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RE: IMF Director Says Banks Need to 'Stay in the Game' as Crypto Could 'Reduce Demand for Central Bank Money'
Isnt bitcoin supposes to be a medium for exchange? Or a way to remove banking and third parties that makes transactions expensive. To me its a medium to exchange value over the internet, but the value is still ultimately decided in a fiat currency and that isnt going to change anytime in the near future. And even in the future if value is defined in bitcoin, how do i buy bitcoin? What other item of value do i exchange to own bitcoin other than fiat?
The blockchain is great at cutting out the middle man. It will create jobs And you'll be able to pay for things and get paid directly with it. Soon, the need for fiat will be completely outdated entirely.
However, the greatest asset of crypto isn't any of these things. It's the ability for communities to fully control their own currency that truly matters. Decentralization of corrupt power consolidation is likely the most important thing we could do in our lifetimes.
You could potentially go to an exchange, and exchange gold, silver, fiat for bitcoin. If there is only crypto, then your work will pay you in crypto anyways...