Bitcoin has this unique property because it keeps records forever. There is always the longest, correct chain that requires the most work. Hence he most untrusted, but correct. Because it self corrects there is one step removed in fiat exchanges, one extra step you usually need with trusted miners, ex pos scofflaw check.
My point always comes back to that, it is the fewest steps from one fiat top another, oit always hedges the central banks. Fewest steps, it acts like the N-color pit. The trade, moving from one fiat to another, will always be more accurate using the fewer steps.
I think we can crank out a complete five color pit, which is all one needs. Give us liquid fiat There is no permanent ledger in the pits, all pure cash, except the long queues needed for currency trading.. But each of the various coins swapped with the best observable outcome.
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