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RE: Will Bitcoin ever replace fiat money?

in #money7 years ago

Agree with you overall and appreciate your posts.

I do, however, disagree that when something is free it has no value. The circumstances and environment at the time are important. Whether it is me cleaning a home so it is pleasant for visitors and guest, lending a hand to a neighbour moving house, helping people affected by adverse circumstances - these are given freely at no direct cost to others and they have value in the eyes of others (and also in my own eyes).

The challenge now is the mindset of people - many of us have grown up in a fiat currency world and we will look at a crypto-currency and value it in the fiat currency we have worked to obtain.

Try going to the grocery store to buy some apples, look at the fiat price, then ask yourself " How many satoshis is that?". It is like travelling to a foreign country your mindset converts the foreign country prices to your own countries fiat. In time, if you live in the other country, you start to know what is a reasonable price to pay. Similarly, you never really learn a foreign language until you stop translating the words to your native language.

Roll on the demise of fiat currencies - but watch out for your government(s). Once the masses are comfortable with digital currency I can foresee existing physical fiat money vanishing (except for hoarders and numismatists). The switch will be very easy to flick and the masses will applaud it without really thinking / knowing that they have just passed control back to their government. (Noting that control of existing cryptos is somewhat in the hands of an experienced few).