Is cryptocurrency real? Take a second and find out.
Ok, here is my take. First of all lets compare it to the US paper dollar. If you ask me which is real, i'd have to say the dollar because it is a tangible thing. But in all honestly crypto functions alot like paper currency or the current (since the federal reserve in 1913) US dollar.
The dollar as many of us know, is not backed by gold and silver as it once was. So basically you hold something that has value based SOLEY on faith. And so is the case for crypto....even more so because it was never physically real. That does NOT mean it is worthless. Value is derived based on some fundamentals. Supply and demand as the main one. Even if you are not an all in believer of crypto, you cannot deny the fact that the WORLD has found a demand for cryptocurrency. This new currency can be utilized like any other TOOL to reach your goal. I love the idea of earning crypto to then buy REAL ASSETS with it.
Why not? Silver and gold in my opinion are and have been, real money since they were discovered. Now, with more and more uses being found for silver, i feel it has the most potential for wealth transfer than any other commodity in history. So i'll keep making steem and using it for what i feel will further my family and myself and you use steem for what is important to you. Either way we all win.
Blessings,
Silverdragon
Yep well said, still discovering more about cryptos myself and like you'd mentioned in an earlier post - can steem be the silver of cryptos? That's what i'm hoping to find out :p..tell me do you trade silver on the exchanges or do you prefer buying the physical and storing @silverdragon?
@mystidark, I only purchase physical. The market is so manipulated that it makes silver a steal. Paper is for people that can afford to lose. However if you are interested in that you can visit @marketreport. This guy is a genius in my opinion. He plays the market and has loads of good advice and content. Good luck!
Good stuff @silverdragon! Yes been following him as well, had seen him on Youtube briefly but good to see that this is where he's active. Also Jeff Berwick over @dollarvigilante is a great find as well.
Oh yeah. Many people way smarter than me on here! Youtube still has many good folks as well.
I have been saying that, based only on a gut feeling! What are the actual facts to back this point up though? I'm very curious to know, because I can never win a discussion with just a gut feeling...
Nixon took us off the gold standard and created the petro-dollar in the 70's
Aah I see, thanks :-)
There are numerous places that provide proof. First google gold and silver certificates. Those were the US dollars that used to be backed by metals. You could walk into a bank and demand the face value of your bill in gold or silver, based on what type of bill you had. In 1971, Nixon took the US off the gold standard by not allowing US dollars to be swapped for gold. However if you go back and read the US monetary history, they had been slowly taking us off since basically, the inception of the federal reserve in 1913. It took a good while but now we work for paper and digits and trade hours of our life for nothing more than stuff they can create out of thin air.
See, this is what I feel money is in our modern times. Sure, it was once created, because trading gold and silver was probably just too much of a hassle, but money being backed by gold and silver sounds weird to me in our modern times. I can't just go to my bank and say "Hi guys! I'd like to take out all of my saving, but not in paper, give me gold please". I basically don't know anything about monetary systems, but money being backed by gold/silver in our modern times just doesn't sound like it can be accurate. To me, the only thing that sounds logical now is that money's value comes from the value our society puts on it.
Go to youtube and look up "hidden secrets of money" by Mike Maloney. His video explains (way better than i can😉) how this fiat monetary system is and how it used to be. Last thing i will add is that anything that a population finds value in, can be currency. And pretty much nothing would be money if the human race had anything and everything it needed or wanted without having to trade or exchange for it.
Thanks, I'll have a look!
Yeah, that sounds about right. Though thinking about human nature, I don't think it would even be possible to have anything and everything we needed or wanted, without finding something new to then want.
Agreed. Just one of those "perfect world" thoughts.
Good article and pretty pictures. One big difference between the paper and the crypto is that the crypos have been limited in suppy. Scarcity can add value. However with number of different cryptos it falls back to faith.
One other advantage of cryptos is what they call fungable. Sorry if I can't spell it. Trading easilly over borders and through the internet is valuable.
YAHsways
😊 I also agree to a certain extent regarding fungable but the main reason to me that cryptos are better, is that it cant be printed into oblivion.
It's more real and honest than any paper fiat currency that is just printed out of thin air. I trust crypto CURRENCIES more than paper any day of the week. Not all cryptos but I would say the top 25 on coinmarketcap.com would be a great start.
You got it friend! Same here.
Nailed it @silverdragon.
Thank you!
There will be other digital currencies as with bitcoin (backed by algorithms) that have intangible values based on time, and more. Also gold and silver have been currency and a backing base for paper currency like salt, or tulips. I feel all the above are intangible/based on belief of value including bitcoin. You can hold a gold coin, silver coin, paper currency, etc. but all of the above are based on a belief of the purchasing power of the currency. So I agree digital currency is the future for various reasons but still classify bitcoin or digital currency as an intangible asset like fiat currency, gold or silver. The holder determines the value. Fiat currency fluctuates, as well as gold and silver prices, and bitcoin. As we know the value of bitcoin, backed by algorithm mining, has surpassed both gold and silver prices (industrial mining) combined within years. Again their will be other digital currency mining platforms in my forecast. Great points regarding silver. Compared to all of the above currencies, silver is a must have due to industrial, medical, and when the %$&^ hits the fan uses. Silver is both tangible, intangible, and useful. Thank you, silverdragon, for an excellent post.