How to Use Nano in the Real World

I love the idea behind Nano, but there's one issue that I'm trying to wrap my head around. Transferring Nano between Nano wallets is free, but exchanging it to other currencies like tether or USD costs money and needs to be done through exchanges like Binance or Coinbase. Since Nano is an unstable store of value, will there be some easy way to convert it into a stable currency? Otherwise, if I keep Nano to use as payment, the value of my holdings could double or halve overnight. Assuming I'm actually using it to pay for things I need, I wouldn't be able to trust its purchasing power.

It seems to me that if I want to buy something, the ideal way to do it would be to start with USD, change to Nano, make the transaction, and have it immediately turn back into USD or some other stable currency upon completion of the transaction.

I see it as a short term problem. I’m the short term it’s speculative and risky and converting between fiat currency makes sense, but long term it should stabilize more.

You could say the same about any government currency but due to the amount of currency like USD it’s more stable. But look at some governments, their currencies certainly aren’t stable. USD compared to other fiat currencies fluctuates up and down also, so anyone traveling to other countries already deals with this.

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That's all true, but look at the relative scale of fluctuations between any cryptocurrency and any fiat currency. In 2019 USD inflation was a predictable 2.3% because the government uses monetary policy to hit a target rate of 2% inflation yearly. Last year the exchange rate for GB and the USA fluctuated between $1.15 and $1.34 per GBP at the extremes. That's around 15-17% max spread over the course of a year. BTC, the largest crypto store of value, fluctuated around 88% over the course of last year and as a rule is much more volatile. Yesterday alone BTC fluctuated almost 10% in 24 hrs while the GBP to USD exchange rate fluctuated 1.7%.

The volatility of crypto is the reason Tether exists in the first place. If BTC with a market cap north of $68 billion is that volatile, why will Nano be any different even if it does surpass BTC someday?

Also, nations with hyper inflation fail or artificially restructure their currency.

Prices are in USD... if you compare gold fluctuations to BTC, they match. I risk to say that it's not BTC that fluctuates but the fiat...
If a store has a fixed price in Nano and a fixed price in fiat, that would be different.
The problem now is that people are trying to use crypto as payment methods and not as currency, which in turn means they price things with fiat, accept the cryptocurrency and exchange immediately. Ideally they should keep both, a fiat account in some bank and a Nano wallet.


But gold is not a currency that people use to buy things. It's used for speculation with a few practical applications. I feel like people are treating crypto like it's the next money when it's really a different beast altogether.

Based on the definition of value, it is the BTC/crypto/gold that fluctuates not the fiat. Fiat cannot fluctuate drastically or it would be a very poor basis to build a nation on. That's why the Federal Reserve bends over backwards to make sure inflation stays at a stable 2%.

Nano definitely has a lot of value and promise, but it's built to transfer value not store it.



How hard is to make a MakerDAO-like nano Collaterized StableFeeLessCoin ?

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That's a great question. I had never heard of MakerDAO before. Thank you. That seems like what NANO needs to go mainstream as a currency. It would have free transactions between nano and a USD-pegged crypto.

So if I'm thinking of this the right way, you would pay the normal exchange rate to put fiat into crypto just like any currency exchange. Once it's in, you would store it in NANO Collateralized StableFeeLessCoin. Then when you wanted to buy something you would convert to NANO, transfer the funds and receive your product/service. The seller would get his NANO and convert it into the USD-pegged equivalent.

This way, all transactions that occur with high frequency would be feeless. Fiat conversion would only need to be done sporadically as needed.

Is something like this being worked on?

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I don't see why you would need an "official" marketing campaign there.
We just need gateway solutions and implementations (optionally tied to exchanges) so that merchants can accept it (and maybe convert to local currency).
Remember that accepting Nano but using an exchange to convert to local currency would get around visa and mastercard at first, but not around the government. The only way to go around governments is to never use their money.