to see a commercialisation of crypto currency as various market makers look to be the first or to entrench their position before states - JPMorgan's JPM Coin is a good example of that, as is China's centrally-backed trials with a digital currency. I think it's only a matter of time before a consortium of national or global banks launch a digital currency which will challenge cash. [/QUOTE]

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