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Strategies & Market Trends : Blockchain and Cryptocurrencies

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To: w0z who wrote (212)	1/15/2018 8:37:44 PM
From: Elroy	Read Replies (2) of 7593

Bitcoin today is more perceived as a store of value than an actual currency that is exchanged for goods and services. There is one caveat to the idea that Bitcoin is not a currency. Inside the crypto world, Bitcoin is the main currency. What that means is if you want to buy and sell any of the other thousands of crypto currencies, Bitcoin is the normal medium of exchange. For all of the crypto exchanges the pair trades (sell crypto A and buy crypto B) usually have Bitcoin on one side of the trade. So I agree it's not currently useful as a currency in the real world, but in the crypto world it is the number one currency. As an example for someone who doesn't know what I mean, if you own Cardano (a crypto currency) and want to trade it into Monero (another crypto currency). You would Sell Cardano, buy Bitcoin Sell Bitcoin, buy Monero. In that transaction Cardano and Monero are the products, and Bitcoin is just the currency which lets you trade them. Sort of the same as selling a Picasso painting for USD, then using your USD to buy a Monet painting.

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