What's holding crypto back?
woman holding a bitcoin

What's holding crypto back?

By DragoNate | Crypto Related Stuffs | 9 May 2020


These are my thoughts:

Crypto, at least some coins anyway, are supposed to be used as digital currency that is separate from fiat. Pretty much any coin or token can be traded for another in some sort of way, thereby giving all of them a value. But that value is most often displayed in USD fiat value. Here in Canada, we don't go to the store hoping prices might be lower than yesterday so I can make my CAD $ go further in USD $. It's just CAD everywhere. We don't worry about USD, period. Only the banks & conversions care. Even at the store, if I have a USD $1 bill, it's treated as $1 CAD for whatever I'm purchasing. The conversion is too unstable & too small a difference for it to matter to the cashiers.

With there being so many different coins/tokens how do you even know where/when/how to convert? They all go based on the USD value usually. You trade token X to token Y, it'll take the USD value (or sometimes the trading platform value) & adjust accordingly. This definitely makes to have a common factor, otherwise things could become chaotic. But if the whole goal is to get away from fiat currency, we have to start now. I will be honest, I don't know how to go about this change. BTC is too far and few between to allow anyone & everyone to have a worthwhile amount. ETH is less than 10% but still not feasible for a wide array of people to be carrying it around & whippin' it out for everything as if going to the store with a credit card. Of course, if you can't buy crypto with fiat, then it's difficult to get crypto, especially for newcomers.

Crypto has to have a value in fiat for it to be adopted by more people & to allow people to get into it. However...what's holding it back in my opinion is that we think of 1 ETH as being $100-$200. Instead, we should be thinking of 1 ETH as, well, 1 ETH. I believe making this change, as difficult as it will be for a lot, will help get crypto towards the goal of doing away with fiat.

Do you agree? Disagree? What do you think is holding crypto back, if you even believe it is at all?

 

-originally posted on my Cent page



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