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Author Topic: What about an association between cash and cryptos?  (Read 81 times)
reddeworld
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September 09, 2018, 07:44:27 PM
 #1

A common observation can be made by any crypto user: negotiate, acquire or convert crypto-currencies is a long-term, restrictive and expensive process that requires a certain level of expertise. It can be easily observed on trading platform pages dedicated to the 'transaction fees" or "processing times". It's really weird and annoying at first because we expect simpler processes as it is in daily life with cash. So imagine if we were able to use our cryptos exactly as we do for cash and so E money?

It seems to me that the combination of both isn't really an utopia because there is, from my view a real convergence of cryptos with electronic money.
The concept and functioning of electronic cash have been validated by crypto-currencies’ functioning.  Both are dematerialized currencies which directly contains their own value and serve freely accessible transactions. They both protect their users’ independence and privacy.

Thanks to a platform that would be able to allow their interoperability, electronic cash would considerably strengthen crypto-currencies’ potential, relevance, and uses and make them definitely essential and off-road.

I am convinced that the Blockchain environment and the real world, together with the crypto-currency and cash currency ecosystems, are meant to meet each other as they share common and often complementary features. They have the same functionnalities as well. A perfect adaptability would also make bridges to between both environment for a better integration.

So what do you think?
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BitCryptex
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September 09, 2018, 09:18:46 PM
 #2

Both are dematerialized currencies which directly contains their own value and serve freely accessible transactions. They both protect their users’ independence and privacy.

That's obviously false. Do you really think that the electronic cash we currently use (the banking system) is secure and offers a high level of privacy? Governments force banks to cooperate with them and share our sensitive data.

Ask yourself this question, why some banks are afraid of cryptocurrencies and continue to block accounts of their customers who bought Bitcoin?

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September 09, 2018, 09:35:41 PM
 #3

Cryptocurrency has come to stay, we live in an ever-changing world with an insatiable crave for technological advancement, so from this stand-point, I sincerely believe that not long from now, bitcoin and Cryptocurrency as a whole will come to enjoy the same benefit that fiat currency currently enjoys. The aim of Cryptocurrency is global acceptance and we will get there sooner than expected.
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September 10, 2018, 04:19:31 AM
 #4

A common observation can be made by any crypto user: negotiate, acquire or convert crypto-currencies is a long-term, restrictive and expensive process that requires a certain level of expertise. It can be easily observed on trading platform pages dedicated to the 'transaction fees" or "processing times".

Not sure why this point comes up. There are many ways for you to get cryptocurrencies, such as using localbitcoints, DEX, buying directly from a trusted user here and so on. Even If you only use an exchange to get cryptos, the process is not that long and complex depends on what exchange that you use. A basic knowledge about an exchange and how it works is essentially the same as basic knowledge about other things that you must understand before you use it, so I don't understand why it is a drawback.

The concept and functioning of electronic cash have been validated by crypto-currencies’ functioning.  Both are dematerialized currencies which directly contains their own value and serve freely accessible transactions. They both protect their users’ independence and privacy.

Wrong. For any crypto, in order to use it, you don't have to register on banks or something like that. In fact, you can have as many wallets as you wanted and use it freely, unlike that electronic cash or digital money from banks or other platforms.

I am convinced that the Blockchain environment and the real world, together with the crypto-currency and cash currency ecosystems, are meant to meet each other as they share common and often complementary features. They have the same functionnalities as well. A perfect adaptability would also make bridges to between both environment for a better integration.

Define complementary and common features, please?

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Kakmakr
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September 10, 2018, 06:41:18 AM
 #5

It is a very bad idea to link Fiat currencies to Crypto currencies, because governments and Banks control Fiat currencies and when you link the two, both of these will go down in an economic crisis. Bitcoin is seen as a safe haven and a store of value in economical uncertainty and Fiat currencies will destroy that advantage, if Crypto currencies was linked to Fiat currencies.

Let's avoid a scenario where Fiat currencies will pull down Crypto currencies when they go down and rather provide an alternative payment option for people, when this happens.  Wink

daladno12
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September 10, 2018, 07:45:45 AM
 #6

Cash is well known around people while cryptocurrencies are not. So the problem is to engage as more people as possible into crypto (bitcoin first, all the rest later). In the result, engaged people will start collecting and use crypto money; so steadily fiat will be dead.

reddeworld
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September 16, 2018, 06:26:50 PM
 #7

I'm just saying it's something that is not easy to do at first (if you look beginners' posts, couple are talking about that just in the first page) and therefore can be discouraging. For example, if you ask a grandmother to buy bitcoin online I'm not sure she will, withdraw cash at the ATM she can.

Then Iam not saying that you have to register on banks to use crypto. You don't have to do that also for electronic cash which has nothing to do with banks (European EMD directive). If you look closer, you will see the e-money has suffered from the same bank lobbying, just because it was not in their hands.

For common features I was talking about universality, anonymity, fungibility, instant release of value and for complementary features: adaptability to micro and nano payments.


