Cryptocurrencies are yet to deliver—Libra by Facebook

03 April 2020 / By CIQTeam

People know that their financial transactions leave a trail, but they can rest assured that this information is only accessible by strictly regulated companies and national authorities. Even for those who remain skeptical of the sanctity of their financial identities, cryptocurrencies like Bitcoin have recently offered them decentralized payment networks more conducive to anonymity. But just 7% of internet users globally say they’re currently invested in at least one of the countless coins available.

Currency is typically defined as a medium of exchange for goods and services, but any cryptocurrency owner is extremely unlikely to start using their crypto-coins to purchase everyday items. Most retailers don’t accept them. But even if they could find one, the unpredictable value of their coin renders it impractical for such a purpose compared to government-backed currencies, and they could end up missing out on a lot of money in the process. Even those cryptocurrencies which are pegged to the U.S. dollar do not have a use in everyday transactions.