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If you could pay for everything in crypto, would you do so?

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by COINS NEWS 69 Views

Personally, one of the main goals I see in the crypto space is mass adoption as well as utility. And being able to pay everything in crypto would without a doubt accelerate the process to reach those goals. However, even If you could pay everything in crypto, would you do so?

Cryptocurrency transactions are (in most cases) typically faster and cheaper than traditional payment methods. Additionally, paying for everything in cryptocurrency could be seen as a way to support the growth and adoption of this technology. By using cryptocurrency for everyday transactions, you are helping to create a more robust and diverse economy that is less reliant on traditional financial institutions.

On the other hand, as Gresham’s Law says, people tend to keep and save the currency that they think is more valuable (crypto) and spend the currency the thing is less valuable (fiat). If most people behaved according to this principle, could this have consequences for the economy over time as the less valuable currency may lose value and lead to inflation?

I know that most people would still pay everything in fiat since they don’t want to keep their seed-phrase or trust an Exchange. They find it too difficult compared to using their credit card or other traditional methods. My question is directed to people who already use crypto but are limited by its adoption.

submitted by /u/No_Weather682
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