[FabHK]

Those currencies you list might be volatile vis-a-vis some foreign currency (and thus vis-a-vis "foreign products"), but they're presumably somewhat stable vis-a-vis "domestic products" (you might have inflation, but that typically goes up only, so it's drift, not volatility).

Bitcoin doesn't really have "domestic products", that is things that are denominated in it.

So, low volatility is a quality criterion for money, and those currencies fulfil it (domestically).

In time of war or hyper inflation, domestic currency might get too volatile, and that's when people switch to other money, such a cigarettes or foreign currency.

[hisham_hm]

Hyperinflation needs to go really off the charts for people to switch to other currency.

Source: lived under a hyperinflation of 1900%/year and people did not switch currencies.