Post
Topic
Board Bitcoin Discussion
Re: Should bitcoin really be used as currency?
by
aysg76
on 24/06/2021, 15:09:28 UTC
South African countries, Venezuela & El Salvador and others are adopting Bitcoin as an everyday currency for whatever reasons - Inflation, corruption destroying nation's currency etc.

It doesn't seem right that if a family has their money in bitcoin and can afford their rent and bills one week and the next week some western US bank or 'influencer' decides to dump their holdings or cause FUD and cause a 20% drop and then that family cant pay their rent or have enough for all their food shopping the next week right?

Just seems wrong to me the influence some people have and how it's affecting 'normal' people's lives who aren't necessarily using bitcoin as a speculative investment.
Bitcoin is already being used as a currency by many as holding btc is other option with you and earn profits over long time.But due to volatility and some other factors the transactions rate is less at this time but soon with global adoption you will see it to be normal mode of payment like fiat.But it doesn't mean btc will completely replace fiat because it has its own working from long time and easy to trade and legal all over.The countries you have mentioned have gone completely for Bitcoin because of some main reasons:

1)El Salvador : has the major domination of USD and they have to undergo trade with it only and they need financial freedom from it and that's why they have accepted btc as legal tender and you could easily find local stores accepting it and recently Nayib Bukele has asked the tele communication companies to facilitate offline Bitcoin transaction also.So you see the USD domination has promoted such decision

2) Venezuela: The hyper inflation situation from long time have made Venezuelan Bolivar worth garbage and they can't even buy their bread butter with it so what's the fun of using this fiat currency which have devalued so much in value.So deflationary and decentralised currency Bitcoin is best suitable for them.

But for btc and other potential alts it's hard to completely replace fiat and they will go side by side for some time in major nations until people fully trust and realise the importance of these cryptocurrencies.Then you can pay your bills in bitcoin and buy your stuff from local store with Bitcoin easily.