Thing is, the government makes no guarantee of the value of it's own currency either.
The value of my BTC is backed by the fact that if someone else wants to get some, they can either spend thousands of pounds on mining equipment, or they can buy BTC from someone else. i.e the financial barrier, which derives from the scarcity of BTC, provides security for the value of BTC.
Unlike GBP, there is a limit to the number of BTC which can ever be in existence. The government wants more GBP? Just print some! Oh dear! What do you mean my currency has been devalued?
Can't happen to BTC.
What's that? The governments new digital cryptocurrency wallet has refused your transaction because you hold the wrong political opinion?
Can't happen to BTC.
Now what's this? Millions of people have realise that their fiat currency is worthless and are trying to withdraw their own money from their own bank account at the same time, but the bank won't let them?
Guess what makes that scenario irrelevant? Tht's spot on, it's good ol' BTC once more.
As far as I can see, there's zero incentive, or benefit to be gained from, the use of fiat currency. In terms of utility, your local HMRC office will be as amenable to accepting £20 notes to pay your tax bill than they would be at accepting BTC to pay it.
Biting the hand that feeds IT
