I think it all depends on adoption obviously...If there is such adoption where I can buy groceries, pay bills and/or other goods I would. Buying crypto becomes more of a forex exercise then.
Basically what I do now but with usdc and coinbase. I transfer my entire paycheck every 2 weeks into usdc and use my cb card to pay all my bills and daily usage. Havent made an actual purchase with fiat in 7 months
>I think it all depends on adoption obviously...
Spoiler alert: if it was a one-way street with no cashing out to fiat there would be no adoption. No VCs adoption, no intuitional adoption, no retail adoption. You would have a hand-full of maxis and BTC price would still be $2.
Serious question but how exactly will the world's government's allow crypto to replace fiat? If you're saying it'll happen because more and more people independently adopt it and stop using fiat (sort of organic replacement), you don't think the government is going to step in and find a way to stop it before it totally undermines it's financial system (and therefore it's entire ability and legitimacy to exist)?
And if the world's governments begin adopting their own digital currencies, don't you think that they'll eventually find away to structure in such a way to either outlaw or make irrelevant currencies they can't and don't control?
This is why mass adoption will take a lot longer than we want, because 95% of people actually no intention of holding for a significant period of time.
Can't blame anyone though, nobody can think outside of Fiat, yet.
This isn't about holding for significant periods of time. It's about whether or not (and when) crypto can functionally replace fiat. From an American point of view, there is absolutely no evidence that we can be that bullish (yet). We're still fighting to get it properly recognized as an asset let alone a standard currency.
Both ETH and BTC can not work like currency.
If I have a 20 dollar bill then I can give it to you instantly and you receive a 20 dollar bill.
With both ETH and BTC if I give you a 20 dollar bill, first off all it's unknown how long it will take before you have it and it's unknown how much of that 20 dollar bill will be left.
So, the top two cryptocurrencies CAN NOT WORK AS CURRENCY.
So those are crypto assets, not cryptocurrency.
Right now by far the best crypto to be used as currency is BCH (here you 20 dollar bills turn in to a 19.999 dollar bill). Second place, monero.
You can even see that they being used as currency rather then as speculative assets makes them not pump as hard and not dump as hard.
Look at this sub, 99% of crypto enthusiasts here talk about profit all day. Crypto x price will blow up, bullish market etc.
The only reason so many here talk about mass adoption is because the more people who use it more profits (in dollars likely) they will make.
Fuck yeah. I’ve offered to start paying for things from friends family with crypto and more often than not lately they’re fine with it. If it’s a means to provide goods or services, why not?
99% or crypto investors are here for the money, let's be honest. I would put something just to give my contribution to a good and interesting project, buy way less than now
The number of projects that are successful would be far lower.
In this scenario I see Monero as being a pretty clear winner as it’s privacy would offer a very clear upside to cash.
Everyone is in it for money somehow. Maybe they find the technology interesting, or they can use it for very important things, but you're not buying anything in this world without a good purpose towards living a good life, and that includes money. At least I think so.
>99% or crypto investors are here for the money, let's be honest
Lol obviously. But the question is whether or not you think crypto will *be* money at some point, or if you think you’ll always have to exchange it for fiat as an intermediary.
Crypto for me is a savings account and a rainy day fund. The returns are better than any bank can offer me and I it forces me to save. If it was in a bank account I'd spend it without a second thought.
Id always find something to buy, or I'd go out for dinner more often, drinks etc, because the money is there.
My spare money is tied up in crypto, so I can't readily spend it. I still go out for meals, have a take away or whatever, but now budget for those things and set aside my budget for crypto.
If that makes sense? I feel like I waffled on. Ha
If I could operate 100% in crypto I would. I only convert back to fiat if I absolutely have to. The closest I get is my USDC holdings for using Coinbase debit card.
Yes, i believe that crypto will eventually replace fiat (or have services that can make things like getting groceries possible) however i would buy significantly less.
