New Body Of Control?

[magneto]

If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control.

Therefore a new system would be needed to run each country. What do you think would be the new body of control?
How could this work?
What type of system would be put in place on this.?
I don't think the people can control themselves as too many minds and ideas of where things can go in a direction. Therefore you still need a council or kingdom of control.

your thoughts.

It is very unlikely that this type of scenario would even come close to becoming reality.

The fact is that BTC is likely going to continue to coexist alongside prominent fiat currencies, instead of actually replacing them as some people suggest that BTC is able to do. While it could be possible that BTC can act as an interim currency for crisis stricken countries it's very hard to imagine BTC replacing fiat altogether, at least in this current international structure.

It could become a global reserve asset, but I don't think that it'll come close to the new order that you describe.

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[Joyawan13]

I will be more agree if bitcoin to be payment, but not replace fiat. I think replace fiat is not that easy to do. But be something that can be as payment  with fiat and another digital payment. With that, people can choose what they want to use and not afraid if they are break the law in country that he use bitcoin as payment.

yes that's what I want, bitcoin can be used to buy things or shop in a number of more countries that haven't been able to use it, it's true, to make bitcoin replace fiat money is not easy, and certainly requires a long process, even though bitcoin can already be used to shop or buy things, and fiat money is still going well, someone can have the choice of wanting to use the payment system with bitcoin or other digital currencies or with fiat money.

[Wipeout2097]

Bitcoin is decentralized and hard to control it and track its transactions.Currently an activity held in London by a Technology firm to train the students how to track the transactions of BTC and how to find amount of crypto hacked by the hackers.

If it become a successful and came with a software which help to track the transactions then it will more comfort for the government t legalize the crypto. This is era of technology so possibilities are there,hopefully mystery will be solved to track the crypto transactions.

[chennappa121]

Control of Bitcoin or crypto currencies is a very difficult job to do because the almost crypto currencies are decentralized and some of them anonymous.

There is possibility if all crypto exchange comes under regulation by government then we can identify anyone convert the crypto currencies to fait currencies so we need strong regulation for that otherwise it is not possible to track.

[Amel]

Bitcoin is decentralized and hard to control it and track its transactions.Currently an activity held in London by a Technology firm to train the students how to track the transactions of BTC and how to find amount of crypto hacked by the hackers.

If it become a successful and came with a software which help to track the transactions then it will more comfort for the government t legalize the crypto. This is era of technology so possibilities are there,hopefully mystery will be solved to track the crypto transactions.

The government's reason to ban bitcoin is not only because it is difficult to track but there is no agency responsible for this currency. Just like other currencies, to become a legal currency requires licensing that must be recognized in every country. Therefore, every time the government discusses bitcoin, the question is who is responsible for it? because for some rules in every country, bitcoin always has a conflict with the regulation of the Act.

[carlisle1]

never that the government will ever lose control specially when we are talking about financial ways because they can put any barricade to crypto if this near to come so let us not belittle the capacity of governments in such a way.
they can put taxation or even find ways on banning crypto if they see these issues sooner that is why i believe that the control will always be from the government and not from anyone else.

I will be more agree if bitcoin to be payment, but not replace fiat. I think replace fiat is not that easy to do. But be something that can be as payment  with fiat and another digital payment. With that, people can choose what they want to use and not afraid if they are break the law in country that he use bitcoin as payment.

there are no ways that Bitcoin will replace fiat or either Bitcoin will be killed by fiat so nothing can be done against each other instead they will be used both together in future.

[msarro]

First of all that's never gonna happen. Governments and other centralized bodies have already started taking measures against crypto.
In true decentralized crypto there is no council and controlling body, everyone who owns bitcoin has the voting right.

[wozzek23]

If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control.

Therefore a new system would be needed to run each country. What do you think would be the new body of control?
How could this work?
What type of system would be put in place on this.?
I don't think the people can control themselves as too many minds and ideas of where things can go in a direction. Therefore you still need a council or kingdom of control.

your thoughts.

This is not even going to happen. If such thing is close to happening the government would look for a way to stop it from happening because what’s the need for a government if they don’t have any control on money?

Money is an important factor in the economy, so without it what else are they really governing? So, if they find out that people are really leaving the main system and switching to a new method which is 'cryptocurrency’, they would declare it illegal and anyone found with cryptocurrencies would be seriously dealt with to the extent they won’t ever try it again.

So trust me, that’s never going to happen. I even prefer as things are right now, at least we have peace of mind in the community and the government are not disturbing us.

[perla]

I will be more agree if bitcoin to be payment, but not replace fiat. I think replace fiat is not that easy to do. But be something that can be as payment  with fiat and another digital payment. With that, people can choose what they want to use and not afraid if they are break the law in country that he use bitcoin as payment.

yes that's what I want, bitcoin can be used to buy things or shop in a number of more countries that haven't been able to use it, it's true, to make bitcoin replace fiat money is not easy, and certainly requires a long process, even though bitcoin can already be used to shop or buy things, and fiat money is still going well, someone can have the choice of wanting to use the payment system with bitcoin or other digital currencies or with fiat money.

