Every day, people are getting more used to digital payments with crypto due to the numerous benefits it provides. There are no chargebacks, no middleman, and lower fees. Comparing crypto against traditional credit/debit cards issued by banks, I'd say crypto wins by a long shot. Merchants and businesses are slowly accepting crypto as payment method, so we should see credit/debit cards lose traction in the long run. Even VISA announced that it will be using Blockchain tech for its own benefit.
The way I see this will turn out in the future is that credit/debit cards will cease to exist as they're replaced by stablecoins and decentralized cryptocurrencies like Bitcoin and Ethereum. Maybe VISA, Mastercard, American Express, and Discover will make stablecoins of their own? If credit/debit cards are eliminated, then we'll be on the right path towards a full-fledged cashless society. Instead of carrying with a physical wallet full of paper money or plastic cards, you would only carry a smartphone with a digital wallet containing the coins of your choice.
What do you think? Will cryptocurrencies eliminate the need for credit/debit cards in the future? If not, why? Your input will be greatly appreciated. Thank you very much.
I believe that all of the above is true. And while it is probably not okay that cash in hand money disappears, I'm looking forward to a world in which central bankers can not manipulate our purchasing power by printing tons of money and by charging intrest on loans of money that they do not possess.
I have read that HBAR (Hedera Hashgraph) of all blockchain technologies is the fastest, the cheapest and the most energy efficient.
Kevin O'Leary, a known billionaire from Shark Tank, has invested a significant amount of his portfolio in HBAR.
That said, I don't know where it stands in comparison to Ethereum after the merge.