After writing a post yesterday and receiving some comments and my reply causing me to taking a personal dive into the case of crypto and how it affects fiat, there's nothing much to digress from butt appreciate each of them because they serve a purpose. I've read and seen how we'd want crypto to take over fiat currency in terms of dealing with transactions and that would go a long way but we can't fail to see what they paper in our hands accomplishes. It wouldn't be wrong to have crypto replace fiat currency but at the end of the day everything pays the ultimate consequence because one has to take that in-depth dive into the possibility that the monetary value holds.
To go further we have to put the value that crypto and fiat holds. The most important thing is the value that they both hold. What's the value of our paper currency that always get affected by inflation, the biggest possibility for the creation of stablecoin so that value would still remain and the volatility of cryptocurrency is extreme. What's now the change that we want to see? For me value is most important element to always hold at bay. Truth would remain that not everyone would be enlightened enough 5o see the change in dynamics that's taking place in our financial system. Just this morning I'm looking at the rate of dollar to naira which stands at $1 @ 736NGN which is loud enough to see that inflation is still on the rise. The question that would arise is how does crypto change the paradigm.
Would crypto be beneficial to all if it becomes the legal tender highly recognized by the government as majority wants. It's only right that it becomes recognized to the extent of being accepted by everyone because during the bear season or bull season, the effects of inflation and deflation would always have effect and the concept would vary from different individuals especially for those that accumulate less crypto to those that have more. Always having an alternative source of income would still prevail.
In essence, crypto and fiat should be left to work financially and not one totally replacing the other. We should appreciate options because it allows us to choose our preference.
Thanks for visiting my blog, till next time.
