this post was submitted on 02 Jun 2024
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Of course, but in the end they both rely on a social contract. Bitcoin is worth x amount because that's what people are willing to pay for it
Okay, but national currencies failed before because people would keep dollars and just convert at the time when they need to pay taxes
Source: I still remember the Soviet ruble collapse and hyperinflation
It lasted longer in some countries, the Russian ruble was introduced in 1993, in my country the soviet ruble lasted until 1992