“ADA Whale” Shares Insight on Digital Economy and Cardano’s Utility
On 1 October 2023, the crypto influencer often known as “ADA Whale” shared his ideas on the digital financial system and Cardano’s function in it through social media platform X. He emphasised the excellence between his private wishes and reasonable expectations for the way forward for cryptocurrency.
ADA Whale believes that the digital financial system is akin to a voluntary system that folks can select to take part in. He likens it to a Venezuelan citizen opting to open a U.S. checking account, however on this case, the “nation” is the Cardano blockchain. Inside this digital financial system, ADA serves as the bottom foreign money, complemented by secure cash like Djed and USDM and numerous different tokens. He notes that transactions can simply happen between people who’re a part of this digital ecosystem.
In distinction, the standard financial system depends on fiat foreign money, which comes with its personal set of charges and taxes. ADA Whale factors out that whereas fiat transactions have traditionally been cumbersome, they’re changing into more and more frictionless for small quantities as a consequence of technological developments. He argues that this diminishes the necessity for blockchain-based cost programs like “ADA Pay” or “Solana Pay” for secure cash, as they wouldn’t supply any novel benefits.
Nonetheless, ADA Whale acknowledges that important friction nonetheless exists for giant or worldwide fiat transactions. In such circumstances, he believes that cryptocurrencies might supply an answer. He additionally speculates {that a} non-stable crypto coin, like Bitcoin, might acquire world acceptance, permitting retailers to simply accept direct funds in it, supplied that authorities laws allow it.
ADA Whale additionally envisions a future the place functions allow funds in crypto whereas settling service provider transactions in fiat. He clarifies that his views will not be a critique of the utility of cryptocurrencies or secure cash however moderately an evaluation of the sensible path to their widespread adoption.
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