You are viewing a single comment's thread from:
RE: Thinking of selling your bitcoin for fiat currency? Put it in SteemUSD instead!
Bitcoin is still king, agreed.
But you would be a fool to keep 100% in BTC - so, rather than sending the funds back to the legacy banking system, what this post promotes is the option to earn 10% USD interest on a fraction of your profits (it would be equally foolish to park 100% of your funds in steemit) in the mean time.
I have been parking profits in Bitshares using BitUSD and BitCNY for years, whenever I thought bitcoin might drop against fiat. This strategy has earned me a couple thousand over the last years.
What I suggest here is pretty much the same, except it even pays interest ..
I'm far from promoting fiat currencies, but what scares me is the fact that for every activity you imagine you need a dedicated crypto. This reminds me my pre-Euro honeymoon trip back in 1992. I had a wallet full of currencies. Had to plan every step ahead, where and how much to spend. Now I can travell with one universal currency Euro and spend it wherever I like it.
In this aspect ETH with smart contracts seemed promissing, but the DAO lesson was cruel
It is a good point you touch on. As you are probably aware, the Euro has lost about 15% of its purchasing power over the last few years against the US Dollar.
If you spend inside the Eurozone then it is not really noticeable, but try ordering from amazon.com and the difference will be felt.
A lot (most?) of crypto-currencies today are really more about speculating and testing technology out rather than offering something truly innovative.
There are a few exceptions, like #bitshares, which as you probably know by now, is where the technological base for steemit came from.
I will give you an example that strikes right at the core: I am originally from an Euro country and spend some time in the Eurozone every year.
While the people around here have been busy losing purchasing power every year, without realizing it, I have been busy loading on BitUSD in the bitshares ecosystem (and now SteemUSD), which allowed me to retain - and increase - my purchasing power.
I am not even talking about bitcoin here, which just turned out to be a great investment, and it is actually working reasonably well as a store of value as of late.
To me the true power is being able to turn something like SteemUSD, BitUSD or BTC to "real" currency on a whim, suiting my needs, on a timing of my choice.
While it is true that while in the Eurozone most of the economic activity I partake is euro-denominated, it is also equally true that I am to a large extent not exposed to the devaluation of the euro by being able to so easily go back and forth between different currencies.
This is something that most people today still do not realize is possible. I would like to aspire to slowly change that.
There are alternatives, and the future is here!
Euro was spoilt first by currency wars against USD and secondly by politics.
Bitcoin stayed pure and faithfull to the initial ideas (zero inflation, zero manipulation)
ETH is somwhere in between. We have a large premine owned by "some kind of FED" and we have a 'government" which organizes voting in order to change currency rules.
I agree, BTC is perhaps the most stable in price, but i still feel its rather a dinosaur. There is little innovation, arguments between the devs on increasing the blocksize, something that satoshi never intended to even be 1MB for this long. Just like facebook became larger than Myspace, the same could be said with something growing bigger than bitcoin itself...