Cryptos are not cash.
Neither are they going to replace currencies.
Here are some of the major misconceptions around Cryptocurrencies:
👇👇
Neither are they going to replace currencies.
Here are some of the major misconceptions around Cryptocurrencies:
👇👇
1/All Cryptos are currencies.
- The primary use of a currency (eg. INR, USD) is that it acts as a strong medium of exchange.
- You can use INR/USD to buy things like food and other stuff.
- Some Cryptos, like Bitcoin, have this feature.
- The primary use of a currency (eg. INR, USD) is that it acts as a strong medium of exchange.
- You can use INR/USD to buy things like food and other stuff.
- Some Cryptos, like Bitcoin, have this feature.
2/Bitcoin will replace currencies.
- Compared to currencies, Bitcoin is a better store of value b/c of its mathematically driven supply (it is not inflated like INR/USD)
- But, it is not a better medium of exchange.
- Compared to currencies, Bitcoin is a better store of value b/c of its mathematically driven supply (it is not inflated like INR/USD)
- But, it is not a better medium of exchange.
3/Government can't tax Cryptos, therefore it will ban it.
- Well, government can tax Cryptos (by defining it as a commodity like Gold).
- Also, as new DeFi systems materialise, government can tax those too.
Cryptos provide more options for the governments to make money
- Well, government can tax Cryptos (by defining it as a commodity like Gold).
- Also, as new DeFi systems materialise, government can tax those too.
Cryptos provide more options for the governments to make money
4/Government will never support Cryptos.
- True, that they might never 'support' & fall in love with cryptos.
- But, as the space grows, there are more avenues for the government to make money by exploring the functionalities of Cryptos.
- True, that they might never 'support' & fall in love with cryptos.
- But, as the space grows, there are more avenues for the government to make money by exploring the functionalities of Cryptos.
- For example: the Indian government can explore something like Cardano-Georgia partnership and solve problems at scale around identity verification.
This saves them a ton of money.
This saves them a ton of money.
5/Since Cryptos are not 'government backed', it will never be able to win massive trust.
- Well change is the only constant in life.
- With CBDC's in play, the world is going to get divided into 'centralisation' vs 'decentralisation'.
And, people will have to chose:
- Well change is the only constant in life.
- With CBDC's in play, the world is going to get divided into 'centralisation' vs 'decentralisation'.
And, people will have to chose:
- How much of our freedom should we give to our governments?
And, more importantly why is this justifiable?
10 years ago, there was hardly any debate on data snooping by big tech, but now things are changing.
Same questions will be asked by the public to their governments.
And, more importantly why is this justifiable?
10 years ago, there was hardly any debate on data snooping by big tech, but now things are changing.
Same questions will be asked by the public to their governments.
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