The current currency is not based on anything. So, the dollar bills are basically some fancy printed paper. However, we know Bitcoin is an efficient and fair system based on modern technologies like Blockchain, cryptography, and PoW among others.
So, the common sense is for Bitcoin to replace the current monetary system. However, I believe this would not be easy as the current monetary system has deep-rooted powerful and influential institutions associated with it.
What needs to really happen for Bitcoin to take over? Is it just the mass realization? Do the Federal Banks need to just fail and give up? Will a massive global recession due to inflation result in Bitcoin adoption?
Can anyone enlighten me on this matter? If I have said something wrong here, feel free to educate me. Thanks!
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