When Value is discussed, money is the first thing that comes to mind, after all when we look up the definition of Value, it is defined below by Merriam-Webster;
the monetary worth of something: MARKET PRICE
So it is normal for us to think of money immediately after we bring up the subject value.
a fair return or equivalent in goods, services, or money for something exchanged
Merriam-Webster also defined Value as the above. The second definition is expanded upon the first one giving us a broader meaning of value.
Last month November 30, 2022, to be precise the European Central Bank saw nothing other than Bitcoin slipping away to irrelevance, from the Tweet it was obvious the ECB was only looking at the price value of Bitcoin to make such a statement.
The apparent stabilization of bitcoin鈥檚 value is likely to be an artificially induced last gasp before the crypto-asset embarks on a road to irrelevance. #TheECBblog looks at where bitcoin stands amid widespread volatility in the crypto markets.
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So let's assume Bitcoin drops to $1000, $100, or even in the digits of ten or single, does that makes Bitcoin irrelevant and a failure? While the answer for me is no, it might help to look at some points to better understand why the value of Bitcoin and cryptocurrency is not dependent on monetary value alone.
Sending money to family and friends from overseas through cryptocurrency was never an option until now. We had to rely on Western Union and MoneyGram for the transfer of money for 15-20% in transaction fees.
The option now exists to instantly send money through cryptocurrency at no cost or very minimal transaction fees. Through cryptocurrency transactions there is a transmission of value, the value resides within the capacity to efficiently transfer money without a border.
Some are unbanked out there and the reason mostly associated with this is often that some are uneducated or old but there are other reasons, in my case for example since my residence permit expired and is pending renewal in South Africa the bank closed my account, it is the same for every foreign national in the country whose residence permit has expired.
Cryptocurrency has been the solution for me I don't have to worry about a bank account, for me and the unbanked likes out there, cryptocurrency is valuable to us as it provides us with cryptocurrency wallet(s).
Therefore, money is just a cryptocurrency value, there is more to it especially if we delve into its underlying technology, blockchain. And even if Bitcoin falls to $10, the transactional value will still exist, same applies to Hive, there will still be a use for the blockchain for posting activities.
There are several reasons to believe cryptocurrency is here to stay regardless of the price value.
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