Think Real About Cryptocurrencies

18 115
Avatar for Unity
Written by
1 year ago

Have you fallen in "love" with cryptocurrencies?

The question sounds odd. The reason is simple. We are on a crypto-blogging platform. Naturally, we "love" cryptocurrencies. There is no doubt about it.

We get upvotes in Bitcoin Cash here, and other cryptocurrencies elsewhere. We have a taste of a variety of cryptocurrencies. Most of us are quasi-experts in cryptocurrency transactions. Some of us are almost experts in cryptocurrency investment.

  • I guess your "love" for cryptocurrencies is not blind. That means you are ready to discuss the adverse possibilities of cryptocurrencies. If your "love" for cryptocurrencies is blind, you will not like to discuss its cons.

For example, couples often don't find any faults in their loved ones. Parents don't like to discuss their children's mistakes. Most of the ruling political parties in the world never accept corruption charges against them.


Be practical about cryptocurrencies and fiat currencies.

More than three weeks ago, I wrote a comment on an article by @Gabu. His article discussed the fictitious situation that if a national government had created Bitcoin Cash or BCH, it could have been such a good thing! Then, the BCH community of that nation would enjoy using BCH without any regulation.

My comment on the article brought a real question about cryptocurrencies and fiat currencies. It challenges our traditional notion that "fiat currencies could not give freedom, and cryptocurrencies may help to bring freedom and eradicate totalitarianism."

Image Screenshot Source

I have argued that the richest one percent of the global population holds more than fifty percent of the total world's resources. On the other hand, less than one percent of cryptocurrency holders own more than ninety percent of global cryptocurrency assets.

I have little doubt whether cryptocurrency may be able to eradicate totalitarianism. In my humble opinion, the common citizens may face similar (or more) discrimination in the crypto world than they face in the fiat world.

Image Source: I created GIF using my title texts, and photos by Kanchanara and rupixen.com on Unsplash.


Don't assume that cryptocurrencies are better than fiat.

  • Cryptocurrencies are principally decentralized, and so we assume that cryptocurrencies will solve all the problems of centralized fiat currencies.

  • The reality is that all the top cryptocurrency exchanges are centralized similar to the centralized fiat banks. The centralized cryptocurrency exchanges are bound to obey all the totalitarian rules of the governments.

  • Most online merchants that accept cryptocurrency payments require mandatory KYC verification with a government-issued photo ID, address, phone number, and email.

  • If there is any error in a cryptocurrency transaction, there is no central authority to lodge a complaint for its correction.

  • Moreover, one can't avail of any "money-back" guarantee offer with cryptocurrency payment options.


Concluding thoughts

  • Accept cryptocurrency as a new FinTech instrument.

  • Test the cryptocurrency technology, carry out micro-transactions, try buying objects with cryptocurrencies, and compare it with the existing mode of payments.

  • Don't assume all that is said about cryptocurrencies are true.

There are points that are pure publicity stunts to allure the common mass.

  • Don't hesitate to run a reality check for cryptocurrencies.

  • Above all, be realistic about the present and future of cryptocurrencies.


Postscript

If you have viewed my comment on Gabu's article, you might have seen that my comment has been upvoted with 10 cents.

  • In the comments, you can't see the username of the upvoter. Even, the author of the article (Gabu) doesn't know who upvoted the comment!

  • I know who upvoted the comment. The upvoter's username appeared in my notification feed. He is one of the top writers on cryptocurrency topics here.

Have a nice time experimenting with cryptocurrencies.


Sponsor information:-

Image Source TheGuy – Follow him on Noise and Hive for more insights.


Cheers!

Unity (Debesh Choudhury)

Text Copyright © 2022 Debesh Choudhury — All Rights Reserved

Join me at  

OdyseeLinkedInTwitternoise.cashread.cashpublish0x, and Facebook

Lead Image:  I created GIF using my title texts, and photos by Kanchanara and rupixen.com on Unsplash.

All other images are either drawn/created by myself or credited to the respective artists/sources.

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.

Unite and Empower Humanity.

#cryptocurrencies #fiatcurrencies #fintech #money #life #technology

Sep 05, 2022

12
$ 2.72
$ 1.40 from @TheRandomRewarder
$ 1.01 from @TheGuy
$ 0.05 from @Olasquare
+ 9
Sponsors of Unity
empty
Avatar for Unity
Written by
1 year ago

Comments

Not all we read about crypto is the ultimate truth. It might be theirs but not applicable to others or us. Privacy is enhanced yet security or money back guarantee is in question. I have read that blockchain transactions cannot be traced yet I have watched that it's not so true...

$ 0.01
1 year ago

Blockchain transactions can be seen publicly. Personal identities are not viewable from the transactions. But, the admins in the centralized cryptocurrency exchanges can (probably) see who is who from the KYC.

$ 0.00
1 year ago

Could we trust the decentralized about our identity privacy? Mmm another difference from centralized exchanges.

$ 0.01
1 year ago

Maybe yes, if the data processing is truly decentralized. There are many self-sovereign digital identity projects based on blockchain and other distributed ledger technologies.

$ 0.00
1 year ago

Maybe it's time to trust the Great Unknown in this hehe, new tech, new things to observe.

$ 0.00
1 year ago

Although people are enthusiastic about Crypto but it has lot of drawbacks and lackness in trading usage. As you mentioned we can't assume Crypto as fiat Money which is more reliable.

$ 0.01
1 year ago

Yes, as of today, fiat is more reliable than cryptos.

$ 0.00
1 year ago

We are truly in love with cryptocurrency. If I didn't fall in love, I could work so attentively. And the way this site is benefiting us is that anyone is bound to fall in love.

$ 0.01
1 year ago

Consider cryptocurrencies as a new fintech instrument, nothing more, nothing less!

$ 0.00
1 year ago

Cryptocurrency was born as an appeal to the current order, and that's why I love it.

$ 0.01
1 year ago

Cryptos may give some advantages.

$ 0.00
1 year ago

Definitely. This is true

$ 0.00
1 year ago

I have fallen in love of cryptocurrency. My heart wants that Me should make business partner in future. I shall definitely make by good planning..

$ 0.01
1 year ago

Don't hesitate to run a reality check for cryptocurrencies.

$ 0.00
1 year ago

Very well, cryptocurrency is good and winning(or has won) the heart of many and we want it to replace fiat but it has disadvantages too just like the issue when peradventure there's a miss in transaction

$ 0.01
1 year ago

There is no solution to correcting an erroneous crypto transaction.

$ 0.00
1 year ago

The cryptocurrency was introduced for freedom of money. I strongly agreed with you, many centralized platforms are abusing this concept. We should be free in all aspects of the use of money.

$ 0.01
1 year ago

Cryptos may create similar problems that we face in fiat - totalitarianism!

$ 0.00
1 year ago