Can Bitcoin even work in our current system?

[Indamuck]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

[1715681171]

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[1715681171]

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[ripthesystem]

That is the key difference between any fiat and Bitcoin - Bitcoin is finite, and it is still not available in its total quantity.
This will, first of all, make it extremely hard for bank and governments to control economy - the only way to influence the amount of money on the market is to mine faster, which has its limitations in spending money on mining equipment. It still leaves the issue of mining difficulty open, though.

As for the people, the problem is in slowly increasing time for each transaction - no one wants to wait 5 minutes every time they pay for anything. The prices, as you said, should  drop.
It is natural thing if only limited supply of currency is available.

[ShadowBits]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Yeah, and Governments will start to see that and forbids it to happen since they can lose everything in power if that happens.

[HeRetiK]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

It's bigger than that.

Our economy is not merely stimulated by people buying on credit. It is built upon companies being able to take credit to invest in future developments. As such I don't think an economy where there would be only Bitcoin would flourish.

For as much flak as fiat gets, it did enable economic growth in a previously unprecedented way. As such I think we won't be able to operate without it all that easily, unless we find an economic model that does not rely on wealth generation by borrowing money from the future.

[randythered]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Lending can still happen even with bitcoin, it's just that the money being used for lending will not be generated out of thin air and therefore there won't be such inflationary pressure on the currency. As for how that would work from an economic point of view it's hard to truly answer as it's never before happened.

[Xising]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

I think it could. As we are immersed in online banking and the use of digital money and is slowly becoming a cashless society, I think that as bitcoins would improve its stability and value, it can integrate itself in the system and can be used in such a way other similar assets can be used like in the stock market. Also, it's just a matter of how people would accept it. I mean, we can remember that before the spread of the use of the internet, people are doubtful if a cashless society would even be possible, but now, it's what most people use. So, since it's an innovation, there is always a chance for it to happen.

[pixie85]

It's bigger than that.

Our economy is not merely stimulated by people buying on credit. It is built upon companies being able to take credit to invest in future developments. As such I don't think an economy where there would be only Bitcoin would flourish.

For as much flak as fiat gets, it did enable economic growth in a previously unprecedented way. As such I think we won't be able to operate without it all that easily, unless we find an economic model that does not rely on wealth generation by borrowing money from the future.

It enabled it because it gave people fake money on credit. If you have a company, need 10000 USD to buy equipment and want to borrow from your family members but all they have is 1000 USD, you struggle. Your company doesn't grow, you don't make money.But when suddenly you're able to write a check with 10000 on it and get what you need it all starts to work well.
Is it ok when the money is fake? You are happy because your company grows, the seller of the equipment gets paid, he's happy, but somewhere at the end of the line is a person who doesn't get paid. Who wants to cash in the check but the money isn't there. The fiat system works well as long as only a few people want to cash in their checks. There's not enough money for all of them.

[HeRetiK]

It's bigger than that.

Our economy is not merely stimulated by people buying on credit. It is built upon companies being able to take credit to invest in future developments. As such I don't think an economy where there would be only Bitcoin would flourish.

For as much flak as fiat gets, it did enable economic growth in a previously unprecedented way. As such I think we won't be able to operate without it all that easily, unless we find an economic model that does not rely on wealth generation by borrowing money from the future.

It enabled it because it gave people fake money on credit. If you have a company, need 10000 USD to buy equipment and want to borrow from your family members but all they have is 1000 USD, you struggle. Your company doesn't grow, you don't make money.But when suddenly you're able to write a check with 10000 on it and get what you need it all starts to work well.
Is it ok when the money is fake? You are happy because your company grows, the seller of the equipment gets paid, he's happy, but somewhere at the end of the line is a person who doesn't get paid. Who wants to cash in the check but the money isn't there. The fiat system works well as long as only a few people want to cash in their checks. There's not enough money for all of them.

Not quite.

The part where "there's not enough money for all of them" is what you get if you'd apply a credit based system to a fixed, constant money supply. Both the boon and bane of fiat currencies is that the supply is potentially endless, so there will always be money available. Increasing the money supply works well enough if it correlates with economic growth (ie. credit is being used to create wealth by producing and providing useful goods and services). It utterly fails whenever the economy doesn't reflect the available money supply (ie. credit is wasted on empty housing, failing startups, dictators with lavish lifestyles etc).

That is, generally speaking. Obviously the problem you are describing does exist, it just has a slightly different cause. It's what you get when fractional banking goes wrong, that is, when people start over-leveraging their assets, risks are wrongfully assessed and credit by consequence becomes more plentiful than healthy. As with everything, it is the dose that makes the poison. A sane credit system does work and makes sure that the money borrowed will later on be reflected in the wealth created. Unfortunately that is not always the case, eg. when reckless crediting becomes incentivized and accountability becomes close to nil. Risking other people's money is easier than risking your own. Even moreso if you get a bonus when something goes wrong and merely a slap on the wrist when disaster strikes.

Note, however, that fractional banking does not only affect fiat currencies. We've seen the same thing happen in crypto, most famously with MtGox. And here we arrive at what in my opinion is one of the most important features of Bitcoin: Being able to autonomously store and transact money, without being dependent on any third parties. Bitcoin being deflationary is, in my opinion, more or less incidental, even though it was necessary to move digital assets into the spotlight. Self-reliance and independence is what makes crypto important in my book.

[mostkey]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

Well, if in this case we ignore scalability, I think this will only end the same as banknotes in general, it might only be different in a usage system that might be more prectic and sophisticated. well, scalability is an advantage of using bitcoin, I think in this case bitcoin will only end in unsustainable development

[tenakha]

I don't think that's gonna be a problem. Separate tokens can be created for credit. Nothing can replace the purity in the economy after crypto acceptance. Imagine that there will only be limited money and no one will intervene.

[Gozie51]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Lending can still happen even with bitcoin, it's just that the money being used for lending will not be generated out of thin air and therefore there won't be such inflationary pressure on the currency. As for how that would work from an economic point of view it's hard to truly answer as it's never before happened.

  Lending in fiat requires some form of security by including third party like guarantors but how will that also be possible with bitcoin where bitcoin even don't adopt third party agreement.

[Osayo]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

If Bitcoin is to be used in place of fiat, I believe it can still fit in perfectly. In the aspect of borrowing, Bitcoin can be borrowed the same way you borrow fiat.

[Quidat]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Lending can still happen even with bitcoin, it's just that the money being used for lending will not be generated out of thin air and therefore there won't be such inflationary pressure on the currency. As for how that would work from an economic point of view it's hard to truly answer as it's never before happened.

  Lending in fiat requires some form of security by including third party like guarantors but how will that also be possible with bitcoin where bitcoin even don't adopt third party agreement.

Does an escrow is not enough to be a form of like guarantors? But i'm also confused if how would they will going to do that if everyone was using bitcoin, then people should be talking here forever if they want to loan some bitcoin in the future. I doubt if there's another forum that looks like a bank in the future.

[figmentofmyass]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.

actually, you can. fractional reserve banking is a separate issue from the money supply. fractional reserve just means a bank holds only a fraction of its deposit liabilities on hand. this is not necessarily incompatible with "bitcoin banking"---it just means bitcoin bank deposits may not be fully backed.

hal finney spoke cogently about this subject in the early days:

Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.

Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.

George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.

I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.

[cryptoalfs76]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Definetly in my own thought,at this situation now crypto could not adapt or totally works in our current system now especially if we imagine that fiat all are gone and crypto become the alternate all of this asdoing all the transaction,because the crypto are not totally awaken now in order to doing all system in monetary fund of the whole world.

[maculeth]

I agree, more and more people are borrowing from banks to fiat, making large fluctuations and making the price of necessities more expensive if it continues.

[davis196]

NO.That's why we have to change the current system into another system that is build on a crypto foundation.
The current debt/credit fiat system is going to collapse sooner or later.We have to be prepared for the financial Armagedon and we have to solve our own problems inside the crypto world.

[Rossy Akbar]

Well, I mean it's kinda the only way to do if we pretend that all the fiat money is gone. Bitcoin was the main choice after that, it does work for our system but  I think it might be need time for it, will not so easy changing the economy system of the entire world using cryptocurrency.