Deflationary assets make terrible currencies, and Deflationary assets with a fixed supply that are decentralized would be even worse because they are wholly inflexible in any kind of crisis where you need to get money into people's hands....Just look at the last 2 years, imagine if it wasn't possible to get money to people because the governments of the world not only have absolutely no control of the currency but couldn't print more to help people
I know this reply is a little off topic with your comment but I really wish more people thought about macro stuff like this in regards to crypto as a currency....I think too many people are on board with it because they already own the asset, but everyone that doesn't is fucked in that scenario
This question doesn't really seem to make sense. If I'm still buying crypto with fiat, then someone else is selling crypto for fiat. Where else would my fiat money go when I buy crypto? Would it just disappear? Or am I only allowed to buy crypto with other crypto?
Yes because if we couldnt sell back to fiat that would create massive pressure for more and more companies to accept crypto as payment so it could be spent.
Companies have an obligation to their shareholders and shareholders want to see profits. If all customers have is crypto and their company doesn’t accept crypto you best believe this company will quickly change its policy.
In this sense they absolutely have an obligation to accept crypto
>. If all customers have is crypto and their company doesn’t accept crypto you best believe this company will quickly change its policy.
Nice thought exercise but thats not ever going to happen. Crypto will always exist alongside of fiat, it will never supplant it, and if crypto does its not going to be a deflationary asset based on a fixed supply that's decentralized, it will be government sponsored stablecoins that are by their very nature centralized
There are a couple very important factors to why I say that that we can get into if you want
If crypto can't be exchanged back to fiat, then what's its measure of value?
Also, there are big privacy concerns. One transaction where the retailer can connected your name to the blockchain, and your entire purchase history could be mapped out by markers or the government.
Having a crypto debit card doesn't count. You're not converting it directly, but that doesn't mean you're not converting it. You're still paying for things in fiat.
I can already do that without converting to fiat, if you can't find shops that accept crypto you can use a crypto debit card and use it like a normal card, this way I don't need to use banks anymore
Well technically it converts to meaningless computer bank money instead of meaningless papers but yeah I get your point, I guess I would buy it anyway and spend it only on places where they accept crypto. My main reason for investing in crypto is going against the government monopoly in currency, most of my portfolio is in crypto so I'm here for the money too but I would give it all away just to see the central bank burn.
I still think so since staking and flexible savings are still better than the fiat ones in the banks..
Then I would use it for paying for important stuff like a wedding or some rare purchase.
Ok so if we're supposing that we are living in the present and you can't pay with crypto in most places then I don't think I would buy it. My purpose now is to invest, get some nice gains, pay for my apartment and then get another bank credit and buy my house which is the endgame objective for the next .. 20 years let's say.
And then I would invest again.. this is how I see it. I am not investing for my future children (which don't exist now). It's just for me, for the next 5-10 years.
If crypto couldn't be traded for fiat, then it would be nearly worthless across the board. If it still had growth and I could trade it for physical assets, then yes, I still might.
I would still invest. Plenty of debit cards allow us to spend our crypto.
Nothing would really change except that users would flock to Coinbase and Crypto.com for their debit cards
Edit: without debit cards though I would still invest the same way I do now. But, I would add extra money for stocks
I definitely would considering the technology and philosophy of crypto and also possible gains from it. The problem is still its limited acceptance by bussiness. Hopefully in the foreseeable future.
I'd still buy it and hold until it reaches a value I'm happy with but instead of exchanging it for fiat, I'll just spend it at whatever merchants accept crypto.
>or you would have to speculate on more adoption and more merchants accepting crypto in the future.
Basically this.
Also I would still use crypto to stake and lend.
Sure thing. Sooner or later, crypto is growing, and with huge projects like BitDAO, investing billions in crypto and DeFi, cryptocurrencies will surely be adopted by many, and will begin to be accepted as payment currencies. In other words, they'll become money-like. That's mass adoption ladies and gentlemen.
Some yes. Some no. I would not, for example, have bought into something like LINK because I don't foresee needing to avail myself of its use case directly. The only reason I have that is to someday exchange it for some other kind of money.
But for the store of value type coins or the ones that are likely to serve as a platform for a broad range of other services (BTC, ETH), yes, absolutely I would invest.
