Don't throw away your fiat yet
"Crypto will replace the dollar", is the typical crypto guru pipe dream. Now I'm not saying this isn't impossible in the future, but let's be clear, it won't happen for a VERY long time. (However usage and implementation of crypto will continue to gain traction, recently even Starbucks has shown interest in this field in a duel effort with the blockchain startup Bakkt to make it easier for customers to buy their coffee/ other products with digital assets, (although not directly, but it's still a step forward). But anyway the main reason why Bitcoin or any other crypto can't beat the Dollar is simple.... Taxes. As much is anyone hates it or not, the government has the power to determine what you pay your taxes with. Currently your only allowed to pay them in USD, which means you'll always have to trade your crypto in for dollars at the end of year or face the wrath of the IRS. The power of the government creates an artificial demand for this otherwise worthless paper.
So until the government accepts an alternate payment method for taxes, you're stuck trading hours of work for toilet paper.
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STOPTo support your work, I also upvoted your post!
hi @austin101
I agree. We will not witness those days. Not in our lifetime. It's not even possible to replace cash. How could we possibly replace fiat?
Crypto will obviously become another way of financial transactions.
Thats at least my opinion. Great post, upvoted already
Yours
Piotr
The government has already mostly replaced cash. 97% of all transactions are on credit or debit cards. Cash will be gone in one generation at this rate
I tried for years boycotting the system but most people just don’t care so....
Did a 100% downvote draw you to this article also?
@austin101, this is a terrible attempt. We may come look at you real quick to see who you are, but I assure you that myself, nor anyone else you’re downvoting at 100%, will pay attention to you beyond an initial view.
Thanks for the above support @austin101, you’re really attracting the community in a positive way. 👍🏿
I won’t speak on @geneeverett behalf, but I’ve been following him for a minute now so I’m fairly certain he and I responded on your page for the same reason and it has nothing to do with you, it’s because of @crypto.piotr.
Which brings me to the only real question I have..
“It’s not even possible to replace cash. How could we possibly replace fiat?” Ok, since you asked, I’ve been wrong before so I apologize in advance if I’m mistaken but fiat and cash are one in the same.
Happy Labor Day weekend ya’all!
edit Don’t mind me, I’m just a broke whatever you called me that had never invested a cent in his life.. in fact, I’m not even sure how to use this Steemit watchathingy. Thanks for the advice!
Actually oddly enough my only reason was Austin 101 has been harassing someone else I follow. Spamming and leaving same insults like 6 times per post copy and pasted. So I did it for that reason
Plus I saw them then attack people I’ve interacted with in response and that’s when I went mad and all out pushed there rating from 33 to 25
If you're broke what right to you have to argue against my article? Learn more about crypto, then come back with a more educated rebuttal. As for the downvotes I couldn't care less, I have thosuands invested in Litecoin and Etherium so I'm not interested in picking up steem pennies here and there. I do this for fun.
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