Global Feed Post Login
Replying to Avatar Chandru T

This my first post on #bitcoin from what I have learned so far. Was preparing to explain #bitcoin to my friends and this came up. Share your feedback.

Meters or inches, grams or pounds, liter or gallon, Celsius or Fahrenheit. We have fixed conversion rates. Currency conversion rates are not. What will happen, when machining a part and the dimensions change due to floating conversion rate every minute. Math, science and engineering doesn’t allow this.

Currency was always political not engineered until #bitcoin.

Fixed supply of #bitcoin. The only finite resource human has ever known. Secured by math.

When adaptation grow and #bitcoin becomes unit of account. Everything will be measured against #bitcoin. #bitcoin will become the measuring scale for currencies.

We are early in this process.

Avatar
captain ☦️ 2y ago

This chapter in Cryptoeconomics goes in a similar direction. It is important to note that while it is possible that Bitcoin may become widely used as a unit of account, it will not eliminate the expansion of credit or the use of other currencies. Bitcoin is expected to achieved stability, not perpetual deflation.

https://github.com/libbitcoin/libbitcoin-system/wiki/Stability-Property

Reply to this note

Please Login to reply.

Discussion

No replies yet.