In the future, can we use cryptocurrency like real money?
I do not think that any of the cryptocurrency is now functioning properly as a currency throughout the online and offline world right now.
Let's not talk about what the transaction rate is and how much the transaction fee is. It is rather strange to think that the cryptocurrency that can solve such a problem in the near future can not appear, and the block chain technology is developing. Let technology developers be left to developers, and let us think of them as simple as possible.
What conditions can we recognize as monetary, whether in the form of metal parts, pieces of paper, or data in USB memory?
First, from the buyer's point of view, it should be believed that if you take it, you can get the goods or services you want from the seller. From the seller's point of view, there should be a belief that those who want to buy their goods or services bring it to the means of purchase.
But in reality, even in Japan, which is called the paradise of bitcoin, buyers can not have the belief that they can go to any store, restaurant or gas station with a bitcoin and settle with bitcoin. On the contrary, since there is no belief that many of the buyers who come to receive their goods or services from the seller side will come up with a bitcoin, I am sure that they can use the bitcoin as another payment means in addition to the yen and credit card none.
Second, to be able to call money, you must have a minimum value stability. In a matter of hours, it can be very difficult to appreciate something that could rise or fall by 10%.
In the case of the seller, the settlement can be made quickly, and if a system is established in which money is exchanged and exchanged immediately after the settlement, it may not be a problem. But for buyers, if you anticipate a drop in value, it's better to sell them off the exchange as soon as possible before you fall to offline payment methods. Conversely, if you anticipate a rise in value, it is a waste to use it as a means of payment.
In other words, the issue of universality and value stability must be resolved before it can be recognized as money. But these two are inseparable relations. Once universality is resolved, value stability is likely to be spontaneous. Of course, in order to stabilize the value, the issue volume should be adjusted appropriately, but it is very difficult to achieve value stability by adjusting the issue volume without universality, and it becomes much easier if the universality is secured.
In the near future, Bitcoin or any other cryptocurrency seems to be very difficult to solve the problem of universality and value stability.
However, in my subjective judgment, there is a field that is considered to be the most likely. It is the casino industry.
Let's assume that you succeeded in having some of the casinos use SJ coin, a virtual cipher to replace chips used in casinos. If you put this SJ coin in your wallet of USB memory or smart phone and go to the casino and write it like chip, value stability is not a big problem.
SJ coin also has a large price volatility at the beginning.
Today, 1SJ is $ 2, but if you expect to be $ 3 tomorrow, it's hard to buy coffee with SJ coin, but it is not a big problem to spend on a chip in a casino. Gamblers who gamble at a casino expect to pick up rather than expect to lose, so today's gambling at 1SJ and buying 10SJ will have the expectation that tomorrow's $ 30 can be won for today's $ 2.
Even if you predict that 1SJ today will be $ 2, and fall to $ 1.50 tomorrow, gamblers can expect to sell 10SJ to $ 15 tomorrow, rather than selling 1SJ to $ 2. In other words, those who gamble will not hesitate to gamble with SJ coin, unless there is extreme volatility.
If the use of the SJ coin is activated at the casino, the surrounding shops are also very likely to accept the SJ coin settlement system. For example, if casinos in Las Vegas accept SJ coins, the vendors in Las Vegas will be skeptical about whether many of the tourists there will have a bit coin, It can be judged that he / she has a coin. If many stores in Las Vegas pay SJ coins, those who want to buy SJ coins will gradually increase.
Of course, unlike in gambling, there may be resistance from initial price volatility in general store use, but it is much easier to achieve price stability if SJ coin is universal in Las Vegas as well as in other casino cities around the world. In other words, universality and price stability can be expected to improve in a virtuous cycle.
Casino cities around the world such as Las Vegas, Macao, Jeongseon and Manila are becoming economic communities that can settle with a single coin and SJ coin. In a casino city, casinos, shops, hotels, restaurants, even used car dealers or gas stations can be developed to the level that can be paid with SJ coins.
Of course, this SJ coin must also be exchanged for the legal currency of each country after leaving the casino cities, but if it is large enough, it will not exchange the tokens and will exchange the SJ coins as the currency of the virtual "SJ Casino Station" It would be right.
Although this article may seem like a jump-start, I suspect that this scenario is the most realistic if you envision a scenario where cryptocurrency is at least as competitive as legal currency.
It was 