Here is the retained purchasing power of each of the coins since the law was passed in September 2021:
Legal tender 1: -15%
Legal tender 2: +115%
Guess which one has been deemed a "Failed experiment".
replies(4):
The point of legal tender is that it reduces in value slowly over time, so you don't just hoard it under your bed. If someone paid me in BTC, I wouldn't spend it, I would hang on to it. That's not how currency works. Currency is the thing you want to spend, not hand on to.
and they both can share the same unit of account.
The Unadulterated Gold Standard articles have a more detailed discussion of this.
Well the point of money is to use it at some point, your theory is right if people were to live for the infinity but we don't so at some point you will spend all your hard earned Bitcoin because you just don't want to die rich but live rich.
That's the basic reason why all this nonsense about how bad having an deflationary economy is crap. People spend at some point their money, they don't hold on to it for ever.
At some point a balance between reward (money taking more value) and loss (time spent starving, not benefiting from your assets) is reached.