The dollar value of that crypto price is variable. Even if the price in crypto constantly updates, the cost to you in dollars is always in flux. For no discernible reason a cryptocoin can fluctuate in value.
Today one coin will buy a coffee while tomorrow one coin will buy a PS5. There's no incentive to transact with crypto if there's any assumption the value of that crypto will go up tomorrow.
For a seller they can get wiped out if they accepted payment for coffee in crypto and then the value of that coin tanks.
Knowing the crypto price is immaterial. You can never know what the value of the item will be. It's like paying for everything with lottery tickets.
Nevermind that most crypto systems are purposely deflating, because the whole point is to reward the people who were there first. So ANY purchase of coffee with crypto is self defeating. Your money is ALWAYS more valuable tomorrow. Actually smart people have known for a hundred years that's a stupid way to run an economy and people respond to it by hoarding and it basically eliminates economic activity from happening at all.
giantrobot|3 years ago
Today one coin will buy a coffee while tomorrow one coin will buy a PS5. There's no incentive to transact with crypto if there's any assumption the value of that crypto will go up tomorrow.
For a seller they can get wiped out if they accepted payment for coffee in crypto and then the value of that coin tanks.
Knowing the crypto price is immaterial. You can never know what the value of the item will be. It's like paying for everything with lottery tickets.
mrguyorama|3 years ago