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RE: Screwing the World’s Poor for $16 Billion? Steem and SD Can Cut the Cost of Money Transfers and Take Down the Predatory Remittance Industry
@donkeypong @cuckoo If STEEMIT really takes off (and hence STEEM too) then businesses may start accepting STEEM or SBD for payment anyway - in this case the fees could be slashed since the business itself would not have to pay any third party for the transaction.
That is the big hope with most cryptos actually just with Steemit/STEEM it could happen before it does for other cryptos due to the low barrier for entry.
Doubt it.
There are many benefits of government backed fiats.
Which are?
Government intervention to control exchange rate. Discretionary economic intervention for flexibility in protecting monetary value and favorable economic conditions.
Those are all advantages for governments and not necessarily good for the end user.
I would prefer to let the market decide those things and not have the government constantly fiddling with things or printing more money whenever they feel like it.
That is why fiat money will eventually be replaced by cryptocurrencies.
It's a question of when rather than if.