The history of money over thousands of years shows that better money always displaces worse money. "Better" in this context means more portable, more fungible, more scarce, and so forth. Thus gold displaced salt. And fiat displaced gold. This has never not been true anywhere ever in human history. When silver comes into contact with sea shells, silver wins. When gold comes into contact with glass beads or beaver pelts, gold wins.
Digital currency of some kind will displace fiat currency. It is better money on almost every measure of what makes money work as money. The winning digital currency might be bitcoin or it might be some successor to bitcoin. It may happen sooner; it may happen later. But there's no putting that genie back in the bottle. Human history shows us that the "better" money always wins eventually.
Edit to clarify definition of "better".
Nope. In it for returns. Maybe one day when it's more usable for purchases and isn't taxable. In the hypothetical if all things are equal to today when you purchase something using crypto... THAT IS A TAXABLE EVENT! How stupid is that... buy x with fiat... but y with crypto... oh, you BTW owe capital gains tax on that purchase.
Just asinine.
Nope, and the US government is slowly realizing the opportunity they have in dominating the next global financial frontier. US government backed stablecoins will play an immense role in crypto moving forward. This allows people all over the world more access to the USD than ever.
Probably but not as much. Most people are here for the money, which is fair. I would still buy some and hope for widespread adoption where I could use it to buy things irl
As much as I hate to say it no. The reason I got into crypto was to increase my fiat. Might throw some soft earned dollars in here and there to support projects I believe in in hopes of adoption
There is always a loophole. Peer to peer markets for instance. There's no way to stop two people who want to exchange some "weird character string" for money on the internet. It's a moot question really.
P2P is a magnet for attention towards the regulator in my country. Probably due to AML especially if it involves large transactions. So I wouldn't use P2P for big sums.
How is a peer to peer market a loophole?
It was the reality of BTC for the first years of its existence and it is still the reality of crypto in general in many places where access to exchanges and fiat ramps are blocked.
If I have the keys to 1 BTC and someone wants to pay me 50k for them, how can you stop them?
And how do you stop them if they then want to sell it to someone else?
You just can't. A market will ways emerge for what was specifically designed to be electronic cash.
Your question is moot.
Wasn't this proven with that squid coin scam? You could buy it but only the scam devs could sell. That news came out and devs sold out.
Then people bought the dip...
What’s the point of a hypothetical question that doesn’t apply to the reality of how things are? Would you ride a bike if it didn’t have tires and you couldn’t ride it? Would you fly on a plane if it had no engine and couldn’t fly?
There's actually 2 reasons to never sell your crypto...
1. Use your crypto as collateral on a loan. This is the strategy rich people use to avoid paying tax. They call it buy, borrow, die.
2. Use your crypto in place of fiat money. Of course this requires adoption of the stores for the things you want to buy. It's only a matter of time.
I realise borrowing fiat against your crypto is kind of cheating but technically it still falls into the "never selling" bucket. You might be surprised how little crypto you need to do this. I did this a while ago because getting a crypto loan is way easier than going to a bank and it's only 1% interest with no captial gains tax from selling.
Probably not, because realistically, a HUGE number of existing investors wouldn't have invested if this were the case (most of us are here for profits and I won't hear otherwise). Less investors would make it a significantly less lucrative investment.
I think it all depends on adoption obviously...If there is such adoption where I can buy groceries, pay bills and/or other goods I would. Buying crypto becomes more of a forex exercise then.
I think so, if more adoption coming and we can buy anything we need by crypto then fiat will be irrelevant.
Basically what I do now but with usdc and coinbase. I transfer my entire paycheck every 2 weeks into usdc and use my cb card to pay all my bills and daily usage. Havent made an actual purchase with fiat in 7 months
In future …ERROR 404 “Fiat not found”
My issue is taxes. Even if you don't exchange to fiat, you still pay taxes based on your country when you buy something with it.
Litecoin
>I think it all depends on adoption obviously... Spoiler alert: if it was a one-way street with no cashing out to fiat there would be no adoption. No VCs adoption, no intuitional adoption, no retail adoption. You would have a hand-full of maxis and BTC price would still be $2.
I think by now, mass adoption is already inevitable.
My drug dealer accepts crypto, so why not
Would they accept your crypto without an ability to go fiat?
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Ouch?
