I have asked one of my friend that if the same amount of paper and ink and the foil used in ₹500, currency note and ₹2,000 currency note why the value is so much different? He just replied that its because the value is written on the paper. Than I asked then why the purchase power of the same currency is different from other countries same denomination note?
He hadn't clue.
I said the same thing is with crypto currencies you can count them as diffetent countries currency but still have purchase power same as the fiat one.
Ordinary people dont know about it and afraid of it and wanna be in the same traditional way.
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Yeah. This is commonplace currently.