Quote from: eightdots on Today at 06:09:25 AM

Quote from: Ultegra134 on July 17, 2023, 09:06:18 PM

Quote from: Upgrade00 on July 17, 2023, 08:49:50 PM

Op is talking about micro currencies which operate in certain localities within a country besides the legal tender which is used all over the country. We don't have them in my country, but I have read a bit about them being used in communities in other countries.

What's the point of these microcurrencies, then? At first, I thought that the OP was talking about fiat currencies; this is the first time I'm reading about local currencies, and even by translating and reading the articles provided in the starting post, I'm yet to understand what they actually are and what their purpose is. What are they based on, and why is there a need to have over 80 local currencies in France? Have we returned to the good ol' days when we were exchanging eggs for bread and so on?

Moreover, the main reason I don't see Bitcoin as a viable currency anymore is because it is nowadays deemed an asset that appreciates in value. On the one hand, you have fiat currencies, which, due to inflation, constantly depreciate in value, and on the other hand, Bitcoin, which is an anti-inflation measure and is expected to gain value in the upcoming years.

Like you said, I think we're back to the old trading days. The existence of so many currencies is due to a lack of control. It is not right to free the markets so much. Like you, I thought at first that it was written about fiat money. However, the existence of these currencies is useless. Even if it works, its validity will be short-term.

Bitcoin has not yet reached the desired level. I'm not saying this in terms of Bitcoin's value. I mean it in the sense that bitcoin is accepted all over the world and is used as a currency in many places. If this happens, Bitcoin will replace any other currency.

Honestly, although there have been decent advancements in the past few years regarding Bitcoin, I doubt that it will ever reach that level. It's not that of a versatile cryptocurrency; high transaction fees and delays are often caused by network congestion, which renders Bitcoin not as efficient as it should be to function as a daily currency. Moreover, I don't believe that this was Bitcoin's intended purpose. On top of that, the majority of us also perceive Bitcoin as an asset; thus, we wouldn't use it like we'd use fiat. On the other hand, it's very possible to see other cryptocurrencies being used on a daily basis that offer faster and anonymous transactions.