?? on Cryptocurrency
Hello Steemians,
Being a newbie into cryptocurrency, i was reading up details on it.
So while i understand the basis of it and i am assuming that the different cryptocurrencies i would term them as similar to different currencies of the world but in the crypto world.
But what is baffling to me to some extend is that cryptocurrencies are still using the USD as a reference to know what it is valued at. While i know we need a kind of reference to define its value but since we all know that fiat currencies are essentially losing its value and it is base on debt, doesn't it feel we are still being "controlled" by fiat currencies. And while we feel cryptocurrencies are the way to go, but essentially as long as we are tied to fiat currencies in some way, somehow feels we aren't moving ahead.
I may have missed out or not know certain information of cryptocurrency in view of the bigger picture so fellow Steemians do enlighten me what i am missing out on or might have misconceptions of it. Thanks.
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Your right @whatsupz
Cryptocurrencies are tied to Fiat for the most part. There are several tokens that are backed by Gold, and I would not be surprised to see a Silver backed Token in the near future. One day we will dump our Fiat(Monopoly) money for something more stable! I'm diversified in Gold, Silver, and Crypto so I feel like I'm in a good spot for that day!