My Biggest Complaint About Cryptocurrencies
So this is less a complaint about cryptocurrencies and more a complaint about the consumer market in general. In my personal life, I have only exchanged crypto for goods and services on a handful of occasions, primarily among friends.
One of my first exchanges involved Bitcoin, and in this situation I was at a restaurant and tried to tip my waiter in Bitcoin. It worked, but he had to download a new blockchain wallet right in front of me, and then I had to walk him through how to receive it, and then the transfer fee ended up being more than the tip itself.
Was it a smart decision? Not really, I was pretty new and he was entirely new, and maybe I should have done literally any other crypto other than Bitcoin. Live and learn folks....
While there are new businesses and services accepting crypto, the general consumer market is just not catching up. I can buy giftcards with crypto to go to stores like Target and Walmart, but that kind of eliminates the use of it.
Listen, I get it, this is new and the general market is weary, but I am pretty sure this movement will have to start with us before it gets elsewhere.
The agorist principle of peer to peer exchanging will show that the demand and utilization can and does work, and based off free market principles, showing there is a utility and demand will show bigger businesses that consumers want and will use these non-fiat currencies to purchase goods and services.
Do you use cryptocurrencies like Bitcoin, Ethereum, Litecoin, or Steem for purchases regularly? Let me know in the reply section below.
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Next time you could ask your waiter/waitress if they are on steemit. :)
Wow nice post. Keep em coming. will folloy you for more in the future :)
thanks!
I have not yet used crypto for purchases, because not many places offer this option. And if they do, most of the time it's BTC only, and the transaction fees are too high. But I'm sure this will change in the coming years, and I will be able to spend my cryptos in more and more stores.
do you see BTC just as a storer of value or as a practical, exchangeable asset in the coming years?
Difficult to say. People started calling BTC a store of value after it couldn't be used for anything else. Even when the Lightening Network gets officially released, there is not way of knowing if it will be adopted in the short term by most. Look how long it took Coinbase to accept Segwit. BTC still got the name recognition and first mover advantage, but they need to be quick. And by that I don't only mean doing the technical stuff. They need to promote the use of it too. Luckily even if they don't succeed, there are enough alternatives like LTC, Dash etc
Yeah this is why I also hold onto ETH and LTC primarily (and Steem of course)
My 5 step adoption approach:
STEP 1: Convince a friend to buy crypto.
STEP 2: Convince another.
STEP 3: Convince more.
STEP 4: Offer to sell something they all want, but only for Crypto.
STEP 5: Welcome to the community.
Works every time 😎👍
*Resteemed!
Thanks!
Upvoted and resteemed thank you for using my service.
Coins mentioned in post:
I’m just holding. Though recently I cashed out some of my crypto currency but for the mostpart im holding.
You can get Visa cards ( no longer in South Africa ) that you can put Bitcoin into and then just use as a regular Debit Card, makes life much easier , I used Xapo until they canned them over here.There are quite a few different options.
BTC is definitely a store of value. It's too volatile atm for anything else. It's really nice of you to use crypto during your everyday life, helps spread the word. Appreciate the post. Have voted, would definitely love a vote/follow back :)
voted and followed!