Can Bitcoin even work in our current system?

[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.

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[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