Ever since I started reading about crypto and understanding crypto, I have found more reasons to use it, if few months of using and understanding crypto can make me feel this way, imagine what other people would do or think. They will abandon their local currency, I truly understood what decentralisation meant when using my metamask to perform transactions, it gave me an idea of why I need to choose crypto. Currently El Salvador seems to be the only country that accepts bitcoin as a legal tender but its volatility is the only thing I have a problem with. I love how crypto works but its volatility is the reason I think making it a legal tender might just not be a good idea. It won’t feel nice to see a coin you bought $40,000 few months ago worth $25,000 later. Especially when you need the money to survive and spend on basic living like food, shelter and health care. It will disrupt a lot of things. One of the reasons I love crypto is that it gives us freedom to a certain extent compared to what our local currency gives, especially being in places where using your local currency limits you to a lot of things. Local currencies have their disadvantages also, as a matter of fact, their disadvantages should be more than their advantages.
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If we are being honest, the only thing local currencies offer is some standard stability, e.g a $100 bill is $100 value anywhere depending on the exchange rate there. If you want to buy something anywhere, that will determine the unit of measurement of value for that item you want to buy. But if more people start using crypto for their basic, the volatility will be a very huge barrier, although the rate at which people are using fiat is gradually reducing, thereby decreasing the value of fiat, in some countries where they have completely lost hope in their local currencies, countries like Venezuela, the use of crypto has helped them retain the value of their asset thereby reducing the value of their local currency more. Some people think that may be crypto might just take over local currencies in the world, but I doubt that, it will be a huge competitor to local currencies but won’t replace it. Their over hundreds of thousands of crypto currencies out there more will come and more will go, how do we choose what currency we are choosing for what country? The world is bigger and more complex than our imagination, its going to take a really long time to see that happen. For now, governments and regulators are still battling crypto and they are not going to stop any time soon. We still have a long way to go. The crypto utility just gives us an alternative for now.
Posted Using LeoFinance Alpha
Until there is more use cases and wider acceptance of crypto for good and services we are shackled to fiat. It't the on and off ramp to use crypto in the traditional economy.