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Your dad, like most people, probably doesn't understand money. And the idea that fiat is bad for average people isn't just a notion. Fiat with inflation is d
by upsidesinclude 4y ago
Your dad, like most people, probably doesn't understand money. And the idea that fiat is bad for average people isn't just a notion.
Fiat with inflation is designed to reduce the burden of debt (among other things). If I borrow lots of money for a long time, I want the money to be worth less as time goes on. Then, when I pay my debt, the cost to me is lower every month, even though the dollar amount is the same.
If you have capital and leverage debt, this system is fantastic.
If you are poor and cannot borrow, i.e. leverage debt, then your money supply is constantly reduced.
Most people are poor, sad fact. Most people are not benefitting from this system.
Bitcoin is designed to be free of control. Institutions have lots of control currently because they have more capital to invest and sophisticated trading techniques. They have purchased their way into a powerful position within the environment. This is irrelevant.
Those people that have experienced hyper inflation already understand the implied value of Bitcoin. In time, everyone else will as well