Re:Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month
by betterunix on Saturday February 09, 2013 @12:00AM
(#5191745)
"I still don't know what a fiat currency is although I might have an idea after reading this thread."
Fiat currencies are currencies whose demand is created by a legal system. The US Dollar, for example, has demand that is created by law: tax laws, bankruptcy laws, etc. Like anything else, the value of money is determined by supply and demand.
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Re:Coinbase Is Now Selling Over $1M USD Of Bitcoin Per Month
by eitland on Friday February 08, 2013 @04:09PM
(#5190161)
Exactly my point. Fractions of a bitcoin will become normal amounts in everyday purchases because since there is not even enough bitcoins for everyone the value of each coin will rise.
...given that bitcoin is still around when all blocks are exhausted, legal to most of the worlds population by then and not outcompeted by something better (better marketed?) by then.
Warning: I am no economist, I still don't know what a fiat currency is although I might have an idea after reading this thread.