Why A Bridge Between Fiat and Crypto Economy Ecosystem is Important
Hey Steemians!
Happy Tuesday! It’s been a while since I last wrote about DSES, partly also because I have been tied up with work and there’s really nothing solid I can write more about the upcoming initiatives.
Until today the Food Bank director shared with me an article she spotted.
Interesting (and quite horrifying) now in Malaysia’s economy prediction in the urban cities, to be in the middle income group range you got to be in the MYR 6.2 K and above.
Anything below 6K is under the Below Income group; and anything below 3K per household month it will be under Urban poverty range.
How is that so?
Simply because of the location, land prices are higher, rentals are higher, which will cause items purchased including food will be higher than rural area.
Moreover recently I just got news that one of my closest friends of 20 years is about to be laid off from work simply because her company is unable to cope with expenses as the market slumps further and no one is willing to spend that extra buck on price increasing expenses.
Many others, including myself, had our day job’s salary cut from SME (Small Medium Enterprise) companies when clients are not paying their due.
But obligations continues…
Mortgage, utility bills, travel expenses, insurance… some of them even if you want to sell it off and rent a smaller place for example, the rental premise could be even more expensive than your mortgage.
So imagine…
If there is no crypto opportunities at all, people would be devastated due to the fact that they are bound to only one source of income.
Even if you make multiple jobs (like my good friend in Australia who both husband and wife have to do 2 jobs just to make ends meet) it will still be tied to 1 fiat source.
And what if that fiat source, your government, is unwise with their management, corrupted, and crashes their fiat currency?
How certain are you to rely on foreign notes to sustain, how certain can you be that those other foreign countries of your choice will stay untouched and strong?
(Don’t forget many strong first world country leaders kept talking about the NWO…)
So why Crypto currency?
Since the blockchain is created through BTC as a naïve simple way to ease money transfer from one end to another quickly and without banking fuss (imagine those days when you have to wait for the next business working day), it has opened a new opportunity because it is influenced by how useful it is in the people’s eyes.
Steem blockchain (and Steemit platform) itself has proven that platforms can bring people together, and when people are together they have a voice, they have a choice to vote for the medium they can use for exchange.
In #teammalaysia we worked hard, (and still is) spreading this opportunity to the mass to see that cryptocurrencies like Steem can be an extra (not replacement) source of medium of exchange.
Just recently about a week (more) ago, when #teammalaysia had a meet up, and @zord189 didn’t have enough spare fiat change when we split the bill, chose a simple way of “You transfer me Steem instead” option that eases the pain of finding other people to change a large note into spare change.
Yes, no doubt that with the advancement of Banking security system, cashless options like transfer via QRCode by Maybank is easy, but that at this moment is still bound by transactions in the same bank name. Even cashless services like Boost and BigPay are the same.
And they are still tied with fiat.
Imagine if you suddenly overpaid your bills and you truly ran out of cash in your bank account; cashless services will not be able to help you without extra service charges.
Overdrafts will still bear interest rates charges.
How are you going to replenish those that are missing, if luck really runs out and you lose your source of (fiat) income?
And that’s why it is critical to expand your mind-set from treating crypto coins as a mere exchange stock to make more money out of it; into extra gateway of medium of exchange to help you get by monthly.
And isn’t this is starting to see some light for people in Venezuela for those who through Steem they are able to exchange back to fiat to get their monthly ration?
But that cannot be done by one person. This requires teamwork. This requires community.
Because (as far as I have observed) the strength of a crypto’s value lies in the eyes of the many, and not from one institution, or a mere few banks.
And if it stays in the exchanges, it will never grow into its full potential of its initial design. The ease of transferring wealth from one place to another.
What do you think? Would you open for the thought that having a local strong community that supports the idea of crypto currency to be use practically when needed, and create a parallel level of economy ecosystem among like-minded friends / family?
Until then
HQ @littlenewthings
#dses initiative member. > A technology can come and go; but when a lifestyle is applied to it, it becomes a new revolution.Posted using Partiko Android
Dear @dses
I can't express how much I enjoy quality publications related to blockchain technology. I'm not a specialist but surely I love topics related to this industry. Not to mention my interest with economy.
Your post satisfied my all desires :) hahaha
On more serious note:
Are you Malaysian? I didn't know that situation there is getting so bad. I noticed year ago that economy is slowing down and it has been build mainly (within few years) on forign investments and construction industry.
With current strict and hostile immigration policies there amount of forign investment shrinked.
At the same time developers are already struggling: not only with lack of workforce (since illegal workers are gone and local population is way more expensive). But also with huge amount of empty appartments for sale. In Penang I've seen entire blocks with hardly 10-15 families living in them.
Back to main topic: it would be very unhealthy to have two financial systems living next to each other without any connection between them. Your explanation is right on dot.
ps.
Resteemed already. Plus I decided to set small steem-bounty on your post and share with few friends. Hope you don't mind.
Yours
Piotr
There are difficulties in many places around the world.
And it is possible to know them because the net, and locations like this platform.
I hope they wii find solutions.
Thank you for helping people, @crypto.piotr
And I am foreseeing this is going to get worse for many other countries
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Hey @crypto.piotr
Yes. I am a Malaysian.
Yes it is getting worse as more and more higher paid people are offered VSS (Voluntary Separation Scheme) for the sake of the companies to stay afloat.
The only thankful part is my boss did not do that but asked us to sign a voluntary temporary salary cut until our clients start paying again.
Thank you so much for the bounty! I truly appreciate that.
We are trying to make an ecosystem that might help to build a sustainable model, and if that works, it could help others by replicating it.
