What potential do you think cryptocurrencies have in replacing fiat currency?
So there’s been quite some posts on here recently criticizing central banks and I’m highly critical of them as well. I’m critical of how they devalue our money, lower productivity and create economic crises. I think they should be abolished.
But the question is: what do we replace them with? Gold is not useful as a medium of exchange for various reasons. It’s not really dividable, fungible or portable. If you redeem paper for gold you still need a central bank and you forever run the risk that the central bank will renege on its promises for political reasons, as we saw during wars like WW1 and the Vietnam War.
The only alternative then is cryptocurrencies. But which one? Bitcoin? It’s clear now Bitcoin won’t be it. Bitcoin has high transaction costs, is too slow and difficult to exchange and is now more seen as an appreciating store of value, a digital version of gold, than a medium of exchange.
So perhaps other cryptocurrencies could be more up to the task? Litecoin and Bitcoin Cash are better versions of Bitcoin, I read. There’s also XRP and Monero but those are more centralized I heard. Perhaps we could use a variety of cryptocurrencies together.
What do you think? What cryptocurrency will we be using in the future, if at all?
submitted by /u/technocraticnihilist
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