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Apes
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October 17, 2019, 04:30:00 PM |
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The initial number was to encourage the government to allow the use of cryptocurrency,
if the initial steps have been met, then the use of cryptocurrencies will be easier.
by using cryptocurrency in daily will make cryptocurrency use will go up and then fiat money will be replaced and forgotten.
switch to an inflation-free currency.
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"Bitcoin: the cutting edge of begging technology." -- Giraffe.BTC
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Eclipse26
Sr. Member
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Activity: 658
Merit: 268
bullsvsbears.io
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October 17, 2019, 04:44:33 PM |
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It doesn't have to be like that. Just like what us happening in Venezuela, they're having a financial crisis where their money is losing value due to higher inflation. But look at Venezuela, not everyone of them adopted to cryptocurrency... Even if fiat started losing its value it doesn't completely assure us that everyone will shift from fiat to crypto.
We don't have to end up in poverty just to achieve mass adoption. Because if people are willing to adopt with this changes, we don't have to suffer at all. They're going to accept bitcoin even without experiencing poverty
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Lizzie_Girl
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October 17, 2019, 11:08:40 PM |
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I don't see crypto as inflation, more like volatility. It is too wild to call it inflation. For me, inflation would be like fiat and constantly go down not roller coaster all over the show. It doesn't have to be like that. Just like what us happening in Venezuela, they're having a financial crisis where their money is losing value due to higher inflation. But look at Venezuela, not everyone of them adopted to cryptocurrency... Even if fiat started losing its value it doesn't completely assure us that everyone will shift from fiat to crypto.
We don't have to end up in poverty just to achieve mass adoption. Because if people are willing to adopt with this changes, we don't have to suffer at all. They're going to accept bitcoin even without experiencing poverty
They probably would save so much on paper using crypto. I wonder how many bucket loads of currency it takes to buy a loaf of bread? Crypto could essentially bring them out of their situation and give them hope. Perhaps they could start their own currency. |
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xiboothrezi
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October 18, 2019, 08:56:57 AM |
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What do you think would it take for a switch to happen?
It would be horrible to think that all of us need to end up in poverty and below in order to have a mass acceptance of crypto?
what are all your thoughts on how a switch to crypto could happen?
Nothing must be "forced" to happen. In its time, cryptocurrency would really be acceptable because of its various positive benefits, it was better than trying to convince but those who were given the understanding already looked bad, didn't they? So let it run properly, and we still try to use the positive. I prefer that cryptocurrency and fiat be used together, complementary. |
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hotmom
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Merit: 2
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October 18, 2019, 10:14:27 AM |
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If the crypto remains the main currency in the world, then in any case we will not be able to stop inflation
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doomistake
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October 18, 2019, 01:58:40 PM |
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If the crypto remains the main currency in the world, then in any case we will not be able to stop inflation
Cryptocurrency will not remain as the main currency because it is not yet the main currency, fiat is still the main currency, and inflation don't exist in cryptocurrency. Inflations on happens to fiat because of the "Cost-push inflation", when the demands stays the same yet the supply is decreasing due to sudden increase of labors or materials, (i.e. there is only 10 people who wants a certain shoes, however the next following month, the materials got expensive so there will be only 2-5 consumers that wants that shoes) the other one is "demand-pull inflation", it is the exact opposite of "cost-push inflation" where the demand is higher than the supply, so why it can't happen to cryptocurrency? well it is because fiat is being controlled and cryptocurrency is not. |
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jarhed
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October 24, 2019, 09:12:36 AM |
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If the crypto remains the main currency in the world, then in any case we will not be able to stop inflation
Cryptocurrency will not remain as the main currency because it is not yet the main currency, fiat is still the main currency, and inflation don't exist in cryptocurrency. Inflations on happens to fiat because of the "Cost-push inflation", when the demands stays the same yet the supply is decreasing due to sudden increase of labors or materials, (i.e. there is only 10 people who wants a certain shoes, however the next following month, the materials got expensive so there will be only 2-5 consumers that wants that shoes) the other one is "demand-pull inflation", it is the exact opposite of "cost-push inflation" where the demand is higher than the supply, so why it can't happen to cryptocurrency? well it is because fiat is being controlled and cryptocurrency is not. A lot of tokens appeared this year, where there is a very high level of inflation. I think this is a bad sign for the cryptocurrency market. Perhaps in this regard, in the cryptocurrency market, the stable coins will strengthen their position. |
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Xxmodded
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Merit: 309
Undeads.com - P2E Runner Game
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October 24, 2019, 10:07:03 AM |
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Your thoughts on this. with the recent situation we face here in western countries. Like here in Canada. USA, Australia, Europe etc
we are constantly seeing inflation and our buying power decrease. Rise of poverty.
