I wouldn´t worry that much about statists and socialists. The success of fiat currency is not that it has been imposed to us by the state, that´s an austrian childish tantrum. The success of fiat currency is because it is convenient, and as such is tolerated by the market. It is the market who allows fiat to success.

Fiat currency is an obligation, a liability, and as such is very easy to digitalize and transfer. But fiat currency wouldn´t last a second if its issuer does not obligue itself to accept it. The payment services through bank liabilities are cheap because they are subsidized by their lending business. Bank´s liabilities are backed by debt assets which rely in a complex an expensive legal infrastructure, which is subsidized by the state.

Now we have a digital currency that is not anyone else´s liability. We have a digital currency which is indeed Money (fiat currency is credit used as a medium of exchange), and its value depends only on its properties as medium of exchange.

Although in my opinion the essence of Bitcoin´s utility is immutability and openness, the fact that Bitcoin does not need a complex legal infrastructure in order to have value is what will make Bitcoin more convenient than fiat. The market will decide despite of libertarians or statists claims.

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