Crypto To Replace Fiat?
If someone had come to me a few decades back and told me that there would come a time when one would prefer internet money over fiat money, I would probably have laughed at them all day long and called them out for being delusional and fantasizing way too much. But such times have never been nearer to us like they are right now. It seems as if the times where people prefer crypto to money declared to be money by government decree are here.
The Bitcoin Pizza Day
Laszlo Hanyecz should be given all the credit he deserves for making the purchase that led to many chain reactions that led to bitcoin being taken more seriously than just a space for tech fanatics. On 22 May 2010, he bought 2 pizzas for a total of 10 000 bitcoins. Using bitcoins value today that will be a total of 600 million United States of America dollars!!!! Definitely the most expensive pizza in history. But oh well how would he have known that it would be worth this much. This was the first well-known purchase of a real-life good using crypto and it is why cryptos are soaring this high right now.
From Gold To Paper Money
The transition from using gold coins to using paper money which is essentially not of any value should it be used in another way taught us a lot about money as a whole. It was never about the value of the material that made the money. It was all about people agreeing that it is worth something for it to be able to buy and sell using it. So basically, making anything money is essentially about building a community of people who agree that it is worth something.
For us to reach a point where crypto is used extensively as money (a settlement of a debt) we have to give the process time. People have to adapt especially the elderly will show more resistance towards new things. But a time where crypto will replace fiat to a great extent is not too far away from us.