What do you consider cryptocurrency as? Most probably you use it as a commodity like oil. Buy it now and sell it at a higher price, the basic principle behind every trade. Now can this commodity be a currency? Let us find out.
For the past few years, there are people who are strongly advocating for a cashless economy. Which is actually accepted, but no one wanted to forget their paper currency, To this situation came the Bitcoin, An electronic currency that was not regulated, that didn't have any reserve assets wanted to replace fiat currency. But the general public did not want a coin which is based on a string of code that cant pay there insurance and bills unless converted to good old fiat currency.
Ever since Bitcoin came mainstream a lot of cryptocurrencies came to market. In fact, a new one is going public this month and they have organized an airdrop. If you want to earn 17$ worth crypto just click the link below
The cryptocurrency was a commodity for people like you and me, But there are people who want that to change. So the created a stable coin, an asset-backed cryptocurrency class, which does not show high volatility in prices. It had almost a stable price. If you want to know more about it click here to read my article on the stable coin.
Stable coin literally made your goldmine empty. Crypto was now not subjected to heartbreaking price changes. But still, I don't want a stable coin because I will have to sell it and convert it to Fiat currency to pay my bills.
What if one day I saw stores which take crypto. Things will be so different. A few shops will be fine but most probably it will trigger litigations across the world.
When the cashless economy started, things were still under government control. And the government supported it since the transaction of each and every penny was recorded. But now we are talking about transactions that cannot be traced. Imagine the loss of tax? So there will be litigations.
To the best of my knowledge Defi programs are still at a developmental stage. It is now like a closed loop, by the by if you are not familiar with DeFi, Click this link to know more.
Everything you should know about Defi
Now we are talking about a commodity, that now has no major price fluctuation and is currently used by some as currency. What it now needs is government approval and laws that regulate them. Which is actually happening now. So yes the once-popular commodity will soon be a popular currency-Cryptocurrency
