Quote from: d5000 on August 04, 2022, 11:22:46 PM

This "Bitcoin standard" is exactly the effect I'm hoping for. If Bitcoin is more used as a currency, even with floating prices, you'll get at least for short timeframes when Bitcoin is rather stable, a "feeling" what a certain Bitcoin fraction is worth (i.e. if Bitcoin is between $20K and $25K, then you can say "1 BTC is worth as much as a small car"). If this effect becomes more common, it could slowly make pricing in Bitcoin more popular (what is currently a very small niche, but is occasionally used, e.g. in the forum marketplace and signature campaigns).

I think once merchants start significantly to give price guarantees for goods and services (this is easier for digital goods with low marginal cost, see this thread), then the way to the "Bitcoin standard" is paved. They can start with a fixed price for some hours, then 24 hours, then 48 and then even longer timeframes once they feel secure.

For the "Bitcoin Standard" to become a reality, all of the world needs to adopt Bitcoin as legal tender. This would mean "ditching" Fiat in favor of Bitcoin. I don't see Fiat collapsing unless inflation grows to a point where it's uncontrollable by world countries. Once "hyperinflation" kicks in, then we'll be forced to look for other alternatives. We were used to the "Gold Standard" in the past, and it worked out pretty well. But Bitcoin is even better than Gold, so it's likely the world will switch to the "Bitcoin Standard" with decaying Fiat currencies. Nothing is set in stone, so we can only hope for the best. Just my thoughts Grin