[randythered]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Lending can still happen even with bitcoin, it's just that the money being used for lending will not be generated out of thin air and therefore there won't be such inflationary pressure on the currency. As for how that would work from an economic point of view it's hard to truly answer as it's never before happened.

  Lending in fiat requires some form of security by including third party like guarantors but how will that also be possible with bitcoin where bitcoin even don't adopt third party agreement.

Does an escrow is not enough to be a form of like guarantors? But i'm also confused if how would they will going to do that if everyone was using bitcoin, then people should be talking here forever if they want to loan some bitcoin in the future. I doubt if there's another forum that looks like a bank in the future.

It's really not too difficult, it's the same as in fiat, persons asks to borrow money and the lender asks for something to use as collateral, a  house for example with a mortgage. As for governments borrowing money from themselves which they intend to print in the future then as I said that won't be possible. We are already moving away from a world where banks and governments can lend/borrow with little reserves so it's not impossible to function with 100% reserves.

[PsylockReborn]

But with bitcoin you can't loan money that doesn't exist.

Bitcoin will never replace FIAT. They'll coexist. If bitcoin will be deemed as the only currency that we can use then lending is possible. People will always try to find ways to lend out money. How can we use bitcoin as a mode of payment if it doesn't exist?

[Zooplus]

But with bitcoin you can't loan money that doesn't exist.

Bitcoin will never replace FIAT. They'll coexist. If bitcoin will be deemed as the only currency that we can use then lending is possible. People will always try to find ways to lend out money. How can we use bitcoin as a mode of payment if it doesn't exist?

For now,bitcoin is not yet accepted as a mode of payment so it cannot be used in all money transactions.We should still make use of fiat while bitcoins are not yet available to use.But hopefully in the next years,bitcoin will be develop in the market too.

[Burogh]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Its hard for all country in the world using single currency. National currency usefull to measure their economic condition and i am believe bitcoin can not use as national currency. But if bitcoin system implemented by government, i am believe it will be good for their economy

[MaggieArroyo]

There is a lot to consider as our current system isn't without it's issues, and as time passes there are there are changes happening to the market that makes for even more uncertainty as nothing can be determined for sure. All we can do is wait as nothing can be said for sure what works now will tomorrow for sure.

[trecore4]

That is the key difference between any fiat and Bitcoin - Bitcoin is finite, and it is still not available in its total quantity.
This will, first of all, make it extremely hard for bank and governments to control economy - the only way to influence the amount of money on the market is to mine faster, which has its limitations in spending money on mining equipment. It still leaves the issue of mining difficulty open, though.

As for the people, the problem is in slowly increasing time for each transaction - no one wants to wait 5 minutes every time they pay for anything. The prices, as you said, should  drop.
It is natural thing if only limited supply of currency is available.

You are surely true with whatever you have suggested up here. Actually when such scenario will happen then things may even get brighter and smarter than what they have for the blockchain technology. I guess if bitcoin was only one focus then developments would have been made for it and thus next level of Bitcoin v2.0 can take birth easily. If we are pretending fiat is gone then surely banks will develop the bitcoin to all new level and will start giving some better services with its born features.

I guess its not finite, its finite in number but not in its fractions. Remember a Satoshi can also be transferred over blockchain and it can be equal to couple of hundred dollars to thousands dollars thus making it possible to use on mass level.

[setialovers]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Banks maybe turn their bussiness to lend cryptocurrency. If cryptocurrency replacing fiat money, i am believe banks will evolve their bussiness and accepting cryptocurrency for deposit and lending.

[hildacitra]

you are right that is borrowing more money will potentially trigger the rise price in everything. Therefore people should change the consumerism or consumptive habbit, they must be productive in life.
Bitcoin is such as real fiat or paper currency that created in limited because the creator know if it it is created in a massive number of course there will not be a value for bitcoin. However, both are two different currency.

[el kaka22]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Working fully in our current system when the fiat space is abandoned and no one wants to even make use of it at all, then this is certainly something that would really be hard to come by as governments will try everything in their power not to make it work.

Nonetheless, in cases like this and with bitcoin being deflationary which means we only have a limited supply at the long run and when the last bitcoin ends up being mined, we are only going to be left with the ones that are not lost in circulation, this would mean a big huge growth for bitcoin and remember, decentralization means no control, no economic policies that would affect anyone but I can't imagine how that would ever work out.

[fasdorcas]

But with bitcoin you can't loan money that doesn't exist.

Bitcoin will never replace FIAT. They'll coexist. If bitcoin will be deemed as the only currency that we can use then lending is possible. People will always try to find ways to lend out money. How can we use bitcoin as a mode of payment if it doesn't exist?

I actually do not see that happening either. We are talking about the decentralized space here and everyone abandoning fiat and then the government doing nothing about it, it cannot work that way.

Even if we peradventure, get it to work and maybe in a way we have a large set of people all over the world making good use of it, I still do not see how fiat would still not be in existence, as there would be some fractions in the world that would not even have access to this and possibly they may just want to stick with the usage of fiat and all the other opportunities they may get from it, and with that I believe bitcoin would just be another alternative way to spend.

[putrii]

I think all platforms can use the technology owned by bitcoin, because I see that bitcoin can record all transactions that use bitcoin and the advantages of bitcoin technology is that transactions can be seen by the public and how small it can be recorded from that technology can make bitcoin used for many systems .

[1Referee]

But with bitcoin you can't loan money that doesn't exist.

That's what we have tokens for that can run on top of Bitcoin. USDT is the perfect example of how you can create money that doesn't exist, and it can be done in more ways than just one. It grants you the security of Bitcoin's immensely powerful network, and you have the possibility to issue tokens subject to inflation, or even back them by whatever you think it should be backed by, so I don't really see an issue here.

In the end, people advocating for freedom of choice shouldn't want fiat to be replaced or killed off, because that's not different from governments trying to kill off what they don't like.

[Harlot]

Nope it won't work, if all fiat currency is gone what will happen is powerful countries as well as multi-billion dollar companies will hoard as much as supply they can in order that they can take control of the word which is not far from happening. No law can change this and no regulation can change the tide as the one with the most BTC will have the greatest influence in the economy. Having no fiat currency is simply wrong as this kind of currency will show how selfish the people are in this world.

[Doyenuklirblok6]

bitcoin can now be used with the current system, but there are still many problems that need to be fixed first so that the use of bitcoin is more effective and more advanced than now, if the problem is solved then more beginners will and want to learn about bitcoin and more now.

[Fredomago]

Nope it won't work, if all fiat currency is gone what will happen is powerful countries as well as multi-billion dollar companies will hoard as much as supply they can in order that they can take control of the word which is not far from happening. No law can change this and no regulation can change the tide as the one with the most BTC will have the greatest influence in the economy. Having no fiat currency is simply wrong as this kind of currency will show how selfish the people are in this world.

Well said, this what people can be because of greediness, they wanted to overpower and become the controller of the system, if things like this happen we will witness how superpower countries will try to dominate and for sure it won't be the best of each individuals around the world, fiat currency should still coexist with bitcoin, it will represent how solid the economy was by each country that exist.

[awik p]

I think all platforms can use the technology owned by bitcoin, because I see that bitcoin can record all transactions that use bitcoin and the advantages of bitcoin technology is that transactions can be seen by the public and how small it can be recorded from that technology can make bitcoin used for many systems .

actually bitcoin is flexible to deal with times. but biggest obstacle is legality of government, so i think this is hampering its development. with a decentralized system i think answering more and more transactions

[Friskaadew]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

my opinion is that bitcoin and flat money are in different positions, where flat money is in a position where we make payments in the real world, and btc is used for payments in cyberspace which in my opinion will be very balanced for the continuity of both. because it will be very difficult if you really don't use flat money in real life. for example, what if something happens that requires us to pay right away, but when there is no network, for example during a disaster, it will be very difficult, so in my opinion it is better for BTC and flat money to have their own place

[kerzhake]

I think that over time we would all become accustomed to this form of money and this form of calculation, and everything would be fine with us

[squog]

I myself don't know the intricacies if finances and economics for that matter but if people were to yse crypto currency then I'd guess that countries would have to have their own so that they could still have a hand on the economy. Now that coin will be backed up, like fiat, by a country's treasury bonds. Basically nothing changes.

