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Why Is Portability and Patience Important to Crypto?

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Avatar for Porwest
Written by   89
4 weeks ago

There is a word that I use often when referring to cryptocurrency. The word is portability. And I think it is an important word to bear in mind. Why? Because portability is viability.

Ultimately the end goal for crypto-enthusiasts is that we one day can use cryptocurrency much like we might use fiat today. Albeit with, according to them, certain advantages, of course, over fiat.

Image courtesy of Pixabay, user petre_barlea. Bitcoin Crypto Btc - Free photo on Pixabay

Whether or not there are or will be any advantages over fiat is not the aim of this commentary.

Ultimately the purpose of any currency is to be able to use it in exchange for goods or services, or other types of transactions. Right now what is portable is fiat. What is not so portable, although we are seeing some advancements in this area, is cryptocurrency.

That makes crypto, right now, unviable. Unless I can walk into Walmart and buy my weekly groceries and other household items using Bitcoin, or BCH, or Polkadot, or whatever coin happens to be out there in the cryptosphere, I am as dead in the water as a guy standing before a vending machine that only accepts coins with a $20 bill in his hand.

You have the money to buy whatever you want in that vending machine. You just don't happen to have the form of it that the machine will accept.

As I dive deeper into the world of crypto, I do believe that portability is coming. But I also believe that it may be some time before this actually happens. And that's okay. I think we all need to be okay that it may take a while.

Image courtesy of Pixabay, user SplitShire. Clock Time Watch - Free photo on Pixabay

What I think is that too many people want it all to happen now. Overnight. They want crypto to be waved in the air like a magic wand to just wipe out fiat, and all the powers who control it today.

That is not going to happen. Let's face it. Bitcoin is only 12-years old. In the world of finance and all things related, cryptocurrency is an infant. In fact, it may not even be out of the womb yet.

So, we have to be patient. Getting cryptocurrency to portability and viability is something that is going to take time. It is going to take hard work. It is going to take a strong sales pitch and we have to understand that we cannot, at any point, force fiat into submission.

Not unlike any successful business, you start small. Very small. And slowly but surely you build on the smaller successes and make them into larger ones. Slowly but surely you tell customers why your product or service is better than the bigger guys already well established in the world. And if you have done it right, an interesting thing begins to happen.

Your customers build your business into a larger one for you. Why? Because you have convinced them that your business is better and you have given them a reason to support you.

Cryptocurrency will have to abide the same paths, and the same processes as any other thing that becomes successful has to abide. It has to prove itself through action. Not words. Through adoption as a portable and viable alternative to fiat.

First it is the small doughnut shop on the corner, and then the coffee shop sees the potential for more sales by accepting it. And then the grocery store wants to sell more doughnuts and coffee and they begin to adopt it. And then the big chains come around and begin to adopt it.

Image courtesy of Pixabay, user anncapictures. Bitcoin Cryptocurrency Currency - Free photo on Pixabay

But it will take time. It will take trial and error. It will take proof that it actually works, and that it makes sense from a business perspective to accept crypto as a form of payment for goods and services and other types of transactions. It will take time to build trust in something that right now is unproven as to its viability or even its reliability.

None of these remarks are meant to be disparaging in any way toward cryptocurrency. Its claims, nor its aims. For me it is simply an extension of my own experience and perspective of how things work in the real world, and the application of my perspective as it relates to cryptocurrency.

This perspective, I think, allows me to keep things in perspective. It allows me to view cryptocurrency more positively.

It may be a silly example. But one can look at their own paths a bit and maybe understand better what I am driving at here. If you start a job tomorrow and think that you will immediately oust the CEO from his seat, you will probably be fairly shocked to know that the first door you will find is not the door to the CEO's office. But the door leading out of the building. If you want to oust the CEO and take over his seat, it is going to take a while. And you are going to have to be patient, work hard for it, and do all of the things necessary to get there.

You are going to have to convince a lot of people along the way why you will make the better CEO, and why you deserve to sit in his seat.

Granted, cryptocurrency is a bit of technological thing. And technology tends to move a bit faster than other things do. So, crypto may be able to advance itself faster than analog things.

But it still won't be an overnight thing.

The one thing that I can tell you is that what we are talking about here, regardless of what anyone thinks about crypto as a whole, is money. At the end of the day, that is all it is. A store of wealth and a means to offer someone the ability to exchange the value of that wealth for things we want and need. And businesses want our money. It matters little to those businesses in what form the money comes, so long as the value exists and is quantifiable, and they too can exchange it for what they want and need.

Image courtesy of Pixabay, user TBIT. Bank Notes Dollar Us Dollars - Free photo on Pixabay

And of course who drives a business beyond the CEO's and wealthy businessmen? The consumer. You and I. The end users. The ones who will part with whatever means of currency we have in our pockets to buy the goods and services these businesses sell.

If we are patient, and if we truly believe in the value of cryptocurrency and all that we claim it offers in the way of benefits to the world and the people in it, the only logical conclusion is that so will everyone else, and more importantly, so will the businesses who will look more closely at accepting it.

When we achieve that, we achieve portability. And when we achieve portability, we achieve viability. And when we achieve viability, the placement of stickers on business doors that display acceptance of Visa, MasterCard, Discover, and American Express will gladly be accompanied by ones saying they also accept cryptocurrencies.

But it will not happen before that.

