Bitcoin might excel if currencies like the dollar et al trips under a hyperinflation scenario but that for now is not visibly an option that is available, thus, another fundamental question is wether Bitcoin can replace normal currencies and that again is not feasible in the nearest future. Why then should people invest in or buy a currency that can rise or fall by 20 percent in an hour or two?
In 2017, we've seen russia, china and even venezuela transition from denominating their oil transactions in US dollars to denominating oil transactions in the yuan(chinese currency). Some might say the move away from the petro dollar many nations are taking is intended to protect their respective economies in case the US dollar hyperinflates or defaults.
With america being more than $20 trillion dollars in debt and the European Union being something like $17 trillion in debt, it may be more likely that both will default rather than find a solution to their debt troubles. Politicians continue to try to raise taxes and spend their way out of debt and that guarantees inevitable default if things don't change.
At least that's how I see it. Would be interested in hearing alternate points of view on this.
another fundamental question is wether Bitcoin can replace normal currencies and that again is not feasible in the nearest future. Why then should people invest in or buy a currency that can rise or fall by 20 percent in an hour or two?
Paper currency transactions are, in my opinion, more efficient and effective in certain roles producing economic benefit than electronic transactions. There is no advantage to eliminating all paper money & there are many economic, financial and business drawbacks should that be the route we take.
