Bitcoin 1, Traditional Fiat Currency 0: One Satoshi is now worth more than the national currencies of Iran, Vietnam
Bitcoin [BTC], the world’s leading cryptocurrency, has been enjoying a great 2019 after a late-2018 marred by a cruel crypto-winter. Since April however, the cryptocurrency has performed much better than traditional assets, outperforming even the S&P 500.
Some of the key differentiating characteristics that set BTC apart from fiat were: decentralization of the economy, permanent ledger using blockchain technology, and unparalleled transparency for every entity involved.
Created as an alternative, or even as a replacement to traditional fiat currency, Bitcoin [BTC] today is worth more than what it was worth when it was created. Further, as it turns out, a single satoshi (0.00000001 BTC) today, is worth more than several national fiat currencies. This was highlighted by a crypto-enthusiast, @Rhythmtrader, who highlighted fiat currency’s limitations as a tangible asset and the subsequent rise of Bitcoin and cryptocurrency.
At press time, the following fiat currencies’ value was lower than a single Satoshi,
– 1 Iranian Rial is worth – 0.0000000037 BTC
– 1 Vietnamese dong is worth – 0.00000000053 BTC
– 1 Indonesian rupiah is worth – 0.00000000088 BTC
One Satoshi is also greater than the singular unit of Paraguay, Laos and Sierra Leone’s fiat currencies.
This is a good indication of Bitcoin and cryptocurrencies’ store of value in the face of several fiat currencies failing to sustain themselves, as well as the growing crypto-adoption drive. Several countries including Venezuela have also amped up their crypto-adoption drive owing to their failing economies. One of the main speculated reasons for this development is that BTC’s anti-inflationary nature is driving down the value of fiat currencies.
The crypto today has emerged to become a “hedge” to a lot of countries dealing with hyperinflation. Other countries hit hard by inflationary rates such as South Sudan, Suriname and Angola are also recording rising number of Bitcoin and crypto-adopters.