[TimmyMustGo]

So if we let a bank manage bitcoin, perhaps the bank could issue paper receipts that are backed by said bitcoin, and those pieces of paper could circulate instead of using the blockchain.

What I don't understand is if fiat currencies are so bad, why do people express the value of bitcoin in a fiat currency (like USD)? They are just like the goldbugs, hoping and praying that the world will collapse back into the dark ages

[ric2b]

> perhaps the bank could issue paper receipts that are backed by said bitcoin, and those pieces of paper could circulate instead of using the blockchain.

Feel free to use them, I won't. There's no point when Bitcoin is so simple to move.

> What I don't understand is if fiat currencies are so bad, why do people express the value of bitcoin in a fiat currency (like USD)?

Because it's one of the most practical things to measure against, because almost everything is also measured against it?

I don't get this argument, if I say a car is worth $20k that means the car is actually worthless because I'm measuring it's value in USD?

Or someone in the US saying that meters are actually a stupid and useless unit because before everyone gets used to using it you have to constantly convert it to imperial.

[TACIXAT]

>why do people express the value of bitcoin in a fiat currency (like USD)?

Mostly because businesses do accounting and pay taxes in usd, so bitcoin is just used as a pass through gimmick to make sales. There is no path to the price stabilization of bitcoin, it's purely deflationary, no one is going to set prices in something that has no monetary policy.

[Qasaur]

There is a very important difference between fiat currencies backed by nothing and fiduciary media that is backed by a commodity like gold. You can't walk into the Federal Reserve with a thousand dollars and demand them to be converted into physical gold - that right was abolished in the 1930s.