At a Bitcoin conference, highly regarded Bitcoin and security expert Andreas Antonopoulos stated that Bitcoin is fundamentally better than fiat money such as the Euro and the US dollar because it is voluntary and it does not require anyone in the market to use it with violence, mandatory regulations, and impractical policies.
In response to a question from one of the attendees of the event who raised a question in regards to the possibility of Bitcoin replacing reserve currencies and establishing itself as the world’s primary currency, Antonopoulos stated:
“Bitcoin doesn’t represent a zero-sum game. It represents a choice you have in addition to everything that already exists that doesn’t need to displace, replace, or force anyone to use it.”
Over the past few years, the market valuation of Bitcoin has increased from around $1 billion to over $103 billion. The Bitcoin market has matured drastically due to rapid global adoption and consequently, the liquidity and network effect of Bitcoin increased substantially, to a point in which merchants in major regions like Japan have started to utilize Bitcoin as a legitimate payment method.
One major advantage and merit of Bitcoin over fiat and reserve currencies is that it does not force anyone to use it as a robust store of value or a digital currency. Users within the Bitcoin network and community have the freedom to use Bitcoin, other cryptocurrencies and even fiat currencies. The fundamental concept of which Bitcoin was built upon decentralization and trustless ecosystem.
Millions of active Bitcoin users have started using digital currency as their preferred method of facilitating payments, or a currency, voluntarily. Bitcoin sets a positive precedent in the long-term in that it provides a choice to general consumers whether to rely on government-issued centralized monetary systems or trustless and decentralized payment networks.
“To me, Bitcoin represents the choice to use alternatives where otherwise it would be prohibited to use alternatives. Bitcoin is a global currency and Bitcoin is the de facto currency of the internet today. Bitcoin is the most successful open borderless currency that has ever existed. It is already a reference of value for many of the people at this conference, it has been my source of income for the last three years, almost exclusively, and it is a foundation of my ability to travel around the world and advocate it. I am already using it as my preferred currency for the vast majority of my expenses. I do that voluntarily,” said Antonopoulos.
As Antonopoulos had noted, Bitcoin has demonstrated that it is possible for users, businesses, and individuals to depend on an independent financial network and a global currency that is not enforced by governments across the world with violence, regulatory frameworks, and laws. Bitcoin, a purely mathematical and systematic currency, is gradually evolving into the digital currency of the world.