Can Bitcoin even work in our current system?

[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.