If crypto could save and prevent poverty.
Then what are your thoughts on how this switch over could really happen?
Do we all have to reach a ground ZERO, such as a situation like Venezuela. For everyone to trash their FIAT and accept a crypto system?
What do you think would it take for a switch to happen?
It would be horrible to think that all of us need to end up in poverty and below in order to have a mass acceptance of crypto?
what are all your thoughts on how a switch to crypto could happen?
The switch will not be as abrupt as what happened to Venezuela. It will take time. First and foremost, the price of Bitcoin itself has to reach a certain degree of stability, Bitcoin transaction fees as well as confirmation time will have to adjust as well, and then stores and shops will start accepting BTC payment, and then the government will issue regulatory policies one after another, BTC owners themselves will stop hoarding it and start spending it the way it should be, and so on. I'm speaking of Bitcoin as crypto here because there is no other that can replace it in terms of acceptance. I would say that the Venezuelan situation is isolated. The country does not seem to have a working system anymore except the one that is inside the head of Maduro and it is rotten. We can stop inflation if using bitcoin as payment transaction but if bitcoin down you faced really inflation value than using cash money, you can faced with moment bitcoin dump more than 20% in few day like what happen with bitcoin price today, maybe if you use payment with bitcoin last day you have miss opportunity to get profit with your product selling. |
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shield132
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October 24, 2019, 12:19:03 PM |
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To my mind there is one possible solution with crypto and that's it's ability to be limited which no one can change on their own. It don't has to be bitcoin cause it was never meant for massive usage and etc. I mean new crypto currency for example with limited supply - 21 million (example). Adoption has to be done slowly but that will happen when almost every people will have access to internet and computer, otherwise that's not possible.
We need limited supply which will also change a little bit depend on number of population with zero tx fees.
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Indrawan77
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October 24, 2019, 01:32:15 PM |
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I somehow think crypto is not the solution for the inflation problem and too much interference from crypto could create more inflation for the country because it could make Fiat worth less, and if you depend on the decentralized currency, it could be dangerous because it can be control by the whales
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worldtraveller321 (OP)
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The Quest of the Best Information to the Solution
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October 25, 2019, 04:19:38 PM |
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the volatility of crypto is based on the value to fiat
its the fiat that is moving around, not crypto.
its just that too many perceive FIAT as the one that has value not crypto
crypto to some is only perceived in value based on FIAT
venezuela can not use USD as there is an internal inflation bubble on USD there as well
also the sanctions from USA to Venezuela, make USD an unpopular option to use as well.
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worldtraveller
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veleten
Legendary
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Activity: 2016
Merit: 1106
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October 25, 2019, 04:26:19 PM |
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you cannot stop inflation in the current paradigm
crypto or fiat it doesn't matter since the society is built on the inflatory basis where the money printed do not correspond to the resources they represent
i.e. there are countries who print coloured paper and get resources for them , for this to end a global reconstruction must happen
we can see some of it already where the centers are shifted from the British empire and the US to China , Russia and Iran
the problem is that all of the debts must be either paid ( which is impossible ) or annulled
this usually happens after wars or global cataclysms , so careful what you wish
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Wintersoldier
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October 27, 2019, 02:19:45 AM |
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The initial number was to encourage the government to allow the use of cryptocurrency,
if the initial steps have been met, then the use of cryptocurrencies will be easier.
by using cryptocurrency in daily will make cryptocurrency use will go up and then fiat money will be replaced and forgotten.
switch to an inflation-free currency.
Even if the initial steps have been approved, it will still be hard to implemet the transition of currencies as different sectora of the government should also study all of the factors that can affect the economy. Mostly, cryptos are so volatile that national currencies need those that can be controlled. Meaning to say that we need a crypto created solely for the purpose of turning fiat to digital in order to avoid goods and product inflation and for the crypto to be widely accepted. |
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hello_good_sir
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October 27, 2019, 02:50:24 AM |
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Do we all have to reach a ground ZERO, such as a situation like Venezuela. For everyone to trash their FIAT and accept a crypto system?
What do you think would it take for a switch to happen?
It would be horrible to think that all of us need to end up in poverty and below in order to have a mass acceptance of crypto?
what are all your thoughts on how a switch to crypto could happen?
