Forsoothe!
Imperial Masterpiece
The only differences between BTC and national currencies is the other fiat currencies are not subject to the wild swings of speculators continually redefining underlying value, and it's not in general use as an exchange medium. When the USD goes up a dime people international wholesalers start adjusting their prices. If the price of an automobile went up 10% overnight sales would drop like a rock. If they went down 10% overnight the dealers would stop selling cars and the bankers would call their floor plan loans. I bought seeds in Australian dollars and they were shipped from Indonesia. I bought a CD from England in £ and didn't have any idea of what the exchange rate was in either case. One my end I see my cost, and on the other end they enter their price. I did all that with my MasterCard which did all the exchanging in one felled swoop without problem. I expect that all the rest of the world operates very similarly. I will pay my MC with retirement income from a couple sources that are monthly electronic transfers. Once a month my wife stops at the bank to get some paper money for incidentals. Something above 90% of my transactions are electronic. So, tell me again what BTC does that I haven't been doing for 15 years? If anyone thinks that the transactions are hidden from their own government, I got big news for you. BTC is one giant Ponzi scheme and sooner or later it will use up the last One Greater Fool.
There is a phenomenon in a new business wherein, as long as sales are increasing margins are ignored, all is well and nobody looks closely at the internal numbers. When things flatten out, people start studying the details and the sky starts falling. As long as people think the value being harvested by computers doesn't belong in the particular individual national currencies it has been created in, the end is near. Too late to exit gracefully for a whole bunch of "investors". Barings Bank redux on a grand scale.
There is a phenomenon in a new business wherein, as long as sales are increasing margins are ignored, all is well and nobody looks closely at the internal numbers. When things flatten out, people start studying the details and the sky starts falling. As long as people think the value being harvested by computers doesn't belong in the particular individual national currencies it has been created in, the end is near. Too late to exit gracefully for a whole bunch of "investors". Barings Bank redux on a grand scale.