Post
Topic
Board Economics
Re: Are Cryptocurrencies Really Money?
by
Abiky
on 22/01/2021, 17:05:17 UTC
Yesterday, while surfing the social media that aggregate trends, Twitter, I ran into what was like a very exciting poll, the best I have seen this year.
The poll was created by International Monetary Fund (IMF) to monitor the two types of virtual currencies which are; the cryptocurrencies and the central bank digital currency.
The poll went thus;
1.   Are central banks digital currency really money? The poll result was Yes (33.8%) and no (66.2%)
2.   Are crypto currencies really money? The poll result was; Yes (79.9%) and no (20.1%)
What is your opinion about these polls?

Well, polls are polls. Results can vary depending on how many people participated in it. Polls are sometimes manipulated by their own creators. Based on current results, it seems that most people believe crypto to be real money compared to CBDCs (Central Bank Digital Currencies). Yet, not everyone thinks this way. The vast majority of the world's population is still not aware about crypto/Blockchain tech. For some, crypto is nothing but money made out of thin air which will eventually fade into oblivion. For others, crypto is serious money that can rival Fiat in the future. It all depends on a specific person's perception about crypto.

I'd say that cryptocurrencies are money since they have all of the properties of traditional Fiat currencies with the only difference that no one controls their supply. Crypto is decentralized, allowing you to gain complete control over your financial life. On top of that, its value is determined by people like you and me (instead of a central bank). You can pay with crypto for goods and services just like you would with Fiat. While it does has its limitations, it's certainly better than Fiat itself. Governments and central banks know the true benefits of crypto/Blockchain tech, leading them to create digital currencies of their own. With Bitcoin being sound money for the world, the crypto industry will only grow higher in the future. As real-world resources (like time and energy) are used to "mint" (mine) new coins, crypto is as real as Fiat is. Only those who are against it, will think otherwise. Just my thoughts Grin