y Dan Jeffries | Originally for CoinDesk’s Payments Week
For over a decade, crypto has been pitched as the future of finance. Yet, despite endless headlines predicting its mainstream breakout, most people still see it as speculative or clunky. Why? Because crypto hasn’t yet delivered the one thing every breakthrough technology must offer: a compelling reason to switch.
Matching the Old, Surpassing It
Like digital cameras eventually did with film, crypto must not only match the traditional financial system—it has to outpace it with features fiat simply can’t offer. We’re getting closer: blockchains like Solana now rival Visa in speed (65,000 transactions per second) while offering negligible fees. But raw performance isn’t enough.
The Tipping Point
Breakthroughs come when new tech does something old tech never could. For digital cameras, it was smartphones—millions of high-quality cameras in people’s pockets, connected to the internet. For crypto, the inflection point could be automated microtransactions and seamless digital ID.
Imagine paying for Spotify or news articles without logging in or creating an account. Your wallet just streams tiny payments as you listen or read, like a digital utility bill. No passwords, no credit cards—just tap and go. Set spending limits, automate KYC (Know Your Customer) compliance, and let content flow.
Why It Hasn’t Happened Yet
Crypto doesn’t just challenge banks—it threatens governments and powerful intermediaries. Frictionless payments remove control points. Today, governments use intermediaries like banks and payment processors as levers of economic power (e.g., sanctions against Russia via SWIFT). A decentralized system eliminates those choke points.
That’s why crypto faces headwinds unlike any other technology. Digital cameras didn’t face government opposition. Crypto does.
The War Over Control
The real question isn’t if we’ll use digital currencies—but which kind. Will it be CBDCs (central bank digital currencies), tightly controlled and monitored by states? Or will it be decentralized currencies, driven by math, code, and community consensus?
The most likely outcome? A mix of both. Some systems will be open and distributed, others closed and centralized. The future isn’t binary. As Forrest Gump said: “Maybe both is happening at the same time.”
The Endgame
When payments become as seamless as opening a browser tab, it’ll open up economic possibilities we can barely imagine. For businesses, it means fewer barriers and faster cash flow. For individuals, it means true ownership and instant access. And for the unbanked, it means finally being part of the global economy.
But to get there, crypto must evolve, survive regulatory pressure, and deliver real utility beyond speculation. When it does, we won’t call it crypto anymore. It’ll just be money.