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Antonopoulos: The Idea That Bitcoin Will Replace National Currencies is a ‘Fallacy’

Popular Bitcoin entrepreneur Andreas M. Antonopoulos and author of Mastering Bitcoin, believes that the leading cryptocurrency will not potentially replace existing fiat currencies but continue to live alongside them.

Antonopoulos shared his thoughts on the subject in a recent interview with BeInCrypto, hailing Bitcoin as the key that unlocked a new era where people can choose what currency they want to use, instead of relying on only the local fiat currency.

But regarding a popular public opinion that Bitcoin and cryptocurrencies would replace all fiat, Antonopoulos had said that “the idea that Bitcoin is here to replace national currencies is a fallacy.” 

From the perspective of the Bitcoin entrepreneur, the cryptocurrency primarily ended “the era of a monopolistic currency system where [people] are born into a currency, and that’s the only currency they can use.”

That idea, according to him, “died on Jan 3rd, 2009 with the introduction of Bitcoin [and] now we’re talking about a world of choice,” where people can use one currency without necessarily replacing the other.

He further described the current currency system by Bitcoin as one where currencies are like websites on the internet, and users can choose which ones they want to visit. Therefore he added that even down into the future, people would use Dollar and Bitcoin, the Yen and Bitcoin, or any of the currencies that are already available.

Meanwhile, regarding the primary factor that is slowing the pace of cryptocurrency adoption,  Antonopoulos identifies “user interfaces,” especially wallets since they are the primary interface through which users interact with the system. 

He believes that while cryptocurrency wallet providers continue to find ways to monetize and sustain development, the user interface will get better and more comfortable for new persons to get on board with cryptocurrencies.

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