[ThankThake]

But with bitcoin you can't loan money that doesn't exist.

Bitcoin will never replace FIAT. They'll coexist. If bitcoin will be deemed as the only currency that we can use then lending is possible. People will always try to find ways to lend out money. How can we use bitcoin as a mode of payment if it doesn't exist?

Maybe not, maybe it will but the point is not to implement bitcoin to our current system but manage to implement our system into bitcoin. We are not here talking about how bitcoin can be good for the world because it is the perfect side dish to it, we want it to be the main course. Bitcoin and crypto in general with the help of blockchain powered world could change the way we live and change the way economy is distributed.

Rich are too rich and poor are too poor in this world, crypto is here to prevent that and help close that gap between the wealthy and the unfortunate. Plus the blockchain could have so many uses in politics that eventually people will see politicans for who they are and decide to vote for the pure person instead of corrupted one. All these combined can make bitcoin a bigger player than just implementation to our system.

[btcluisdiki]

I believe that btc will continue to work in the current system same as with fiat money. While cryptocurrency will grow rapidly, I believe that  fiat currency will not be replaced by any cryptocurrency since it both need each other. People buy cryptocurrency using fiat for their investment and once they sell their cryptocurrency, people will have it change to fiat currency.

[Armstand]

I believe that btc will continue to work in the current system same as with fiat money. While cryptocurrency will grow rapidly, I believe that  fiat currency will not be replaced by any cryptocurrency since it both need each other. People buy cryptocurrency using fiat for their investment and once they sell their cryptocurrency, people will have it change to fiat currency.

It will be adopted and updated, current system will do adjustment to adopt this scenario to be able to add and fulfill the needs to use blockchain and crypto for their benefits.

[thirsten]

This is why cryptocurrency will revolutionize the world economy and end inflation. If a recession were to occur in today's day and age, cryptocurrencies' purchasing power would remain untouched.

The current problem is the volatility of cryptocurrencies, which can only be solved by widespread use. The demand needs to stay high.

[iamlds08]

it that is the case then the world will be more advanced and better. payment transactions will be easier across the globe.but for now it is hypothetical.

[cryptokingdom]

Let us just imagine it as fiction because Government  will not allow it to happen easily. Bitcoin can perfectly offer lending services, with blockchain technology it will be transparent and trustworthy.

[horrifiedx1]

it that is the case then the world will be more advanced and better. payment transactions will be easier across the globe.but for now it is hypothetical.

i think it is not optimal to work at this time, of course it still needs further preparation, because there are still many countries whose communities are not yet modern, so that it would be difficult to follow the development of this technology

[spongegar]

Let us say that crypto currency is as stable as Fiat. Theoretically, a stable priced crypto currency used exclusively worldwide to be exchanged forngoods and services (also considering that everyone can use it anywhere and everywhere) will simply function like Fiat only that we can track any and every transactions.

[Indrawan77]

No, bitcoin itself won't be able to work in our system, although we really like decentralised system but it won't work for us, if we used decentralised system then the rich will get richer by monopoly most of the money and control the price, when it happen all the economic stability will be shaken, so it's a bad idea to make bitcoin into main currency, but bitcoin will be very useful as sub currency

[trauchot]

Bitcoin, blockchain and cryptocurrency technologies are still incomprehensible to us and we may face many problems because of this if we now fully will switch to them, even the market is manipulated by big players, and this suggests that it is necessary to explore all the possibilities of cryptocurrency and something to do with those who manipulate woth the market, or then governments will nevern make bitcoin the global payment system. Fiat money will not disappear anywhere in my opinion, because it is much easier and more familiar to work with them.

[erikoy]

No because there is no absolute rulings of decentralized currency like bitcoin. This could not work at all because there are circumstances that centralized system is useful. THere is no absolute centralized system also for currency to work because there are times that one could be effective in decentralized way. In short, the decentralize and centralized currency should make a balance for it could not stand on its own if it will be implemented absolutely.

[Ranly123]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

I don't think it's possible that all people will be using Bitcoin as a sole currency to be used for transactions. We know that Bitcoin has a limited supply which make it unproportional to the population in the world.

[Betwrong]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

I have a theory that maybe the world economy would become better if all financial operations were performed with Bitcoin only. In case of replacing all the money in the world ($80 trillion) 1 BTC would cost around $4 million, and there would be enough satoshis to cover all the transactions. Yes, banks wouldn't be loaning money that doesn't exist, and maybe that would be a good thing, maybe big financial crisis would stop happening periodically in that case.

[wuvdoll]

Maybe it won't ? Maybe the system needs to change to make people more reliable with the blockchain system ? Maybe the fact that there are more debts in the world than there is money is already stupid enough and this way people can take back the system instead of some banks running the show ?

I do not think bitcoin was created because it wanted to apply to the current system. I think it was created because it was suppose to kill the old system and create a new one. With bitcoin there could be so much things that could change and if people only stopped caring about what the price is and started to care about what could possibly happen if they just used bitcoin and stopped using fiat all together only than we can see the true potential of bitcoin.

We don't need the current system at all, it is obvious that its not working as intended, so maybe bitcoin will be the new system.

[South Park]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

The society will have to change because the economic model will change as well if bitcoin is adopted, loans are going to be a lot more scarce but people forget that was the way the economy worked for thousands of years, now you can get a loan for anything while in the past the only loans that were given were for productive activities and now most of the loans are given just because people want to buy something.

[Dondont]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

I'm not sure if for example we use bitcoin, it can't eliminate the nature of the loan interest, the use of bitcoin here can still have bank interest. so actually only changing names is not the value or internal factors. The problem with capitalism is the interest on loans from the bank which strangles customers

[Yamifoud]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

I'm not sure if for example we use bitcoin, it can't eliminate the nature of the loan interest, the use of bitcoin here can still have bank interest. so actually only changing names is not the value or internal factors. The problem with capitalism is the interest on loans from the bank which strangles customers

All the transactions coming from using fiat money might still possible to happen for blockchain  using digital currencies. This could only happen when people will adopt for crypto and also the government will give support into this.  Necessarily,  policies and rules regarding by using crypto will be imposed, otherwise many loans couldn't be paid.

[BTCGOLD]

As you wrote, the problem is not whether we would use Bitcoin or fiat currencies, but for lending money that does not exist.
Financial instruments similar to bitcoin-based loans are already developed, so I think if there was only Bitcoin in the world, this problem would not have disappeared, it would just be the same, just a bit different..

[jcpone]

Yes bitcoin will work great with the current system, but keep in mind, that it will not replace the utility such as fiat money. Bitcoin and other existing utilities will definitely co-exist together. Bitcoin will be very useful and will improve a lot of financial transactions. Let's just wait for its mainstream adoption.

[hicies]

it that is the case then the world will be more advanced and better. payment transactions will be easier across the globe.but for now it is hypothetical.

In the previous years everyone was more confident about the payment system for to use Bitcoin in our current system but right now it became doubtful and it is because the community do not give much support to this field. If we will do our best to give support to it then it may be possible.

[KorakPawon]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Is it? Economy system is not that simple, it's not only from people taking loan for purchasing right? More than that, where government would start to think to adopt the system, and of course how to control the flow. Actually, what can be purchase by fiat were possible to be paid by crypto, this is of course if the blockchain system were really adopted.

[mrcash02]

Consumerism is good, it makes the economy gears work fine. On the other hand it has some disadvantages: like people who don't know limits borrowing money, creating a rising debt, possible to bankrupt. And there is a bad kind of consumerism too, the low quality one, like when people satisfy themselves with low quality goods and even pay a disproportional amount of money for it. Then it leads to a low quality industry producing garbage.

About Bitcoin, consumerism doesn't need to change because of it. Bitcoin would just replace fiat. You could borrow BTCs, you could buy anything you want and a lot, if you have enough Bitcoins...

Decreasing consumerism would lead to decreasing the demand, weaking the economies and Bitcoin. Goods' prices wouldn't decrease, only Bitcoin price would. So you would need more BTCs to buy stuff for you.

[Lexurdania]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Bitcoin is decentralized system and its hard to replace fiat money in our currency economic system. Every country need their own currency because every country have different strenght on their economic.

