What would a Crypto-only economy look like?

[Febo]

Most people on the world have no access to banks.

Yes, and they use cash.

Most people on the world have no access to banks. and this banks will be automated.

Why put a lot of hassle just to automate things if they can simply use cash?

With Bitcoin you can use your coins the same hour.

Cash?

All digital asset will get tokenised to prevent piracy. Much more that I could not think of.

Will it improve basic needs though? , have pretty much nothing to do with digital assets and privacy.

Cash has nothing to do with banks. Banks do loans or better banks link those that need money and those that have it on store. More then half worlds population dont have this option.  
Cash is fine if you deal close by. If you deal over some distance people mainly use some banking solution payments and that takes time.
No, the Bitcoin is digital. It can only secure digital asset and they have most problems with copies. Bitcoin will  not solve counterfeit of food, shelter, clean water, and clothes.

[abhiseshakana]

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?

I don't see a gap that bitcoin can break through existing systems. If there is a revolution towards a decentralized system I am excited to know how the rulers of the pyramids took positions in a decentralized system.

But in my opinion the adoption of a full decentralized system is not possible. Because it is not the plan of the maker of the world economic system. They agree with blockchain technology and the use of algorithms but they still want to preserve their wealth. The economy in the future only looks different from conventional to modern but the gap between rich and poor will still be seen.

Cashless life is easy but life without fiat is a utopia, because the rulers of the world economy (the haves) will not be willing to lose their coffers. America will still be a tool for them to hegemony the world. Only if the way it used to be with combat war is now used in more effective ways, namely through currency domination, technology domination, and technology resource dominance.

[camito]

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?

Imagine. That's the first task. Not every country can take up a cryto-only economy. If, for example a country does, I think it would be hard for it to export its goods and trade commodities and services without the aid of gold. Consequently, third world countries can't enter the market of a crypto-only country because of that mere fact. How can exchanges even happen. I think this idea is not yet feasible.

[mu_enrico]

Cash has nothing to do with banks. Banks do loans or better banks link those that need money and those that have it on store. More then half worlds population dont have this option.  
Cash is fine if you deal close by. If you deal over some distance people mainly use some banking solution payments and that takes time.
No, the Bitcoin is digital. It can only secure digital asset and they have most problems with copies. Bitcoin will  not solve counterfeit of food, shelter, clean water, and clothes.

So "the GDP will grow a lot," as you said because transactions occur in a long-distance, a.k.a online payments? And it can secure digital assets, hence removing the counterfeit digital assets?

What if there's no (or only a minuscule) digital asset to be secured in the first place if you talk about developing countries. Plus there are fintech companies offering pretty much instant transactions with QR code and even phone number?

[Ladysmith]

A crypto-only economy is not ideal due to the fact that cyber-space is inherently fragile.

The shift towards blockchain transactions will be gradual and will require easy to use and safe platforms.

There should be a way to use any currency out there (fiat, crypto, or even other goods and services as payment) in a decentralized way.

https://virieprojectblog.com/the-currencies-of-a-free-market/

[shoreno]

A crypto-only economy is not ideal due to the fact that cyber-space is inherently fragile.

The shift towards blockchain transactions will be gradual and will require easy to use and safe platforms.

There should be a way to use any currency out there (fiat, crypto, or even other goods and services as payment) in a decentralized way.

https://virieprojectblog.com/the-currencies-of-a-free-market/

fragile  ? how . just because its online and you cant feel them and you think that means weak ?  but no for me  . 

there are now many securities invented or upgraded so that hacks can be prevented  . fiat or any other goods cant be same as crypto or cant be decentralize  imo   but people right now have the option to choose if what they prefer  . sure the majority can switch to blockchain but this will be slow and it isnt easy  but safe ? yes it is   .

[Febo]

Cash has nothing to do with banks. Banks do loans or better banks link those that need money and those that have it on store. More then half worlds population dont have this option.  
Cash is fine if you deal close by. If you deal over some distance people mainly use some banking solution payments and that takes time.
No, the Bitcoin is digital. It can only secure digital asset and they have most problems with copies. Bitcoin will  not solve counterfeit of food, shelter, clean water, and clothes.

So "the GDP will grow a lot," as you said because transactions occur in a long-distance, a.k.a online payments? And it can secure digital assets, hence removing the counterfeit digital assets?

What if there's no (or only a minuscule) digital asset to be secured in the first place if you talk about developing countries. Plus there are fintech companies offering pretty much instant transactions with QR code and even phone number?

I definitely did not focus on digital asset in developing countries in any of my repply.  This dont lead anywhere if you believe there is no digital asset to be secured. We seems to live in different worlds.  

[bitgolden]

There can't really be a revolution without money or work neither, you need to basically make sure that fiat exists even after a political revolution. Look at Cuba, or Russie when they became soviet Russia, they still had money and they made it work. I do not mean political revolution just in communism sense, it could be reverse as well, Cuba could become a capitalist country who knows.

