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Comment: Bitcoin CAN'T BE fiat currency

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Bitcoin CAN'T BE fiat currency

Unless/until there is a law forcing it to be accepted. Real money is whatever people freely choose to use to an extent that people no longer consider it mainly to be anything other than money.

Fiat currency requires fiat.

Whether bitcoin is a good money is another question. I think it is a decent money, because it exists in a world of fiat currency. Since there are not as many laws against using it as there are traditional competitors of fiat currencies, such as gold or silver. Try to use silver and you face a lot more hurdles than bitcoins. But they will figure it out in time and smack bitcoin too.

In a free market I don't think there would ever be bitcoins, but in our world they seem to be a good option. If they are really not counterfeitable they might survive even if we ever got a free market. But I think they are only initially viable because they compete in a fiat currency world.

Just remember that while they aren't a fiat currency, but they can become fiat non currency with a stroke of legislation by some jackweed like Chuck Schumer. Caveat emptor.