Does Money Need Competition To Flourish

[TheNineClub]

I am not sure how much of it is currency competition. The thing observed when we stack up to different currencies one another and see their different values is that it's only reflection of a couple of factors like the economic power of a country, their political and sometimes military dominance, the debt they have, and so on. So in a sense, traditional currency only reflects the competition between countries. Crypto might be different as it does not have the same economic or political background as FIAT (well, it does but in a different way than other currencies). Crypto seems to be benefiting from the competition.

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[Xinarae*]

Almost every job requires money if you have money you can rise to the top of the competition and exercise power. Everyone competes to encourage money competition is an inherent aspect of the business not just in the retail industry but in a free enterprise system for every industry the us retail industry is relentlessly competitive measuring the largest us retail chain in terms of customer experience brand value innovation policy reputation franchise and even fidelity compared to all other retail competitors. As the economy improves money is needed to develop itself.

[danherbias07]

This is nice healthy discussion, I'm loving it.
IMO, at what form could be the competition? Even cryptocurrencies value are being based with fiat and not with food or things.
You cannot say "I want to trade my 1 Bitcoin for 100 pieces of canned goods." As long as we are stuck with our traditional way it's difficult to let it go.
The hardest part will be the mass population that will try to adopt the situation. They will need to learn it if we are talking about cryptocurrencies as the new competitor. It cannot be "gold" otherwise, scientists will be calling us like going back to being homo sapiens.
Bartering is all I could think of but if all your bills are paid thru "fiat" then how are you going to extend your electric consumption if they will cut it down due to lack of fiat for payment.

[jseverson]

In unregulated environments, sure. I mean, Bitcoin did spawn things like Monero and Ethereum, among other popular crypto that aren't just clones. The competition aspect is more tech than finance though, so there's that.

Once something tries to kill fiat in a survival of the fittest scenario, governments are essentially judge, jury, and executioner. Competitors are even dead right out the gate in some territories, where their official currency is the only legal tender by law. It's also why companies like Paypal are competing for a way to make spending fiat easier, because they can't touch fiat itself (remember Libra? lol).

I guess fiat vs. fiat is also a thing, and China has been trying to beat the USD as a reserve currency, but nobody but the countries involved themselves actually benefit from that, so maybe the general answer is no?

[Sterbens]

I think its more suitable to call it payment system instead of money in this context(?). We have gone through alot of it until we currently settle with fiat / paper money for convenience. Back it the day, people used barter system and then switched to gold and copper before we came to known about paper money so I wont be surprise if we use any type of digital payment for all transaction in the future ( not crypto just digital payment system using standard fiat )

In terms of barter is a very important thing where in the past when gold was a means of payment, it showed that there was no inflation rate. and when the implementer decides to replace it with paper money so that it looks more dangerous the impact. well one of them is inflation that we often talk about. while the resistance value is much higher and gold has that advantage.

and Bitcoin is now present as a digital-based reincarnation of gold, so it is very fortunate that we today cannot experience payments to transact item x with gold. but Bitcoin provides a solution.

[Silberman]

Charles Darwin is famous for his observation of "survival of the fittest" leading to a healthier eco system. Under his narrative organisms compete. Those best suited to thrive under existing conditions pass on their genes.

Could this type of darwinism be applied to finance and money. Is a competitive environment for currencies and assets under markets favorable to society.

If it is true that nature abhors a vacuum. Could aspects of finance and economies revolve around the opposite spectrum. Propping up vacuums due to an anti competitive slant whereby they seek to consolidate and monopolize markets to prevent any form of real competition from existing.

It is common for many today to accuse american tech giants like google as being monopolies which exist in a vacuum where perhaps no real competition exists. Might it be fair to say, that competition carries a potential to make monopolistic giants like microsoft and google better. Competition can produce incentive and necessity for self improvement. Which drives industry advancement and progress. Elevating standard of living. In the absence of such can humanity, business or anything truly thrive?

It is very well known fact that monopolies tend to have a bad effect on society, and while it may seem that Google or Facebook may not have any competitors the issue is that they keep buying any company that could pose a threat making their monopoly even larger and imposing even more ridiculous terms and conditions to their users, so with that in mind I think the observation that every single entity needs some competition in order to show its true potential is correct.

