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Cryptocurrency And A Cashless Economy
Manage episode 312114524 series 2845715
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Welcome to episode #82 of Not Me, But You! The US dollar is tied to many markets used around the world. However, US currency is FIAT currency meaning, it's not backed by anything physical. That means, more of it can be created ("printed") at any time.
What happens when MORE dollars are printed? It makes the dollars already in existence worth LESS! Then prices rise. Inflation occurs. So what does all this have to do with cryptocurrency and a cashless economy?
How much cash do you currently carry and use each week? If you are like most people you typically use a credit card or debit card or an app on your phone to pay for most things. That type of buying behavior RESEMBLES a cashless economy.
Enter cryptocurrency. What is it? Why are so many people in the WORLD investing in it? Isn't putting money into cryptocurrency like putting money into "nothing?" I discuss these types of questions and more in this episode.
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