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So it was hot despite the oak shadow. I'll go for some onions later. Now to the topic. Except what Leserin said, what's the most significant difference between fiat and bitcoin? It's the fact that there is a fixed amount of bitcoin that can be ever produced and you can't change that amount. In other words you can't regulate it (unless you have the 51% of it). Fiat regulations are made to deal with inflation etc. Some reading about gold backed currencies will help too...

Bored Satoshi 1y ago

Bitcoin has value because miners mine blocks to make changes to a ledger of who owns how much money in the world. A global ledger of everyone's balance. And millions of people believe in this ledger. A fixed supply is a feature of Bitcoin. Its not the whole thing. "Store of value" is just one of the narratives of Bitcoin.

I want to write about why Bitcoin will be used as the default currency in the world. There's this another narrative. Bitcoin is the aligner of energy. Something that's not talk about enough. I will have to write an article about it to make it convincing.

We don't have a deadline for our bet ;).

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Discussion

nami 1y ago

About the bet... I can't lose it, so making a bet on this is like stealing almost... There can be a draw though, because under specific circumstances bitcoin could be treated as an asset and thus keep some value in general. But you would need these specific circumstances for that.

Bored Satoshi 1y ago

Ahaha. Its cool nami. It stirred up a good discussion here.

nami 1y ago

About the fixed supply...

It's not the only characteristic of bitcoin, ok, but that's what makes the main difference with fiat. That's why they said we would not need banks anymore etc. Because through central banks you have regulations on fiat. There is a reason for these regulations though...