Sunday thoughts - crypto currency has no value
Did the title get your attention?
Maybe I should have put that mask on my fingers so I could not type. Lol
I have been playing today. Buying and selling, different coins and tokens. Just to see what kind of, if any, reaction I could generate. And it got me thinking.
From everything I see, and feel free to correct me, crypto on its own has no value. Let me explain.
It is all tied to something else. USD, other FIAT, always something else.
There are glimmers of hope and I will give an example.
CTP tokens. You earn them like you do on Hive. Blogging, upvotes, we all know how it is earned. You are rewarded for your brain power. They can be spent though FirePay for non crypto stuff. So far so good. Better than most coins, tokens that have to be sold for Fiat to use in life.
But what is the end? Website owner's, program owners. What do they do with it? Exchange it for Fiat to use in the "real world".
I cannot go to the store and get a loaf of bread with it or any other crypto. Not yet anyway.
So realistically it has no value on it's own.
Until there is mass adoption of crypto and people, business are willing to use it, realistically it has no value.
I do see that changing in the future but these are today's thoughts. And I hope they will spark a conversation.
Bradley
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Any currency must have some use for it and for crypts the more use there is, the better. Not only for payment methods like BTC, but today we have some currencies that can be used in our daily lives in the real world.
There are already establishments that accept crypto and services in general as well. Countries already have plans to create their own digital currency because they know that printed money as we know it will not exist for very long.
Over time more people will be able to believe in cryptocurrencies and this will be done naturally. We are privileged to already be on that boat. Soon, who knows, in the bakery near your home you can buy your bread with CTP or any other crypto. Time will tell...
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Thank you for the education and positive feedback.
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Do not miss the last post from @hivebuzz:
I guess there is no value other then relating it to some sort of fiat currency. How do we know the value if we do not have a base to work with? Maybe when fiat currency crashes we will use something like Bitcoin to set the value of all other cryptocurrencies. At least we have firepay for now to spend crypto with out transferring it to fiat. I think there is a crypto Visa also that you can use anywhere that takes Visa but I'm not 100% on how it works.
Thanks for your feedback Mike. Getting educated.
So, Bradley... If we look through your logic gold has no value as you can't go to the store and pay by it? 🤣
Now then. See. That is why I wrote the post. And it worked. I am learning so much from the feedback.