Post
Topic
Board Bitcoin Discussion
Re: Why local currencies when there is bitcoin ?
by
Fiatless
on 18/07/2023, 08:02:13 UTC
In my country there is only one local currency or fiat currency that can be used throughout the region, there are no certain restrictions for paying for goods and services. Local currency which is very limited in nature does not have freedom for its users, when you go to another area the currency has no function.
The existence of a local currency doesn't stop residents from using the national currency. These local currencies are limited to a region, organization, or even group. When you move out of the territory, you need to use the national currency because these local currencies will no longer be legal tender. This currency is similar to gift cards issued by some supermarkets. These cards can only be used to buy items in the supermarkets that issued them.

Quote
I just found out that there are about 80 local currencies in your country because so far I know there is only one fiat currency in a country. Nothing can match the advantages of Bitcoin, local/fiat currency is limited, while Bitcoin is general. Tell your friends we already have Bitcoin that is inflation-resistant and not regulated by any particular authority.
Using Bitcoin as a local currency is not viable. The currency is volatile and can have negative consequences on the local economy. National currencies can be controlled by monetary policies but bitcoin is an international currency that cannot be easily influenced. Bitcoin is growing to the stage when it will be stable but for now, using it as a currency will make these local economies unstable.