Much of the cryptocurrency hype has much to do with the exciting price moves that oscillate wildly up and down and back up again that will make most people’s heads spin. The world has been fascinated by a new asset class that gives the opportunity for outsized returns that most mature markets can’t offer.
What goes missing in a lot of discussions of these “assets” is that they are nothing like the financial assets they are often compared to like stocks. Cryptocurrencies actually have utility! They’re programmable assets that can be used to trade for any other good, service, or purpose! Their utility gives them value whereas most financial instruments are useless outside of a risk-return discussion. Many Old-World assets are purely financial whereas crypto-currencies ARE CURRENCIES! They can be and are used from everything to donating to charity, buying food, investing in companies, paying back a friend, and anything else currency can be used for.
We at Airbitz have been operating in the cryptocurrency economy for over 3 years now and use Bitcoin to operate on a daily basis. We use it to pay salaries, pay bills, buy equipment and anything else we need to operate as a business. We know that every-time we use a currency like Bitcoin we are strengthening the technology in a small way. Every transaction is another proof of the utility of these powerful technologies and creates a powerful positive feedback loop, strengthening the network.
We love to HODL our Bitcoin, no doubt about it but we also use Bitcoin everyday to operate and we convince more and more people and companies we interact with to accept Bitcoin as payment. All of these small actions that make use of the technology strengthen the network in their own small ways. Crypto is currency. The more people and institutions use it for transactions the more valuable the network as a whole becomes. A virtuous cycle we will continue to be a part of!