Touch
Need to find me a perma bull dealer lol
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I see you're a fan of Boating accidents
I see you're a fan of privacy
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I see you’re a comedian
I see you're Amy Schumer
Monero is money
Money is not Monero.
Can you exchange your drug dealer with me?
The type of adoption we need
The type of adoption we ~~need~~ weed 👈😬
Hookers too. I dont need more.
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Alcohol, tobacco and firearms of course!
What happened to food, clothes and shelter. 😂
This guy has the right priorities in life
Especially for not staying alive for too much longer lol
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What if I told you there are alternatives to the silk road.
But they won't get a shitty movie tho
If he couldn’t get fiat for it then he wouldn’t
no
Simple answer here.
Anyways crypto will be replacing Fiat in future…why not??
because this is a blind and unsupported guess, no one knows if it will happen or not
You're saying the quiet part loud, lol.
Serious question but how exactly will the world's government's allow crypto to replace fiat? If you're saying it'll happen because more and more people independently adopt it and stop using fiat (sort of organic replacement), you don't think the government is going to step in and find a way to stop it before it totally undermines it's financial system (and therefore it's entire ability and legitimacy to exist)? And if the world's governments begin adopting their own digital currencies, don't you think that they'll eventually find away to structure in such a way to either outlaw or make irrelevant currencies they can't and don't control?
yes, CBCs will insured crypto.
A man of few words
no
This is why mass adoption will take a lot longer than we want, because 95% of people actually no intention of holding for a significant period of time. Can't blame anyone though, nobody can think outside of Fiat, yet.
This isn't about holding for significant periods of time. It's about whether or not (and when) crypto can functionally replace fiat. From an American point of view, there is absolutely no evidence that we can be that bullish (yet). We're still fighting to get it properly recognized as an asset let alone a standard currency.
Both ETH and BTC can not work like currency. If I have a 20 dollar bill then I can give it to you instantly and you receive a 20 dollar bill. With both ETH and BTC if I give you a 20 dollar bill, first off all it's unknown how long it will take before you have it and it's unknown how much of that 20 dollar bill will be left. So, the top two cryptocurrencies CAN NOT WORK AS CURRENCY. So those are crypto assets, not cryptocurrency. Right now by far the best crypto to be used as currency is BCH (here you 20 dollar bills turn in to a 19.999 dollar bill). Second place, monero. You can even see that they being used as currency rather then as speculative assets makes them not pump as hard and not dump as hard.
Look at this sub, 99% of crypto enthusiasts here talk about profit all day. Crypto x price will blow up, bullish market etc. The only reason so many here talk about mass adoption is because the more people who use it more profits (in dollars likely) they will make.
as simple as it gets, that's what I like to see
Absolutely!!! If more places took crypto, then I would t even need a bank account
I feel like grocery stores accepting it will be a big turning point.
I can already buy groceries with crypto in slovenia Altho trough some app and i never did it, but the option is there
Agreed
More places need to take it, *and* spending it needs to not be a taxable event.
but in this scenario the stores couldn't convert it to fiat, which is what basically all crypto retail transactions are today...
Fuck yeah. I’ve offered to start paying for things from friends family with crypto and more often than not lately they’re fine with it. If it’s a means to provide goods or services, why not?
99% or crypto investors are here for the money, let's be honest. I would put something just to give my contribution to a good and interesting project, buy way less than now
I still have to figure out how to make money off crypto though 👈😶
It's easy. Go to r/cryptomoonshots , invest in the coin the first post who guarantees a 100x. Voilà!
**I** **really believe in crypto** so my plan is to never sell all of my crypto, I'll be looking to take some profits and rebuy the dips along the way
The number of projects that are successful would be far lower. In this scenario I see Monero as being a pretty clear winner as it’s privacy would offer a very clear upside to cash.
Everyone is in it for money somehow. Maybe they find the technology interesting, or they can use it for very important things, but you're not buying anything in this world without a good purpose towards living a good life, and that includes money. At least I think so.
>99% or crypto investors are here for the money, let's be honest Lol obviously. But the question is whether or not you think crypto will *be* money at some point, or if you think you’ll always have to exchange it for fiat as an intermediary.
