Let us ask things a little more rationally:
If you’ve ever wondered what “cryptocurrencies” such as bitcoin, litecoin and ethereum are for, ask one of their legions of techie-libertarian fans.And it’s dollars to dogecoins (yet another one) that the conversation will go something like this:You: So what’s the purpose of bitcoin?Fan: The technology is absolutely amazing!You: Yes, but what’s it for? Fan: Really, the “blockchain” technology is a total masterpiece, way ahead of its time!
Why Fintech?
It replaces cash and paper contracts with much faster, cheaper digital exchange. Central banks like Fintech, mostly use it all the time.
Why crypto?
Fintech uses crypto and hashing to leave watermarks in the exchange that uniquely verify the owner and mask the details. Great stuff, central banks use it all the time in their exchanges.
Why do want competitive currency market?
Because central banks have no free entry and exit and do not share currency risk fairly and do not allow equal access to the tradebook and are defeated by high frequency traders.
Why blockchain?
Works better than SQL in many circumstances.
The real issue is,
"What value do central banks bring?" They target the cost of government so we can all fairly price government. That is good value, and we expect central banks to do a much better job in a competitive currency market.
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