Re:Binance US No Longer Allows USD Withdrawal for Users
by aidenn0 on Wednesday October 18, 2023 @11:37AM
(#37930222)
It doesn't help that the most popular cryptocurrency is intentionally deflationary. Deflationary currencies are terrible units of exchange.
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Re:Binance US No Longer Allows USD Withdrawal for Users
by AnimalMuppet on Wednesday October 18, 2023 @11:54AM
(#37930518)
Gresham's Law: Bad money drives out good. If cryptocurrency is deflating, it's becoming more valuable with time. The dollar is inflating - it's becoming less valuable with time. So given the choice, I would pay with dollars and hold crypto. That's just normal human behavior. But while that may make crypto a good investment, it makes it a terrible unit of exchange, as you say (or at least a unit of exchange that will only be used as a last resort).