The Reality Check
After writing a post yesterday and receiving some comments and my reply causing me to taking a personal dive into the case of crypto and how it affects fiat, there's nothing much to digress from butt appreciate each of them because they serve a purpose. I've read and seen how we'd want crypto to take over fiat currency in terms of dealing with transactions and that would go a long way but we can't fail to see what they paper in our hands accomplishes. It wouldn't be wrong to have crypto replace fiat currency but at the end of the day everything pays the ultimate consequence because one has to take that in-depth dive into the possibility that the monetary value holds.
To go further we have to put the value that crypto and fiat holds. The most important thing is the value that they both hold. What's the value of our paper currency that always get affected by inflation, the biggest possibility for the creation of stablecoin so that value would still remain and the volatility of cryptocurrency is extreme. What's now the change that we want to see? For me value is most important element to always hold at bay. Truth would remain that not everyone would be enlightened enough 5o see the change in dynamics that's taking place in our financial system. Just this morning I'm looking at the rate of dollar to naira which stands at $1 @ 736NGN which is loud enough to see that inflation is still on the rise. The question that would arise is how does crypto change the paradigm.
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Would crypto be beneficial to all if it becomes the legal tender highly recognized by the government as majority wants. It's only right that it becomes recognized to the extent of being accepted by everyone because during the bear season or bull season, the effects of inflation and deflation would always have effect and the concept would vary from different individuals especially for those that accumulate less crypto to those that have more. Always having an alternative source of income would still prevail.
In essence, crypto and fiat should be left to work financially and not one totally replacing the other. We should appreciate options because it allows us to choose our preference.
Thanks for visiting my blog, till next time.
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Finally someone is speaking rationally. Most crypto enthusiast just want a future in which it will be all crypto, and that is simply spelling doom for the future.
Just see the mess El Salvador is dealing with. BTC has failed to recoup it's value for how many months now?
Both should simply be allowed to coexist.
It would be a dream come true if both of them can be integrated side by side instead of one canceling the other. Having options is a good thing.
And I think, as time goes many people will understand the value of crypto and make it as the preferred option when transacting or conducting commerce.
Damn, I can't recall as of now which country paid for a boarder to boarder delivery via crypto. There's actually ease in making commercial payment and getting to this point would take some time.
There's always a competition that exist, not everyone can have enough crypto and same goes for cash. The bear markets affects everyone and just imagine in a place that everyone deals in crypto, that period would be like what we experiencing now and that also goes for when the bull market returns. It's all what we want all the time, it's quite the irony.
What an irony it is! There must be a solution somewhere. Maybe we just can't figure it now.
Even if people like it or not, only having cryptocurrencies instead of fiat would sadly never work in real life. I dont really understand the point either, each of them have its perks (Fiat/Crypto). Specially in the case of fiat cash which does not need the internet.
What would happen in the future if your country enters a war and you have no access to internet? You are doomed. I think having both is a great advantage!
I'd like to think that when you stand for something positive, you'd like to only dwell on the positive impact which is glaringly obvious. The sad truth is that there would be side effects.
Presently in my own case, living just as it is now is entirely due to crypto through my activity on hive. We are mostly blinded by one side which is the right path that we miss out on an element that would compliment of propel our adventure.
Internet and real life are too completely separate places that can't be seperated from one another which is quite funny.
Our activity in real life makes the internet active.