Neither bitcoin nor paper money has any real value, but notes have national credit support, and what if bitcoin also gets national credit? The government will lose its macro-control policy but it can also effectively eliminate inflation, two relative ratios. Is that a good result? Of course, I know that the government is very unlikely to support bitcoin, but who knows?
Cryptocurrencies runs on blockchain which consist of complex algorithms that makes it hard to regulate or control by an istitution easily. This is the reason why Bitcoin and other cryptocurrencies are very hard to control by the government.
Yeah Fiat has value because it is supported by the government and the country's economy. but that does not mean that bitcoin does not have any value, even without government credit, bitcoin still has a value and high worth of price from a very large amount of demand in the market.
Thats right, that is why the government has been reluctant to legalize bitcoin until now, because the use of fiat may be reduced because the effect of this, although the effect is quite good in terms of the economic of community.