> None of them are actually money, like in the paper-or-gold-coin sense. They're all ledgers.
Many of the other comments have pointed out how money doesn't have this quality either. This comparison is a wash: buy gold if that's your goal (at least until we find/mine a gold-laden asteroid).
The other comparison is who you have to trust to insure the value of that currency. In the case of cash, it is your government/Treasury. In the case of cryptocurrency, it is mathematics. I am originally from Zimbabwe and have much to say about trusting the government with insuring the value of cash...
That's why I have a small clutch of proof-of-stake.
>I am originally from Zimbabwe and have much to say about trusting the government with insuring the value of cash...
Have you ever thought about how to boost the economy and thus the ability to exchange zimbabwean dollars for more services and goods? Because that is what is necessary to get the zimbabwean dollar back in order.
Anything whose price is going up is scare and its domestic production must be expanded.
Yes, you have to do the opposite of what the government did (printing more cash): remove money from circulation. The Zimbabwean dollar ceases to exist, regardless. They have adopted forex, usually ZAR and USD.
My main point is that fiat currency implies trust in some entity. Zimbabwean vendors have chosen to trust the South African and US governments.
Many of the other comments have pointed out how money doesn't have this quality either. This comparison is a wash: buy gold if that's your goal (at least until we find/mine a gold-laden asteroid).
The other comparison is who you have to trust to insure the value of that currency. In the case of cash, it is your government/Treasury. In the case of cryptocurrency, it is mathematics. I am originally from Zimbabwe and have much to say about trusting the government with insuring the value of cash...
That's why I have a small clutch of proof-of-stake.