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You can't spend cryptocurrency at the grocery store. So your "money" can only at best be _backed_ by cryptocurrency. But if all you want is your money to be ba

You can't spend cryptocurrency at the grocery store. So your "money" can only at best be _backed_ by cryptocurrency. But if all you want is your money to be backed by something that intrinsically retains value, there are many standard choices. Like _foreign currency_. Or something more involved, like stocks and bonds and commodities contracts. Or you could just plain use precious metals. Cryptocurrency doesn't uniquely solve the problem of inflation, but it does introduce a lot of others. (Including the risk that a country's entire Treasury gets drained because an office worker plugs a USB stick they found in the parking lot into the wrong computer)

betwixthewires 5y ago
In Venezuela and Argentina you can absolutely buy goods at the store with cryptocurrency, if you whisper low enough to the owner. In El Salvador the government mandates it be an option. Money is money where it's accepted, everywhere else it's not. That's not really a point at all.
danuker 5y ago
> _backed_ by cryptocurrency. Governments have fallen for the siren call of inflation ever since Nixon. They won't give it up and adopt any standard, gold or otherwise, because it would imply they have to be accountable for finances. This is why private individuals have to use more creative ways of storing their value.