[Karartma1]

Money and currency are just tools in our hands. They serve to help us in the outside world, to have access to products and services in the real economy. Without that economy, money would have no reason to exist. Don't think of money as an end, but as a means to an end.
And the same is true for bitcoin even though one day you'll be thankful that you've accumulated some satoshi when its real function in the real economy will finally unfold.

[Oceat]

Money and currency are just tools in our hands. They serve to help us in the outside world, to have access to products and services in the real economy. Without that economy, money would have no reason to exist. Don't think of money as an end, but as a means to an end.
And the same is true for bitcoin even though one day you'll be thankful that you've accumulated some satoshi when its real function in the real economy will finally unfold.

The sad news is we are too old to be using crypto currency if you are talking about satoshi value and that means the price and Bitcoin really still exist. But the real question is does it really still remains in the future or some new technology about currency are still we using?

Op needs to understand that money is a tool we used today since we can't barter goods forever since it will gone to waste in the long run as it has an expiration date. Imagine bartering gold for a sheep or something big? Can you hold it if you wish to travel to your mainland if you are a trader?

[wahyu wida]

Money and currency are just tools in our hands. They serve to help us in the outside world, to have access to products and services in the real economy. Without that economy, money would have no reason to exist. Don't think of money as an end, but as a means to an end.
And the same is true for bitcoin even though one day you'll be thankful that you've accumulated some satoshi when its real function in the real economy will finally unfold.

The sad news is we are too old to be using crypto currency if you are talking about satoshi value and that means the price and Bitcoin really still exist. But the real question is does it really still remains in the future or some new technology about currency are still we using?

Op needs to understand that money is a tool we used today since we can't barter goods forever since it will gone to waste in the long run as it has an expiration date. Imagine bartering gold for a sheep or something big? Can you hold it if you wish to travel to your mainland if you are a trader?

the development of the times continues to develop, in the past, exchanging goods was the best way to meet the needs of life, but it was deemed less effective then the agreed money was found, and finally with a centralized system, and currently a decentralized system is developing, we are waiting for the development Of course the government has more authority

[semobo]

Where there is competition in a business then the end-user is going to get more benefits than anyone because they will get better products or services for cheaper price due to much competition, but those monopolies never allow any companies to grow, if any company has the potential to grow then they will buy the company with an unimaginable price tag.

But when we talking about money, fiat money is ruling here for a very long time since the infrastructure was made for this kind of payment system and are under the control of the government, when bitcoin becomes the payment modes where the government doesn't want to there is becomes the evolution of the monetary system to the next era.

[paxmao]

Well, firstly money has already flourished. It has done so several thousand years ago and it is still with us in several shapes and forms and the competition has basically been the product per product trade, so I sell you my onions and you give me your tomatoes, etc... Obviously, money has been "the fittest" on that regard, since it has wide adoption.

On regards to cryptocurrencies, I think that competition is exactly what is needed. Bitcoin has successfully captured the larger value even under the competition of many chains, tokens and other. Nothing lasts forever, but, for now, it seems to be doing quite well.

Just to add, all "money" equivalents, such as currencies, short term debt, gold or fungible values are always competing, not to mention the currencies of different countries.

[Smartvirus]

What is the competition for money? For me, money has got no competition. Money remains money and it is that which gives or a commodity is valued at. Money is simply value how we express value and its got no competition. Be it fiat or bitcoin, money remains the same, they just operate on different spheres and jurisdiction based on compatibility. Imagine fiat being used in electronic transactions just as bitcoin is too. Its simply balancing of accounts. Bitcoin is quite same but operating in a decentralizedsystem in contrast to fiat that operates a centralizedsystem. So, money isn't competing with anything its just a matter of suitability where as, as much as bitcoin is definite in its number, fiat money are printed as the need arises to ensure its availablein circulation.

[so98nn]

Competition has made it easier for the fiat to circulate effectively throughout the globe. I mean different countries with up and down denominations cause this circulation to move quickly. We started the trading over fiat to fiat and this added whole new era of competition in between them and thus they want to prove whose currency is the best in the world?

The race between fiat has always been there with different businesses and cultures.

The competition is for value that fiat carries.

[iv4n]

What is the competition for money? For me, money has got no competition. Money remains money...