[aditasetia123]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Bitcoin is decentralized system and its hard to replace fiat money in our currency economic system. Every country need their own currency because every country have different strenght on their economic.

bitcoin and blockchain could work together with current system.blockchain prepare solutions to resolve the weakness and improved they system performance.

[supermine]

I don't think bitcoin was created for the purpose of killing all the fiat and want to take over all the places and even if all the fiat dies we still have over 2000 crypto currencies in usage as of now so we don't care about the limited availability of bitcoin we can pick the most real life useful coins and can make the in a ways which is useful for us in our daily life.

[Bezobraznike]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Bitcoin is decentralized system and its hard to replace fiat money in our currency economic system. Every country need their own currency because every country have different strenght on their economic.

therefore bitcoin is very useful for a country in the field of transaction tools, because bitcoin is very fast and safe as a means of payment in the future and in terms of the economy as well

    We must agree that system where economy is stimulated by loans is wrong, people start to get it. Indamuck is right about changing our consumerism, we need to do something about
it globally. It`s more than Bitcoin when he wrote that people wouldn`t be able to borrow money that doesn`t exist, it`s the advantage of most crypto-currencies.
   I think that crypto-currencies can work in our current system. Internet is available everywhere, we all have mobile phones. I think that using crypto-currencies would make many things
easier than they are now.

[basyang]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Of course it can work in our current system. Actually, it can not be accepted if it do not have any value in the economy.   But if fiat will be replace by bitcoin many people will hard to adjust to use it especially the seniors people because they can not follow the trend its hard for them to use some gadgets and it will be hard for them to trade or buy some goods.

[South Park]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

I'm not sure if for example we use bitcoin, it can't eliminate the nature of the loan interest, the use of bitcoin here can still have bank interest. so actually only changing names is not the value or internal factors. The problem with capitalism is the interest on loans from the bank which strangles customers

The interest rates that banks charge to customers are not there because of capitalism, capitalism has been around for a long time and there was a time when loans did not require you to pay interest, but the currency that people used at that time was gold but now we use fiat and as we know fiat currency losses value every day and the banks want to protect their investment and so they have to charge interest in your loans.

[pedangrusak]

the scenario of all fiat is lost and there is only crypto, so the government and central bank will maximize crypto from services, utilities, repairs and also the best partners for crypto to increase the country's economy. crypto will progress rapidly when the fiat is agreed to disappear for all countries

[Maxre]

nothing has to be changed, let the system run as usual.
bitcoin is very limited and very different from fiat money.
let crypto grow slowly without removing the function of the fiat money.

[BlueStackz]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Bitcoin is decentralized system and its hard to replace fiat money in our currency economic system. Every country need their own currency because every country have different strenght on their economic.

This is not the right assumption. Why we need different currencies for different countries when almost all the countries have accepted gold as a common momentary exchange medium. When gold is working as a common medium why not we can have a common currency. I guess in near future all the countries will be accepting this fact and benefits of having a common currency like European Union and euro.

I believe bitcoin can even work along with our current system because there will be no need of any specialized the system for the need of adopting bitcoin. It is already happening in many merchants environment. For a country level also it will be working similar to how Japan is doing right now.

[okala]

We are having so many places that has no access to internet and that makes bitcoin not to effectively work in our current system and society.  Cryptocurrencies should just remain investments opportunities and not as currency.  Investment opportunity mean we should used it to make money and not in other ways.

[St4yInTh3D4rk]

We are having so many places that has no access to internet and that makes bitcoin not to effectively work in our current system and society.  Cryptocurrencies should just remain investments opportunities and not as currency.  Investment opportunity mean we should used it to make money and not in other ways.

If we are only using to make money it will fade away in some years because it is just pure speculation so some people will lose money and some other gaining money,now whales are the one who is making more our of crypto investments so if this continues they will always make us a tool to get their profits that is why we should use this what it is meant for.

[0t3p0t]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

For me, yes it can. And here in my country we need something like Bitcoin for the current system. Bitcoin is fast, secure and decentralized so I think people will like it that way. Fiat sucks most especially when we are doing an online transactions. Bitcoin is for me more convenient to use than fiat money and it's systems. I think it is also hard for us to buy smaller amount of goods or pay services with Bitcoin due to transaction fees and I think it would work perfectly with fiat. Therefore having both assets will make sense.

[timerland]

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Is this debt based system necessarily something that is positive for the economy, though?

But to answer your question, even with bitcoin, banks are able to conduct fractional reserves. I don't see why they can't. It's just that there would be no government guarantee if there was to be a bank run, and I'd assume that most people would feel more comfortable just keeping their BTC inside of addresses that only they have exclusive ownership to.

Since bitcoin's completely independent of the current system, and is completely different if not the opposite to fiat currency, I don't think it's fair to measure its validity or success based on how well it can "replace fiat" per se, but rather, how well it serves as an alternative asset that can store value in the long run, and to facilitate quick transactions globally without intermediaries. That's what bitcoin brings, not how well it integrates to the current fiat system.

[mwaqar17]

It will be fantastic but for this many things need to be replaced. It is really difficult to replace the existing systems. So it will be difficult for BTC to work in current system. Then there would be different names of BTC, like BTC for US, BTC for UK, BTC for Kuwait, so on and so forth. BTC value will be measured by these countries.

[Betwrong]

We are having so many places that has no access to internet and that makes bitcoin not to effectively work in our current system and society.  Cryptocurrencies should just remain investments opportunities and not as currency.  Investment opportunity mean we should used it to make money and not in other ways.

Basically what you propose is a financial pyramid, which Bitcoin is not. Maybe crypto will not replace fiat completely in the nearest future, but it will be (and it is already, only upon a small scale) a convenient payment system used by many, and only growing of this kind of usage can guarantee the price rising investors are hoping for.

Please research more on the subject yourself by googling "Pyramid scheme", but if you have no time for that, I can tell you what is the main thing of all those pyramids. They create no real goods or services, and they draw income only from new members joining the scheme. I hope now you can see the difference.

[CarnagexD]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Lending can still happen even with bitcoin, it's just that the money being used for lending will not be generated out of thin air and therefore there won't be such inflationary pressure on the currency. As for how that would work from an economic point of view it's hard to truly answer as it's never before happened.

  Lending in fiat requires some form of security by including third party like guarantors but how will that also be possible with bitcoin where bitcoin even don't adopt third party agreement.

Does an escrow is not enough to be a form of like guarantors? But i'm also confused if how would they will going to do that if everyone was using bitcoin, then people should be talking here forever if they want to loan some bitcoin in the future. I doubt if there's another forum that looks like a bank in the future.

It's really not too difficult, it's the same as in fiat, persons asks to borrow money and the lender asks for something to use as collateral, a  house for example with a mortgage. As for governments borrowing money from themselves which they intend to print in the future then as I said that won't be possible. We are already moving away from a world where banks and governments can lend/borrow with little reserves so it's not impossible to function with 100% reserves.

  i think yes, this is just one issue on the present status about the Bitcoin which still hanging on the hand of the Regulators by the government financial institution whom critical on the adoption of digital crypto transaction to main stream market. But once this issue is resolved we can see the more favorable transaction on the market.

[ATMD]

Yes, but will governments allow for it.

[South Park]

Is this debt based system necessarily something that is positive for the economy, though?

The debt based system in which the whole economy is based can be very positive if you are a politician, the owner of a bank and a powerful businessman that is friends with politicians and the owners of banks, they are the ones that benefit the most out of the system and that is why they are going to defend it even if people complain about the unfairness of the system.

[setialovers]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Its hard for bitcoin to be world currency because bitcoin is decentralized. I think bitcoin can be an alternative payment or currency. Every country have different economic strenght and its hard to measure economic if using bitcoin

[shendy]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Its hard for bitcoin to be world currency because bitcoin is decentralized. I think bitcoin can be an alternative payment or currency. Every country have different economic strenght and its hard to measure economic if using bitcoin

Not as easy as we imagine, bitcoin has a nature that is not easy to stabilize and will continue to change and this is difficult to accept, even the government has not been able to allow bitcoin to fly freely. The existence of bitcoin is acceptable but if the transaction has not been obtained a permit.

