Quote:
Originally Posted by Jason14h
So you think carrying cash is more suitable/easier then electronically paying for something.
It went Gold > Cash > Check > Credit Card > Electronic Money
Everyone is trying to figure out how to utilize electronic money best. Whether or not bitcoin 'wins' is a different question then whether this is where the world is going
CC's are extremely expensive to merchants. Imagine if you could cut out the CC companies and banks and their crazy per txn fees for something cheaper.
Blockchain can be that something cheaper. And currently Bitcoin is the most adopted technology/use case
And you don't need to print more bitcoin. That is why it appreciates in value. The increase in value/market cap is the same as 'printing' more cash and increasing the USD total world 'market cap' of USD. Eventually things just cost 0.0000000001 of a bitcoin.
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The problem with this is it is inherently deflationary, if the value of your money increases like an investment people dont spend it, they put off purchases as long as possible, this in turn forces the shops to reduce prices to move stock, so now you have two reasons to put off buying things, the money you have will become worth more where as the prices will drop, a rising valued currency and reducing prices in the shops stops the economy in its tracks like nothing else can, far worse than rampant inflation frankly everyone puts off buying everything, it creates stagflation, it's a huge reason the Breton Woods Gold standard was dropped, a currency that cannot be deflated is going to kill the economy in the end