Economical World Of Bitcoin And Its Difficulties

[player514]

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

Sure Bitcoin may be a solution, but I definitely think it's far from ideal. Beyond just the first point, not only do people need internet, but they also need access to some electronic device to keep their wallets in tact and remember everything. Furthermore, a problem arises in the transaction fees and confirm times. If there's a backlog of transactions, people with micro transactions often need to spend more for fees than the transaction itself. This needs to be fixed before Bitcoin can be scaled up.

[pitiflin]

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

One currency economy would lead to nothing but war, destruction and obstruction. One more problem that the crypto economy might face would be the results causes by the end of net neutrality. And to add to your first point, internet is essential but there are not enough resources for people, so care about internet later first, let the being live peacefully. Spreading an awareness to people about crypto would be something that would be impossible to do, everyone has their own understandings, it'd take forever for any economy to embrace crypto as it's main currency. There are tons of issues, we are just not seeing them.

[BartS]

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

But those difficulties are only going to be true if you tried to replace fiat with bitcoin right now, as technology becomes cheaper and more accessible people will begin to adopt bitcoin slowly, in the future when the Internet becomes available in a similar way than water and electricity then we will begin to see bitcoin used by all kind of people, to me the biggest problem that needs to be solved asap is the transaction fees everything else can be solved with time.

[brampower]

First things first,it is not possible to remove the fiat system altogether with crypto currencies being the leaders taking over the fiat currency system,bitcoin is divisible so the number of coins is not the issue,scaling is the big issue we will be encountering as it is not meant for five billion people to use the system on a daily basis,it has certain limitations regarding these things.

[AK47-]

Because of only 21 million BTC being mined ever. It's based on a deflationary model, intentionally to preclude inflationary central banks meddling. But banks favor low positive inflation. Employers can't easily cut their employees pay. Because of inflation employers can 'afford' to the pay same wages for a period. If currency is deflationary as supply is limited, wages become costly causing unemployment. This will hold back BTC the currency it is set out to be.

[Washball]

Bitcoin will not replace fiat and maybe It's better to have cryptocurrencies next to fiat. First of all, we don't have 1 fiat currency. US, Europe, China and the UK will definitely hold on to their own currency. So, replacing all these different currencies is out of the question. Although this would make things easier. Maybe we should be glad to have the best of both worlds. Bitcoins issues, high fees and long conformation time, are a big problem for bitcoin. These issues are no problem for some altcoins, which are another threat to bitcoin.

[kingzues09]

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

First of all its very hard to change the way we are attached too. because higher batch will getting a hard time to study the system of blockchain/bitcoin. yes we have 21 million supply but in white paper there is such number that will give us bitcoin.. it could be 21.1111111 supply

[ngefek berat]

Perhaps the obstacle that will arise is the transaction costs are too high so the hunters become a little nervous.If this problem is not fixed as soon as possible it will surely disrupt a person in looking for a great income.

[weav]

I think the security of your own coins is the biggest problem , i won't trust the average Joe to take care of their private keys and wallet back ups.
People are being scammed so easy out of money in their bank accounts , i think when they have crypto's the problem will be much bigger.

[batang_bitcoin]

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

There are a lot of difficulties that those people who are not updated with technologies or there's no trace of innovation in their places and those people who'll be affected are the ones who are living mostly in remote places.

1. Internet every where is not yet done.

Biggest concern, we can't transact to those places that doesn't have connectivity.

2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )

Lately everyone will be educated to crypto just like this year to many investors came in.

3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

Not a problem, we can buy and spend bitcoin in fractions.

[TerminalBB]

I think that it is still far from the full era of the crypto currency, because many still feel the danger to this phenomenon. Let's see

[voztata]

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

As we all face the future of bitcoin and how it will work for the others in the next years to come, things should be really settled first. Indeed, internet should all be stable in every parts of the world because without it, it is impossible for bitcoin to operate with it's users.

The thing is that it is not possible, anyone who is thinking of such is just dreaming a dream that will never come to pass. Ok let’s say that it happens, do you think it’s even everyone that will have it? No, because it’s not everyone that has access to Internet, and there are people who are aware of the internet, but not even interested in making use of it, because they just don’t want to.