[Cupomi]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

I think the price goes up because demand exceeds the supply of goods, this is an economic principle, but all can happen because there is an ease in paying, for example the credit system is always provided by the bank, so if the convenience is removed, then the purchase will reduced, this caused a decrease in demand, and resulted in an abundant supply of goods, and then we all knew that the abundant stock demand was a little, the price would also drop, something like this could happen if bitcoin became the world's single currency, because bitcoin does not provide credit services.

[efxtrader]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Government and central banks always increasing money supply in market to boost growth and i think thats can not do with bitcoin. Bitcoin already have limited supply and its decentralized system. But cryptocurrency concept should be working in our currency economic system

[Betwrong]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Government and central banks always increasing money supply in market to boost growth and i think thats can not do with bitcoin. Bitcoin already have limited supply and its decentralized system. But cryptocurrency concept should be working in our currency economic system

That's why with the current economic system Bitcoin can not replace all fiat money, the two payment systems should coexist until a new solution for the world economy's vulnerability will be found. The thing is that the current model, although it is "boosting growth" as you said, inevitably leads to periodical collapses causing a lot of harm to many people. We should find a new model, a more stable one, and, as paradoxical as it sounds, I think Bitcoin can be a part of that model.

[SCheek]

I see a world with the global gold standard of BTC and locally made alt coins for each country. They would have various traits etc and some limits and some not. The alt coins would be lent out with BTC as collateral.

[Escf4]

There is really a compatibility of bitcoin in our current system , for our current system now that are mostly digital ,then bitcoin as a decentralized digital currency, can be surely be adopted and wotk well with this current system that is in digital technology.

[dangerousdanjon]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Government and central banks always increasing money supply in market to boost growth and i think thats can not do with bitcoin. Bitcoin already have limited supply and its decentralized system. But cryptocurrency concept should be working in our currency economic system

I do not think that the increase in the supply of money by the government can engender the growth of the economy but only devalues the value of the currency. This is not the case with Bitcoin.

[toast]

in my opinion, depending on the situation, replacing an existing system, of course, requires the legality of trust and the system to improve the existing system

[wahyu wida]

in my opinion, depending on the situation, replacing an existing system, of course, requires the legality of trust and the system to improve the existing system

right, with the existence of legality certainly does not violate applicable law. and this is highly recommended for legal entities. of course, as good as any system if it violates the law, it will have bad consequences

[South Park]

That's why with the current economic system Bitcoin can not replace all fiat money, the two payment systems should coexist until a new solution for the world economy's vulnerability will be found. The thing is that the current model, although it is "boosting growth" as you said, inevitably leads to periodical collapses causing a lot of harm to many people. We should find a new model, a more stable one, and, as paradoxical as it sounds, I think Bitcoin can be a part of that model.

I have also thought a lot about that, the current system doesn't work not only because it produces periodic crashes but also because governments use their power to benefit some people over others and this destroys true competition, but it is also going to be difficult for bitcoin to replace fiat completely because the economy is based on the assumption that the main currency of the world can be printed in unlimited quantities, so it will be very interesting to see how this is eventually resolved.

[wdnj]

Bitcoin is well develop. we are in the world of computer where everything we want to be in  an instant.
Money trasfer is good. though government wants to stop it as bitcoin innovation gets into the danger zone!
what is danger zone? it is the time where FIAT want to be replace by new currency which government cannot accept and not ready!

[Lexurdania]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

If the world only using bitcoin, there is no central banks and money supply finite in 21million supply. Its hard to measure economic in a country because all transaction getting decentralized. But i am not economic expert

[Patient_Zero]

I don't think that's gonna be a problem. Separate tokens can be created for credit. Nothing can replace the purity in the economy after crypto acceptance. Imagine that there will only be limited money and no one will intervene.

Bitcoin in the future will be able to be combined with the banking world, because the existence of an interconnected system will greatly facilitate the smoothness of making payments and deposits, in the future state banks can also facilitate the use of bitcoin in all sectors, this is very possible, and now the situation has begun to allow for something like this.

[coinfinger]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Its hard for bitcoin to be world currency because bitcoin is decentralized. I think bitcoin can be an alternative payment or currency. Every country have different economic strenght and its hard to measure economic if using bitcoin

Not as easy as we imagine, bitcoin has a nature that is not easy to stabilize and will continue to change and this is difficult to accept, even the government has not been able to allow bitcoin to fly freely. The existence of bitcoin is acceptable but if the transaction has not been obtained a permit.

It would be a good step forward if we could just adjust banks to crypto currencies and just put them in our bank account, current system is already as high tech as it gets because banks are dealing with billions even trillions of dollars so their technology is more advanced than many of other business.

If we can just put that type of information in our bank accounts as well and just buy/sell in our banks system instead of trusting a third party exchange that would create an INSANE amount of increase.

Think about it, right now bitcoin worths so much compared to couple years ago, if banks all over the world decide to say "from now on we are your crypto exchange" and put up bitcoin/ethereum to begin with, that would create SO MUCH volume for all of us, even people who do not think about getting bitcoin could be persuaded to have a bit aside.

[TheUltraElite]

Bitcoin is well develop.

According to the developers of the bitcoin core wallets bitcoin is still in its beta stage. Think of this as being in beta stage for 10 years now and still people are so much willing to get into it. How awesome would it be when it actually becomes alpha!

we are in the world of computer where everything we want to be in  an instant.

Which is actually a bad thing and having such a conception for everything not crypto in general has a bad impact on the younger generation. They suffer from anxiety and panic when things dont happen instantly and dont have patience.

Money trasfer is good. though government wants to stop it as bitcoin innovation gets into the danger zone!
what is danger zone? it is the time where FIAT want to be replace by new currency which government cannot accept and not ready!

Governments have their own regulations on different places for crypto. Its neither good nor bad but only makes it more grey in my opinion.

[ufalo3]

There is really a compatibility of bitcoin in our current system , for our current system now that are mostly digital ,then bitcoin as a decentralized digital currency, can be surely be adopted and wotk well with this current system that is in digital technology.

Bitcoin has already started to work in this system. This cryptocurrency was recognized in many countries. People start to understand that BTC usage will give them a lot of comforts and great safety.

[hahay]

Bitcoin is very able to work in the current system, the digital era has grown high and almost all countries have optimized digitization systems in many sectors, so if bitcoin is the main thing then it is very possible that bitcoin works well. But in reality we still have to rise with this declining value and there must be a big change for bitcoin in order to maintain its value in the highest place.

[adzino]

Bitcoin is well develop. we are in the world of computer where everything we want to be in  an instant.
Money trasfer is good. though government wants to stop it as bitcoin innovation gets into the danger zone!
what is danger zone? it is the time where FIAT want to be replace by new currency which government cannot accept and not ready!

You have just confined your thoughts to a single part of the world. You do realize that there are other parts of the world that are highly lacking behind technology. Think about them. They do not have regular access to the computer or the internet. If fiat was eliminated from the world, what will happen to those underdeveloped countries. They will just start suffering more!

[repsol]

That is right Bitcoin now is recognizing in most world wide as it has much advantages for the users. However, it is hard to replace the consumerism as society, consume is to maintain our live. Even though Bitcoin exist and rapidly develop, it is not able to decrease the consumerism of people. Even it will make people more becoming consumerism for they can earn much more money from here.

[TheUltraElite]

Bitcoin has already started to work in this system.

Exactly what system are you talking about? Crypto is a mode of payment not a system. The ideal of crypto is to break the system and thats what crypto-anarchism is. Agreed its not a healthy thing nor is it good for the growth of the community but it is what it is.

This cryptocurrency was recognized in many countries.

You are either a misinformed baboon or a shitposter on his daily patrol of shitposting to get their quota done.

People start to understand that BTC usage will give them a lot of comforts and great safety.

Its actually being opposite because of the bear market. Talk about the bull market then people were angry that fees became too high, come to the bear market people talk about crypto being dead. I wonder how much more double standard these people can become.

[cizatext]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

We can't pretend to the fact that bitcoin still need adaptation from the general public because it's only then the usage of bitcoin will replace that of other currencies including the faint paper money and only when Bitcoin is fully regulated by the government that they will allowed it legitimacy.

[maligu]

If the world can only use Bitcoin as a payment method, then this can lead to war because the amount of Bitcoin is not enough to support the use of the world.

