Bitcoin has proven to be consistent and reliable over the years with measures made available to secure our assets from malware attacks by providing face verification, 2FA, email verification and the likes.
It has being used as payment means for goods on the long run and that has being an innovative system at the moment but the knowledge and usage of Bitcoin has not fully being diversified making it not fully functional.
But here is the question, do you think Bitcoin can overshadow the relevance of dollar in the future?
Bitcoin and the dollar are two different things. Bitcoin is money, while the dollar is a currency. There is a clear distinction between money and currency.
Money is a medium that can successfully perform all three essential functions: it serves as a medium of exchange, a unit of account, and a store of value.
Currency emerged because we did not have a perfect form of money that could fulfill all three functions. Gold was not practical enough to fully serve as money.
Therefore, currencies were create performed two functions a medium of exchange and a unit.Currencies are not stores of value. In the past, currencies were backed by gold, but today they are printed without gold backing.With Bitcoin, we don’t need currencies because we have money capable of performing all three functions of money.When you dig deeper into this issue, you realize that the dollar and other fiat currencies, like banks, become completely unnecessary under the new money standard represented by Bitcoin.