The value of most fiat currencies is a problem. Several people are not matured enough yet to understand it. Governments are not able to help themselves other than to print more of Fiat money. Bitcoin investors feel the BTC fixes it all. Some feel that the glorious days of the USD are numbered.
Dan Hedl tweeted: “In Venezuela, fiat currency is literally Garbage.”
Some commentators felt very sad about that during this advanced day and age; it is not possible to trust our governments to take care of the basic needs of its people. If the value of the fiat money turns out to be nothing, it will be a bad thing to the millions of people who slogged for nearly 20 years to save the money they have.
This is considered to be the right time for the people to be smart and to invest in Bitcoin Crypto. However, the question is that there is not enough Bitcoin in the world for all. If everyone were to distrust fiat, how will people who have no access to crypto live.
Regardless of all such queries, we are able to see in this age and time that the Venezuelans have realized that “fiat currency” is literally garbage. And, that they are a step or two ahead of all of us. It is very clear that the value of all currencies is supported by the belief of the people using it.
More than a year ago, it was reported that Venezuelan currency was left on the streets by many. Some feel that the smartest are the ones who are mining Bitcoin, yet others opine that those who are even smarter exchange their Bitcoin for XRP, DGB, VET, and HBAR.
Someone narrated their experience with fiat money stating, “We had this 100bs bill that you could only use to pay gas, all of the sudden fell to no value, and that was all I had in my car, I spend like 2 month refueling my truck for free as the gas station no longer care for it! It was a crazy time.”
Sydney Ifergan, the crypto expert, tweeted: “Bitcoin (BTC) might not become a universal currency. Governments will not like it. Fiat is also a sign of Sovereignty. Every country wants to establish its dominance.”
There needs to be something that people can use as a medium of exchange. The governments from across the world might come up with their own solution. Some kind of centralization will be required to regulate stuff. The idea of 100% Bitcoin sounds insane. Perhaps, it might serve to be an alternative store of value.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
Get the latest Crypto & Blockchain News in your inbox.
