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"Bitcoin serves as the gold standard of the internet, which is a promising concept for currency. However, due to its substantial growth potential, many are hesitant to use it as a currency. It still requires further development. Stablecoins backed by legal guarantees serve as a good intermediate step, but they are susceptible to inflation and freezing, similar to fiat currencies.
What might a better form of currency look like through cryptographic technology? It could be completely decentralized (resistant to censorship) while tracking consumer prices, such as the Consumer Price Index (CPI) in the US, to maintain purchasing power or come close to that goal. It might need to be supported by a basket of assets to track CPI or use algorithmic methods. For instance, services like Truflation offer a potential way to track inflation on-chain, further decentralizing the process. Companies or protocols in the crypto space that contribute to building better forms of currency will have a significant impact." |
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Post time 5-9-2023 14:16:40