So, in such a nation it does work without 'thinking in $ and exchanging for $ all the time' right?
Because these kinds of nations start to actually be a reality, with El Salvador being the first in the next days, for example.
We'll see how this goes and I hope Bitcoin starts being seen as a more significant currency than just a magic internet one. Although, you'll find me in disagreement with deflationary currencies in todays' societies.
I agree, I have the same hope as well!
To be totally honest, I have to read up on the exact arguments
for inflation, but I heard before that it's kind of
needed, though I intuitively don't see why that should be the case. But I admit my knowledge of finance is not as good as the one of technology, which is my main field
Yeah that's why I ask how a government issued 'cryptocurrency' should in any way be better than the € and $ that they give us now. Government issued will mean they'll print / generate coins as they need (inflate it) so having a government crypto will have 0 benefit for anyone wanting to prevent losses through inflation.
But, I never said that governments should make their own crypto. I just said that if you want to save up, you can buy gold, Bitcoin, etc. There's no reason to keep a currency whose inflation can be fluctuated at any moment.
Oh right, sorry, it was someone before you that said they thought there will be 'government cryptos' etc., I agree fiat is not suited for savings, but somehow most people do save up straight cash either at home or in the bank account, which is obviously financially terrible esp. when saving up for a long time.
So, yeah, I still don't see a real, technological argument how 'Bitcoin needs Fiat to work'. I can give you an item, you give me some Satoshis, no USD were used or referenced.
Yes, no USD references directly, but indirectly you'll have to calculate the exchange rate of BTC/USD to buy or sell a product in BTC.
I am talking about a society where people work for BTC and pay in BTC - similar to how in Europe, they work for € and pay in €, so the exchange rate EUR / USD is irrelevant in most day to day scenarios. What it ultimately comes down to (in my opinion) is time: The time one works for a certain amount of currency. So if they have a direct feel for how much work results in a certain amount of BTC (since they're paid in BTC) it will be much more intuitive and not needed to calculate exchange rates.
