To be certain.
I have considerable amounts of money tied up in BTC, ETH,and Cardano, and even with that I'd be extremely reluctant to pour any into it for the purpose of transferring it simply due to the volatility of it.
I've been a pretty strong proponent of crypto, and right now despite it being "on sale" I don't feel particularly safe putting any more into it with the current financial situation.
But I also realize that there are many people in other parts of the world that are benefiting greatly from Hive, and I could see them using it.
Crypto's boom during better markets and bust in a bad market has caused a lot of lost-confidence in it in general. People who know I have crypto who had that fear of missing out back in the high-value times are now asking me if I feel like I've been scammed, and I tell them no because I have faith in it. But the reality is that I don't know, and I could have lost a considerable amount of money.
When it's booming, people don't want to spend it because it will go up forever.
When it's crashing, people don't want to spend it at a loss.
Value stability is important. Unless you buy and cash out right away after transfer.
That is why most crypto will not be a medium of exchange so treating it as such is foolish.
All focus in this arena should be on the stablecoins. That is what people will be using for transfers.
Most of crypto is more like a stock. That is how people view it.
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I wonder if you're aware of what stable-coins are?
TO my knowledge, they are coins on exchanges used to tie the value of national fiat currencies. Coinbase has USDC for the US dollar, and others for Euro, British Pound Sterling etc.
There has been data that indicates that these stable coins such as I think it was Tether? Are actually not backed up by anything, and can be as much of a risk if not more than the cryptos themselves.
If I'm wrong here, someone please let me know.
The crypto that I can say with some surety that has value is Bitcoin. Because it has mindshare/confidence(much like any fiat), but also because the concept/tech alone has built a worldwide decentralized network capable of transferring, recording/validating, and even "minting" the coins.
It's like a bank, but without a central owner and without the possibility of overprinting/minting.
I also hold ETH and Cardano, but my investment into those was based on their utility and amount of developers working on technology that utilizes their functionality.
But specifically with ETH, the entire network or most of it runs on AWS(Amazon Web Services) meaning it can end with the flip of a switch. Also there's been cases where the devs have gone into the code to remove or change coins.