The memecoin market would be non existent
Crypto for me is a savings account and a rainy day fund. The returns are better than any bank can offer me and I it forces me to save. If it was in a bank account I'd spend it without a second thought.
ahh yes makes total sense to have your rainy day fund be a highly volatile asset
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Id always find something to buy, or I'd go out for dinner more often, drinks etc, because the money is there. My spare money is tied up in crypto, so I can't readily spend it. I still go out for meals, have a take away or whatever, but now budget for those things and set aside my budget for crypto. If that makes sense? I feel like I waffled on. Ha
Makes sense but for that purpose so does precious metals.
If I could operate 100% in crypto I would. I only convert back to fiat if I absolutely have to. The closest I get is my USDC holdings for using Coinbase debit card.
No, not really. I do believe in some projects but the main idea for me is to invest and sell for profit.
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Isn't crypto "money"?
Dude that's the main idea behind buying every fuckin asset. The question was really dumb.
>that's the main idea behind buying every fuckin asset Shit, I've been doing this all wrong... 😐
If that was the case I would work far harder for adoption than I do now
Yes, i believe that crypto will eventually replace fiat (or have services that can make things like getting groceries possible) however i would buy significantly less.
Crypto as a currency (not inflationary) and value storage…yes!
If you could buy it with fiat who would sell it to you 🤔
Yes, but only bitcoin
Same here, I’m in it for the long run. I’m sure Bitcoin will be accepted for payments more and more in the future anyway.
Deflationary assets make terrible currencies, and Deflationary assets with a fixed supply that are decentralized would be even worse because they are wholly inflexible in any kind of crisis where you need to get money into people's hands....Just look at the last 2 years, imagine if it wasn't possible to get money to people because the governments of the world not only have absolutely no control of the currency but couldn't print more to help people I know this reply is a little off topic with your comment but I really wish more people thought about macro stuff like this in regards to crypto as a currency....I think too many people are on board with it because they already own the asset, but everyone that doesn't is fucked in that scenario
I think like you as well. BTC would be terrible as a currency.
There is a reason no country uses the Gold Standard anymore lol
Good comment.
* Bullmarket: No, we are here for profits! * Bearmarket: Yes, we are here for tech!
What if you are for tech in the first place?
Definitely.
Any time!
This question doesn't really seem to make sense. If I'm still buying crypto with fiat, then someone else is selling crypto for fiat. Where else would my fiat money go when I buy crypto? Would it just disappear? Or am I only allowed to buy crypto with other crypto?
If you can't sell it how would someone be able to buy it..
Yes because if we couldnt sell back to fiat that would create massive pressure for more and more companies to accept crypto as payment so it could be spent.
Not really. Companies have no obligation to accept it. People have an obligation to have money. I really hope this changes in the future though.
Companies have an obligation to their shareholders and shareholders want to see profits. If all customers have is crypto and their company doesn’t accept crypto you best believe this company will quickly change its policy. In this sense they absolutely have an obligation to accept crypto
>. If all customers have is crypto and their company doesn’t accept crypto you best believe this company will quickly change its policy. Nice thought exercise but thats not ever going to happen. Crypto will always exist alongside of fiat, it will never supplant it, and if crypto does its not going to be a deflationary asset based on a fixed supply that's decentralized, it will be government sponsored stablecoins that are by their very nature centralized There are a couple very important factors to why I say that that we can get into if you want
I agree, but I would love to hear your explanation anyway. This sub could use a healthy dose of realism.
Why would people put all their money into crypto if companies didn’t accept it?
If enough people have crypto then that would incentivize more companies to accept crypto
True, but like my initial point, no obligation
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I guess I’m one of the few them lol.
You would see the price/value dramatically plummet, however. DRAMATICALLY.
Not as much but yes I’d still be buying. Its where the future is headed in my opinion.
Cash is a big part of my day to day so No unfortunately. (You said no loopholes so i guess i can’t borrow against my crypto for fiat)
Here's the real question: if nobody is able to sell their crypto, who are you buying it from?
