Bitcoin is an Alternative
Disclosure: This blog represents my own personal opinion and should not be considered as investment or financial advice.
Bitcoin isn't fiat, and should not be considered as such. The original incentive of Bitcoin, along with many other cryptocurrencies was to provide individuals with the freedom to perform transactions without the use of centralized third parties.
The quote below is taken from a lecture from a famous economist regarding persuasion and coercion of the individual.
"As long as there are alternative channels of persuasion, as long as there is freedom of different views to be held, well then I am not worried, maybe I should be, but I am not -- the real problem arises when you only have one thing to hear."
- Milton Friedman
Bitcoin is better utilized as an alternative currency that complements fiat.
If individuals want fast and instant transactions with low volatility and fees -- it is better to use fiat. However, if they want to escape from government manipulation such as demonetization or hyper-inflation, it is vital to have an alternative such as Bitcoin to act as a safe haven.
Surely it is better to experience BTC prices dropping 50% within a week, rather than having one own country's currency losing more than half of its value per day (Zimbabwe 2008).
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