The problem is that the government CAN ban crypto currencies like Bitcoin. What use is a currency that cannot be used for any lawful purchase?
As long as government exists, we will never have a fair "competition" to find the consumer's favourite currency.
The currency that wins will be the currency the government collects tax in. If you think about it, that's the underlying purpose of tax - to ensure that a government's centrally-issued currency (be it fiat, crypto or gold coins) is the means by which the government itself can procure goods and services.
As long as government exists, we will never have a fair "competition" to find the consumer's favourite currency.
The currency that wins will be the currency the government collects tax in. If you think about it, that's the underlying purpose of tax - to ensure that a government's centrally-issued currency (be it fiat, crypto or gold coins) is the means by which the government itself can procure goods and services.