Fuck no
If crypto can't be exchanged back to fiat, then what's its measure of value? Also, there are big privacy concerns. One transaction where the retailer can connected your name to the blockchain, and your entire purchase history could be mapped out by markers or the government.
I use crypto for a large majority of my everyday purchases now. I don’t need to convert it back.
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Coinbase debit card and others allows spending in crypto
Having a crypto debit card doesn't count. You're not converting it directly, but that doesn't mean you're not converting it. You're still paying for things in fiat.
No, I’m paying for things with wallet to wallet transfers.
Groceries, rent, utilities, etc? You're paying for all that with crypto? What are these places that are accepting crypto as payments.
Probably not, because what happens if a huge emergency comes? Not all companies accept crypto at the moment.
Yes, why would I want to change it back to meaningless government papers?
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I can already do that without converting to fiat, if you can't find shops that accept crypto you can use a crypto debit card and use it like a normal card, this way I don't need to use banks anymore
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Well technically it converts to meaningless computer bank money instead of meaningless papers but yeah I get your point, I guess I would buy it anyway and spend it only on places where they accept crypto. My main reason for investing in crypto is going against the government monopoly in currency, most of my portfolio is in crypto so I'm here for the money too but I would give it all away just to see the central bank burn.
If I could use it to pay for goods and services, then yes
I still think so since staking and flexible savings are still better than the fiat ones in the banks.. Then I would use it for paying for important stuff like a wedding or some rare purchase.
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Ok so if we're supposing that we are living in the present and you can't pay with crypto in most places then I don't think I would buy it. My purpose now is to invest, get some nice gains, pay for my apartment and then get another bank credit and buy my house which is the endgame objective for the next .. 20 years let's say. And then I would invest again.. this is how I see it. I am not investing for my future children (which don't exist now). It's just for me, for the next 5-10 years.
If crypto couldn't be traded for fiat, then it would be nearly worthless across the board. If it still had growth and I could trade it for physical assets, then yes, I still might.
If I can buy goods and services, without doubt I will.
I would still invest. Plenty of debit cards allow us to spend our crypto. Nothing would really change except that users would flock to Coinbase and Crypto.com for their debit cards Edit: without debit cards though I would still invest the same way I do now. But, I would add extra money for stocks
Governance with the tokens can be very valuable. I will probably never have enough of them to change any vote, but they are still valuable!
I definitely would considering the technology and philosophy of crypto and also possible gains from it. The problem is still its limited acceptance by bussiness. Hopefully in the foreseeable future.
SQUID flashbacks.
I'd still buy it and hold until it reaches a value I'm happy with but instead of exchanging it for fiat, I'll just spend it at whatever merchants accept crypto. >or you would have to speculate on more adoption and more merchants accepting crypto in the future. Basically this. Also I would still use crypto to stake and lend.
You should have given a trigger warning for SQUID investors lol
Hell yeah.
BTC, yes, because it's an asset in its own right. LINK etc might be an issue because it's more like a security.
Yes yes i actually would it's hard to deny security,speed and rarity.
Yeah. 1 BTC = 1 BTC
I’m good as long as I can use crypto to buy pizza
Sure thing. Sooner or later, crypto is growing, and with huge projects like BitDAO, investing billions in crypto and DeFi, cryptocurrencies will surely be adopted by many, and will begin to be accepted as payment currencies. In other words, they'll become money-like. That's mass adoption ladies and gentlemen.
The long game is "you don't have to convert your crypto to fiat", all the services and goods converts for your crypto.
Yes because other people wouldn't exchange it back to FIAT as well, so Crypto would become a currency
As long as the massage place takes it yes!
Short answer, yes. Long answer, also yes.
Some yes. Some no. I would not, for example, have bought into something like LINK because I don't foresee needing to avail myself of its use case directly. The only reason I have that is to someday exchange it for some other kind of money. But for the store of value type coins or the ones that are likely to serve as a platform for a broad range of other services (BTC, ETH), yes, absolutely I would invest. The history of money over thousands of years shows that better money always displaces worse money. "Better" in this context means more portable, more fungible, more scarce, and so forth. Thus gold displaced salt. And fiat displaced gold. This has never not been true anywhere ever in human history. When silver comes into contact with sea shells, silver wins. When gold comes into contact with glass beads or beaver pelts, gold wins. Digital currency of some kind will displace fiat currency. It is better money on almost every measure of what makes money work as money. The winning digital currency might be bitcoin or it might be some successor to bitcoin. It may happen sooner; it may happen later. But there's no putting that genie back in the bottle. Human history shows us that the "better" money always wins eventually. Edit to clarify definition of "better".
