video about Steemit economics I have a deeper understanding of what a commodity is, vs a currency, and I think that’s crucial in this discussion.After watching @andrarchy ‘s
A commodity is a marketable good that can be exchanged, and does not have a price stabilization mechanism (steem, gold, bitcoin, coffee...). This variable price makes it a great investment vehicle as people can buy low and sell high.
A currency is a store of perceived value that can be exchanged, With a price stabilization mechanism ( USD and SBD).
Because of the price volatility, bitcoin seems to be more of a crypto commodity than a crypto currency.
In my opinion, this makes bitcoin a hard sell in terms of replacing the usd, because a price stabilization mechanism provides certainty to the participants of a transaction.
If there was a physical form (banknote) of SBD’s, I’d consider it a valid innovation to help crypto currencies get offline- which would be immensely helpful in areas of the world which aren’t being blasted by WIFI.
I'm not from the school of thought that any crypto will replace the dollar... I think we're still pretty far from that... in my opinion the dollar will be replaced by another currency first.