[TheUltraElite]

We can't pretend to the fact that bitcoin still need adaptation from the general public because it's only then the usage of bitcoin will replace that of other currencies including the faint paper money and only when Bitcoin is fully regulated by the government that they will allowed it legitimacy.

Its more with the properties that make bitcoin different from paper currencies that makes it worth using. It is immutable, irreversible, censorship-resistant and decentralized. All these give the advantages of a near perfect currency comparing to the traditional fiat currencies. How far people accept it is their choice even when banks and other institutions detest it. Again this negative FUD around bitcoin is also a mode of market manipulation as per popular media.

End of the day bitcoin is something that will be huge in future years to come even though some people will always hate it.

[Google+]

bitcoin can never be used for a loan system or as loan capital, bitcoin and blockchain technology only as intermediaries to make your transactions safer, faster and certainly will require very little cost, if you implement bitcoin to apply loan capital then it will giving a very high risk.

[Jesabela04]

Bitcoin will always work best for us no matter what the situation is. We all know the role of cryptocurrency in our society these days and despite of the existence of fiat, crypto still plays a vital role. Bitcoin adaption is very visible an we can't manipulate it but just appreciate the help of it in our society.

[horrifiedx1]

Bitcoin will always work best for us no matter what the situation is. We all know the role of cryptocurrency in our society these days and despite of the existence of fiat, crypto still plays a vital role. Bitcoin adaption is very visible an we can't manipulate it but just appreciate the help of it in our society.

I think bitcoin is easy to apply now, but the problem is that many countries have not legalized it, so that it is hampered by it. but starting many companies that use the blockchain system to support their performance. from the government side, I think many are not ready for a variety of reasons, so they cannot receive btc

[indrakusumaindra]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Thats true, imagine the world without money and wonder whether bitcoin could replace money is ridiculous, bitcoin have a really big volatility and not fit as a currency. But if there is no money and there is only bitcoin i believe, bitcoin value would be more stable like dollar and if every one in the world use it for transactions i believe bitcoin price would be really high and remain stable and could be use as good as fiat currency.

[iv4n]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Thats true, imagine the world without money and wonder whether bitcoin could replace money is ridiculous, bitcoin have a really big volatility and not fit as a currency. But if there is no money and there is only bitcoin i believe, bitcoin value would be more stable like dollar and if every one in the world use it for transactions i believe bitcoin price would be really high and remain stable and could be use as good as fiat currency.

Bitcoin works, and guess what, it will work even better with lighting. Its ridiculous that people think that price volatility have anything with technology and transactions, you can use it or you can`t, end of story. Price swings are cause of speculative market, cause of adoption, cause of growing up and searching for its place. I searched trough your comment history, even you too are talking about recovery, about price rise in the future, how the hell can you expect stable price and price rise? Maybe stable price rise? Do you think this world is perfect and everything goes smoothly? Wake up, there is a war outside, for everything, bitcoin is fighting with something so big and powerful. Ups and downs are normal, but don`t question usability and compare that with price, you need to be smarter than that.

[syamster]

We can't pretend to the fact that bitcoin still need adaptation from the general public because it's only then the usage of bitcoin will replace that of other currencies including the faint paper money and only when Bitcoin is fully regulated by the government that they will allowed it legitimacy.

Its more with the properties that make bitcoin different from paper currencies that makes it worth using. It is immutable, irreversible, censorship-resistant and decentralized. All these give the advantages of a near perfect currency comparing to the traditional fiat currencies. How far people accept it is their choice even when banks and other institutions detest it. Again this negative FUD around bitcoin is also a mode of market manipulation as per popular media.

End of the day bitcoin is something that will be huge in future years to come even though some people will always hate it.

You elaborated this situation very well mate as you said that it is best for using to buy goods and those advantages are totally in our favor. If we want a new and well developed system we will have to take part in this as using crypto coin to sell and buy goods. It is best way to relax your life and concentrate on other needs of life

[mersal]

We can't pretend to the fact that bitcoin still need adaptation from the general public because it's only then the usage of bitcoin will replace that of other currencies including the faint paper money and only when Bitcoin is fully regulated by the government that they will allowed it legitimacy.

Its more with the properties that make bitcoin different from paper currencies that makes it worth using. It is immutable, irreversible, censorship-resistant and decentralized. All these give the advantages of a near perfect currency comparing to the traditional fiat currencies. How far people accept it is their choice even when banks and other institutions detest it. Again this negative FUD around bitcoin is also a mode of market manipulation as per popular media.

End of the day bitcoin is something that will be huge in future years to come even though some people will always hate it.

You elaborated this situation very well mate as you said that it is best for using to buy goods and those advantages are totally in our favor. If we want a new and well developed system we will have to take part in this as using crypto coin to sell and buy goods. It is best way to relax your life and concentrate on other needs of life

The current system will definitely not suitable for the people who are not support Bitcoin but people who are supporting will always accept Bitcoin at any cause they don't think about time and date and the situation also so it can will not being able to underestimate by anyone it will definitely the end economic changer at your lifetime.

[efxtrader]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Government and central banks always increasing money supply in market to boost growth and i think thats can not do with bitcoin. Bitcoin already have limited supply and its decentralized system. But cryptocurrency concept should be working in our currency economic system

That's why with the current economic system Bitcoin can not replace all fiat money, the two payment systems should coexist until a new solution for the world economy's vulnerability will be found. The thing is that the current model, although it is "boosting growth" as you said, inevitably leads to periodical collapses causing a lot of harm to many people. We should find a new model, a more stable one, and, as paradoxical as it sounds, I think Bitcoin can be a part of that model.

I am agree. Government always boosting growth by printing more money and make inflation getting higher and its creating periodical economic crisis. Maybe its can not ended this periodical economic crisis, but creating a new system and change current system is big job

[TheUltraElite]

bitcoin can never be used for a loan system or as loan capital, bitcoin and blockchain technology only as intermediaries to make your transactions safer, faster and certainly will require very little cost, if you implement bitcoin to apply loan capital then it will giving a very high risk.

Why not? We have had some ICOs doing this already. Namely Nexo is one before SALT went off. But then the long term value of these projects is very low since we saw how SALT fell out and now people are making up stories that Nexo was built from what SALT had left and that investors of SALT were scammed and so on. Who is correct is very difficult to say.

However a peer to peer lending system based on altcoin backed or physical backed collateral is possible and we have some lenders on bitcointalk who do this as well. Though the default rate is also very high still they manage to be very good loan sharks.

Today its more entrepreneur effort..Maybe this will become a large scale business one day.

[maianh09]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

If this happens in the future, developers will create applications or applications that will help you perform the desired tasks. As the world changes, people become more intelligent, and they will turn the impossible into possible. What makes a profit will materialize.

[GrayFullbuster]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Thats true, imagine the world without money and wonder whether bitcoin could replace money is ridiculous, bitcoin have a really big volatility and not fit as a currency. But if there is no money and there is only bitcoin i believe, bitcoin value would be more stable like dollar and if every one in the world use it for transactions i believe bitcoin price would be really high and remain stable and could be use as good as fiat currency.

Bitcoin works, and guess what, it will work even better with lighting. Its ridiculous that people think that price volatility have anything with technology and transactions, you can use it or you can`t, end of story. Price swings are cause of speculative market, cause of adoption, cause of growing up and searching for its place. I searched trough your comment history, even you too are talking about recovery, about price rise in the future, how the hell can you expect stable price and price rise? Maybe stable price rise? Do you think this world is perfect and everything goes smoothly? Wake up, there is a war outside, for everything, bitcoin is fighting with something so big and powerful. Ups and downs are normal, but don`t question usability and compare that with price, you need to be smarter than that.

The bitcoin has characteristics that is really important in our economy. We can now have a faster transaction because of the power of blockchain technology. The people are now preferring the new payment system than the traditional payment system.

[Rebisco]

Consumers and customers are now prefer to use digital currencies because of its uses. The bitcoin will work in our current system because it can beat inflation. Most of the economy who experiencing high inflation is now using bitcoin for them to beat it.

[ausbit]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Bitcoin was created to enable us be our own banks. Okay, that is good, cryptocurrency is good and I have seen a lot of good things about it, same as there are lots of bad things about it too. But I don’t think we need this cryptocurrency as a main currency, fiat still remains the best for me.

