Maybe cryptocurrency will replace current fiat money, but not right now. The problem i have is that right now cash is cheap to exchange. It is basically free in a lot of cases to give someone 100 dollars or less. And it can almost always being instantaneous. Paying for pizza is easy with dollars. The bitcoin transaction is neither. The average bitcoin transaction costs $23 dollars, and/or it takes a couple of days. How does this work in everyday life? Also, everyone says it is "easy" to use bitcoin, but you have to have a wallet, remember your keys and password, and you hear stories about people losing one or both of them. So it isn't as safe or easy as cash.
One of the "pluses" for bitcoin is that it is limited in the amount of bitcoin available. But I keep reading about different cyptos being launched weekly, sometimes daily. This is like the dot com bubble where everyone just came up with an idea, somehow made it show up on the internet, and slapped ".com" to their name and made lots of money. Is bitcoin the amazon or facebook of cyptos, or is it the pets.com or myspace of cryptos. No one knows. All that has to happen is for some crypto to come along that "solves" the problems of bitcoin and the rest of the cryptos, and all the current ones become worthless. Really, this could be "fedCoin" or "USAcoin" or ChinaCoin" or why not "AmazonCoin".
Everyday you hear about people making millions in cryptos. I heard the same thing in 1999 and early 2000. Then all of a sudden, it was about people who "HAD" millions, and no longer had anything. And the had already spent some of that money, but now it was gone. If you have big gains, I suggest taking some profits, at least 25% or more, and diversifying. Buy gold, keep cash, buy stable company stocks. Pay off your mortgage maybe. Just don't keep 100% or 99.9% of your wealth in a speculative bubbly asset(?).
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