On 1 October 2023, the crypto influencer often called “ADA Whale” shared his ideas on the digital financial system and Cardano’s position in it through social media platform X. He emphasised the excellence between his private needs and sensible expectations for the way forward for cryptocurrency.
ADA Whale believes that the digital financial system is akin to a voluntary system that individuals 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 steady cash like Djed and USDM and varied 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 turning into more and more frictionless for small quantities because of technological developments. He argues that this diminishes the necessity for blockchain-based fee programs like “ADA Pay” or “Solana Pay” for steady cash, as they wouldn’t provide any novel benefits.
Nevertheless, ADA Whale acknowledges that important friction nonetheless exists for big or worldwide fiat transactions. In such circumstances, he believes that cryptocurrencies might provide 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 steady cash however quite an evaluation of the sensible path to their widespread adoption.
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