Mainstream Acceptance of Imaginary Internet Money Ain’t Happening
Several weeks ago I was at a friend’s house, who was losing his mind at the same rate that Bitcoin was losing its value. It seems a string of unfortunate events in the market was kicking the living shit out of cryptocurrency.
I guess my ignorance of how make-believe virtual coins work saved me a lot of money… you see, I invested in those ancient old-man things, like stocks and real estate.
This whole cryptocurrency revolution probably isn’t as dire as I make it out to be, and it’s even recovering as we speak, but I don’t think this is going to ever be a mainstream currency used by the mass majority of folks. The argument that I’m wrong is generally made by hipsters or elitists trying to look edgy, smart, savvy, and cool… or a bunch of angry loudmouth so-called experts that seem personally offended that I would ever criticize their imaginary Internet money.
I know what you’re going to say: Blockchain, NFT, Metaverse, stable coin, or whatever new verbiage gets your virtual panties wet. I’m not dumb. I know what all of these basically are, but I also know the basics of insurance statistics too. Doesn’t mean I care to know more… and no matter how much you insult me about my ignorance and stupidity, I’m still not going to trade-in my numerous California rental properties and dividend stocks for a large stake in Dick Twist Coin, Rocket Moon Can’t Fail Coin, or a Bored Ape.
Or whatever project that’s guaranteed to be the next revolution after the collapse of the last thing that was guaranteed to be the next revolution.
Despite cryptocurrency taking a bath recently, it will likely recover, all joking aside. Hell, I own some Cardano and I’m holding it for the long play. I don’t know much about Cardano, or what the fuck it actually does, but everybody that claims to know anything about crypto just got their asses dragged across the rocks, so does my ignorance of Cardano really matter at this point?
I guess we’re all still learning… and what we’re learning is unclear, but… yeah, whatever.
Outside of that, I have realized that cryptocurrency will likely never be a mainstream accepted currency used by the masses.
One of the biggest problems is its volatility and how quickly it can shift, which hurts its viability as a form of currency that could be used daily. Take Bitcoin as the main example. This is, by far, the most legitimate and stable cryptocurrency in existence and it fluctuates constantly. Sometimes a lot, sometimes just a little, but regardless, it moves. Fiat currency does too, but fiat shifting is not even close to the margins of Bitcoin, or any other cryptocurrency for that matter.
Imagine buying a pizza using Bitcoin and then years later, realize you spent $213 million for it? And that’s in a down market… Pizza ain’t that good.
This will always make using cryptocurrency like regular money undesirable to the buyer as well as to the seller. Crypto operates more like a volatile stock and unless it can stabilize, most folks will only see it as such, never as a currency.
Another major issue is the fact that most mainstream folks really have no clue what it is, how to get cryptocurrency, where it is, how it works, how to use it, or how to store it, and simply do not trust it… and they don’t care to figure all of this out. Fiat currency to them is easy to understand, it’s tangible, familiar, safe, accepted everywhere, and backed by government. To the mainstream, fiat currency works perfectly.
Why would anyone want to switch to a more complicated system? We’re Americans. We bitch when we have a television and entertainment system with more than two remotes.
The fact that cryptocurrencies can just be created out of thin air is another major problem for mainstream acceptance. It seems like anyone can do it… and it seems like everyone does. Most of these projects, like 99% of them, are clearly scams, pump and dumps, and jokes. For the few projects that are legitimate and trying to establish themselves as credible, this never-ending flood of scams will forever hold legitimate projects back.
When you try to tell me I’m just a moron and I don’t know what the fuck I’m talking about, you’re probably right. I really don’t know. However, you’ll be doing that with stories about Safemoon, Celsius, and Voyager as our backdrop while you verbally destroy me.
Unless they can stop the creation of new scams, eliminate the fraudulent ones that exist, and create an industry where 99% of new projects are legitimate, cryptocurrency will remain beholden to the company it keeps. When most of those companies create questionable cryptocurrencies, fraudulent projects, joke coins, and scams, that’s who you are as well in the eyes of the mainstream.
The current reputation of Bitcoin also poses a serious hurdle for cryptocurrency to enter the mainstream. It has been around for more than 13 years. It’s, by far, the most legitimate, credible, and trustworthy cryptocurrency… yet only a small percentage of businesses in America accept Bitcoin. In 2021, approximately 2,300 businesses take Bitcoin. In America, there are over 32 million businesses. The most trusted, longest existing, and valuable cryptocurrency, after more than 13 years, is still only accepted by 0.0071875% of American businesses.
The fact that only a few businesses take cryptocurrency is just one major issue. Another problem digital money faces are the ways it is accepted, and it’s the one most mainstream Americans associate with this currency: It’s used for questionable dealings. Mainstream America still sees Bitcoin, and cryptocurrency in general, as “the money criminals use to do bad things.”
Oddly enough, this really isn’t even true, but the fact that scams keep popping up every day with cryptocurrency just adds to the idea that cryptocurrency is primarily money either used for illicit activities, or the cryptocurrency itself is the illicit activity.
Outside of these practical reasons, there is one problem that dooms cryptocurrency on a larger scale, one that would launch it into a huge political firestorm. If Bitcoin, or another cryptocurrency, did become a standard form of currency and a true competitor to fiat currency, it becomes a problematic social issue. Many folks in struggling communities across America who are already underserved, under-banked, or have no bank account at all, cannot get credit cards or debit cards, and live in a day-to-day cash world, could be excluded from this form of currency. Even if they had access, or just some access, many may struggle or fail to even understand how cryptocurrency works since even the basic understanding of what it is, where it is, how it works, its value, and how to store or access it, requires both technology and some medium-level understanding and trust that often is scarce in many underserved communities. Cryptocurrency, if it was to become that mainstream, may ultimately be viewed as a racist or classist currency that alienates those in most need. It may be viewed as a way to deny many access to the main cornerstone of survival: Money.
Even if cryptocurrency can weather every other storm, which is highly unlikely, it will never be accepted if, in fact, it created a world where those that “get it,” get the money, and those that don’t, oh well… guess they’ll need to read up on blockchain, ledgers, virtual wallets, and get that crypto exchange account established to start trading.
It’s complicated, but at the same time, it also isn’t that complicated… or is it? Who the fuck knows anymore.
Between the complicated world of cryptocurrency and the stupidity of people paying $2.25 million for a digital picture of a monkey wearing 3D glasses, this new world walks the fine line between intellectually groundbreaking and eating Tide Pods.
Either way, no one in mainstream America is trading in their fiat currency anytime soon to get into this fuck mix.
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