In its current role within society, cryptocurrency is a speculative asset; it's a commodity with a growing market than many are simply partaking in for quick capital gains and nothing more.
To me, and to many more within society, cryptocurrency serves a much greater role than simply as a commodity. After all, what value does it even serve as a commodity? Simple pump-and-dump scenarios? Numbers on a screen?
Cryptocurrency on its own is money that has no fiat meddling. It is the essence of the free market. And since the essence of the free market itself has not been practiced within society, it is no surprise that merchants have not taken the step towards accepting cryptocurrency exclusively as payment for goods and services. Merchants only accept the government-backed currencies that society has faithfully and ignorantly maintained as the primary means of exchange.
But what would it take for large-scale merchants like Walmart to accept cryptocurrency as payment? The answer is: A complete collapse of the current monetary structure that places government-backed currencies as the primary means of exchange.
It is July 2017. Cryptocurrency is still very young. Meanwhile, all of the world's fiat currencies have had decades of use in society, and their value has shrunken to practically nothing. It is merely the ignorant confidence and belief in this fiat currency that keeps it in circulation. Once this confidence retracts, and society begins to see the practicality of cryptocurrency as that means of exchange, merchants will exclusively accept cryptocurrency as payment.
Fiat currencies have been inflated by Keynesians into oblivion, retaining slight remnants of their "glory" as exchange mediums. Society must realize at some point when these fiat currencies begin failing (and arguably already have), there must be a successor to the tried-and-failed system of fiat currencies. Enter cryptocurrency.
As to which cryptocurrency will be chosen as the one used for this exchange between merchants and customers, time will tell. Personally (and for reasons outside the scope of this article), I think this will be Litecoin.
@maff1989 I think something like Monaco card will be the intermediary between mainstream vendors.
Your thoughts on a Monaco card-style solution? Do you think it defeats the purpose of decentralizing?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Monaco card seems, to me, to be a crypto-to-fiat conversion layer that is not the same as accepting cryptocurrency. It's essentially a BitPay card. Merchants have no need to accept cryptocurrency with Monaco; the consumer is the one that spends the crypto, and Monaco converts this to fiat for the merchant to accept during a transaction.
Plus, Monaco is holding the money. They control the private keys. This is the equivalent to a traditional bank holding your fiat currency. If something happens to Monaco, what happens to the money they hold? I personally would not want to risk the possibilities in that scenario.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good question and answer. very intriguing concept and discussion. Keep up the good work! I am looking forward to the day when the fiat Reserve note is not taken seriously anymore.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
i loath pump and dumpers with a passion. They are selfish and ruin this community. I hope they never come back. Never follow anyone who doesnt show their face.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit