Quote from: yhiaali3 on August 18, 2021, 04:54:22 PM

Quote from: RainbowKun on August 09, 2021, 03:01:46 AM

Now you'll find that the essence of currency is still consensus, and its value is given by consensus as well. The collective consensus will gradually render Bitcoin a world currency. No one can resist this trend but adapt to it.

Yes, this is a really deep idea that summarizes the whole article. You wrote more than one article about consensus and I disagree with you about human consensus, but I completely agree with you here. It is the consensus that gives the currency its value. Without consensus, no currency or metal, even gold, can have a value, for example. If there is a global consensus that gold has no value, then gold will become worthless and become like any other metal. On the other hand, if there is a consensus that copper, for example, is more expensive than gold, then the value of copper will become more expensive than gold, and people will store copper instead of gold.
Now what happens if there is a global consensus that the dollar is worthless and the bitcoin has a high value, then the dollar will become a worthless pile of papers and the real value will become in bitcoin. I believe this will happen in the near future.

The nature of gold and silver whose value is more permanent as currency from time to time is due to their value which is based on their substance, and not on the recognition of groups of people or countries. This makes the gold and silver currency stable in value, anytime and anywhere, almost never changes. This property is suitable for currency criteria as a measure of the price of goods and services, because the standard size must be stable and not fluctuating.