3 ms·
That's assuming you can't find anyone to trade goods and services for crypto directly.
by Crespyl 9y ago
That's assuming you can't find anyone to trade goods and services for crypto directly.
- M2Ys4U 9y agoAt which point _they_ will have to interface with the world of fiat, if for nothing else than to pay tax.
- simias 9y agoWhich just pushes the problem a little further away since eventually somebody will have to pay taxes in fiat so if your cryptocurrency is not convertible it's going to be a problem.
- rocqua 9y agoOriginally, 'fiat' had the same link to gold as crypto has to fiat. True, for taxes fiat is needed, but it is possible to have a thriving economy without needing access to fiat. The moment people can start to pay rent and groceries in crypto, it makes sense to accept crypto even if you can't turn it into fiat. As long as taxes are paid in fiat, you need some of it, but that wouldn't make crypto useless.
- realusername 9y agoYou would also need crypto value to be much more stable for that to happen but I also agree with the idea.