Who would use the fiat anymore
I would like to tell you a few words about our global educational system. All over the world! They never teach us about even basic finance and who can expect now that people can understand and adopt something complex such is Bitcoin or any other crypto.
What teachers taught us?
My teachers taught me how interest was compounded.
The reasons may not be so clear, but if banking history and monetary theory were taught in schools, no one would use the fiat system. Is so obvious. On the other hand, Bitcoin is a lot simpler than the fiat system, but people are legally compelled to adopt fiat.
They are forced to! And it is globally. The situation is even worse than that. The people teaching youngsters these days have grown up under Keynesian economic theory (also called Keynesianism). So, they strongly believe that money is defined as money only if you can touch it, smell it, or hear the sound of counting money.
Keynesians cover different macroeconomic theories. They believe that in the short run, especially during recessions aggregated demand has a powerful influence on economics. Behind Keynesian theory stand the idea the governments should increase demand to boost growth. These economists believe buyers’ demand is the principal driving force in an economy. This theory promotes the expansionary fiscal policy. The theory strongly depends on government spending on infrastructure, unemployment compensations, and education. Well, the drawback of this theory is that overdoing Keynesian policies boosts inflation.
It was very difficult for me a few years after Bitcoin came into my view to free my mind from its previous training.
Ok, some people adopted new technology like ones who buy Android phones or some who run Linux as desktop. Some people are spoon-fed technology, like ones with iPhone or OSX.
Anyway, I don’t expect people to understand.
Adoption of something doesn’t require understanding. We all use the internet in every segment of our lives but we can’t point our finger and say “Here! This is the internet!”
If you ask someone how they understand that the universe is infinite and how they understand the meaning of infinite, you would be surprised by the answers.
After all, I do not understand how the dishwasher works, but I still use it. Others can’t understand mobile phones or computers.
But they are using that!
So, use cryptos without fears.
That’s why there is no excuse when I hear from someone that he does not understand how cryptos work. And how hard is to trade.
OK, it takes intelligence, but no more than any traditional financial equity trade.
Yeah, it takes basic finance knowledge to understand and invest but no further than average.
People should know, if everyone learned about finances they would work and invest and become self-funded within 7 or 8 years even making minimum wage. C’mon, people, wake up!
But I want to tell you.
I think it is necessary to stay patient and witness history first hand.
Nothing can stop that!