Simply put, hyperbitcoinization is the demonetization of a national fiat currency in favor of Bitcoin. Believers think people will abandon their local fiat currencies because of mismanagement by the central banks, the most likely result of poor stewardship being hyperinflation. People will be forced to demonetize their currency, that is, revoke its status as a legal tender. The most extreme belief is that fiat money will completely die, and all the wealth in the world will transition to Bitcoin.
To put it another way, hyperbitcoinization is a Bitcoin-induced currency demonetization. It would happen to any country that mismanages its national currency. In the event of this happening, a national currency will quickly lose value as the new Bitcoin currency occupies its place.
The term was coined by Daniel Krawisz, who used it in a paper published in 2014. His creation has been gaining traction ever since and is widely used by Bitcoin maximalists.
Hyperbitcoinization is a voluntary transition of the world economy towards using Bitcoin as a form of money. The cryptocurrency has the potential to be adapted anywhere in the world. The basic premise of hyperbitcoinization is that it...
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