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I assume it has been debated again and again, but since I don't know the answer I'm going to ask: We often complain people hold cryptocurrencies instead of usi

I assume it has been debated again and again, but since I don't know the answer I'm going to ask: We often complain people hold cryptocurrencies instead of using them as money. Isn't this change going to make this worse ?

nailer 4y ago
The merge won’t affect gas fees, which makes Eth unsuitable for small purchases when the network is busy. Apparently Eth will do other work in future to fix that though.
- 0xrips 4y ago
  not just work in the future, work is being done right now! https://www.eip4844.com/ https://www.eip4844.com/
miguelmota 4y ago
Stablecoins are mostly what people use for payments. ETH is what's staked on the beacon chain.
- BiteCode_dev 4y ago
  I never use stable coins for payment, and I don't know anybody who does despite being in crypto since btc was at $8. I do pay stuff in BTc and get paid in BTC once in a while and see people in my bubble do the same. We use stable coins to limit taxe exposure, mainly. It's true eth has never been a mean of exchange for any of us and more a platform for smart contract (my friends at kryll.io use it for that).
  - Tenoke 4y ago
    The majority who trade crypto use stablecoins for payment all the time. It's the default on most exchanges, and for a lot of the biggest pairs on DEXs.
    - BiteCode_dev 4y ago
      You are talking about trading, I am talking about anything but trading.
      - Tenoke 4y ago
        If you are talking about payments of non-crypto products, I was exploring the hiring for small jobs subs on reddit yesterday and the two main accepted means of payment I saw seemed to be PayPal and stablecoins.
TimJRobinson 4y ago
Ethereum isn't supposed to be money (though it can be), it's fuel you use for doing other things. Do people use less oil because it's deflationary and gets consumed when used? No, because it's useful now. The most likely end game for Ethereum is being a replacement for all backend financial systems. Instead of having to hire teams of people to verify things or integrate various legacy systems together, everyone can build on one neutral platform and pay a little ETH as the fee for using it.
- treelovinhippie 4y ago
- nappy 4y ago
  The most likely "end game" is not replacing all backend financial systems.
- the_duke 4y ago
  Banks would never switch to a system that makes all transactions publicly traceable, and they shouldn't. The industry has investigated blockchains for many years, since distributed consensus for transactions is a problem they actually have. They might run their own private chains. But it won't be ETH.
  - lewi 4y ago
    They never said anything about Banks. Conceptually, a service provider utilizing Ethereum could create or aggregate on-chain services and package them in a similar format to what a bank is today with very little overhead.
    - asutekku 4y ago
      Conceptually, yes. In reality, no major bank would ever do it.
      - siganakis 4y ago
stiltzkin 4y ago
ETH as cryptocurrency mainnet still has the same high gas fee when it was PoW. Some layer 2 solutions will have the utility to use their token as cryptocurrency because low gas fees.

nailer 4y ago

The merge won’t affect gas fees, which makes Eth unsuitable for small purchases when the network is busy. Apparently Eth will do other work in future to fix that though.

0xrips 4y ago
not just work in the future, work is being done right now! https://www.eip4844.com/ https://www.eip4844.com/

miguelmota 4y ago

Stablecoins are mostly what people use for payments. ETH is what's staked on the beacon chain.

BiteCode_dev 4y ago
I never use stable coins for payment, and I don't know anybody who does despite being in crypto since btc was at $8. I do pay stuff in BTc and get paid in BTC once in a while and see people in my bubble do the same. We use stable coins to limit taxe exposure, mainly. It's true eth has never been a mean of exchange for any of us and more a platform for smart contract (my friends at kryll.io use it for that).
- Tenoke 4y ago
  The majority who trade crypto use stablecoins for payment all the time. It's the default on most exchanges, and for a lot of the biggest pairs on DEXs.
  - BiteCode_dev 4y ago
    You are talking about trading, I am talking about anything but trading.
    - Tenoke 4y ago
      If you are talking about payments of non-crypto products, I was exploring the hiring for small jobs subs on reddit yesterday and the two main accepted means of payment I saw seemed to be PayPal and stablecoins.

TimJRobinson 4y ago

Ethereum isn't supposed to be money (though it can be), it's fuel you use for doing other things. Do people use less oil because it's deflationary and gets consumed when used? No, because it's useful now. The most likely end game for Ethereum is being a replacement for all backend financial systems. Instead of having to hire teams of people to verify things or integrate various legacy systems together, everyone can build on one neutral platform and pay a little ETH as the fee for using it.

treelovinhippie 4y ago
nappy 4y ago
The most likely "end game" is not replacing all backend financial systems.
the_duke 4y ago
Banks would never switch to a system that makes all transactions publicly traceable, and they shouldn't. The industry has investigated blockchains for many years, since distributed consensus for transactions is a problem they actually have. They might run their own private chains. But it won't be ETH.
- lewi 4y ago
  They never said anything about Banks. Conceptually, a service provider utilizing Ethereum could create or aggregate on-chain services and package them in a similar format to what a bank is today with very little overhead.
  - asutekku 4y ago
    Conceptually, yes. In reality, no major bank would ever do it.
    - siganakis 4y ago

stiltzkin 4y ago

ETH as cryptocurrency mainnet still has the same high gas fee when it was PoW. Some layer 2 solutions will have the utility to use their token as cryptocurrency because low gas fees.