Can Bitcoin even work in our current system?

[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.