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RE: The Dollar Is Dying - Proposing The New Bitcoin Standard

in #cryptocurrency7 years ago

Hey @cryptogee, thanks for sharing your thoughts on this great post!

I've noticed that most of the commenters are strongly for crypto to move to its own unique standard. This is understandable due to the vision of Bitcoin and other cryptocurrencies for complete decentralisation of currencies.

I think this is the ideal scenario for all of us, however, at this moment in time, it would be illogical to do so. The reason why Cryptocurrencies are finally getting some headway and some positive action worldwide is due to the sudden beginning of mass adoption in the past few months. This mass adoption has been fueled by societies ability to compare the price of a BTC/ETH to the USD or the respective currency. (Even though in reality, the USD and GBP are meaningless, they hold value in our minds due to society's adoption of them over the years.) Therefore this allows us to compare the price of something that arguably the mass do not understand (Cryptocurrency) to something we can all compare due to its effect on our day to day life.

I believe that this is because we are yet to see BTC adopted into our day-to-day life completely. We know that we can go to the store and pay in GBP for a chocolate bar, however, we cannot go with the same certainty and pay with Bitcoin/any other cryptocurrency. This allows us to simply and intrinsically compare the price of the digital currency to something that's real.

Therefore more trust in cryptocurrency needs to occur, as soon as the trust in Cryptocurrencies surpasses the trust in fiat, we will be in a completely different boat.

In essence, I would argue that more mass adoption and understanding needs to happen before we can start to give cryptocurrencies their own unique standard. Then, the decentralisation of currency will finally begin to take place in society.

Please let me know what you think...

Cheers, hope to connect again soon!

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