Essentially.  The natural progression.  Why carry gold when receipts on gold were so easy to use....and it went downhill from there. And now we have Gresham's law to deal with when it comes to adoption of a better money. Who, other than idealists, would spend their Gold or bitcoin if they're holding g FIAT that's losing value every minute you don't spend it. Makes it hard to kick Fiat to the curb.