In the end, you can't eat fiat money either.
But you can buy food with it in the grocery store in the corner. And you can eat that food. As I currently know none of the grocery store are accepting cryptocurrencies as a payment method. This would be one of the best use cases for cryptocurrencies. And if the stores, markets and restaurants would accept cryptocurrencies, then we would not need to sell cryptocurrencies for fiat money. We could use cryptocurrencies directly.
Bro, Fiat money is a legal tender given by government to its population for trades, that is why it is useful, but on other hand it takes a lot resources to print money or mint coins. Government will eventually fend off fiat money into digital version to save cotton, chemicals, machinery, labor, alloys and so many other resources.
But, it will take some time, a decade, century, maybe more.
!LUV
I know. Cryptocurrencies are also (slowly) becoming legal tenders. Or at least the Bitcoin (BTC). For example it is already a legal tender in El Salvador. But maybe for not so long, because IMF urges El Salvador to remove Bitcoin as legal tender. We will see whether they will remove it or not.
@xplosive, @emaxisonline(1/1) sent you LUV.
wallet | market | tools | discord | community | daily
The USD is already digital. Very little is actually in physical form.
Posted Using LeoFinance Beta
There is a lot more required to give value to cryptocurrency than just a payment system. This is just one use case and minor one in terms of global transactions.
Posted Using LeoFinance Beta
For now. When paper money becomes worthless (maybe that's not so far off), the grocery owner might decide that nails, screws, alcohol, or even cryptocurrencies are more valuable than paper money.
I have known groceries in the past who were willing to accept means of payment other than government-imposed paper money because of the uncertainty of government money.
Especially in this day and age, we would be well advised not to rely exclusively on things staying the way we know.
We grow our own fruits and vegetables here and exchange them regularly with our neighbors. This way we can be reasonably sure that this will work even in worse times and we can support each other when there is a lack of money for food or for food itself. Or when there is no grocery anymore. 😁