I'm hearing a lot of talk about Bitcoin taking over fiat currencies. Forgive me if this is a stupid question but I really have to ask. If Bitcoin takes over a fiat currency like the United States Dollar for example and the world ceases to use the Dollar. When the dollar is obsolete what would we use to give value to Bitcoin if fiat currencies will be as good as useless? How would we say oh Bitcoin is at 8,000 dollars?
Would we have a scenario where Bitcoin would start from scratch and we'd have to start valuing products and goods as we please. Maybe I'm misunderstanding the concept of Bitcoins take over. Would be helpful is anyone would give me some sort of clarity. I hope someone understands what I'm trying to put across..
If you're feeling generous..
Bitcoin - 13bdXFnb8DEJyCYMfwHc4BBXg9rKYDVd2K
Ethereum - 0x053c2433d07b95d64c8421c24361fca820e9a1a7
Litecoin - LaFGNsWowLdvKdvzq91EjVWXdPEqm59ZjU
Goodnight guys.
PS. Apologies for the poorly written article, did it on my phone at 2AM, I've edited it now. Hope you can help me get a few things clear.
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STOPCryptocurrencies are too young to be recognised as the prime source of currency, but you do raise a good question. Would be interesting to see what value is applied? Have you been keeping an eye on the price of Ethereum? That's been shooting up this week & have talked about it, in my latest post.
Anton
Yeah! I keep wondering how the value will be applied! I have kept on eye on Ether! It's going through the roof, it will break 500 Dollars today I guess.