Just crossed my mind today. Will it make sense if someone will create a paper money equivalent of bitcoin? And the coins will be the smallest unit of bitcoin, Satoshi? Like the currency today? I think it is okay if it became a globally accepted currency. And it will serve as a payment for everyday goods. What do you think?
No, governments will do the same trick they did to gold if that happened, they will have some bitcoin in cold storage and they will print their currency representing an amount of bitcoin in store but they will keep inflating their currency until the day the governments realize they have too much currency in circulation and then they divorce gold from their currency and create fiat in the process, they will try this with bitcoin but since bitcoin is easier to use and carry than gold they will fail.