11 sats \ 4 replies \ @ama 30 Dec 2022 \ on: Do you think Bitcoin will outlive the Euro? bitcoin
It certainly will, but there won't be a sudden replacement, of course. First, an European, or most probably, several CBDC, will be issued. People will keep using the EUR in the underground economy for, probably, quite a long time. The EURO and the CBDC will probably decouple, as more and more people feel the need to go back to the EUR for privacy, and both, EUR and BTC will appreciate compared to the CDBC.
People will start moving to Bitcoin, as they realize how bad the CBDC are affecting their economy, they're privacy, and their overall quality of life. Meanwhile, the underground economy will also be starting to digitize, but they won't want to use neither CBDC not BTC, and so they'll start using MWB BTC, which will already be well established after proven successful and extremely useful on LTC (the same way it happened to SegWit and LN back in the day), as well as to MWB LTC.
The same thing will be happening everywhere, I think, with every currency, as governments try to enforce their CBDC and people realize how bad they are, will look for alternatives, whether BTC, which will then have to be legally tolerated by their governments, or their underground former currency and MWB BTC and MWB LTC later on.
Probably it's gonna be painful and ugly in many cases, and quite certainly, it's gonna be long, but I don't see any other possibility being as likely as this one.
What is MWB BTC?
reply
MWEB aka Mimblewimble is what will finally bring fungibility, actual privacy, and some added scalability to BTC, like it's done for LTC already (it's been activated earlier this year).
reply
Thanks for teaching me something new today. I knew about LTC incorporating Mimblewimble - didn’t know that BTC will do likewise!
reply
Yes, it certainly will. As it happened with SegWit and LN MWEB was invented long before, ans proposed for PoW blockchains (BTC and LTC), but developers decided to implement it earlier in LTC with Charlie Lee being one the most enthusiastic proponents in both cases, but with the involvement of developers of both blockchains. The cool thing is that once something new is developed and/or activated in one of the two, the implementation on the other is faster, sine they are so similar. Taproot was developed for BTC, while MWEB was for LTC first, and now LTC will activate taproot. and BTC will MWEB later, for sure.
reply