But, in any case fiat is needed as always. Crypto could just continue to compliment fiat and that would be the best ideal world for both of them. Decentralization however and blockchain is direly needed, there is a tracing situation that is not really nice, we do not really want governments to know it. But if governments could print out their own stablecoins like USDT but by the government, that could work wonders in the wider world.

[mu_enrico]

This dont lead anywhere if you believe there is no digital asset to be secured. We seems to live in different worlds.  

Yes you live in your imaginary world. Securing digital assets can lead to "GDP grow a lot" huh? So smart! bye, your rank is a disgrace!

[FanatMonet]

All this is similar to utopia, because if hackers clog the transaction processing pool, then people will not be able to use their money to pay for anything, you will have money, but you will not be able to use it for anything, or you will have to pay a very large commission.

[Petryakov]

I don't see a gap that bitcoin can break through existing systems. If there is a revolution towards a decentralized system I am excited to know how the rulers of the pyramids took positions in a decentralized system.

But in my opinion the adoption of a full decentralized system is not possible. Because it is not the plan of the maker of the world economic system. They agree with blockchain technology and the use of algorithms but they still want to preserve their wealth. The economy in the future only looks different from conventional to modern but the gap between rich and poor will still be seen.

Cashless life is easy but life without fiat is a utopia, because the rulers of the world economy (the haves) will not be willing to lose their coffers. America will still be a tool for them to hegemony the world. Only if the way it used to be with combat war is now used in more effective ways, namely through currency domination, technology domination, and technology resource dominance.

Interesting, how you see it. But aren't people actually the makers of the world economic system? I don't see how Bill Gates or Rothschilds or whoever else form the aggregate demand. What if people simply say: we do not want to buy anything, unless it's sold for crypto? I think you exaggerate that global conspiracy stuff and underestimate the power of common people.

[Abiky]

In the crypto-only world, I am pretty sure that major banks and other industries would simply create centralized altcoins of their own to join the game. And some people, who prefer guarantees and someone being responsible for handling their money (this might even be the majority) would opt for these centralized cryptocurrencies. As for Bitcoin and altcoins, the influx of users might be too big with transaction fees spiking unless people are encouraged to use a less popular coin. With many coins on the run and no regulatory framework or particular trust to any of those, many businesses might accept only some rather than others, and prices would be a mess due to volatility.
I don't think the world is ready for this. In a hundred years of gradual changes it might be, but if it were to happen within 5 years from now, I think it would be a disaster.

Good point. The volatility is what kills crypto's ability to be used more thoroughly in the mainstream world. With CBDCs in play, who’d like to deal with decentralized cryptocurrencies in the first place? After all, most people and merchants use Fiat because of its stable price. Not to mention, Fiat is backed by the government which means that it's 100% regulatory-compliant. In the future, we might live in a full-fledged crypto economy that's controlled by central banks around the world. Centralization will always be there no matter how we may try to avoid it. People who prefer to truly own their money, will simply resort to decentralized cryptocurrencies like Bitcoin and Ethereum at the cost of unstable prices across the market. For each purpose in life, will be the type of cryptocurrency to use for mainstream transactions.

We still have a long way to go before we're able to experience a crypto-only economy in our world. Physical cash is still relevant these days, despite COVID-19. Old people are reluctant to change, so we're going to have to wait until everyone (especially new generations) adopts digital payments. Once that's done, governments can start rolling in their CBDCs, phasing out physical cash at a slow and steady rate. Only then, we’ll be able to use cryptographic money (either centralized or decentralized) for nearly everything we do in daily life. Just my thoughts

[Gozie51]

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?

Such time will definitely be like robots that are living in the world because everything thing will go digital. We would have so many robots than human doing jobs. Crypto trading too will be more of customers to operate with robots. So much agencies will be worthless.

[Negotiation]

In the current age of technology the world will improve. Everything will go digital and will be driven by the crypto market and digital technology The economy of the crypto market will rise further. You are right every trader will manage everything by a robot. Robots should look like humans Banks will manage everything by robots This will speed up our transactions. The demand for the crypto market will increase not only economically but also the whole world will prosper.

[carlisle1]

In the current age of technology the world will improve. Everything will go digital and will be driven by the crypto market and digital technology The economy of the crypto market will rise further. You are right every trader will manage everything by a robot. Robots should look like humans Banks will manage everything by robots This will speed up our transactions. The demand for the crypto market will increase not only economically but also the whole world will prosper.

Well never just look in crypto because remember Paypal is more popular and used worldwide than Bitcoin or other cryptocurrencies so never disregard the fact that in future there will be other electronic money will come and our market is just a part of it.

All this is similar to utopia, because if hackers clog the transaction processing pool, then people will not be able to use their money to pay for anything, you will have money, but you will not be able to use it for anything, or you will have to pay a very large commission.

i think this will never happen in crypto because hackers only victimizing individual but not the whole Blockchain.