Lead image courtesy of Pixabay, user petre_barlea. Bitcoin Crypto Btc - Free photo on Pixabay

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Avatar for Porwest
Written by   89
4 weeks ago
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Comments

Patience is key. But sometimes it's difficult for us to have it. I live in a country where you can easily find a place to use your crypto. Although, we are still a long way from being able to talk about adoption. But the circumstances we live in make cryptos have here fertile ground to be used. So I guess here, we have at least taken some steps towards viability.

$ 0.01
4 weeks ago

If we who already know cryptocurrency and its advantages over fiat currency will just contribute in spreading awareness and knowledge about cryptocurrency, possibility of adopting cryptocurrency by small and BIG establishments is bigger.

$ 0.01
4 weeks ago

The only difficulty I have had with the "argument" for crypto over fiat is that it doesn't seem to me to be a good one necessarily. I mean, the two things, for example that are most often attributed to BCH is fast transaction speed and low fees. Fiat has no transaction fees and is instant.

I am not dissing BCH nor crypto. Just scratching my head a bit why no one can seem to give anyone a COMPELLING reason why it is better than fiat. So far.

$ 0.00
3 weeks ago

Fiat has transaction fees as well.. When you bank transfer to your wallet I believe for 1000php, there is a 15 php charge.. It's huge actually compared to bch transaction fee.

$ 0.01
3 weeks ago

Luckily we do not have this in the U.S.

$ 0.00
3 weeks ago

You should be enjoying the privelege then..

$ 0.01
3 weeks ago

I am not sure I would call it a privilege. But most definitely. :)

$ 0.00
3 weeks ago

Hmm okay... Sometimes we will just appreciate little things when we experienced the opposite of it..

$ 0.00
3 weeks ago

I know some of us can't wait for the day we can actually use crypto to go to the store and buy groceries, As you said, Crypto is still an infant compared to the currencies we use nowadays that have been tested and proven by past leaders. I just hope that the world today opens its eyes to the beauty of Crypto!! This was a nice read!

$ 0.01
4 weeks ago

and we here in the 3rd world countries will I guess have to wait for some more longer time for the crypto mass adoption..

$ 0.01
4 weeks ago

The definition of 3rd world countries have been eradicated. You can use 'developing country', or 'least developed country', or 'underdeveloped country', depending on the state, thank you :)

$ 0.01
4 weeks ago

But they mean exactly the same thing. I hate political correctness personally. lol. Fat is fat. A dwarf is a dwarf. It doesn't matter what nice word we assign something. It still means exactly the same thing. :P

$ 0.00
4 weeks ago

I agree with you, but I also disagree with you. Sometimes, it's insensitive to one's ears. Specially to one on the receiving end. I try to refrain any language that might potentially hurt someone.

But, a spade is a spade after all.

It is conflicting even to me. However, I still prefer the light tone of words.

For example- A few years ago, 'You are special', was taken as a compliment, stating that the person is better than most.

Then, with time, the word special was assigned to people with special needs.

These days, when I find someone annoying I ask them, 'Are you special?'

At the same time, I do enjoy and somewhat agree with George Carlin's video on Euphemisms, you can enjoy it here- https://www.youtube.com/watch?v=vuEQixrBKCc

Let's say, I understand the traditional approach, but also move with time. I also like using fancier words :p I think it's mostly that, me being pretentious. :)

$ 0.01
4 weeks ago

I just think somewhere along the line people have become overly sensitive. I am not sure that is a good thing. It weakens society and makes people fragile. And now we have tons of people on anti-depressants and carrying around comfort dogs because they can't cope with life.

I think the more this becomes pervasive the more sad the world becomes and the more weakened the human race becomes.

As the old saying USED to go. Stick and stones may break my bones, but words can NEVER hurt me. We need to get back to that.

$ 0.05
4 weeks ago

Third world countries may actually lead the charge. Merchants will have interest in receiving payment in any form possible. Right now in 1st world countries since fiat reigns absolutely supreme and is fully functional and transactable, there is no NEED for an alternative.

$ 0.00
4 weeks ago

you might be right.... let's wait and see

$ 0.00
4 weeks ago

Bitcoin was first accepted by Papa John's, it is still a good and service, and now nobody wants to pay that much.

$ 0.01
4 weeks ago

Does Papa John's still do it?

$ 0.00
4 weeks ago

Not everyone, it is franchise. Jeremy Sturdivant accepted Bitcoin, then dumped them, now he regrets.

$ 0.01
4 weeks ago

I think portability is already happening and some businesses have started accepting cryptocurrency as means of payment. I believe more businesses will start accepting it as time goes on

$ 0.01
4 weeks ago

I can tell you of not one single place that accepts it. But that is not to say there aren't places I am not aware of that do. And I do agree portability will be eventual. But right now you might as well have Monopoly money in your pocket. :)

$ 0.00
4 weeks ago

Crypto currency is quiet known. Most of the people known about it especially those people who gets income by it. They spend effort, investment and lastly patient. Soon it will boom and all features we want will happen.

$ 0.01
4 weeks ago

I think so too, eventually. But the reality is a very small percentage of the world population even knows what it is. That needs to change also.

$ 0.00
4 weeks ago

Let's hope for that change soon 😉

$ 0.00
4 weeks ago

You are right, there are processes for crypto to get adopted everywhere, and that takes time, and a lot of patience too. Sometimes our urge for things to happen quickly gets the better of us. It may not even happen during our lifetime, but I wish it would. Just like you said, maybe it hasn't come out of the womb yet. It's more like these years are its incubation period. But I believe that eventually, it goes in that direction. We just don't know when :)

$ 0.00
4 weeks ago