What would a Crypto-only economy look like?

[coinfinger]

Imagine a world where businesses, merchants, and everyday people use crypto as the only medium of exchange. Everything will operate autonomously and decentralized without the need for third parties. In this world, governments and big corporations might cease to exist as everything will be guided by both Blockchain technology and AI. People will be able to gain autonomy over their own money, reducing corruption and fraud in every way possible. Negative events in the mainstream world will have little to no effect on the world's economy, as it lives in cyberspace. No one will be able to control people's actions worldwide, as it'll be a "free for all" scenario. Central banks will no longer be relevant, as people will become their own bank via the use of various interconnected Blockchain networks.

While all of this seems to be more of a dream than anything else, there's a possibility it could happen in the future if people lose trust in governments, central banks, and conglomerates alike.

This topic is a bit funny, you’re just imagining things that are not real, things that are not even supposed to happen.
How can you say that government will be no more and we will be guided by Blockchain and AI? You’re not serious. So, you’d prefer to be controlled by an AI? You might say that an AI can never be wrong, but you’re forgetting that they are being created by human beings, who can even find a way to control them.

Anyway, I cannot imagine such and I won’t really like such a world. Bitcoin is good, but it’s going to be like a secondary method of transaction while banks remain the primary method. They all have their parts to play, the only thing we should be worry about is making sure that we vote in the right people and take actions when we are meant to.

[The1Duke]

Crypto-only economy is nothing more than the libertarian day dream. When some countries ban cryptocurrencies right now, it isn't possible.

I will say that some do not prohibit. Most countries have declared cryptocurrency illegal. Could it be because it’s quite difficult to tax transactions? But the most interesting thing is that the officials who banned it themselves own bitcoins. At least in my country.

Even "most countries" had, banning things when you can't enforce the ban is a fool's errand. You may even argue it would help adoption.

[Abiky]

Crypto-only economy is nothing more than the libertarian day dream. When some countries ban cryptocurrencies right now, it isn't possible.

Maybe, maybe not. If governments shift entirely to the digital economy, then it's possible we might experience a crypto-only economy in the future. Even if governments decide to ban decentralized cryptocurrencies from usage, people can still access them. With decentralized exchanges, atomic swaps, and privacy solutions, anything's possible. Since the emergence of COVID-19, people have resorted to digital payments and online jobs. If the trend keeps up, physical cash will cease to exist paving the way for truly-digital Fiat currencies. CBDCs will truly enable a crypto-only economy like never before.

Nonetheless, time will tell us how long the world will become accustomed to crypto-only payments. As long as old generations stick to physical cash, it may take a long time before you and I will be able to witness an economy driven by both centralized and decentralized cryptocurrencies alike. Just my opinion

[PhucS]

Imagine a world where businesses, merchants, and everyday people use crypto as the only medium of exchange. Everything will operate autonomously and decentralized without the need for third parties. In this world, governments and big corporations might cease to exist as everything will be guided by both Blockchain technology and AI. People will be able to gain autonomy over their own money, reducing corruption and fraud in every way possible. Negative events in the mainstream world will have little to no effect on the world's economy, as it lives in cyberspace. No one will be able to control people's actions worldwide, as it'll be a "free for all" scenario. Central banks will no longer be relevant, as people will become their own bank via the use of various interconnected Blockchain networks.

While all of this seems to be more of a dream than anything else, there's a possibility it could happen in the future if people lose trust in governments, central banks, and conglomerates alike.

What are your thoughts?

Your ideas are quite interesting. But if applied in practice, I think it will be difficult to accomplish that. Firstly, if the government does not exist, I think that society will become chaotic, because there are no regulatory bodies that control people's activities. Second, there are many people in the world who still do not know, have not been exposed to cryptocurrencies, so trading and using them can be difficult. There are still many barriers to this idea

[princesspoppy]

Imagine a world where businesses, merchants, and everyday people use crypto as the only medium of exchange. Everything will operate autonomously and decentralized without the need for third parties. In this world, governments and big corporations might cease to exist as everything will be guided by both Blockchain technology and AI. People will be able to gain autonomy over their own money, reducing corruption and fraud in every way possible. Negative events in the mainstream world will have little to no effect on the world's economy, as it lives in cyberspace. No one will be able to control people's actions worldwide, as it'll be a "free for all" scenario. Central banks will no longer be relevant, as people will become their own bank via the use of various interconnected Blockchain networks.

While all of this seems to be more of a dream than anything else, there's a possibility it could happen in the future if people lose trust in governments, central banks, and conglomerates alike.

What are your thoughts?

Even though there are many people who do not like to rely their assets to the government and banks, I don't think it is a good idea for them to cease. There should always be someone in position to manage and arrange everything in order, this is where government applies. What I think needed is to change some government to have good governance over the people, in managing the economy as well as in monitoring every people's asset without the power to take over someone else's property. How it will happen, that I do not know. Also, banks are important for people who would like to take over their assets to something reliable and will take accountability.

This I think is the reason why cryptos were made is to offer  an option for some people but that doesn't mean it should take over the economy as a whole.

[Abiky]

Even though there are many people who do not like to rely their assets to the government and banks, I don't think it is a good idea for them to cease. There should always be someone in position to manage and arrange everything in order, this is where government applies. What I think needed is to change some government to have good governance over the people, in managing the economy as well as in monitoring every people's asset without the power to take over someone else's property. How it will happen, that I do not know. Also, banks are important for people who would like to take over their assets to something reliable and will take accountability.

This I think is the reason why cryptos were made is to offer  an option for some people but that doesn't mean it should take over the economy as a whole.

Without governments, everything would be a complete anarchy. But what if AI manages to solve this alongside Blockchain technology? We might be governed by "The System" instead of humans in the future. A crypto-only economy could be divided into two categories: centralized or decentralized. The people's money (decentralized) will be Bitcoin, Ethereum, and other popular cryptocurrencies we know and love today, while centralized cryptocurrencies will be entirely owned and manipulated by "The System". At least, that's the idea. But right now, banks and governments are too powerful and very unlikely to become replaced anytime soon.

An utopian world where people interact only with cryptocurrencies for everything is more than a dream than anything else. But sometimes, dreams become a reality. Everything will depend on how far people are willing to trust governments and central banks in these times of turmoil. If trust is lost, then the world will gradually shift to the decentralized realm. The crypto economy is already there but it hasn't replaced the traditional monetary system in its entirety. Maybe it'll be this way for the foreseeable future. In the end, crypto will remain as an alternative than a true replacement of Fiat in the mainstream world. Just my opinion