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RE: Thoughts on Currencies and Valuations

in #lif3 years ago

I wish more people would just accept cryptocurrency as a form of payment

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APeople starts accepting crypto as real money 💰 that will happen but slowly may take years ..or it may become precious metal which we got after mining like gold ...

Crypto is still in its infancy. The debate is still on whether it is a payment mechanism or a store of value.
The current volatility discourages businesses from accepting it .
Like all new things, crypto has to go through the adoption cycles. For example, early adopters of electric cars suffered the first years on finding places to plug in, today there are more and more charging stations popping up around; not enough but a huge improvements compared to few years ago

"currency" in cryptocurrency defines it as means of trade.

Unluckily (or luckily?) it's considered by many as sit on chicken egg till it turns into golden egg.

Even the late ones in the game hope not to be the last in the game. So the value of whatever TOP crypto they have will probably just go up.

Is it good or bad? It's obviously good.

If Bitcoin was worth $1 like in 2011 or 2012, there would be no headlines and the adoption would be 1% of nowadays adoption both by users and retailers. There's won't be any significant retailer accepting BTC, LTC ...
Because of value, Bitcoin became TRENDY and as payment option (and other crypto's) became the must have for progressive companies.

Not possible for a long time. The US government only takes dollars to pay taxes, not Crypto. Until that changes there will always be need for fiat.

Check out Arizona leading the charge. They're in the process of accepting crypto to pay for property tax. Long time is very broad.

Put it this way, any country who doesn't accept crypto as a way of tax is going to end up as a third world country.

but also since bitcoin is a fixed supply that will be over time people will want to hoard it

headspace21 thats not actualy an issue though. Yes, you only have a limited supply but you can send 0.000000001 bitcoin if you want to. That would be 0,0000082 $US at the moment. Hording will only drive the value up, thus eventualy prohibiting very small (or urgent and relativly small due to not including a fee or a low fee for the transaction) transactions, but not really a problem. Bitcoin of course isnt the only currency available though the only one that thus far has wide acceptance with big corporations.

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Only if there is regulation to control the pump and dump

Look at Gold, there's regulation to prevent corruption in that market but there's still manipulation going on to this day.

austin101 if there wasnt, itd be worthless. Other than a few high end uses such as high conductivity gold is utterly worthless.

on one hand, the speculative nature and potential value of the blockchain-based crypto sways people into not using it as currency. on the other hand, there aren't enough places currently accepting it. thus, it is a bit of a standstill at this point. with that in mind, loads of potential and i'm really excited not only for payment, but all the ways blockchain and crypto can be used to help people in a decentralized way.

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These damn wallets need to be set up so I can send a set amount of fiat to people and it just automatically, using market rates, gives them the appropriate amount of crypto. And every store operator needs to be able to instantly convert their crypto into fiat, else they will be too scared of the downside risk. It's one thing to lose an investment its another to have your business crumble.

Obviously big companies have less to worry about, but for the little guys who have started accepting their favorite altcoins it can make or break them. I know NANO has quite a few small businesses that accept it as payment.

Yes the acceptance must grow.

We won't have global acceptance of crypto currency until businesses begin to accept Crypto as payment for everyday transactions. And I mean accepting it directly without the need for an intermediary.

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