Hi, I’m learning about crypto. One question I have is how do you guys think crypto could achieve widespread adoption? I can see it being used marginally, but widespread adoption would require states to adopt them, and I don’t see why/how they would do it. States are based on the protection of rights and property of its citizens. They also provide physical infrastructure, such as roads, sewage systems, power generation and distribution, and institutions, such as political institutions, law and police, etc. They require the centralization of political and economic power, and to fund these things, they collect tax and enforce order. They have the power to print money and they pay their workers in that fiat currency. They have a sole control of that currency. Why would they ever give up this power to a cryptocurrency? I see no real reason a State would be interested in that, hence I don’t see how crypto could ever have widespread adoption, unless it’s a government-issues “crypto” (fiat kind of already is). El Salvador is a bad example because they are using it more for the accumulation of wealth rather than to use it as a day-to-day transactional currency.
submitted by /u/mansuen
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