The value of fiat currencies has been declining over time, all thanks to inflation. That’s why a dollar in the 1970s was way more valuable than it is today. This inflationary nature of fiat currency has created an ever-growing gap between the rich and poor.
The rich, who hold tangible wealth, have grown richer since they have what it takes to make more than the average inflation rate. However, for the working class who mostly rely on wages, an ever-increasing inflation rate has meant that they can never create enough wealth to live a comfortable life, without working. The result is that most people have to work all their lives, just to stay afloat. But what if there was an alternative, a different form of money that has what it takes to hold its value over time, and give the working person a fair value for their labor?
Well, one can argue that gold can do this quite perfectly. This may be true, but when was the last time you tried buying anything in gold? Not very practical, right? But what about bitcoin, isn’t it designed for this role? Bitcoin is indeed designed for this role, but it misses out on one key feature that would make it complete for this role, and that’s fungibility.
Fungibility stands for a characteristic of money that makes one unit of money interchangeable for another. In short, one unit is mutually substitutable for another of similar value. This is important because it is what makes money, Money. One crypto that has this property is Monero (XMR). Monero is a private at the protocol level, which means that Monero units hold equal value at all times, irrespective of their origins.
Other than the fact that it is fungible, which makes it money, Monero is also scarce. Monero (XMR), like bitcoin (BTC), follows a diminishing supply curve as can be seen below.
This means that as the years go by, the amount of Monero (XMR) coins will get scarce, which means that it will get more valuable over the years. In essence, if a working person chooses to save their money in Monero (XMR) instead of fiat, they can be sure to grow their wealth over time, and as they save more, they can earn enough to retire comfortably at some point.
The best part is that Monero (XMR) is censorship resistant. This means that a working person who chooses to save money in Monero can be sure that no one can ever take their money. Banks taking people’s deposits is something that can happen and has happened in the past. This makes Monero a good safeguard against this. When combined with its fungible nature, it is clear that Monero is perfect for everyday transactions and long-term value storage.
While the masses are yet to appreciate this powerful nature of cryptocurrencies, once they do, the demand for Monero will shoot up as well. Monero (XMR) stands a good chance of rising past $1000 in the long run, and give those who adopt it, a fair chance at getting a fair return on their efforts. It’s the working person’s money.