Are you sure about that?
Ask Argentina, Zimbabwe, the Wiemar Republic, Mexico, Russia or those old enough to remember the Great Depression if they believe it is possible for paper fiat money to rapidly collapse.
I have yet to hear a good answer to the question...
If we must have a fiat currency with no intrinsic value, that is back by nothing and it's only value is the faith that people put in it, what reason can you give as to why we should choose the USD over Bitcoin?
I don’t have a lot of faith in our currency given the person who is charged with running our Treasury department and who is spending us into bankruptcy. However the reality is that the US Dollar is the strongest currency on the planet and I get paid every week in US Currency and everywhere I go in the World it is still accepted as legal tender for all debts public and private.
I would not be willing to hold a Bit coin in my computer for any longer than it would take for me to transfer it into another asset, be it goods, services or currency. It could completely crash in a matter of minutes and I could be holding an invisible ephemeral symbol of what used to be somebody’s hard earned money.
Buy the stupid bitcoins. Corner the market on them. I could care less what YOU do with your money. Eventually even Bitcoins need to be turned into dollars and the way things are going, it won’t be long before you won’t even be able to turn them into pennies.
I challenge you to take your entire life savings and buy bitcoins. If you trust them more than the dollar, then put your money where your mouth is.
“If we must have a fiat currency with no intrinsic value, that is back by nothing and it’s only value is the faith that people put in it, what reason can you give as to why we should choose the USD over Bitcoin?”
I’ll give you one reason: Currency that is totally electronic is hard to get your mind around for the average person. People worry about the security of something that they don’t understand. Now this?
Both are fiat currencies as you say.