If the government created and issued a government-backed crypto currency to all citizens (or just low income people), and ordered all businesses that are able to accept it do so, explain in comments how that would play out? Good or bad? #cryptocurrency #coronavirus
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Not if you want to switch it over at some stage. If I get paid for something, there will be someone holding it when the stuff stops. So you want to exchange or redeem. In other words, it is a debt obligation.
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Why not keep them separate forever? You are helping me think through this. Bitcoin exists and yet it can be exchanged for cash.
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I get it, you want something like food stamps. But that still causes debt.
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If Bitcoin created debt, you are right. It did not.
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How does the business get paid if they accept the currency and they want to convert to cash? Wouldn't that create debt?
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But the govt has to pay for the cryptocurrency (since you're saying they would create, issue & back it). It seems that would just add to the debt just as cash payments would. And very few businesses are set up to accept crypto. Someone would have to pay to enable them to do so.
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