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Um... Bitcoin IS a fiat currency. Its backed by nothing except demand, just like USD or EUR. Not one guarantees to exchange bitcoin for a fixed amount of gold o
by LatteLazy 6y ago
Um... Bitcoin IS a fiat currency. Its backed by nothing except demand, just like USD or EUR. Not one guarantees to exchange bitcoin for a fixed amount of gold or oil or grain.
And even if you're right and bitcoin somehow becomes a global reserve currency, you still don't want to buy right after a price spike do you? Wait for one of the corrections you yourself forsee...
- alwillis 6y agoBest definition of bitcoin: Bitcoin is a non-sovereign, hard-capped supply, global, immutable, decentralized digital store of value. It’s an insurance policy against monetary and fiscal policy irresponsibility from central banks and governments globally.
- alwillis 6y agoBitcoin is a lot of things but a fiat currency isn’t one of them. Being a fiat currency requires it to be decreed for transactions, a unit account, etc. by a government or other sovereign entity. There’s no such entity behind bitcoin.