I like Twitter. It’s a great medium for expressing opinions in edible, bite-sized chunks.
However, if you’ve spent more than 5 minutes reading what crypto-enthusiasts are tweeting, you’ll be struck with a sad realization: most people are just trying to make a quick buck. This isn’t anything new, nor is it necessarily bad, but it is damaging cryptocurrencies’ prospects of dethroning traditional, centralized monetary systems.
The solution to this problem is unsurprising: the cryptocurrency community needs to start paying for things with cryptocurrency. Once merchants begin witnessing real adoption and utilization of crypto, they’ll be much more eager to accept it is a valid form of payment.
Most businesses don’t have the luxury to gamble with their bottomline, which is exactly what they’d be doing by accepting cryptocurrency as payment right now due to the volatility. In order to tame volatility, we need the business community to believe that we want to pay for things in crypto, not just convert it back into fiat once a profit has been secured.
We are still a ways off from widespread adoption. In order to hasten progress towards this goal, stop thinking of cryptocurrency as an investment and, instead, think of it as a currency. Spend it. Can you pay your kids’ allowance in crypto? Can you convince a freelancer to accept crypto as payment? Can you buy that rug you’ve been meaning to get from Overstock in crypto? What can you do to be proud to be a part of this movement?
We all want the buying power of our currencies to go up, whether it be the US dollar, Japanese Yen, Icelandic Króna, Bitcoin, ZenCash or Litecoin – but currencies don’t have power unless they’re used to transact.
It takes a while to get to the moon, so make sure to buy a few things along the way.