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RE: We Call Them Crypotocurrencies... But are they Actually "Currencies?"

in #cryptocurrency7 years ago

I’ve been done telling people about the monetary rewards of Steemit. Those who are not already here more than likely will grasp our reward system as “odd.” A world without ad income, pateron, or directly donating in fiat cash is a consent they are just not ready to move away from.

As far as what is considered a currency. I think that has to deal with how liquid being able to barter with it is. I can go to certain online stores and be able to purchase an item without too long of a wait for the transfer. I could also covert it into fiat or other forms of currency rather easily by bartering with btc.

Now is this a perfect way of viewing it? No, I see a few holes in the matter; even more so with other alt cryptocurrency’s that are not easy to exchange and maybe we can’t view them as currency’s yet they are just “coins”.

But BTC is easier to buy something with then a stock, or a bond, or a painting.

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But BTC is easier to buy something with then a stock, or a bond, or a painting.

Very true... and I think part of what's needed is for those of us who are comfortable with cryptos to simply explain them to others the same way we would explain foreign currency from a smaller country. Yes, they are definitely "money," but no... they are not that easy to spend. But you CAN (for example) use them by having a debit card that works everywhere... so you can spend, just like someone from a small country can spend the equivalent of their home currency, everywhere.