Crypto isnt money...... Yet

in #blockchain6 years ago

Screenshot_20180825-074114.png
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Hello steemians

This morning after napping all night, I decided to read up on a few happenings in the crypto world.

The first news I read was obviously bearish, talking about how many retailers and marts are dropping crypto payments for goods and services.

The screenshot above basically speaks on the subject.

I have had the notion that crypto isnt money in the traditional sense.

Its just too cumbersome to be money.

Sure bitcoin can be broken down into satoshi and its transaction time is magnificent when talking about international trading, I wouldn't use it when going to buy bread or food at the nearest restaurant.

This problem arises from the fsct that the transaction needs to be confirmed by a consensus of decentralized computers first before it can go through.

Of cause at certain times, the transaction time can be fast, but if we are talking about mass adoption, one only needs to look at what was happening around December/January to see what problems may arise when thousands of people use the network at the same time.

The other fact is that if I want tk pay for a drink, I have to send a higher amount than the cost of the actual drink, due to the transaction fee associated with POW cryptos.

I believe Crypto can act as money in certain conditions, but does not hold water in others.

The main problem for me is the volatility, simply put, im not going ti spend my coin if after sending it, it rises up by 50%, which is very very possible with crypto.

Afterall, a few days ago, I bought ether at 269 and sold at 280 just within an hour.

The flair and sunshine which crypto had during the December bull run has largely faded and were now experiencing natural growth, which is good for those in crypto for the long term.

I believe in the future, the two problems of transaction time and volatility will be solved, making crypto ideal as a means of payment.

Another thing I think the general community should do is switch to seeing bitcoin as a store of value, rather than a currency for immediate spending.

Gold is a store of value, so is silver.

If the world is going digital, then there isnt anything stopping us from having bitcoin as a new form of gold, the digital gold so to speak.

In the far future, when we all plug our brains into the "hive mind" who knows if bitcoin would be the one true currency.

Stay true to yourself and believe in crypto.

Thanks.

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For me personally, I have always been looking at bitcoin and cryptocurrency in general has a store of value rather than money.

Good day destinysaid.

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