For Bitcoin to replace Fiat, it'd have to first integrate with Fiat, then gradually replace it. What do I mean?
The Fiat system has been entrenched in the nerves that run the world, which is "trade, manufacturing, labour," etc, and this has been so for decades, if not centuries.
To oust such a financial system that has been deeply intertwined with human life, especially given the fact that there are powerful people who will go all out to defend this system because of the benefits they get from it, then the only way for Bitcoin to replace Fiat as money and not just be a savings machine is to integrate Bitcoin into the fiat system.
Check out Fiat channels, and you may understand what I mean.
For Bitcoin to replace Fiat, it'd have to first integrate with Fiat, then gradually replace it. What do I mean?
The Fiat system has been entrenched in the nerves that run the world, which is "trade, manufacturing, labour," etc, and this has been so for decades, if not centuries.
To oust such a financial system that has been deeply intertwined with human life, especially given the fact that there are powerful people who will go all out to defend this system because of the benefits they get from it, then the only way for Bitcoin to replace Fiat as money and not just be a savings machine is to integrate Bitcoin into the fiat system.
Check out Fiat channels, and you may understand what I mean.
Here: https://standardsats.github.io/ and here; https://github.com/standardsats/fiat-channels-rfc