Bitcoin Forum

People claim that bitcoin will really start playing a role in the next economic crackdown. EG: when debt is too high, people will defect into bitcoin and leave the current broken economic system behind, promoting the biggest wealth redistribution in history(something like what happened with the tally system back in england). Will the system allow for this? They would lose all control. I know this has been discussed in a higher level before, but lets put ourselves in that situation how would it unfold. I know some may argue that it wont be a quick process but rather adoption over time. However even if that's the case there has to be a tipping point. That is the process I want to understand.

What bitcoin needs to be above all other things in order to profit from a potential debt downwards spiral doom scenario, is to be, censorship resistant money that cannot be confiscated. This is what you need, you don't need fast and cheap transactions, that could come later on. So forget about visa, mastercard or any of that.

To resist a big tsunami that you will not be able to dodge, you don't want a fast lightweight boat, but a solid bunker. When the tide is over you will be rich and laughing at all the guys that were bragging with their yatchs.

After surviving this with great gains, if someone comes up with a coin that's as solid as BTC but fast and cheap with no downsides, then you can invest some of your BTC into that. So far no one has solved that problem, so be thankful you got BTC to put your money there, otherwise you would have been stuck with cumbersome gold. I can't find any other asset that is neutral to a potential USD collapse that would lead to profits.

This is an interesting topic ever since I involved with Bitcoin, the things that we can only do for this kind of things are to speculate as there will be no concrete prediction that will happen when the great recession comes but Bitcoin is different with visa or mastercard's e-money even though we can consider them to be a digital money because of so many things like decentralization and the owners of this credit cards will be so much in pain when that time comes.

I just searched that Japan is one of the highest debt as a proportion of GDP and they are top 3 as of now but we all know that their government embraces Bitcoin as they can see the potential of it and it is alive and well for their citizens to use so I am thinking what will happen to them if the great recession comes then suddenly the price of Bitcoin will increase. So let's just wait.

I see where you are coming from, but the real issue is the battle that will take place between too big to fail and bitcoin. Debt is not gonna be scratched in the next economic depression is going to be transferred to e money, and with that transition they will manage to drive people away from bitcoin, not me of course, but you get the idea. They will promote a pseudo paradigm shift by replacing paper money by emoney and then the real battle between bitcoin and the institutions will begin. Will the trust in institutions be damaged enough for decentralisation to take over? Otherwise amazon will be ruling the world with apple and google in 20 years. scary times

So do you think that all institutions that require centralised power and oppressive use of force to function will go down with out a fight and just embrace it, therefore becoming broke?

The question is: who will abandon paper money to entrust all in that new virtual payment system governed by the same banks that needed a bailout not long ago.
IMO for people to move from fiat to an electronic currency the latter has to show significant advantages over the former. Those advantages would be things like encryption of transfers, anonymity, fast and cheap transactions 24/7, not only within the same bank but between banks. Banks will never have those options, all they will be able to give is the same thing they're giving now. Free money for every new client, 0% loans, no fees... Will it be enough?

But nobody knows when it will happen, a lot of people have been saying that bitcoin has been created after the big crisis of 2008, in order to be able to be prepared for a new economic war like that one.
Maybe it makes sense, they just created this to have an alternative if things go wrong.. And it is really happening, a lot of countries are now in a huge debt and the only way out is bitcoin, well, only the individuals are using this way to go out of their debts.

But it is just matter of time until we can see it being a normal currency.

A lot of people have been saying that bitcoin and all the other cryptocurrencies are going to start a new revolution about all this thing. Well, i agree but there is a lot time left until we can see it happening.
And you can still use bitcoin debit cards at the moment, they are being regulated on a lot of countries because it is against some bank's polices (of course they always want to fuck off with their insane fees)
I have been using wirex for a while and i have never had any problems with that platform, only that their fees are a little bit high, more than $10 for all bitcoin cashouts.

I dont know the present politics but i'm sure that Mr. Satoshi didn't had in mind visa and mastercard when he implemented the blockchain technology, so it is hard for me to believe that bitcoin was made for visa and mastercard.

Yeah we won't be using VISA and MasterCard once cryptocurrencies become proliferated, the only thing we will do is learn from them such as how many transactions per second is required to run Bitcoin and such data. But the actual use of them will become negligible in the next 100 years.

No, absolutely not. The system doesn't want to give the public the freedom they deserve to do whatever they want with their money (thanks to the bank's  bullcrap bureaucracy and whatnot). Centrals Banks and big financial companies around the world along side the govt will start putting into effect taxes, bannings, etc, if they see Bitcoin as a threat to their bussiness (their ponzi fiat 'bussiness'). Also, governments will not waste any time and they will try to profit from cryptocurrencies by putting regulations and whatnot, so that it doesn't 'get out of control', and they can keep having absolute control over its citizens. Up to one point, regulations might help increase the possibility for a major Bitcoin adoption nationwide (or worldwide), but at what cost? by filling the pockets of the rich and corrupt within the already crooked system?

About visa and mastercard, I wouldn't be surprised if they're already in the process of creating their own cryptocurrency. So ,yes, I believe the blockchain technology has paved the way for those two multinational corporations to begin talks about the possibility of e-money. But the question is: who wants a centralized cryptocurrency with zero anonymity?

There are a lot of different opinions and ideas floating in this thread.
Its interesting to read what people are ariting.

Bitcoin or and other decentralised currency will never be adopted
by any government or state banking institution, they will probably
adopt the blockchain technology but thats it.

Our decentralised crypto is already neing used as a store of value
And a hedge against a fiat collapse and i think this will grow but
slowly, i cannot see a mass rush into this, its too complicated for
most people to comprehend.

Also the thinking of the general Public of "bitcoin" is that its a scam
and only used by criminals.

Thats mg rant

I think no. Because electronic money is already been part of the market even before bitcoin pooularity in fact there are already debit cards which is widely use around tge world. What bitcoin is promoting is the cashless society leaving no paper money and only internet connection will be used to do all payment transactions. It is not intented to pave the way for visa and mastercards which are already in the circulation now

But by that time the trust in the institutions will be lost, a systemic fail of that magnitude is going to be huge and people are not going to trust their governments anymore, that is why most of the time after that you see a return to gold backed currencies, but now with the invention of bitcoin people are going to prefer to use something governments cannot control so bitcoin is going to be adopted like crazy in such a scenario.

The truth of the matter is this has been on my mind lately too. However, don't you think that the industry is different as it clashes?

I see that Visa and Mastercard are trying to invite themselves in the cryptoworld so Bitcoin is not paving the path because Visa and MasterCard is already here, they have seen the blockchain capacity, good for them, good for us.