[1010RD]

A medium of exchange, a common measure of value (or unit of account), a standard of value (or standard of deferred payment), and a store of value.

All of which are experiential. US government greenbacks are simply barter if you look at it as a promise to pay. Money competition removes the power to manipulate the economy via interest rate and reserve requirements, etc.

Money is fungible.

[abb]

Yes it is. But it still must be accepted. Notice how during the “bitcoin” craze, the value was still measured in dollars.

And watch all the ads for gold on TV. They can’t wait to sell it to YOU and convert it into something that will spend, namely dollars.

[Toddsterpatriot]

Money competition removes the power to manipulate the economy via interest rate and reserve requirements, etc.

Competition between Euro, Dollar and Yen hasn't removed that power, why would competition between banks or other domestic issuers?