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by MichaelDickens
4559 days ago
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> Reintroducing fiat currency will not work if people have already moved over to bitcoin. Why not? > With smaller fiat currencies collapsing one by one -- as they always do -- bitcoin will keep growing stronger and stronger. Why would Bitcoin be immune from the factors that cause fiat currencies to collapse? If strong fiat currencies can suddenly lose value, it seems likely that Bitcoin could suffer the same fate. Do you have reason to believe that Bitcoin is different? |
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I think the argument is that the more people whouse it the stronger the currency becomes. It has an extremely low barrier to entry because it can be used alongside other currency, and on top of this is decentralized (no "off" switch).
If fiat currencies are replaced by bitcoin, then yes it probably would become "stronger" (ie, more value in relation to other currencies). That's assuming a country who's currency/economy collapsed decides to use bitcoin as the national currency. I don't see why they would at this point, though.
I do think it's entirely susceptible to sudden value loss, at least for the next 5-10 years.