Crypto Currency, Anarcho-Capitalism and Life Extension Advocate.
In early 2010s there was lot of talk about some poor countrt with hyper inflation to introduce Bitcoin as their legal tender. However time passed by and this never happened, expect some small trials like in Zug, Switzerland, which in the end are responsible for only small fraction of public revenue.
So why it didn’t happen?
1. FIAT money is all about power!
Well first we need to understand what money means to government. For government money is not only a tool of legal tender, but a tool to control=steal it’s citizens funds. Usually it’s done through inflation, but even more drastic ways can applied, such as confiscation of funds.
With Bitcoin you can’t do either of that. Which will mean that the government will lose the power, and common people will gain it. Which is the opposite of the whole idea of government.
2. There are other options that have been discarded.
Bitcoin is not the only payment tool that would give power back to the people. Is is the best and the easier to use in modern society, but it’s not the only one, and not the first.
Precious metals such as gold and silver have been used as legal tender for thousands of years. It’s actually only in early 20th century that they were abandoned, and government moved to FIAT money that was not backed by gold anymore.
They did it for the simple reason to control=steal people’s funds.
3. Hyper inflation is not a problem for the government.
A great disbelieve voiced out by economist around the world is that hyper inflation is a bad thing for the government. It’s not. It’s bad only for the people. For the government the does the same thing as the normal inflation, only faster. Sure it’s wiser not to milk the cow to death, but the government is still the one who will come out of this victorious.
As printing money is basically free, is does not matter even if the the value of the currency drops 50% every day. They can be printed out infinitely. It’s literally license to print money, as they call it.
Governments hate Bitcoin, because it gives power of money back to the people. It disrupts the financial monopoly that governments have built. And be advised: the slave master will never free his slaves voluntarily, oppressor will never give freedom unless it’s being fought for and won. The war between Bitcoin and criminal organizations we call government has just begun.