At the time of writing, Bitcoin has outperformed the Swiss Franc (CHF) in market capitalization as the thirteenth largest currency in the world, according to data from Fiatmarketcap.com. There are only 12 world currencies that Bitcoin has to overcome.
Fiatmarketcap.com takes a standard bitcoin approach to analyzing currencies. It measures the world’s largest currencies in terms of market capitalization in BTC, the best form of money ever created but still lagging behind in perception.
The website also uses BTC as a benchmark for the gross domestic product (GDP) of the countries, which puts Bitcoin in eighteenth place.
As the world begins to see the superiority of BTC in almost every aspect of good money, namely durability, portability, verifiability, divisibility, and scarcity. As time goes on and Bitcoin becomes more widely accepted, it will have a more established track record, making it more attractive to use.
By instantly thinking about Bitcoin, people can realign the incentives for their economic decisions. When the supply of money increases indefinitely, inflation follows, and so does prices, creating a skewed picture of economic reality based on free market price feedback.
A bitcoin standard has the potential to restore market participants’ confidence in the overall prices used in the economy. Since a BTC cannot be devalued by a loose monetary policy ruled by corrupt people, its pledges to maintain purchasing power allow economic incentives to be realigned.
In the debt-based fiat system, people are discouraged from saving and encouraged to take on debt without the option to spend now until later. In a Bitcoin economy, people would not be rushing to spend their money as they would have the certainty that their purchasing power would be maintained over the long term.