Dollar has not been backed by gold for many decades. It is backed by nothing. They can print as much as they want, and they loan that to the government on interest. If you think printing money and then charging the governments interest to use it sounds like a good gig. It is. That's how they control the world. They themselves are not part of any governments. They just own the banks and printing presses.
An interesting thing is once the dollar was no longer backed by gold is when this entire inflationary curve of the dollar becoming less and less valuable occurred.
dollar is stabled enough
Yes people do think that. Yet they don't really consider that opening savings accounts and putting U.S. Dollars in them can actually be losing money due to inflation. Sure the amount of dollars in your savings account increase, but at the same time it takes more and more dollars to buy the same things. So it is important to know if your savings account is actually growing faster than the dollar is losing its purchasing power.
I think this is happening for all the fiat currencies around the world. Some countries now even have negative interest rates to save money in the bank. :(
Yep. I currently only convert things to fiat when I need to make purchases or when I need some fiat to spend. Depending upon the crypto currency or something like gold/silver I believe my money though not perfectly safe is safer than as fiat. We still all use fiat for so many things as it is what most things still require. Over time hopefully this will change and we'll have to use it less and less.
hm... how do you convert crypto currency to fiat? Like Steem to other fiat currencies? I know in Malaysia they only deal with bitcoin at the moment at localbitcoins.
I convert steem to bitcoin at bittrex.com right now though there are many places that do similar. I have a bitpay visa card which I can add dollars to and it tells me how many bitcoin to transfer to it and then I suddenly essentially have a visa card/debit card with fiat in an account. So I add money to that card as I need it.
I know the card I have is not useful to people who live outside of the U.S., but I do know there are similar cards that work anywhere in the world.
I did write a basic post of how I do it a week or so ago...
https://steemit.com/bittrex/@dwinblood/bittrex-basic-how-to-so-you-have-an-account-now-what-how-to-get-money-from-steemit
There are a lot of different ways to convert steem and steem dollars to other currencies. Typically bitcoin is the bridge things cross before they become fiat or vice versa. Bitcoin is also the slow part of the entire process... Bitcoin is not a fast crypto currency... it just happened to be first so is established.
Thanks for the information @dwinblood . I think there's one that is being promoted in Malaysia besides Xapo Wallet, which means I still cannot find a faster way to buy Steem from fiat currency in Malaysia except through bitcoin, or other cryoto currencies that I already have via other exchanges.
Malaysia has not legalised Bitcoin but at the same time it has not started to track down trading outside fiat currency. I guess the fastest way to earn steem dollars or steem would be posting content and selling real stuffs here.
I am thinking of separating to another account that promotes my hobby work to see if anyone finds it interesting to purchase.