[Koro-Sensei]

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

If it get to that point of fiat converging into an digital banking or billing it would be ridiculous to not have a paper money its kind of creepy lol. Well facing it now but by little. As you say internet isnt worldwide some locations dont have the signal or the authority to acces the full operated internet. Its disadvantageous to those who does not have that and it will be difficult to those who are old enough to not even recognize what internet us or what smartphones even mean.

[nl247]

Because of only 21 million BTC being mined ever. It's based on a deflationary model, intentionally to preclude inflationary central banks meddling. But banks favor low positive inflation. Employers can't easily cut their employees pay. Because of inflation employers can 'afford' to the pay same wages for a period. If currency is deflationary as supply is limited, wages become costly causing unemployment. This will hold back BTC the currency it is set out to be.

Those are really some valid point you have stated and asides that, the fact that we have a pretty huge level of volatility right now is even an enough reason to believe that would also be a huge setback. I have never really seeing bitcoin replacing fiats anyway. Fiats would always be in play and mostly what we would see is bitcoin and other cryptocurrencies being there just like we have always had the stock market.

[coinplus]

i think i will add more base on my little knowledge :
- price move too high and not stable
- government regulation
- relation between country
- bankers
- job that will lost because traditional bank is lost
etc

Most of the difficulties have been outlined, but we have to understand that even if crypto will end up being used, the government will not give up centralization for decentralization and that would always still be in majority of the crypto world while most of the crypto we are seeing today will end up just like stocks.

It is a good thing we are here and there is nothing that does not have its own challenges but for now, these are some of the things we should face mostly like you have mentioned.

[RamonBTC]

The biggest difficulty that we can face in this year is the fiat banking systems officials, investors and the politician behind them. It’s like having a mafia of corrupt and greedy individuals who have plenty that want to control one country and its financial and economic standing for self interest. This is the evil that been manipulating us for a long time and we should not back down and surrender to fight for bitcoin.

[goaldigger]

For me ,
1. Terminal of bitcoin transactions were more prone to get hacked.
2. Poor people cannot afford to have this card or wallet to store their coins.
3. If all transactions are electronic and the system fails, people cannot do their transactions.

[rickadone]

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

But those difficulties are only going to be true if you tried to replace fiat with bitcoin right now, as technology becomes cheaper and more accessible people will begin to adopt bitcoin slowly, in the future when the Internet becomes available in a similar way than water and electricity then we will begin to see bitcoin used by all kind of people, to me the biggest problem that needs to be solved asap is the transaction fees everything else can be solved with time.

Yeah, and since that does not even look feasible from the angle we are now, it may not really pose to be a huge challenge. Fiat is still going to be very usable and only few of those who willingly want to use bitcoin would end up using it as long as they do not have any restriction doing so.

Nothing comes pretty fast just as you said, adoption happens slowly and to me bitcoin is even pretty fast than we could all have imagined within just few years, but we should expect the fiat system to keep on going for now.

[Theb]

Well another thing to point out to is by using Cryptocurrency instead of the regular fiat currency as a whole is that crimes will be more easier to be accomplish as they will be using computers and the internet instead of guns in stealing your money. Remember that it is prevalent now seeing HYIP sites and fake scam money making programs you know that they are attracted to this kind of cryptocurrency which new members are an easy prey for them.

[naidray]

From many months i am thinking about what if " we remove fiat system , and change things into crypto " .. What are the main difficulties we will face ?

1. Internet every where is not yet done.
2. Awareness with Crypto ( but its not a big thing, as most are aware of how to use currency. )
3. Bitcoin is only 21,000,000 and world population is more. ( This can fix by other altcoins same like USD/RUB/CNY etc )

What other difficulties we can face ?

One currency economy would lead to nothing but war, destruction and obstruction. One more problem that the crypto economy might face would be the results causes by the end of net neutrality. And to add to your first point, internet is essential but there are not enough resources for people, so care about internet later first, let the being live peacefully. Spreading an awareness to people about crypto would be something that would be impossible to do, everyone has their own understandings, it'd take forever for any economy to embrace crypto as it's main currency. There are tons of issues, we are just not seeing them.

One currency economy should even be the last thing anyone should ever want to think of. This will not work unless it remains decentralized still.

Every country will still have their own currency anyway and just like we have it already globally with USD being placed as the global currency, it can still work without issues, but we cannot really say what the outcome would really be like at the end, but until then if it eventually happens at all.