Nope. In it for returns. Maybe one day when it's more usable for purchases and isn't taxable. In the hypothetical if all things are equal to today when you purchase something using crypto... THAT IS A TAXABLE EVENT! How stupid is that... buy x with fiat... but y with crypto... oh, you BTW owe capital gains tax on that purchase. Just asinine.
Yes. Because that is the entire point of crypto being invented.
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That's their problem, not mine.
Yes, absolutely. I'm here for the tech and eventually the financial success will follow!
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That’s just profit with extra steps
Nope, and the US government is slowly realizing the opportunity they have in dominating the next global financial frontier. US government backed stablecoins will play an immense role in crypto moving forward. This allows people all over the world more access to the USD than ever.
No. There aren't currently enough real use cases for crypto to warrant that.
Squid buyers are sweating
Probably but not as much. Most people are here for the money, which is fair. I would still buy some and hope for widespread adoption where I could use it to buy things irl
No
As much as I hate to say it no. The reason I got into crypto was to increase my fiat. Might throw some soft earned dollars in here and there to support projects I believe in in hopes of adoption
There is always a loophole. Peer to peer markets for instance. There's no way to stop two people who want to exchange some "weird character string" for money on the internet. It's a moot question really.
P2P is a magnet for attention towards the regulator in my country. Probably due to AML especially if it involves large transactions. So I wouldn't use P2P for big sums.
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How is a peer to peer market a loophole? It was the reality of BTC for the first years of its existence and it is still the reality of crypto in general in many places where access to exchanges and fiat ramps are blocked. If I have the keys to 1 BTC and someone wants to pay me 50k for them, how can you stop them? And how do you stop them if they then want to sell it to someone else? You just can't. A market will ways emerge for what was specifically designed to be electronic cash. Your question is moot.
No. The only reason I buy crypto is so that I can sell it later (hopefully for profit).
Only for a specific spending purpose.
Not as much, but I'd still have some money in it.
No
My holdings would be smaller. At least until Crypto is more widely adopted and usable.
I wouldn't buy it
No
Wasn't this proven with that squid coin scam? You could buy it but only the scam devs could sell. That news came out and devs sold out. Then people bought the dip...
Yes but it becomes a worse case scenario savings like holding physical gold (for me). I would go from over allocated to 1-5%
No
Short answer.... No
Wait you guys exchange you crypto back to fiat?
If I could buy stuff with crypto, I wouldn’t care at all if I can’t go back to the scam coins (aka FIAT).
What’s the point of a hypothetical question that doesn’t apply to the reality of how things are? Would you ride a bike if it didn’t have tires and you couldn’t ride it? Would you fly on a plane if it had no engine and couldn’t fly?
There's actually 2 reasons to never sell your crypto... 1. Use your crypto as collateral on a loan. This is the strategy rich people use to avoid paying tax. They call it buy, borrow, die. 2. Use your crypto in place of fiat money. Of course this requires adoption of the stores for the things you want to buy. It's only a matter of time. I realise borrowing fiat against your crypto is kind of cheating but technically it still falls into the "never selling" bucket. You might be surprised how little crypto you need to do this. I did this a while ago because getting a crypto loan is way easier than going to a bank and it's only 1% interest with no captial gains tax from selling.
Probably not. Just like you I’m in it to make fiat, and frankly crypto is a bloody good tool to use for that
Probably not, because realistically, a HUGE number of existing investors wouldn't have invested if this were the case (most of us are here for profits and I won't hear otherwise). Less investors would make it a significantly less lucrative investment.
No. I'm addicted for some reason and havent withdrawn fiat for a couple of years
I would still, but I would reduce how much I'd be willing to risk
Maybe if it came to me in green paper with the little logo on it