I don't think all fiat currencies will end in death, what happened to Venezuela because of a very weak economy and bankruptcy due to mounting debt and interest. many Venezuelans are not switching to bitcoin, but to the dollar US. I think switching to crypto does not save them but increases risk, although there is no inflation, crypto has fluctuations that are far more violent than inflation #IMO Correct - we can't really see what's in the future to come, but has history has showed us even as far back as the batering days, people will like to use portable things that are easy to give it send across. People often used items like eggs and bread to barter way back, then we went to cash, and now are are seeing growth in 2 different things actually - mobile payments and crypto-currency. Mobile payments are in fiat and the majority of the population tend to enjoy paying in them better and crypto-currencies are hard to use in a real life situation but fare very well as a secondary option to accomply fiat payments. |
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qwertyup23
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October 27, 2019, 03:06:51 AM |
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In the contrary about the idea of inflation, in fact, it actually brings positive value to the economy overtime CONSIDERING it stays on a controlled-level in which the government aims to follow.
Inflation is all about the overall increase price of goods/services in the market. Think of it as when prices increase, the purchasing power drops making the demand of items low and the supply high- which then makes the prices lower. Inflation can bring positive effects in the economy especially that it makes money circulate. The negative impact of inflation brings about when the 'controlled-level' is not followed and it reaches skyrocket high resulting to hyperinflation which what happened to Venezuela.
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Icygreen
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October 27, 2019, 03:42:28 AM |
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Western countries won't be able to switch to Bitcoin without help from their governments and the public is not going to to invest unless it becomes useful beyond speculation. It would need to be a somewhat reliable store of value. 30% moves in a day will scare away the average person. They can invest when Bitcoin is stable at 1 million.
Most people who are worried about inflation of their money are usually already hedging it into something else they believe in like property, PM's, stocks, etc.
But to answer your question, yes, it will need to get much worse before a tipping majority start looking for alternatives.
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error08
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October 27, 2019, 04:16:46 AM |
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Do we all have to reach a ground ZERO, such as a situation like Venezuela. For everyone to trash their FIAT and accept a crypto system?
What do you think would it take for a switch to happen?
What happens in Venezuela is a snowball effect for years due to Maduro regime's economic mismanagement and corruption, his dictatorship brought the country to the brink of collapse. However, it's not happening in westerns countries, the government still trying to save the country's economy without political problems like in Venezuela. The economic crisis will make things difficult, including the growth of bitcoin, because people will try to invest their money into basic things such as foods and water. Cryptocurrencies meant to be alternative payment methods but the transition from fiat currencies to bitcoin will never happen as long as a country still stands. In this case, if a country fails, they can try to adopt cryptocurrency but the volatility can't help to escape the crisis. |
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yulionoo
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Merit: 250
CryptoTalk.Org - Get Paid for every Post!
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October 27, 2019, 06:57:29 AM |
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I don't think we need to be poor in order to switch to cryptocurrency. if the government of our country permits and legalizes cryptocurrency then there is no need to experience an economic crisis to switch to cryptocurrency. and what happened in Venezuela yesterday because of this country's crisis then was hit by hyperinflation which caused the bolivar currency to fall. so to overcome this they are looking for another alternative that is using bitcoin. bitcoin values that tend to rise can be a solution when fiat money experiences inflation.
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joinfree
Sr. Member
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1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL
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October 27, 2019, 11:40:35 AM |
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Other than stable or developed centralized cryptocurrencies we can never stop the inflation among cryptocurrencies such as Bitcoin, Ethereum, Litecoin etc. That's the setback of decentralization of cryptocurrencies and i don't know why most folks think cryptocurrencies can stop poverty. Lol, not that Satoshi is going to come outta no where to send bitcoin to almost everybody and even that would not be possible because it will be insufficient. Cryptocurrencies were made to improve transactions and also improve privacy about financial transactions and not to drop manna from the skies!  |
Crypto Enthusiast supporting innovative ideas for the Liberalization of the world from the Centralized Institutions.
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Asmonist
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October 27, 2019, 01:32:15 PM |
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I think the serious price downfall is just part of the seasons of prices in crypto that is just to happen. Inflation is just too broad to say that it has other factors to consider. As to crypto currency inflation is somehow associated with price downfall but changing of prices every minute is just normal. Inflation is something to do with the constant price downfall and value of crypto to its lowest point. Its more like of the value of chances to go down.
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