Great answer but let me see if I’m getting this right. What u r saying is btc is a single unit of account. Ie fiat will continue to exist (no country is going to give up their ability to print money) but btc gives an escape for ppl to who want to step off the fiat standard. Most ppl aren’t going to take the risk but those who do r going to benefit from btc. Ya I can see that happening. But what happens when everyone want to convert to btc. Isn’t that going to cause the same risk of centralisation onto btc? But I think I get what you’re saying. Ie btc is going to be an escape mechanism and not everyone is going to take it.
Discussion
Exactly. If everyone chooses BTC was because BTC succeeds as monetary solution and the centralization risk vanishes. A hypothetical example of this reality was given in the book Atlas Shrugged when they choose to only accept gold between them and fiat money became worthless in Atlantis. Everything was measured and priced in gold and the only way to earn some gold to transact with them was through labor. At some point, BTC will not be sold anymore and everyone will realize the real value of BTC: 1 BTC = 1 BTC.
You got right. The beautiful thing about BTC is that will not be possible to everyone convert their fiat into BTC. At some point, the only way to get some bitcoin will be through labor. A very good example of this scenario can be found in Atlas Shrugged, looking how the commerce in Atlantis works. Everything priced in gold and the only way to get some gold is through labor. Gold became the ultimate unit of account and therefore to valuable to anyone being interested to exchange by any amount of fiat. When BTC succeeds, will be the same case and everyone will realize the real value of bitcoin: 1 BTC = 1 BTC.
Different post, same thought. An issue with the internet made me think that the first was not sent.