It's like you are saying that Dollar, Euro, Dinar, Yuan, Kruna... they are all the same, just money! And you can do the same with all of them?! Do you think that all coins and tokens are the same too?! Bitcoin, Doge, Ethereum, Digibyte... and all others are just coins?! You can do the same things with all of them?! Intentionally I missed the part about the values of each of them, I wanted to point out a more important fact for this discussion, and it's that you can't do the same thing with all of them! Why?! Some are better than others?! And if some are better and more popular than others there's some kind of competition, and it makes a big difference what currency you have in your wallet! It's the same with crypto, it's important which coins you have. Simply some services accept just some currencies/coins!

Competition is something natural! We people will always thrive to take more, to make it better, it's evolving... take the crypto, for example, it's easier to understand because it happened in the last decade!!! Satoshi created Bitcoin! And after 10 years how many actively developed coins/tokens we have around?! How many of them died in trying to become Bitcoin?! Can we say that in some way all of them compete with Bitcoin standards?! And people are trying to find a way to make it better, different, faster, cheaper... you name it!

The same thing happened with traditional currencies! First, there was one, then others start having their own and to compete which one will be more valuable, more used... but of course, what crypto did in 10 years, traditional currencies are doing for centuries!

[grabpopcorn536]

Money has no soul, not a life form. It's just a tool for humans to use.
Money also serves the political purposes of governments. The evolution of money is a reflection of its changing mission over time. The history of currency development from its inception to the present has gone through many different shapes and I believe cryptocurrency is the next evolution. So today we have Bitcoin.

[iamsheikhadil]

The thing is, the finance as we see it is different in the way we use it and the way it ideally should be. We can complain that in capitalist system, there is monopoly. And surely, there's competition needed to thrive and be a success in the market, and another flaw is the giants can actually buy off their competitors to eliminate the competition but here's the thing, there's nothing bad in it. Atleast for the consumers, let's say, as a WhatsApp user, I don't care if it's bought by Facebook or Google or Microsoft, as long as the service it gives me smoothly. The thing is, competition in terms of ideas is the most important thing in market, and as long as that exists, I am sure the market will thrive taking human beings along with technological advances as well.

[el kaka22]

Money can't flourish, it is unchallenged and will stay that way no matter what we create, crypto will not be a competition it would be alternative and it would not make any changes on fiat world because in the end we all need to go back to fiat for regular life anyway. You can have bitcoin at 100k if you want but at the end of the day you are going to be the one that is upset over the fact that you can't spend it everywhere, how many bills can be paid with it? Not many I think, in my nation none of the bills can be paid with it.

This is why at the end of the day we are not going to be moving away from fiat and will still use it and as long as you keep using fiat they do not have to change it, they are still doing what works best for the governments and they will keep that going. The only way for fiat to get better would be to have politicians who think about the population and let's face it nothing like that exists in any part in any nation.

[ampu]

Money is not a form of life so it is not biologically competitive or volatile. Money does not compete for growth but is adapted to the will of the people and the economic system. It is the human who creates money, so it is the human who makes everything perfect.
Bitcoin is a new currency that is tight, secure, public, transparent so we love Bitcoin. This is just like our ancestors used paper money to replace coins.

[hannahB4]

Money does not need any competition to flourish like you said google enjoined monopoly I will say money also enjoy a monopoly as well. Anywhere in the world, you need money this now depends on the currency you own and in what state you hold the money. It may be in form of cash, savings, stock, land, and some sort of investment.

[Silberman]

What is the competition for money? For me, money has got no competition. Money remains money and it is that which gives or a commodity is valued at. Money is simply value how we express value and its got no competition. Be it fiat or bitcoin, money remains the same, they just operate on different spheres and jurisdiction based on compatibility. Imagine fiat being used in electronic transactions just as bitcoin is too. Its simply balancing of accounts. Bitcoin is quite same but operating in a decentralizedsystem in contrast to fiat that operates a centralizedsystem. So, money isn't competing with anything its just a matter of suitability where as, as much as bitcoin is definite in its number, fiat money are printed as the need arises to ensure its availablein circulation.

There are different forms of money and right now we have three different forms that are competing among each other, we have gold, fiat and bitcoin, the three of them based on different principles, gold is based on natural scarcity and its properties that made it the form of money to go for thousands of years, fiat is based on faith and the belief the governments can manage the money and the economy in an effective manner, bitcoin is decentralized and it is the first form of digital scarcity ever created, so even if the three are money they could not be more different from each other.