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 is the edge fiat and centralized currencies have over crypto and this has made so many shy away from doing legal business transaction using some crypto most especially during bear market. Can this issue get a remedy?
Money itself doesn't really have value, not since fiat was created. Its value comes from trust in it as a reliable medium of exchange, and as for Bitcoin's value being measured in fiat, I think it's simply done for reference purposes. What it really tells us is the coin's purchasing power, and lots of local fiats are also weighed similarly against the dollar or other major currency to determine its stance. Regarding the fact that most people sell Bitcoin for fiat to actually use their profits, I think it's simply due to the lack of options of spending Bitcoin directly, and it doesn't mean that these people don't think that Bitcoin is indeed worth $60k or anything.