Bitcoin as a Real Saver: Scotland’s 20 pounds Note as a Case Study.

[MarryWithBTC]

I just saw a news report making wave in the internet and also carried by BBC, that Scotland printed a limited edition £20 note featuring Mc Tommy’s iconic overhead kick goal. While many people see this as a celebration of football history and national pride, to me, it reflects something deeper about fiat money and Bitcoin.

If an iconic goal will simply form a reason for the government to print more money, who knows how much they have printed in the secret.

This is one of the strongest contrasts between fiat and Bitcoin. Bitcoin doesn’t just care about your emotion or celebration. So, no central authority can suddenly decide to create more BTC because of a sporting event or any such shenanigans.

The fiat system is just inflammatory. Rules can change anytime and we have suffered this for so long before Satoshi introduced the true freedom.

[Nathrixxx]

Maybe we should just take this as one of the reason why we cannot trust the entire process in the Fiat system, this traditional financial system is not working and we all know this and also attest to it, everything is possible with the Fiat currency system and policy in place because it gives room from manipulations and other forms of centralization that those in control of the currency can try to implement something new without due process.

[sergiorus]

If an iconic goal will simply form a reason for the government to print more money, who knows how much they have printed in the secret.

What is this nonsense?
It didn't "form" any reason. The money is being printed all the time according to the schedule.
Sometimes they can order some batch of bills to have a special designs to celebrate something.

That's being said, old bills get out of circulation all the time as well for various reasons and hence have to be replaced.

[MarryWithBTC]

If an iconic goal will simply form a reason for the government to print more money, who knows how much they have printed in the secret.

What is this nonsense?
It didn't "form" any reason. The money is being printed all the time according to the schedule.
Sometimes they can order some batch of bills to have a special designs to celebrate something.

Where exactly is the nonsense?
You said "The money is being printed all the time according to the schedule". So, where is the lies? Who decides when to print and why to print?

That's being said, old bills get out of circulation all the time as well for various reasons and hence have to be replaced.

Old bills get out of circulation?
Like do they spoil or they are being burnt? How do they go out of circulation. Are you sure they aren't looted or hoarded?

[promise444c5]

That's being said, old bills get out of circulation all the time as well for various reasons and hence have to be replaced.

Old bills get out of circulation?
Like do they spoil or they are being burnt? How do they go out of circulation. Are you sure they aren't looted or hoarded?

Yes the cash  are being burnt , shredded or ..  that part doesn’t really concern you as a Citizen..

All you need to understand is that the old money gets out of Circulation slowly. It’s not like they just print and cause everyone to die of inflation , they replace the old note with the new one by hoarding and destroying the old notes anytime it goes back to them .

Slowly, old notes will leave circulation but they are normally still acceptable unless stated that it won’t by a certain period.

The New #100~#1000 note in your country is a perfect example..

[sergiorus]

Where exactly is the nonsense?

You said the goal was what made them print the money. This is the nonsense. The money would have been printed regardless

Old bills get out of circulation?
Like do they spoil or they are being burnt? How do they go out of circulation. Are you sure they aren't looted or hoarded?

Banks filter the bills they receive via encashment and too damaged ones get sent to central banks in exchange for new bills. This process happens all the time. You as a citizen also can exchange a damaged or even torn bill for a new one at a bank.