Does Money Need Competition To Flourish

[tygeade]

For sure, you’re right about competition being a drive towards self improvement. If there is no competition, there wouldn’t be that urge for improvement. Everyone wants to come out and do something that is better than the other. But I think that in the case of Bitcoin, and fiat, this is totally different. There can’t be any competition in this case. I don’t know how I am going to put this for you, but maybe I can try.

The example you used here is between an organization that is centralized which is Google and Microsoft, and these two are selling products to people, so in a case like this there has to be a competition and both will be trying to do something better as a way to get better than the other team so they can sell out their project. But since Bitcoin is decentralized, who exactly are you competing with?

[zanezane]

Competition is needed for business. I learn about it in university, I learning business management now. Competitors are respect each other, although they fight to get market share but actually they don't hate each other. I think since bitcoin is become popular now bank service is getting better unlike in the past. I personally feel that bank is faster in term of local transactions now but it still can't beat bitcoin in term of international transactions and deflation.

Money isn't business though so I think that they are a bit different in terms of flourishing. I don't agree with you about the speed of transaction though, I think that banks still are much faster than bitcoin because we still don't have a definitive solution against network congestion which makes the transaction much slower.