Mike4 wrote:SteMiS wrote:Crypto's underpining rationale (as least bitcoin and similar) is as a means of exchange...just like other 'currencies'. If you don't like that people 'trade them' for profit then I've got some currency speculators you can meet. At heart, any currency (whether it's sterling, bitcoin or the Zimbabwe dollar) stands or falls on the faith that people place in it. Whether bitcoin will survive the test of time is another matter, but 'inherently' (at least in the context of this discussion) it's no different that the stuff you've 'got' in your bank account.
But it isn't 'just like other currencies'. I can use £ or $ to buy Mars bars, fuel for my car, pay for my house to be decorated or buy pretty much anything with them. I can't do this with any of the cryptocurrencies so far. Granted it might become possible in the future but there is no sign of it happening yet.
Actually you may not be able to use $'s to buy a Mars bar in the UK. Here the £ is the legal tender. People are required to accept it. They are not required to accept $'s. Normally you would have to convert your $'s to £'s at a "bureau de change". You will find one in most ports, banks and post offices may also offer the service. You could of course use something like a charge or debit card, but they would just pay in £'s, charge you in your home currency and add a fee for the service.
Have you tried spending $ notes or coins in the UK? It can be difficult even spending £'s that have been printed in Scotland. Many of us have travelled overseas and guess what, you can't usually spend £'s. You need to convert them to the local currency.
Possibly you meant that there are countries in the world where you can spend the US $. Well have I got news for you, there is one where you can spend bitcoins just like US $'s. El Salvador has made bitcoin legal tender.
https://www.youtube.com/watch?v=1_jXGGA41SYSkip to 2:08 to avoid the disclaimer and request to subscribe.
Likewise, to take the charge card example, you can get bitcoin charge cards. Pay people in £'s or $'s and get charged in bitcoin.
Here is one that uses the Visa network (Care of a google search).
https://crypto.com/cardsSure bitcoin isn't like other currencies such as the Bolivar or Dong, but your argument doesn't touch upon why it isn't. I also REALLY doubt that you can buy a Mars bar with a handful of Dong in the UK.