Cryptocurrency: What Can It Be Used For?
This is a question we heard a lot in the earlier years of cryptocurrency. Unfortunately, it seems we havent moved too much beyond this in many ways.
In this video I discuss how this point was overlooked in many ways during the last few years. A lot of the discussion we are having now centers on this. Notice how much of what is out there has no answer.
▶️ 3Speak
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Most of the crypto out there doesn't really have a use case and it baffles me how people just following social media influencers can get people to buy into most of the crap. It just seems like these people never really learn from their mistakes.
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They are driven by the huge profit promises. I was caught in that web some years ago. But thanks for the learning I've got on Hive over the years.
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Amazing that on daily basis, the usecases of crypto is growing. Every investor should be on the look-out for the usecases that each digital asset supports. This is the actual value of crypto.
Great thoughts you shared how cryptocurrency has evolved from value transfer to commercial use cases, to collateralization and more.
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The perfect question.
I recall being asked this same question and the answer is yet worth a lot.
Summary:
In this video, the speaker delves into the importance of evaluating the utility and use cases of various cryptocurrencies and tokens. He emphasizes the need for a continuous discussion on what these digital assets can be used for beyond just staking. The speaker touches on the use cases of popular cryptocurrencies like Bitcoin and Ethereum, highlighting their ability to transfer value and pay for gas fees respectively. He also discusses the significance of utility in NFTs, in-game tokens, DeFi, and other cryptocurrency applications. The speaker stresses the importance of understanding the practical value and utility of these assets to drive adoption and long-term growth in the crypto space.
Detailed Article:
The video begins with a focus on the recent events surrounding UST and Luna, leading to a broader discussion on the fundamental question in the cryptocurrency space: what can you use it for? The speaker stresses the necessity of analyzing the use cases of tokens and coins beyond staking, highlighting the significance of utility and practical applications.
Moving on to specific cryptocurrencies, the speaker mentions Bitcoin as a prime example of a cryptocurrency used for peer-to-peer value transfer without the need for intermediaries. The security and utility of Bitcoin in transferring value securely are highlighted, along with the challenges posed by its volatility in serving as collateral for loans.
The conversation shifts to Ethereum, pointing out its utility in paying gas fees for engaging with the blockchain. The speaker acknowledges the importance of Ethereum in facilitating operations on the chain and hints at the upcoming switch to a proof-of-stake mechanism for coin voting.
The discussion extends to NFTs and in-game tokens, emphasizing their value when tied to specific applications like gaming. The speaker emphasizes that the utility and intrinsic value of these assets, beyond just their price, are crucial for user adoption and long-term growth.
The importance of a diverse ecosystem with multiple applications on blockchain platforms is highlighted, as it enhances the utility and use cases of baselayer tokens like Ethereum and Hive. The speaker notes that a robust ecosystem with multiple applications can significantly boost the use cases and value proposition of these blockchain platforms.
In conclusion, the speaker urges viewers to always question the utility and practical use cases of different projects, tokens, and coins in the cryptocurrency space. By emphasizing the importance of understanding the utility of digital assets, the speaker underscores the critical role utility plays in driving adoption and value growth in the crypto industry.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.