I know some people will say it’s best to have cryptocurrency because they need freedom. But my question is, which freedom are you talking about? Freedom from what?

[Lexurdania]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Bitcoin is decentralized system and its hard to replace fiat money in our currency economic system. Every country need their own currency because every country have different strenght on their economic.

This is not the right assumption. Why we need different currencies for different countries when almost all the countries have accepted gold as a common momentary exchange medium. When gold is working as a common medium why not we can have a common currency. I guess in near future all the countries will be accepting this fact and benefits of having a common currency like European Union and euro.

I believe bitcoin can even work along with our current system because there will be no need of any specialized the system for the need of adopting bitcoin. It is already happening in many merchants environment. For a country level also it will be working similar to how Japan is doing right now.

I am agree that. I am prefer thinking bitcoin and fiat currency can run side by side. I think its hard for bitcoin to replace fiat money in our currency system because domination in current transaction using fiat money and not many merchant accept bitcoin for payment or as currency

[TheUltraElite]

If this happens in the future, developers will create applications or applications that will help you perform the desired tasks. As the world changes, people become more intelligent, and they will turn the impossible into possible. What makes a profit will materialize.

Depending on app for everything is not a good way to live. Your bodies will start to rot. Yes bitcoin is a good financial method for future with some advantages over fiat but that does not necessarily mean that its all going to be app-centric or anything like that. I know about app development and lunching them to run on some cryptocurrency blockchain but then again most of these projects dont have any future.

Consumers and customers are now prefer to use digital currencies because of its uses. The bitcoin will work in our current system because it can beat inflation. Most of the economy who experiencing high inflation is now using bitcoin for them to beat it.

Inflation needs to be controlled but then did the governments ever did anything to stop it except giving false promises? I doubt they would ever accept crypto to replace fiat completely.

[KnightElite]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Bitcoin was created to enable us be our own banks. Okay, that is good, cryptocurrency is good and I have seen a lot of good things about it, same as there are lots of bad things about it too. But I don’t think we need this cryptocurrency as a main currency, fiat still remains the best for me.

I know some people will say it’s best to have cryptocurrency because they need freedom. But my question is, which freedom are you talking about? Freedom from what?

It is true that cryptocurrencies have also bad side, not all of its characteristics can improve our economy. Fiat currency is still the main currency and it cannot be replaced because government and most of powerful person will not let it happen.

[biskitop]

actually bitcoin can already be applied to our existing system, for example as a tool for our daily transactions. even bitcoin can make things shorter and simpler with blockchain technology. it's just that, the fluctuating price makes everyone still hesitant to start everything with bitcoin. it takes at least 5 more years.

[Naida_BR]

If the world can only use Bitcoin as a payment method, then this can lead to war because the amount of Bitcoin is not enough to support the use of the world.

Not true. Why it can't? Items and services will just have a price of 0.000x. Everything can be valued accordingly with Bitcoin as it happens with fiat money. The only problem right now is scalability but any chain if going to be improved in the future as new ideas are dropped in the table from developers.

[Kez1817]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

   I think if that will happen,there's a lot of changes in terms of monetary implementation and also banks anf government will do a lot so that it will not happen.

[FlightyPouch]

If the world can only use Bitcoin as a payment method, then this can lead to war because the amount of Bitcoin is not enough to support the use of the world.

What? Why would it spark a war? What countries will be fighting over Bitcoin? That does not make any sense. Bitcoin is just a crypto currency and it is a decentralized currency, who would even think that people must die for it? That is true that Bitcoin is not enough to support the whole population of the world but that is fine since Bitcoin can be parted to smaller divisions though the only problem is their value.

[Bhugz09]

Yes it can, as long as it is recognized by certain country it can work on its system. Bitcoin is convertible also to current currency which you caj use in your everyday system.

[suzanne5223]

actually bitcoin can already be applied to our existing system, for example as a tool for our daily transactions. even bitcoin can make things shorter and simpler with blockchain technology. it's just that, the fluctuating price makes everyone still hesitant to start everything with bitcoin. it takes at least 5 more years.

I agreed with what you said because there's alot of innovating project implemented this day. However, technology are increasing and improving day by day. Therefore, the problem of scalability and fluctuation in price will solved sooner or later.

[goaldigger]

Bitcoin can function as the same as fiat in all terms. China practices nl cash basis now and they do it smoothly. They store QR codes on their phones that are connected through their banks. In terms of loan, you can loan BTC based on its current value. Whether it will increase or not, its on the decretion of the lender.

[binhvo1505]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

I think borrowing and paying is essential in this world. Billionaires have now borrowed many banks so that they can now have a rich and prosperous life.
so I think it's a natural law and we can't change it.

[horrifiedx1]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

I think borrowing and paying is essential in this world. Billionaires have now borrowed many banks so that they can now have a rich and prosperous life.
so I think it's a natural law and we can't change it.

borrowing must be for productive activities, so that they can repay the loan and interest, the bigger the business, the bigger the loan, but the big entrepreneurs can arrange it so that there is no bankruptcy, because they do it professionally. and of course with the presence of bitcoin it can actually help expedite their business, but this depends on existing government regulations

[playboy654]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

I think borrowing and paying is essential in this world. Billionaires have now borrowed many banks so that they can now have a rich and prosperous life.
so I think it's a natural law and we can't change it.

borrowing must be for productive activities, so that they can repay the loan and interest, the bigger the business, the bigger the loan, but the big entrepreneurs can arrange it so that there is no bankruptcy, because they do it professionally. and of course with the presence of bitcoin it can actually help expedite their business, but this depends on existing government regulations

We can definitely accept the usage of Bitcoin in all kind of situation especially this situation will be very useful for the daily needs that we get from our self will also be clear by the uses of Bitcoin so I think the system will not affect any time to the development of Bitcoin.

[Best Dreams]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

I think borrowing and paying is essential in this world. Billionaires have now borrowed many banks so that they can now have a rich and prosperous life.
so I think it's a natural law and we can't change it.

borrowing must be for productive activities, so that they can repay the loan and interest, the bigger the business, the bigger the loan, but the big entrepreneurs can arrange it so that there is no bankruptcy, because they do it professionally. and of course with the presence of bitcoin it can actually help expedite their business, but this depends on existing government regulations

Loan is good only in case when you use it properly. Id you will invest it at right way trust me there will be no need to stay worry about your coming few years at the same time you can pay your loan timely. It’s now 21st century so bitcoin is not only able to use but it’s need of life now. It’s workable in this age of digital currency.

[usorin]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Bitcoin is a functional coin in the current system, it is traded, it has a value and it is used world wide.

[coinoutraged]

It sounds like the current system is heavily flawed and easily manipulable. If the economy is stimulated by people taking out loans, then it sounds like it can burst at any moment.

[bettercrypto]

Bitcoin and the technolgy behind the first cryptocurrency can fully work well with the current system of financial transactions except for the fact that fiat money must still be there. Why is that so? Because there are transactions that bitcoin is not suitable than fiat money. That is the reason they can coexist with each other.

[TheUltraElite]

It sounds like the current system is heavily flawed and easily manipulable. If the economy is stimulated by people taking out loans, then it sounds like it can burst at any moment.

Banks work by giving out loans and people feed banks with loans because they need money. People dont get paid properly - how long do we have to listen to this? Its relevant from the time humans existed. People are never happy with anything given to them and will continue to call every system bad. Even a bitcoin based economy, if that ever comes in future will face the same problem.

The difference lies somewhere else. Its in the human mind being biased about themselves and those who are self-righteous thinking they have the VIP-benefits. This wont be solved by bitcoin is itself. It needs more discipline in the minds and a strict legal system.

[shoreno]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

I think borrowing and paying is essential in this world. Billionaires have now borrowed many banks so that they can now have a rich and prosperous life.
so I think it's a natural law and we can't change it.

borrowing must be for productive activities, so that they can repay the loan and interest, the bigger the business, the bigger the loan, but the big entrepreneurs can arrange it so that there is no bankruptcy, because they do it professionally. and of course with the presence of bitcoin it can actually help expedite their business, but this depends on existing government regulations

Loan is good only in case when you use it properly. Id you will invest it at right way trust me there will be no need to stay worry about your coming few years at the same time you can pay your loan timely. It’s now 21st century so bitcoin is not only able to use but it’s need of life now. It’s workable in this age of digital currency.

loan is goad and it does not matter how good or bad you use it but as long as you can repay it on the agreement date  . bitcoin can work in our current system but we cant possibly live alone without fiats because bitcoin isnt already approved to be used as payment method whenever we work offline .  our current society still uses a fiat in order to make a transaction or pay people  .   btc is only good for alternative use most especially when use online  . so be it !

