Confused but Trying
I have never considered myself unteachable but I was/am struggling with Bitcoin and cryptocurrancies in general
Thank you to @taskmaster4450 for his patience and help and I am understanding a bit more now but it's taken a long time.
My problem was this .......... If I pay £1 for a loaf of bread in the UK and $1.28 for bread in the USA then if we go to cryptocurrancies would I pay 2 yingyang ( ok I made the name of that crypto up for illustration purposes ) in either country ?
Would there be one unified money with no exchange rate between countries ?
After many conversations I think I now have the basics - each cryptocurrency is different, that each one has its own value and the market determines how much each is worth in each country. The likelihood is there will be thousands of currencies each worth differing amounts and each having its own buying power but there will be no universal currency that is the same world wide.
On reflection I can see that it is a simplistic view on my part, the problems that would cause would be tremendous as each countries economy is so different and in a 'rich' country like the US the value of a single universal currency would mean bread costing $1.28 and maybe 10 minutes work would still cost the same $1.28 in India but maybe 3 hours work because of the economy in that country.
Now I am not saying I am right - I have just worked 27 hours in 2 days and am tired - so if I am wrong please tell me ( and give poor @taskmaster4450 a break for awhile ) but please tell me in simple terms so I can understand where I have gone wrong !!
One of the benifits of having cryptos is that they will be universal, used by people of all nations. As far as use for buying a loaf of bread i think we are a long way from that at this point. As cryptos evolve and use becomes more frequent and these insane fees drop i have full confidence in the cream rising to the top and there being one or more universal currencies that can be used to purchase everyday items. Take steem for example...no fees, a step in the right direction
Thank you for your answer and for the loaf of bread point, I think that's what I was trying to figure out - would one day the currency be the same world wide with no exchange rates so everything the same in terms of cost ie bread 1 yingyang in UK,USA,India etc etc
Thats the dream, hopefully it works out that way. By the looks of it , it wont be bitcoin. But therr are plenty of quality alt coins to step up where bitcoin falls short