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I agree, and this is a reason I am glad bitcoin exists.

My point is that there is nothing stopping bitcoin from being used in a paper cash like way, any more than any other value carrying token.

Bitcoin without government support? Possible, but inconvenient and dangerous. Bitcoin with government support? More nice things.

Currently we are in the "with government support" world, more or less. I hope this continues.

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I'm more of an Ethereum/PoS guy but what is for sure a fact, now that we're talking of decentralized issuance, is that you need PoW, at least for bootstrapping a cryptocurrency that has an even remotely fair distribution of tokens (instead of almost all being in the hands of the people that were there from the beginning).

Even then, almost all PoW are tuned in a way to pump the value and enrich the early people, not fairly distribute tokens or make the crypto functional as a currency.

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