Bitcoin is, in essence, a collective agreement among users. Its value and existence are contingent upon our arbitrary decision to utilize it as a medium of exchange.
Despite its attributes resembling those of hard money, Bitcoin is fundamentally fiat as its use-value and exchange-value emerge from our shared consensus on its application.
The coherence of Bitcoin stems from the collective acknowledgment and adherence to the same rules that validate its database, otherwise, it would be just countless conflicting records.
It challenges traditional notions of currency by asserting that value can exist outside of state control, demonstrating that Bitcoin represents the world's first stateless fiat.
Collection
[
|
...
]