Legitimate Uses Of Cryptocurrency - with Chris Guida

5개월 전

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Bitcoin and cryptocurrency still carry a stigma, promoted by Big Media, that their only uses are funding terrorism and buying drugs on the Dark Net. After the last bubble crashed in 2018, many people are even under the impression that the entirety of the technology is a pyramid scheme or otherwise a fraud. In fact, there are many legal uses for crypto, some of which are already current, and many which will be revealed in coming years.

Some examples include: a store of value, monetary sovereignty, tracking a supply chain, online or brick and mortar commerce, sending money to politically unpopular causes such as Wikileaks, proving copyright claims, and the sale of digital assets to represent shares in a company.

Scroll down to watch and listen to this episode of Cryptonomics!

A store of value

Part of the reason Bitcoin was invented was to create a currency with a controlled supply - a supply known in advance, unable to be manipulated by central bankers. The more the supply of a currency is increased, the more likely it will be worth less. For example, a US dollar today compared to a dollar in 1919, is worth about $0.07.

Bitcoin's emission schedule is much clearer than the dollar's, and with its demand going up, it has been the best investment in the world over the last ten years. Of course, Bitcoin is still very volatile, so it's not really the best store of value.

Monetary sovereignty

When you secure your cryptocurrency well, it's very difficult for anyone to take it from you. With a bank account, the bank can freeze it or the government can freeze it. It is very difficult to freeze a bitcoin wallet, and in many cases it's impossible to even tell if someone owns any bitcoin. You can accept most of the responsibility for your own money, and with it comes freedom.

Use in commerce

Of course one of the reasons so many people have heard of cryptocurrency, is that it's used in Dark Net markets, to purchase illicit goods. But people do use it to make more mundane purchases. Overstock.com is one large retailer that accepts Bitcoin.

Venezuela is one of the countries that uses cryptocurrency the most, with people looking for options other than the bolívar, which is worth 1/100,000th what it was just a few years ago. DiscoverDash.com shows listings of over 2,500 businesses in Venezuela, and Venezuelans can purchase goods varying from bread to real estate.

The saviour of Wikileaks

In 2011, payments to Wikileaks had been blocked. Wikileaks had released thousands of confidential documents relating to the US government, and the state had responded by putting pressure on Visa, MasterCard and PayPal to stop processing payments. Wikileaks looked at their choices and decided the only way out was the accept bitcoin. It worked.

That event will likely go down in history as the day when people realised that governments did not have the ultimate say when it comes to political causes. People can now use their money as they see fit - another case of monetary sovereignty.

Proving copyright claims

In year's gone by, it was common for artists to use a method called "poor man's copyright". Legally, copy rights are created as soon as you put pen to paper, but proving the same in a court of law is a different question. So people would mail their own manuscripts to themselves, and store them away. The stamp from the postmaster general was a witness to when the work was created, and in case of a dispute, the letter could be opened before the court.

These days we have the blockchain to prove ownership. If someone wants to keep their work secret, they can create a cryptographic "hash" of a document. The hash is a kind of code that matches up to the document. It's easy to get the hash if you have the document, but it's very difficult to get the document if you only have the hash, so if you have both, and the hash was published on a blockchain, it proves that you had access to the document on the date the hash was published.

Of course, if you don't mind releasing the document publically, you can just publish the whole thing on Steemit.

Digital assets

Entrepreneurs and coders have created a lot of tokens on top of the Ethereum blockchain, with many purposes. In a way, it's similar to issuing shares. The tokens are normally meant to represent a portion of the project. This makes for an easy way to raise funds, allowing ambitious individuals to fund their dreams and create something of value for the world, while giving the speculators a chance to cash in.

Thank you

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The Episode

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In venezuela the most used cryptocurrency is Bitcoin.

In the last week they exchanged in localbitcoin 1,884:

coin-dance-localbitcoins-VES-volume (1).jpg

Exchange volume (VES)
19,607,497,855 VES.

Average price of BTC (VES / BTC)
10,407,376.781 VES / BTC

Average BTC Price (USD / BTC)
3621 USD / BTC

Implicit rate of change (VES / USD)

2,874.172 VES/USD

coin-dance-localbitcoins-VES-volume.jpg

the previous data show that no other altcoin is competition for Bitcoin.

Bitcoin dominates the Venezuelan market. and has three basic uses in in this nation:

1-currency for sending remittances,

2- exchange currency to obtain fiat currencies, the bitcoin market is today one of the main markers of the price of the dollar, that is, there is an implicit exchange rate between the bolivar and bitcoin referred to in dollars.

3- store of value.

this is why the projects of other cryptocurrencies that claim to be a means of payment fail, and that is that the use in stores, is more blurb than reality. Bitcoin is used as a way of saving.

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Those are some good stats.

I don't think your argument follows logically. You're saying that bitcoin has the most trade volume, and therefore other cryptocurrency projects are lying about being used as a medium of exchange? How do you get from one statement to the other?

