Quote from: jackg on October 26, 2021, 11:29:34 PM

Quote from: dbc23 on October 26, 2021, 11:16:23 PM

With the high level of volatility and constant fluctuation in market capitalization on crypto currencies would there ever come a time we would trade crypto based on the value it has in it's self and not in exchange for fiat currency. Many countries has now adopted crypto as mode of payment but we are still faced with the issues of price irregularities. If we decide to adopt crypto fully as a global legal tender how do we deal with this price fluctuation.

This will be dealt with in the same ways other legal tenders are. There are derivatives of gold or gold itself is accepted as legal tender in some countries and these have to deal with balancing price fluctuations too. I think an important thing to remember though, bitcoin is not going to be an omnifunctional asset, it'll see competitors and I doubt countries will give up their original currency in favour of bitcoin (since the ones who print it are paid quite well to do so).

I highly agree.

The problem with BTC stems from its inherent supply of 21 million in which it will inevitably yield to inflation in the following years. Though El Salvador has accepted and viewed it as legal tender, I highly doubt that countries would shift to cryptocurrency as a form of legal tender ALONE. Fiat will always be the currency that all countries would use even in the far future.