Cryptocurrencies are the future of money.
The lovers of cryptocurrencies accept that "Cryptocurrencies are the future." That is what the proponents of cryptocurrencies want to propagate.
The principle of cryptocurrency relies on a solid base of distributed computing and distributed ledger technologies, such as blockchains, directed acyclic graphs (DAG).
-
Technology is an essential component of cryptocurrencies. But the success of cryptocurrencies doesn't depend on technology alone.
The future of cryptocurrencies is more dependent on their adoption by the common mass.
The affair between cryptocurrencies and fiat is one-sided.
The affair between two humans dwells on mutual respect. An affair is upgraded into a relationship after a prolonged communication process. The relationship between a couple lives on two-way communication.
The affair between cryptocurrencies and fiat currencies is one-sided.
A cryptocurrency quotes its market price in terms of fiat currencies. Bitcoin Cash is valued on how many US Dollars its market rate is. The value of a US Dollar is never quoted in terms of Bitcoin Cash or any other cryptocurrencies.
Cryptocurrencies couldn't break the relationship with fiats.
-
As of now, no cryptocurrency can start its existence without being fed by one or multiple fiat currencies. One always requires a fiat currency to buy a cryptocurrency.
Can real-world assets, such as gold, be directly converted to cryptocurrencies? Maybe, there are brokers who buy gold or other real-world assets in exchange for cryptocurrencies.
-
The world is waiting for that day when a few cryptocurrencies can acquire a self-sustaining height of value that can claim their worth without reference to any fiat currency.
Concluding remarks
Crypto-fiat relationship is fragile.
-
It is good for the development and growth of cryptocurrencies.
-
Cryptocurrencies need to find a way to sustain themselves without fiat currencies.
The projected future of cryptocurrencies will come to the present time if and only if the cryptocurrencies acquire their value independent of the fiat currencies.
Who I am
-
I am from Science, Technology, Engineering, and Mathematics (STEM). I have also added "Arts" and "Fine Art" to my interests and made my interests STEAM - Science, Technology, Engineering, Arts, and Mathematics.
-
I develop solutions for passwords and cybersecurity relevant to cryptocurrencies, blockchain, and other blockless distributed ledgers.
I hope the entire blogging community will strive here and elsewhere.
If you have time, please explore my "Learning Times" and other channels on Odysee-dot-Com and earn crypto coin LBRY Credit or LBC for consuming and creating content.
It was originally posted on read.cash.
Cheers! Debesh Choudhury
Join me at Odysee, LinkedIn, Twitter, noise.cash, and Facebook
Text Copyright © 2022 Debesh Choudhury — All Rights Reserved
Thumbnail Image: From Unsplash.
All other graphics and videos are credited just below it.
Disclaimer: All texts are mine and original. Any similarity and resemblance to any other content are purely accidental. The article is not advice for life, career, business, or investment. Do your research before adopting any options.
Oct 31, 2022
