Downside of Crypto, compared to cash Vol. 2
Bitcoin ATM

Downside of Crypto, compared to cash Vol. 2

By fa113nstar | Crypto vs. Cash | 10 Mar 2020


Hello Everyone!

Last time we talked about last of customer/ user support for common consumers. I got some great responses and would love to discuss more in the comments section on that post.

This time around I would like to touch on some more concerning elements, that I feel are large hurdles to overcome in order to get the common everyday cash user to adopt digital currency. 

The First I want to touch on is accessibility. While a majority of the developed world has internet at their finger tips, I know plenty of US citizens that do not have internet or lack reliable internet on the go. With the majority of wallets being app based or online, I highly doubt the common user will want to carry around a paper piece of bitcoin that they will have to pay a "small fee" to use. 

In addition, there is a large portion the world with very little to no reliable internet access. The ones with little access are still using public internet cafes and public sources, which leave a huge security risk when they are using financial apps and websites. a simple key logger could ruin their entire finance. Other nations have not ability to access their coins or buy them due to lack of national interest and ease of access.

General Bytes has been selling and people have been deploying their ATM machines.

BATMfour bitcoin ATM

But this requires someone to purchase the machine and find a locations to place it. then they must maintain it with cash for withdrawals and hope the exchange rate does not change to wildly in the day, in order to stay profitable.

They do offer a large selection of coins

Image from BATMfour info

But certain coins have not been considered legal in all countries.

So needless to say there are still some kinks to work out to get these machines to work and be efficient.

 

Secondly:

The Volatility and Fluxuation in the pricing!!

If you worked for a dollar today and it was worth 0.50 tomorrow. well you would never be able to live or pay your bills. your landlord isn't going to accept that the exchange has lost half its value. 

the inconsistency makes it only useable as an investment currently and prevents adoption as a currency on large scale. 

The pricing needs to have some sort of stability, I enjoy the idea of stable coins, Like DAI, but again, it will need to be adopted and used by all in order for it to work.

Using a stable coin makes it multi layered in its use and that confuses the common lay person.

 

Dont get me wrong I love the idea of a digital currency and asa vessel for investment. But there needs to be something consistent. Not just tank and rebound. riding the waves up and down to profit.

As always let me know what you think! would love to discuss further in the comments.  What are your thoughts on the bitcoin ATM and helping accessibility?


fa113nstar
fa113nstar

Looking to share knowledge, Ideas, and Thoughts on Crypto, Cash, and Investing. I want to insight conversation amongst our community. And earn some Coins along the way!


Crypto vs. Cash
Crypto vs. Cash

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