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"You'll know Bitcoin has failed if cryptocurrency exchanges become the banks of the future."

That's not fair. Crypto Exchanges being regulated does not affect how Bitcoin works. I cannot do bank transactions without using the bank. But you'll still be able to do Bitcoin transactions without exchanges, even if they get banned.

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> But you'll still be able to do Bitcoin transactions without exchanges, even if they get banned.

Exactly. But a ban seems highly unlikely. Instead, exchanges are more likely to be regulated and subverted to the point of being useless. You're right, Bitcoin would continue on its merry way because exchanges are peripheral to using Bitcoin past a point.

If that transition never happens, Bitcoin will have failed.

you can physically mail someone cash if you want to, the question isn't if you can, the question is if it makes sense for the vast majority of users, which is really the yardstick things should be measured against.

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