A common observation can be made by any crypto user: negotiate, acquire or convert crypto-currencies is a long-term, restrictive and expensive process that requires a certain level of expertise. It can be easily observed on trading platform pages dedicated to the 'transaction fees" or "processing times".

Not sure why this point comes up. There are many ways for you to get cryptocurrencies, such as using localbitcoints, DEX, buying directly from a trusted user here and so on. Even If you only use an exchange to get cryptos, the process is not that long and complex depends on what exchange that you use. A basic knowledge about an exchange and how it works is essentially the same as basic knowledge about other things that you must understand before you use it, so I don't understand why it is a drawback.





The concept and functioning of electronic cash have been validated by crypto-currencies’ functioning.  Both are dematerialized currencies which directly contains their own value and serve freely accessible transactions. They both protect their users’ independence and privacy.

Wrong. For any crypto, in order to use it, you don't have to register on banks or something like that. In fact, you can have as many wallets as you wanted and use it freely, unlike that electronic cash or digital money from banks or other platforms.

I am convinced that the Blockchain environment and the real world, together with the crypto-currency and cash currency ecosystems, are meant to meet each other as they share common and often complementary features. They have the same functionnalities as well. A perfect adaptability would also make bridges to between both environment for a better integration.

Define complementary and common features, please?
reddeworld
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September 16, 2018, 06:39:13 PM
 #8

I am just saying that if the connexion was easier between them, the adoption of crypto currencies would be easier and faster. 


It is a very bad idea to link Fiat currencies to Crypto currencies, because governments and Banks control Fiat currencies and when you link the two, both of these will go down in an economic crisis. Bitcoin is seen as a safe haven and a store of value in economical uncertainty and Fiat currencies will destroy that advantage, if Crypto currencies was linked to Fiat currencies.

Let's avoid a scenario where Fiat currencies will pull down Crypto currencies when they go down and rather provide an alternative payment option for people, when this happens.  Wink
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September 16, 2018, 06:57:29 PM
 #9

You should have made it clear on what your trying to tell. I agree to what you want to explain about strong connection of fiat to cryptocurrency but as a payment option for people that want to sell their coins, altcoins ir erc20 tokens rather for fiat conversion or payment option.

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September 16, 2018, 07:59:49 PM
 #10

I think this is a very bad idea because cryptocurrencies are volatile and banks are not but we know that banks print infinite amount of money but Bitcoins are limited there are lot of points which are completely opposite of each other and does not fit together but still if someone try to use both of them and the same economy then I am afraid people are going to face tremendous economical problems maybe crisis or price crashes. People can instead work on something else like no money system which is essential in the future imagine people just go to the store and take whatever they want and there is no money system.

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September 17, 2018, 05:10:06 AM
 #11

People always associate cryptos and fiat since they always see this a great rivalry hence a threat to each other.

But I don't get it why OP narrate it like it's the same when in fact it's too far to differentiate.

Both are dematerialized currencies which directly contains their own value and serve freely accessible transactions. They both protect their users’ independence and privacy.

That's obviously false. Do you really think that the electronic cash we currently use (the banking system) is secure and offers a high level of privacy? Governments force banks to cooperate with them and share our sensitive data.

Nah, I think government will just force them through if the bank had reported that there is certain people that have suspicious transaction activity and it should be handed to AMLC, but if not, our personal informations won't be disclose to anyone.

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September 17, 2018, 05:23:53 AM
 #12

Cryptocurrency has come to stay, we live in an ever-changing world with an insatiable crave for technological advancement, so from this stand-point, I sincerely believe that not long from now, bitcoin and Cryptocurrency as a whole will come to enjoy the same benefit that fiat currency currently enjoys. The aim of Cryptocurrency is global acceptance and we will get there sooner than expected.
Cryptocurrencies coming to stay, that I agree with but when you say that "The aim of Cryptocurrency is global acceptance and we will get there sooner than expected" this I think will still take a lot longer years to achieve globally. Many Government in different countries are yet to accept the idea of cryptocurrencies so this is still a long way off

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September 17, 2018, 06:43:49 PM
 #13

I agree with you. I think it's going to take time, your point about government is true and I would like to add that to have a global acceptance of cryptocurrencies I would say that people have to be connected (smartphone or computer) first and be able to spend and receive cryptos without having a bank account. Which is not the case of 80% of the population in the world. That is why I think that building bridges step by step is necessary: the acceptance will depends on the ability to integrate to the real economy. 

Cryptocurrency has come to stay, we live in an ever-changing world with an insatiable crave for technological advancement, so from this stand-point, I sincerely believe that not long from now, bitcoin and Cryptocurrency as a whole will come to enjoy the same benefit that fiat currency currently enjoys. The aim of Cryptocurrency is global acceptance and we will get there sooner than expected.
Cryptocurrencies coming to stay, that I agree with but when you say that "The aim of Cryptocurrency is global acceptance and we will get there sooner than expected" this I think will still take a lot longer years to achieve globally. Many Government in different countries are yet to accept the idea of cryptocurrencies so this is still a long way off
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