this post was submitted on 29 Aug 2023
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It's a great place to store and hold wealth.
The concept you are describing is Gresham's Law. https://bitcoinmagazine.com/culture/how-does-greshams-law-relate-to-bitcoin
Bitcoin is digital gold. Other cryptocurrencies will become used as well for basic payments. Eventually you will be able to pay cross chain so it wont even matter which coins you hold.
Edit: Using ChainLink: https://twitter.com/0xShmn/status/1696169139168059896
Amid all of this, nobody has managed to give me a reason why I would want to use crypto for transactions instead of my debit/credit card.
Crypto doesn’t come with any of the consumer protections I expect from my current payment methods. And in fact, it is designed to make some of them literally impossible (I.e. chargebacks). This might be appealing to sellers, but financial transactions are a buyers market. Sellers hate dealing with PayPal, but they put up with it because consumers trust PayPal and demand to use it.
So right now, crypto has these problems:
It’s been over a decade and blockchains are still a neat technology without a useful practical application.