I just read this article and I encourage others to read it also. It’s title implies it’s about inflation, but it contains a section of mass adoption of cryptocurrency over fiat which is well written.
https://steemit.com/money/@edicted/why-inflation-is-necessary
One of the points it discusses “goods valuation” is an important one to think through. It’s okay to spend ten dollars on pizza because ten dollars will never be worth more then ten dollars. But ten bitcoin for pizza ? Ten Steem for pizza? The valuation of cryptocurrency may have to include some component of future valuation...or not...the market will decide.
I just completed an article on everyday uses of cryptocurrency, so this article was perfectly timed follow piece. The mechanisms which have developed already make it possible to buy with crypto, but at current prices we would need ten Steem for a cup of coffee. We may have to stop thinking in terms of dollars to value our crypto since spending ten Steem on a cup of coffee today $2.80 may look silly when that Steem is worth $28.00 or even worse if that ten Steem becomes worth $280.00. Spending dollars is easy, ten dollars will never be worth more the ten dollars. But ten Steem? Ten Bitcoin?
Should cryptocurrency require different valuation when exchanging it for goods which takes into account future appreciation? In a typical goods fiat exchange we don’t have to think about this. Fiat will never be worth more it only decreases in value. But that’s not true for Steem or Bitcoin.
We are riding a wave of change into the next chapter of our planets economic system. So much will change, we will need new ways to think about things we never had to think about before. I think it’s exciting because it doesn’t look like a question of “if” this will happen, it looks like a question of “when”. Large multi billion dollar companies like Fidelity, NASDAQ and Amazon are entering the crypto sphere to “buy low and sell high”, they smell the “blood in the water” of investors who bought high and are looking for a sell point.
Yes Steemians it’s an exciting time to be involved in this economic revolution.
@shortsegments
Things could get interesting this year especially if we end Quantitative Tightening and get more QE. Cryptos and gold could go head to head or maybe both come out on top.
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Interesting idea.
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Yes it is right selling your crypto for a cup of coffee dose not make any sense. All of know the potential of cryptocurrency so stay cam and wait. It is right there should be a way or a fixed method to spend our cryptocurrency to goods I think Stablecoins could be an option.
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I think this will automatically resolve itself. If people want a stable currency right from the start, they can use a stable coin like USDT, TUSD, PAX etc If they want a decentralized future where they have the power, they can use a real decentralized crypto. For the coming 50 years I believe there will always be a mixture of both.
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hopefully crypto continues to grow
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Nice blog gold all time favourite all'market but this time cryptocurrency some country not allowed cryptocurrency Indian government change the mind this time I think crypto currency is back this time crypto huge risk and good reward .
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I fully agree with you.
That's perfect time involving in economy.
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Thats for sure time to enter in crypto market before big bully will enter and they will earn some more money and they can multiple their money in next bull market.
But as you said spending a 10 STEEM for cup of coffee is not worth as of now might be it will 280 in future , but my friend if in a regular life we are not able to use crypto to create more awareness amoung people . And people can understand this is another way to pay in any exchange valu. There is only no card or cash is the way to pay in terms of money.
So overall to spend 2.8$ today can be more worth to create a awaewness amoung people.
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Thing with bitcoin is that it's deflationary. I'm not too much in economics, but in my point of view this incentives People to rather keep the money, (earn;accumulate) than spending. Many people do not agree, but I think it is good in ways of spending behaviour. We will not jump on the "flash sales" day after day. Deflationary systems will make you think before spending. And it becomes a lot harder to buy low quality waste over and over again. No, now you buy one great product. Less waste, better environment...
I guess...:)
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I still see Cryptocurrency been spend like dollars in the future but I guess it will still take some few years to come presently
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