Nobody wants to transact in an inherently deflationary currency with high fees, unless they are speculators or money laundering. It's a store of value at best, which is more like gold than a currency.
The gold standard was dropped for good reasons. It couldn't expand at the GDP growth rates and storage/transport fees were significant. Gold backed fiat solved the latter, but not the former.
The gold standard was dropped for good reasons. It couldn't expand at the GDP growth rates and storage/transport fees were significant. Gold backed fiat solved the latter, but not the former.