Hi Guys,
I have been thinking about this for a while now, and it is about time that I wrote a post about it. I was thinking that everybody on Steemit owns some kind of cryptocurrency, most of us I would assume have Bitcoin.
When Satoshi Nakamoto created Bitcoin it was created as a means of transferring value between peers directly, the perfect use case I can think of is for buying things online, such as games on Steam, stuff on Amazon, software licenses and maby not that he was planning on it, but drugs.
These day nobody is using Bitcoin or any other currency for any of these things, to my knowledge, people are just hoarding or trading their crypto and I believe that this could lead up to the downfall of the entire industry. Sure there are people using crypto, but I am sure that most of these people are using it because they have either mined it themselves and do not wish to convert it to fiat currency before using it to purchase goods and services, then there are the people who have bought their crypto a long time ago and made massive gains as the value of crypto rose and then the last group of people are the naughty ones, drug users who wish to stay anonymous.
What I am going to suggest now is something I believe can add great value to the entire crypto market, it is a small simple thing to do and will help you to save and be a part of a bigger crypto economy.
A good example would be something I always do when I buy games on Steam. Instead of using your credit card, and giving Steam all you personal details that you have to trust them with and hope that some hacker does not come and steal all your personal details, just buy some Bitcoin on your local exchange, but if the game costs $10, buy $12 worth of bitcoin, buy the game on steam and leave the rest of the money in your Bitcoin wallet.
If more people do this it will do two important things, the things that Bitcoin was designed to do.
Firstly, you have made an anonymous transaction and no third party can intercept your personal details other than the details you have on Steam witch is only your email adress.
Secondly you have just completed a direct peer to peer transaction in the way that Bitcoin was intended to be used.
Thirdly the more people who do this the more people will start accepting crypto for all kinds of other goods and services, creating a large economy that will fundamentally increase the value of Bitcoin and other cryptocurrencies.
I believe that people do not really understand the impact crypto will have on the world and that all these people who are new to the space and only trading crypto to transfer back into fiat, to basically enrich themselves are abusing something that can be used for the greater good, not of themselves, but of the world.
I hope you guys enjoy reading this and please let me know what you think.
Please also see my other posts if you enjoy nature.