Step into my time machine. 5 years ago (in 2014) Bitcoin and cryptocurrencies were crashing. The price kept crashing right along with people’s faith. Media pronounced bitcoin dead, the bubble popped, and that even black market dealers (the only ones “truly using crypto”) would switch back to cash.
Step into my time machine. 5 years ago (in 2014) Bitcoin and cryptocurrencies were crashing. The price kept crashing right along with people’s faith. Media pronounced bitcoin dead, the bubble popped, and that even black market dealers (the only ones “truly using crypto”) would switch back to cash.
That’s the beauty of cryptocurrencies. They are dynamic. They change and improve.
Now we’re here in 2019. A recent Twitter poll conducted by the International Monetary Fund shows that 5 years from now (in 2024) we very well might be using cryptocurrencies to pay for lunch.
This is no poll to scoff at either. Yes, most Twitter polls aren’t rigorously scientific. But this one, conducted by a reputable institution like the IMF, and garnering 37,660 votes, should give us something to think about.
A clear demand for mainstream crypto payments
The IMF asked users: “How do you think you’ll be paying for lunch in 5 years?”
Cryptocurrency took front and center stage with 56 percent (21,089 votes). In second place we had mobile phone payments (27 percent), followed by bank cards (9 percent). That’s right, over 20,000 people -- 56% of those polled -- believe we’ll be using cryptocurrency to pay for lunch in five years.
Personally, I believe it. Last year I finished traveling around the world -- using only 1 Bitcoin. The journey took me through 20 countries over 12 months. I wrote a book about the journey (Stolen Wallets and Where to Buy Them). And I can say with full force -- I found places to pay for food, hostels, and beer -- with cryptocurrencies. At least one in every country.
Now, of course, the jury’s out on which cryptocurrency we’ll be using in 5 years. During my journey I used Bitcoin but sometimes I had to switch to Litecoin (for various reasons). Likewise, in 5 years, we may be using bitcoin or we may be using Litecoin. Or we may be using something not even invented yet.
That’s the beauty of cryptocurrencies. They are dynamic. They change and improve. And now is the best time to be learning about them. Otherwise, in five years, you won’t know how to pay for your lunch ;)