[peter0425]

It sounds like the current system is heavily flawed and easily manipulable. If the economy is stimulated by people taking out loans, then it sounds like it can burst at any moment.

I think this is one flawed with bitcoin system though, it can easily be manipulate by those whales who have deep pockets. We have heard time many times so I'm sure that there's some truth in it. However, there are a lot of positive impact as well. Just look at how Japan manages crypto and fiat together, we haven't heard anything from them so far, so it looks like it's doable.

[tadpole_bitfrog]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

I don't think it's good to raise everything. economics and everything needs to have balance and ups and downs. At different times, always create talents and billionaires.
Why do you need everything to be appreciated? You should remember that as the BTC increases, the values of other objects also increase. so deduce your plan is meaningless.

[gurang]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

it will work unless you know how you manage that and you overcome it just think if you know how you can manage it.

[Sum24]

It sounds like the current system is heavily flawed and easily manipulable. If the economy is stimulated by people taking out loans, then it sounds like it can burst at any moment.

I think this is one flawed with bitcoin system though, it can easily be manipulate by those whales who have deep pockets. We have heard time many times so I'm sure that there's some truth in it. However, there are a lot of positive impact as well. Just look at how Japan manages crypto and fiat together, we haven't heard anything from them so far, so it looks like it's doable.

Yes here are some whales who are working just to spoil out money of other people and make profit for themselves. If we will allow them to manipulate the market only then they can, so don’t listen to them just hold your coin. Your thinking is great here i must appreciate that bitcoin has really good impact on our life because it makes our economy higher.

[Dondont]

In my opinion, our system cannot implement what is written on this bitcoin perfectly, even for just a few moments. Because basically it has different goals so that this is what hinders the progress of the technology. In other side, bitcoin is only used just for money field and not longterm purposes.

[Naida_BR]

In my opinion, our system cannot implement what is written on this bitcoin perfectly, even for just a few moments. Because basically it has different goals so that this is what hinders the progress of the technology. In other side, bitcoin is only used just for money field and not longterm purposes.

Bitcoin is used now just for money because it can't be used right now as something else due to regulations and strictness from governments and financial institutions. If Bitcoin was already adopted, then more use cases of it would start to come up. It would be more widely used and help the society thrive both economically but also cultural, due to its decentralized feature that helps people from different nations to communicate.

[cfif123]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Yeah, and Governments will start to see that and forbids it to happen since they can lose everything in power if that happens.

I also thank Bitcoin for accompanying me since I used Bitcoin in its time and I think Bitcoin is now better than the previous year

[Linkkoin]

Bitcoin and the technolgy behind the first cryptocurrency can fully work well with the current system of financial transactions except for the fact that fiat money must still be there. Why is that so? Because there are transactions that bitcoin is not suitable than fiat money. That is the reason they can coexist with each other.

Although right now Bitcoin is LEAST volatile in more than a year period, the volatility of it is still problematic for being used as a real currency. When you are operating a business, in many cases your contractual relations require you to sign a contract for whole next year, or even 2-3 of them, with prices which are usually fixed for that period. This is where on this time Bitcoin cannot work properly yet.

[semobo]

Getting loan looks like is one of the advantages of the fiat money system but it is completely harm to the world economy because banks are making money from nothing by giving loan to the people and then printing later the amount they have given then they are collecting back the loan amount and the cycle keep repeating which increases lot of money to be printed and our money to lost its value then how much it was before called us inflation.

[akram143]

Getting loan looks like is one of the advantages of the fiat money system but it is completely harm to the world economy because banks are making money from nothing by giving loan to the people and then printing later the amount they have given then they are collecting back the loan amount and the cycle keep repeating which increases lot of money to be printed and our money to lost its value then how much it was before called us inflation.

Bitcoin is an Universal currency so we can adopt Bitcoin at any kind of situation in any Systematic surrounding so it will be profitable also in this situation so we can definitely trust 100% by the usage of cryptocurrency especially in Bitcoin we had lot more confident with that.

[karloscimot]

I don't think that's gonna be a problem. Separate tokens can be created for credit. Nothing can replace the purity in the economy after crypto acceptance. Imagine that there will only be limited money and no one will intervene.

if bitcoin becomes the single currency in the world, then there will be a balance in the world of commerce, there will be no inflation that always exists every year for developing countries, there will be no currency playing and there will be no major state pressure on small countries in currencies they, it was time for reform in the medium of exchange.

[SkustaClee]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

The bitcoin is now currently working in our payment system. Actually, there are now countries who overcome their inflation through the use of bitcoin. The payment system will become more useful if we will use cryptocurrencies.

[jcarlo]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

I am believe bitcoin can work in current economic system. But i dont think fiat money will dissappear because fiat money represent of government and the stability of economic. I think bitcoin can compete with gold in the future as store of value.

[setialovers]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Its hard for bitcoin to be world currency because bitcoin is decentralized. I think bitcoin can be an alternative payment or currency. Every country have different economic strenght and its hard to measure economic if using bitcoin

Not as easy as we imagine, bitcoin has a nature that is not easy to stabilize and will continue to change and this is difficult to accept, even the government has not been able to allow bitcoin to fly freely. The existence of bitcoin is acceptable but if the transaction has not been obtained a permit.

Its true that its not easy. For many people, bitcoin price too fluctuated and its not good if used as currency or payment in merchant. Merchant must be need stability on the value. But i think bitcoin can be an alternative currency

[JRoa]

I am sure that it will work in our current system. Actually, there are now stores around the world that supporting Bitcoin as mode of payment. The payment system is continuing to improve because of the functions of the blockchain technology.

[BlackFor3st]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Lending factor affects a lot in growing the economy of the country.
For example we can see that not much developed nations have comparatively less banks as compared to highly developed countries. (I won't mention the countries over here)
Also taking loans from the banks make the country get more developed even financially.
If fiat money is completely gone from the world than i think that cryptos would too be used to lend and borrow. That time the demand for cryptocurrencies would surely hike a lot which will lead for a huge price growth!

[jabrix]

I am sure that it will work in our current system. Actually, there are now stores around the world that supporting Bitcoin as mode of payment. The payment system is continuing to improve because of the functions of the blockchain technology.

The payment system using bitcoin can be applied and working with a system that is currently running. There are only differences in mindset where conventional transactions only give up money, while using bitcoin requires a device that must be owned by both parties, namely the seller and buyer, and the bitcoin value agreement that occurs at the time of the transaction.

[romero121]

Bitcoin can be integrated to the current payment system. This will add bitcoin as one of the payment gateway. Upon the necessity of the user one can prefer accordingly. Already there were more and more corporate firms have added bitcoin to their services payment portal section. Few banks too have adopted the blockchain technology and making every transaction through it, in those cases it is much easy to integrate bitcoin.

[devinks]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Yeah, and Governments will start to see that and forbids it to happen since they can lose everything in power if that happens.

I also thank Bitcoin for accompanying me since I used Bitcoin in its time and I think Bitcoin is now better than the previous year

because bitcoin also means a lot to me because all this time I have used bitcoin, there have been so many benefits such as from my economy and finances which are getting better

[wendiar19]

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin.  Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending.  Our economy is stimulated by people constantly taking out loans to make purchases.  But with bitcoin you can't loan money that doesn't exist.  Maybe we would have to change our consumerism as a society and prices would drop.  Being able to borrow money easily makes everything rise in price.   What are your thoughts?

Yeah, and Governments will start to see that and forbids it to happen since they can lose everything in power if that happens.

I also thank Bitcoin for accompanying me since I used Bitcoin in its time and I think Bitcoin is now better than the previous year

because bitcoin also means a lot to me because all this time I have used bitcoin, there have been so many benefits such as from my economy and finances which are getting better

if the system developed can implement blockchain technology and use bitcoin for transactions, it might make the economic conditions more because transactions can be faster and safer and all can see the transaction.