Will be more good if everything is balanced. Maybe this words is for people who really want to replace fiat with crypto. We don't need to do that thing, as long people can use bitcoin or another cryptocurrency to be payment maybe in new country that we visited, it already good.

[ChrisPop]

I don't think we need bodies of control. We won't need central banks anymore if we all were to adopt bitcoin as the mainstream currency, but it's yet to be seen if it is going to transform in a world-wide adopted currency or it is going to be a point of reference for the value of assets like Gold is today.

Exciting things are to come and I'm happy to be alive during these times.

[kecha1]

If the banking system falls, we will need a new more advanced financial system that will adjust the rate of the main cryptocurrency.

[Linkkoin]

Technically speaking, we already have a body which tries to do so, known as FATF. And even though their rules do not have binding power, the states which are not following the "recommendations" are facing severe repercussions including partial or full cutting off from the international financial systems.

[Yatsan]

If this will be a total set of new system to be adopted, considering that we will quit the existing we have such as banks, it depends if it is the cryptocurrency to be considered as the new system. But I don't think it could be properly called as Control, as control means regulation for me, and in order for cryptocurrency to be regulated, it should be created mainly by the government, where they could set the protocol they want, because in terms of cryptocurrencies that are already well established in the market, it is far too impossible for a strict control for making the country in good shape to happen as people will achieve complete freedom to their financial life, living in a 50/50 condition of having positive and negative impacts.

[Cimmy_revenger]

the financial regulatory authority bridges for the type of payment using bitcoin and converts to use FIAT in the country of the shop where it sells.
the government can still control.

[CarnagexD]

I will be more agree if bitcoin to be payment, but not replace fiat. I think replace fiat is not that easy to do. But be something that can be as payment  with fiat and another digital payment. With that, people can choose what they want to use and not afraid if they are break the law in country that he use bitcoin as payment.

This is particularly what could happen if we take into account bitcoin's current stature in the economy wprld and how the global economy fares so far. That being said, bitcoin might be an alternative currency people can use especially those countries that are struck with hyperinflation because those countries are specifically the ones that will benefit the most from bitcoin.

[pixie85]

The government would still exist it just wouldn't be able to print money. It would have to ask people for donations for various tasks and do something to get money. Now they can take money from us in taxes and then decrease the value of our fiat by increasing the supply and robbing us once again.

If Bitcoin was used widely they would have to work to get paid like everybody else and would not be able to promise something and not do it because they would be paid for the results.

[diahsw]

in my opinion, the system that has been used by bitcoin is good and in accordance with the current era, but still vulnerable to theft, while banks are no longer vulnerable to theft, maybe that should be corrected.

[Artemis3]

If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control.

Therefore a new system would be needed to run each country. What do you think would be the new body of control?
How could this work?
What type of system would be put in place on this.?
I don't think the people can control themselves as too many minds and ideas of where things can go in a direction. Therefore you still need a council or kingdom of control.

your thoughts.

Nope, governments can exist without messing with the money. But of course they are forced to be more transparent, as they cannot cover their overbudgetting and corruption with printing money anymore.

This is not unlike a country that is using another country's money. Ie. Ecuador can do nothing to the USD, they are slave to whatever the American politicians do to it (including its destruction).

There is no need for any system. the money is the money and that's none of the business of the State, just like religion got separate from it earlier in history, now its the money.

Banks can still exist sure, and financing, but they are simply much less important, and pretty much optional. So there will be less of them.

No control is precisely what this is. The State can keep fighting crime, just not by manipulating the money or freezing it. Money will flow around the way people owning it want to, and that's the end of it.

Back when Satoshi still talked, one of the first media scandals was the fact that after the US Gov ordered VISA/MC to block donations to Wikileaks, people kept doing it with Bitcoin. Oh the outrage, even Satoshi came to say they have nothing to do with them. Still, nobody, not even Satoshi had a say on the flow of this money, which i'm sure kept flowing there, maybe even today.

This is the beauty of Bitcoin, and one reason its so valuable, vs. other forms of money that can be intercepted, and frozen on the whim of a few.

[Youghoor]

If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control.

Therefore a new system would be needed to run each country. What do you think would be the new body of control?
How could this work?
What type of system would be put in place on this.?
I don't think the people can control themselves as too many minds and ideas of where things can go in a direction. Therefore you still need a council or kingdom of control.

your thoughts.

First and foremost, blockchain technology will be the new system that will be running the financial ecosystem. And moreover, the decentralized nature of blockchain technology do not really need a body or institution to be in charge of how transactions are made. Everyone will be in charge of the financial activities in the financial ecosystem if bitcoin and blockchain technology take over the financial space.

[bgaf]

That's a bit hard to implement IMO. Bitcoin is created as a peer to peer purposes where Satoshi's original purpose is to not let anyone control over people's asset. That's why btc is the most controversial digital currency until now. There's hope for the crypto industry as long as those who are reigning in power wouldn't mind controlling it.

Government and Banks are the least people who can expect a change for the current system. What do you think investors will do if they have been restricted to many of those rules by the government. Taxes? Oh no! Maybe they would just leave this market and find other ways of gaining profits. Taxes are responsibility but abusing it that's what most avoiding here.