@Unity
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Crypto-Fiat Affair is Fragile
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. `{Sponsor info}`
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16 comments
Might be there will be self sustaining cryptocurrency in near future. Still now it is dependent on fiat. We can't make any crypto independent of fiat. Your idea is very strong that can be implemented in near future.
The fight for supremacy in digital currencies is continuing negatively. The utility should be better to support the common mass.
We still have hope in crypto currency as it will not be in a low rate
Crypto is not about its rate. The main advantage is decentralization.
when the elaboration cost will be define in crypto the relationship with FIAT will start to ending.
I could not understand your comment.
I mean, when the producers of products and services start to do they business maths in satoshis and not in dollars, that relationship crypto-dollar will start to ending.
Okay. That is correct.
A very valid and reasonable point pointed out which everyone should realise about Cryptocurrencies because this will greatly determine its future and future value.
The relationship between fiat and cryptocurrencies determines the path to mass adoption.
Things change pretty fast in the crypto industry. 1BTC will always be 1BTC. The price on the dollar changes. I agree with you, if there is great technology, but people don't use it, it will not bring significant change in our life.
Cryptocurrency is still unable to give value to itself.
There is a way. I hope to try this in a place that unsullied by fiat-crypto exchanges
What is that - alternative to any currency?
Getting the unemployed to work for things, not currency. I hope to try again but this time I will face no language barrier. We shall see, if it works I will post as much.
It will be interesting to see how people work for things.