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I live in Venezuela. what I am saying is that the use of altcoins is not as popular as its supporters inform. Altcoins projects (Dash, BCH, etc) are means of payment and in that niche its use is not very widespread, due to:

  1. People in Venezuela first spend the bad currency (bolívar), we have banking applications on our phones and many payments are made, in addition to the use of credit and debit cards.

  2. Very few people receive payments with cryptocurrencies for their work.

My argument is that the main use of cryptomonedas in Venezuela is SOV and in this aspect, Bitcoin is insurmountable, it is seen in the data. The implicit exchange rate calculated in the bitcoin market makes it more attractive.

https://steemit.com/bitcoin/@ppwrozo/weekly-bitcoin-market-report-in-venezuela

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I agree that bitcoin is the most used when it comes to store of value, and I did mention bitcoin as an example of a store of value in the article. When it comes to a medium of exchange, I don't know any cryptocurrency which is as widely used as Dash, in Venezuela or anywhere else. Its use may be small compared to the trade volume of bitcoin, but it does seem to be something that no other crypto project has achieved.

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I do not want you to misunderstand me, I am not saying that the altcoin projects are bad, what I'm trying to say is that they really are not as they are promoted. Dash is trying to do an education job that I think is good, although in recent days the masternodes have asked stop for the financing of the project manager in Venezuela due to delays in the delivery of financial reports. https://www.reddit.com/r/dashpay/comments/al3kog/official_statement/), In addition, many of them are not satisfied with the Project (https://www.dashcentral.org/p/Dash-Venezuela-from-Oct-2018-to-Feb-2019)
Dash-MNO.png

https://app.dashnexus.org/proposals/5ab0385a-79aa-49f3-90f0-11614c731118/statistics

“This project turns out exactly as the disaster that had already been forecasted.

In the reports and milestone "achievements" that are available through the links below practically every item is scandalously unaccounted. The achievements are basically zero, let's face it. These reports are ridiculous. In any country with a decent legal system such empty reports qualify as fraudulent.

The only achievement is a contract with a chicken restaurant where people have the option to pay in Dash. The total amount is not mentioned either and we will have to assume that total chicken sales transactions doesn't even get to ten !
Is it smart for the Dash community to hand over 645 Dash for this project in order to generate less than ten chicken sales ? This project has got to be the worst "investment" on the surface of the earth...”

I recently discovered that BCH is trying to use Venezuela as a platform to relaunch its payment method project (https://steemit.com/bitcoin/@rogerkver/people-in-venezuela-need-an-alternative-mate-tokay-keynote-presentation#@ppwrozo/re-rogerkver-people-in-venezuela-need-an-alternative-mate-tokay-keynote-presentation-20190214t185712709z) and that's fine, I have no problem with that, I'm just trying to get people in other countries to really understand what's going on, and how Bitcoin is used. People in Venezuela still leave their private keys in the exchange houses (Localbitcoin), which I think is a bit negative.
regards.

'Of course one of the reasons so many people have heard of cryptocurrency, is that it's used in Dark Net markets, to purchase illicit goods. But people do use it to make more mundane purchases. Overstock.com is one large retailer that accepts Bitcoin.'

I'd be hesitant to describe our business as mundane ,BUT, we've been accepting Bitcoin (and Dash) at our local locksmith company for coming up to 5 years now!

https://seymour-locksmiths.co.uk/worthing

Aside from that there's trading, anonymity, hassle free payment and more.

Anyone can visit my latest post and do a great thing with me? Really appreciated!!!

Que gran video! Saludos

Los felicito mejor informacion sobre btc no hay ninguna sigan asi, y el video mejor imposible gracias

exelentee..!!

It's certainly the future of currencies. as it's peer to peer, and eliminates the monopoly of the central banks. We as a community must emphasize on building an ecosystem that sustain the volatility of cryptocurrencies in the way of make it more stable.

Hey buddy. Great share. Thank you. I see a bottom in place for cryptos. I think it will be a slow and steady healthy rise from here, with of course normal pull backs. I'm heading down to Bali for the next couple months. Have you been there? Wishing you the best from Koh Phagnan Thaialnd! -Dan

it will disrupt the graphic card industry because everyone is buying out GPU to mine bitcoin :P

Blockchain+AI=True new world Order

Thank you for another great video! Good idea for discussion..

We all just learn - and that's good

nice artical

Congratulations @cryptonomics1!
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This post has received a 97.51 % upvote from @boomerang.

muy buen articulo!!!

Very interesting, I congratulate you.

muy bueno sigan con el buen contenido,

There are a lot of uses of cryptocurrency and also stablecoins. Stablecoins also has roles in the cryptocurrency world. I knew it in this blog here https://blog.kucoin.com/what-is-the-role-of-stablecoins-in-the-cryptocurrency-market/

The future is here. Next decentralized coinbase https://nash.io/referrals?code=RQMCS2

Blockchain and cryptocurrency have their own value, just some people use it in a wrong way.