The exchange of FIAT currency has undergone massive change in the recent decades, from the introduction of ATMs to POS machines, to the introduction of e-commerce and the new entrants such as Stripe.
Some change yes but I don't think that has in any way challenged the status quo in terms of the traditional banks. Banks have gone online and such but they have managed that transition in-house. The same with POS and ATMs for the most part.
Stripe competes with other c.c. processing companies rather than eroding core banking revenue streams.
There has been some competition for banks on FX transfer from the likes of transfermate, etc. However, having done a few wire transfers recently, the old guard are still protecting this. On one transfer earlier this year, the receiving bank rejected it because I had used transfermate! It took a few days, there was no electronic tracking/confirmation and they still charged me heavily.
As regards ATMs, I'm getting screwed on FX and withdrawal fees royally here in South America.
I note Bitcoin was released in 2009. That's almost 10 years which is a lifetime in the modern era where technology is concerned.
Go back and check how long the development of the internet took from the very beginning.
The move from cash to plastic took 40 years to take hold.
The Wright brothers flew their first flight in 1903. 11 years later planes were used in the First World War and for commercial flights. Where are we with Bitcoin?
Sure but you are talking about mass adoption. When my parents and grandparents emigrated, they didnt fly whether that be the US or UK and that was still many decades after your Wright brothers flight.
You can still use bitcoin right now but it hasn't fully evolved..and it may not be one of the successful crypto's ultimately either - we'll have to wait and see.