This dont lead anywhere if you believe there is no digital asset to be secured. We seems to live in different worlds. 

Yes you live in your imaginary world. Securing digital assets can lead to "GDP grow a lot" huh? So smart! bye, your rank is a disgrace!

Funny but Indeed lol.

[Abiky]

Such time will definitely be like robots that are living in the world because everything thing will go digital. We would have so many robots than human doing jobs. Crypto trading too will be more of customers to operate with robots. So much agencies will be worthless.

Agree. We'll be living in a world filled with automation, where robots will replace most human jobs of today. Everything will be intangible based on Blockchain technology. Supply chains, real estate, proof of ownership, and even personal and medical information will live on the Blockchain. Bitcoin's core tech will serve as the "layer of trust" for everything, replacing third parties as we speak. Maybe central banks will cease to exist, as governments rely on computer systems around the world to support their own Blockchain networks? My guess is that Fiat currencies will be completely digitized, in a completely decentralized manner. Governments will still be able to collect taxes from each person's holdings, but they won't be able to interfere as everything will be completely decentralized. At least, that's the idea. But it might turn out that our economy will still be centralized in the future, even with CBDCs in play.

When speaking about a crypto-only economy, we're referring to digital currencies. This includes both centralized and decentralized cryptocurrencies. CBDCs (Central Bank Digital Currencies) could be also considered cryptocurrencies, except that they're centralized (unlike traditional cryptocurrencies like Bitcoin and Ethereum). It'll be more like a "cashless society", where people will conduct transactions either from their mobile device or an implant in their own bodies. The latter option seems more likely to become a reality in the not-so-distant future. A crypto economy powered by implants, makes people's lives much more convenient eliminating the need to carry with physical devices to make a payment in the mainstream world. With due time, we'll be able to experience this as COVID-19 will accelerate the evolution of money in a blink of an eye. Just my thoughts

[conhela]

In this world, governments and big corporations might cease to exist as everything will be guided by both Blockchain technology and AI.

I don't know why big corporations would cease to exist. Bitcoin and other cryptocurrencies created a new market for big corporations.

For example, mining. You can't just make a start up company and start manufacturing a new asic or GPU, as those hardware are very complex. It is normal that two or three big corporations dominate that market.

Additionally, hardware wallets. We can already see 2 main companies manufacturing hardware wallets.
You can also see other big corporations in exchanges market.

Big corporations will not cease to exist...

The idea of a truly decentralized world is not just replacing fiat with a blockchain based currency and call it a day. The idea is, for example, within governments, that things like bills and so on are transparent thanks to blockchain solutions, things like government's bonuses and payouts CAN'T be laundered out of the way or hidden because the blockchain is public and anyone can follow where the money goes. Which would lead to less corruption.

That's point #1, and #2 would be, some big corporations THRIVE on govmnt corruption (see AT&T for example), if the scheme of payments, money or w.e would be changed to a decentralized one, I'm sure as hell AT&T would have to reform their way of doing business. Other businesses as you say like Nvidia, AMD, Samsung, etc, they cover specific markets and are COMPETITIVE at it, at least to an extent, they don't depend on monopolizing via corruption which is what the blockchain can and WILL solve.

It's not just as simple as replacing fiat, it's really a change in the way that public processes can be made accountable.

[thesmallgod]

Well, I do not think this can ever happen in the future here in africa. If the owe economy is run in form of crypto, I trust we are going witness a lot of people losing their crypto probably because they cannot remember the their paraphrase or they carelessly send coin to a wrong address. Also, in term of the pros, people wont have to depend on put their trust in financial institution to grant or keep safe their money. Also, we could all monitor the way our government spend and how much monthly allocation is paid to states. We can finally know the number of people that donate or raise fund for a particular course.

[BitcoinTurk]

Although this is not possible today, it is a possible possibility in the future.  Of course, in order for this situation to be fully realized, state-supported crypto money should be issued and governments should make regulations in this direction.  The main reason for this is the big problems that uncontrolled economy can create.  Although it is contrary to the vision of cryptocurrencies, a cryptocurrency-based economy cannot be considered without government control.

[Ucy]

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?

I don't see a gap that bitcoin can break through existing systems. If there is a revolution towards a decentralized system I am excited to know how the rulers of the pyramids took positions in a decentralized system.

But in my opinion the adoption of a full decentralized system is not possible. Because it is not the plan of the maker of the world economic system.. .

It should be possible and easy to achieve once people understand what decentralization actually means.  If you can have "fully centralized" systems you also can have "fully decentralized" ones.

This explains what decentralization actually means in my opinion: https://bitcointalk.org/index.php?topic=5249300.msg54453340#msg54453340

Is that ^ so hard to achieve.

The decentralization doesn't necessarily have to be imposed, though it's the right way to go. And no one has the right to stop people from choosing and following the right way.