Bitcoin is the first cryptocurrency and has gained significant attention and adoption since its inception in 2009. It continues to gain recognition as a digital asset, a store of value, and a means of exchange. With this rise in recognition, one question arises, “Could Bitcoin replace the dollar?”, or even further, “Could it replace other fiat currencies as the primary medium of exchange and store of value?”.
In this article, I will look at some of the factors that influence this possibility and the challenges that Bitcoin faces as it tries to become a replacement to fiat currencies.
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