Can Bitcoin even work in our current system?

[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.

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[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.