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I want to know, is the blockchain really a success? If its a success why are we still using credit cards?

Somebody please guide me why blockchain technology can't prosper?

Zulfi

2 Answers 2

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I'd say that people are afraid to use something which they know nothing about. When you take the case of credit cards most people are familiar with the idea, right from a 10 year old to a 70 year old they all know about it but when you take the case of crypto-currencies only a bunch of people probably ranges between ages 15-50 know about it and even then only some of them dare to even touch it as it is very new.

The idea of a credit card is in this world from the early 1950's but when you take the case of blockchains and cryptoCurrencies they are just 11 years old. The bitcoin whitepaper was published in 2008 and that was only for cryptocurrencies. The ethereum whitepaper which enabled the using of blockchain for development of applications was published somewhere in the late 2013 and is just 5 years old.

So I think you get what I'm coming at. Hope I have answered your question.

NOTE: I am only answering this from the cryptocurrencies perspective and not from a developer perspective.

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  1. It's blockchain a success?

It is a success in some sense. Many country have accept blockchain as a way for payment. Even china have been developing its own crypto currency NEO because so their people can use their currency system instead of other like bitcoin. If you search on many bloggers have accept cryptocurrency donation. And even facebook have been trying to release their own cryptocurrency.

  1. Why everybody still using credit card?

The reason everybody is still using credit card is mainly because the price is volatile. Imagine you usually buy banana for 1 bitcoin but the next time you come to buy, it it is 2 bitcoin and then 4, 6, 10. With the money control by the government you know it is stable you know i can buy a banana for 1 dollar now and it is still 1$ tomorrow.

Blockchain is still in it early stage there are many more problem but its opportunity is endless. Centralized money have been developed since the dawn of mankind but cryptocurrency is still a new concept and it take times to research for more general public

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