Right now, all fingers are crossed! 🤞🏼
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Dear @dses
Fingers crossed BIG TIME! :)
Thank you for that amazing comment. I only had a chance to read it now. Appreciate.
Yours, Piotr
After all, crypto currency is also only fiat.
But better if you have access to multiple fiat currencies because as you write you never know when a government will screw up.
The other way would be gold and silver
Yes. Never bank all the eggs in one basket @sifondeseltz
I engage with small time precious metal sellers too.
That way you will have much alternatives.
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The most interesting article I have read about blockchain. Thank you for this valuable post. I notice the power of blockchain better with this article. States wrong regulations make blockchain bigger.
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Thanks @huseyinunozkan16
Let's keep spreading this awareness and get the people out of their greedy trading mind and make real use of it.
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If the cryptocurrency, it really replaces foreign exchange, the real global village, the economies of the world, will be truly balanced.
Unfortunately, governments of those strong country will not give up those foreign exchange income.
Weak countries hope that there is no foreign exchange. If they can replace foreign exchange by cryptocurrency, they certainly support it. Unfortunately, weak countries have no rights.
PS: The weak country here refers to a country that can't stabilize its own national currency, use the US dollar as a national currency, and those countries that have their own national currency but have a very poor currency.
That is why the crypto currency has to be in the hands of the people, not the government.
They can tax it if they really want too, because that's all they wanted to stay afloat.
And that is where people can join together and spin up ideas for it.
It is also crucial to have small pockets of support groups that comes together.
If crypto currency replaces the foreign exchange but it is controlled by the government then nothing changes either.
Time for many to wake up.
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Hello @dses!
It is a fact that many of us Venezuelans are subsisting on Steemit and cryptocurrencies. And I'm sure that if there wasn't that downturn in the BTC and the altcoins value, we would all be enjoying a parallel and controversial monetary system that would shake the conventional bank-controlled economy.
I don't need to imagine, it's already happening to me most of the time (and I think most of Venezuelans too)
One thing I see in the comments is that not only Venezuela is experiencing an economic crisis. Apparently, the world economic system is being hit too and many countries that one assumed strong, also suffer consequences of the economic crisis.
I hope that the cryptocurrencies can emerge as an alternative to solve the global economic crisis, or at least give a break.
Very illustrative your post, thanks friend @dses, patience, and perseverance in front of the crisis.
As we say here: Al mal tiempo buena cara (Bad weather good face)
Thanks for the kind words @jadams2k18.
Yes actually I already started noticing by 2013.... And truly got interested in looking at world events in 2014.
When I was backpacking in Europe I heard about Greece. I talked to the locals in Austria and Germany about the situation and I got to see their concerns.
Then India came with the surprised news of ousting small change paper money...
That was the time that God was really implanting so much warning signs in my heart...
And then, Venezuela happened.
And this is spreading because of the entire ecosystem worldwide is really crashing with so much debt.
Many people are still not noticing and hopefully with these tragic news people can come together to help one another.
I truly hope that STEEM is not overly affected by BTC, but that is because its still pegged in BTC strength due to the fact still not many people are using it as a practical means instead of mere trading.
I know this is going to be tough but if Venezuela can be more and more aware of this opportunity and work together commonly and peg the Steem or any crypto they find the most practical to use, whether by word of mouth or even with one still well off business entity to be bold enough to take a mini step, you'll never know, Venezuela can be liberated, by its own people.
Wishing you all the best and praying for you guys.
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Amen to that my dear @dses. God bless you.
God bless you too
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The bottom line here is the exchange between fiat and crypto. Whilst it is easy to transfer steem back and forth, going between the two is still not easy.
Granted in time im sure this will get better as crypto becomes more widly used.
I hope that days comes sooner rather than later. The people of the world are becoming desperate as it becomes more difficult to put food on the table due to the inequalities of the capitalist system.
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And that, my dear friend, is where the power of many comes in.
If you would read my older posts before (I will try to link something to you later as my phone doesn't have the link) you will see how we got many people to chip in together.
I remember the #teammalaysia team leader @bitrocker2020 once said,
He has a huge point on that but that will actually burden one and benefit many.
But what if many comes in together as tiny players?
The huge load of one can be shouldered together by many, and that load can become lighter.
Small players united together becomes one big networked player; that is why engaging with fellow local Steemians is important.
If there's none, create awareness.
And that is what teammalaysia and steemxp team and tirelessly sacrificing their time to preach it all out.
Thanks for your valid concerns @andyjem
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Yes I suppose it would also be usefull to have a friend with a lot of fiat cash, you send them crypto and they give you paper. That way no exchanges and no banks as such. Just an honerable friend that doesnt wish to make a profit from you. 😎
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You don't need to have one friend to have a lot of fiat to exchange.
It's stronger to have a community to work together.
You can read the other replies of @dses to have a better picture of it.
Be there for one another is the key.
Peace out.
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It the same in South Africa, especially in cape town, our local currency is worth less and less which is why I have a large crypto holding just in case. I do want to continue stacking and holding crypto since you never know what might happen, banks can collapse and so can governments.
I agree on keeping aside for rainy days, but if there is no active ecosystem running on your own local community @chekohler, crypto currency is nothing but 1s and 0s.
So it is important to do this hand in hand, so that while you are stacking your wealth, you have more and more people joining in the bandwagon to create something parallel to it.
All it takes is the first step to be part of it. And build on. 😄
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@dses. I do agree with you onthe use of blockchain as an alternative cash. However much should be done on improving our economy esp on the rural areas. Even using the conventional bank is hardly reachable by most community at northern borneo.
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