They can also be used as a standard of deferred payments, as loans might be easy to obtain from those who own cryptocurrencies, just like what happens with money. Cryptocurrencies might be able to work as money too when looked at from a certain perspective. They provide a unit of account as a specific quantity of bitcoin can be the price for something. They are a medium of exchange but not used as much in markets due to the existence of national currencies. And they can be a store of value if we again accept they are gaining in stability.
We are not going to buy US dollars when the dollar value is low and then exchange them back again for something else when their value increases.
The problem is that cryptocurrencies are thought of more as stock, just like Apple or Tesla, and many of us often trade them merely to earn money, just like we do with stocks.
We have to let money do its job. Cryptocurrencies won’t be able to work as money if we don’t let them.
Vishesh Poddar Teenage Reader Singapore
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