The internet flourishes with amateur economists with weird economic theories on why Bitcoin will become a world currency. The common denominator is that they lack basic knowledge of economics.
For example, bitcoin fans have a strange fascination for gold. They are obsessed by the idea that everything was better when the money supply was determined by the amount of gold in the vault of the central bank. Since the supply of Bitcoin is given by its algorithm, it is apparently perfect as a world currency.
But when was the last time you used gold to pay for something? That the supply is fixed does not mean something is a good medium of exchange. Rather quite the contrary. When the central bank stabilizes its currency, the bitcoin community views it as a conspiracy and manipulation. But it is this exact manipulation that makes conventional currency far more suitable for exchange than Bitcoin or gold.
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