Can Bitcoin even work in our current system?

[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.

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[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.