What would a Crypto-only economy look like?

[ecnalubma]

Too much freedom is dangerous, decentralisation is good however I think we don’t have to decentralise everything specially the economy everything has their primary functions and some don’t need to be disrupted. Let banks and crypto exists harmoniously, balance should always be maintained.

[suvo05]

If someone's wallet got hacked and crypto got stolen or someone got cheated then where he should complain then?  A crpto only economy will be a safe haven for cheaters and hackers.  Rather a balanced centralized and decentralized system will be better for world economy.

[Renampun]

If someone's wallet got hacked and crypto got stolen or someone got cheated then where he should complain then?  A crpto only economy will be a safe haven for cheaters and hackers.  Rather a balanced centralized and decentralized system will be better for world economy.

Right, we need protection...
crypto-only economic is not a safe thing because legal protection from the government has not yet appeared, if there is protection from the government then economic pure crypto is perfect.

[enhu]

If people wouldn't trust the government, there will be chaos first before having the light of crypto economy that we dreamt of. One example of this is the current situation in US where the black community is protesting and that there are looting everywhere.

What crypto-economy had achieved today is actually good already, its a slow progress but we'd get there, we don't have to be anti-government.

If someone's wallet got hacked and crypto got stolen or someone got cheated then where he should complain then?  A crpto only economy will be a safe haven for cheaters and hackers.  Rather a balanced centralized and decentralized system will be better for world economy.

Right, we need protection...
crypto-only economic is not a safe thing because legal protection from the government has not yet appeared, if there is protection from the government then economic pure crypto is perfect.

Sure thing. There are countries already supporting BTC, this alone will make a big impact to crypto economy. There are also banks and institutions, it won't be long we're all gonna be using crypto.  We'd realize soon that our parents will be installing wallets without our knowledge.

[Jorge158]

Too much freedom is dangerous, decentralisation is good however I think we don’t have to decentralise everything specially the economy everything has their primary functions and some don’t need to be disrupted. Let banks and crypto exists harmoniously, balance should always be maintained.

Very true. Too much freedom without regulation will cause havoc within the crypto space. In situation like this, the projects will hide behind the name of decentralization and cheat users. It is better for a balance in the both cryptocurrency and Banks. However, crypto will always surpass that of Banks due to its revolutionary services.

[aioc]

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 wonder what it would be like living without a government because this is the concept of living since the beginning, there should be a leader whether elected or by birth, so far there's not been a country or a place that has no leader or governing body, because without a governing body there will be no rules, because who will set up the rules, only those who can lead us.  

[TheGreatPython]

The year is 2060, you wake up in the morning in your capsule that helps you sleep whenever you want and wake up whenever you want, without having any sleep issues ever again. Your robot brings you the coffee you like so much, it was designed to be ready as soon as you are done with your morning routine. You go to work, you work all day on a factory overseeing robots working, you do not really work yourself, you are just there to supervise the robots.

You go home, you put on your head set VR system to be in the movie you liked so much that you watched 10 times already, they make you one of the characters in the movie and changeable depending on your actions. You order a food from a machine, the machine sends info to company you like so much, your food is made and sent to your machine directly. All of this? Done with crypto payments all around from waking up to going to bed.

[Lorence.xD]

Crypto economy is promising on paper but when you put it into practice then there will be drastic changes, cryptocurrency will no longer be a decentralized currency because they are now injected into mainstream circulation which means that they will have taxes and young rascals who know programming will either fake crypto or create a device that will steal other people's cryptocurrency, there will be increased demand on power because the world's economy is relying on digital currency which means that a simple outage could cause a disruption in the economy, and the imagine if some terrorist does the unthinkable and creates a massive electromagnetic pulse that short circuits the machines thus disabling the digital economy indefinitely, most of this are just speculations but I still believe that we will reach this future which is better than what I imagined.

[Omnipotent1]

What worries me about such a reality are the criminals who might kidnap, force others to give them Bitcoins. It will happen in such a scenario.

[Botnake]

What worries me about such a reality are the criminals who might kidnap, force others to give them Bitcoins. It will happen in such a scenario.

As long as there's still a law and order, that will not happen, in fact, I believe the crime will be lessen as our money can be trace in the blockchain.
If a kidnapper will demand for a ransom money, and if that is bitcoin, they will provide an address for bitcoin to be deposited and it's easy for the authorities to keep track of that money, and since everything is regulated, it will be hard for them to cash it out or sell it as that address could be mark as stolen funds or funds from criminal activities.

[Mikeowen]

That is a utopian world.

[Abiky]

The year is 2060, you wake up in the morning in your capsule that helps you sleep whenever you want and wake up whenever you want, without having any sleep issues ever again. Your robot brings you the coffee you like so much, it was designed to be ready as soon as you are done with your morning routine. You go to work, you work all day on a factory overseeing robots working, you do not really work yourself, you are just there to supervise the robots.

You go home, you put on your head set VR system to be in the movie you liked so much that you watched 10 times already, they make you one of the characters in the movie and changeable depending on your actions. You order a food from a machine, the machine sends info to company you like so much, your food is made and sent to your machine directly. All of this? Done with crypto payments all around from waking up to going to bed.

That sounds very futuristic. And to say the least, it's 40 years away from now. I think that COVID-19 will further encourage people to use crypto payments than anything else. Even Fiat will become "digitized" paving the way towards a crypto-only economy in the future. Either centralized or decentralized, the world's economy will never be the same. One thing for sure is that in the future, there will be automation everywhere. Robots will definitely replace most human jobs, bringing greater efficiency and reliability to many industries/areas of the world. Crypto will completely replace physical cash, either through CBDCs or decentralized cryptocurrencies like Bitcoin and Ethereum. The most likely scenario will be a crypto-only economy divided by the centralized and decentralized world. Governments will have their own cryptocurrencies (CBDCs) where they can manipulate them as they do with cold, hard cash. On the other hand, decentralized cryptocurrencies will be used by people more thoroughly in the mainstream world.

With so many interest into crypto and Blockchain technology, we're certainly heading towards a crypto-only economy in the future. It's only a matter of when will it happen? With COVID-19 in play, I'm sure that this will be quicker than most of us have ever imagined. Just my thoughts

[TopExchanger]

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

[PavelMed]

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.

[hahay]

It looks like it will not be possible because I think the government is strong and difficult to overthrow and the world with its economy will continue to be under the rules of the government, because it seems to have become a tradition that will at least be maintained all the time. Resistance to the government because of the bad economy sometimes happens but if they change the pattern as a whole and apparently not, they will only continue to be the mainstay of governance to regulate the country's economy.

[Afzal0]

This part is 100 percent true, that in digitalisation it is a large part of a whole era of money centralized control and does not require any third party intervention.

[GelsoAM]

I still like to imagine that crypto is the new fiat. Which is great but I feel like it will be unlikely because of the big corporations. Imagine if crypto becomes the new foundation of our economy companies like Apple, Samsung, Amazon will plummet. While Crypto related companies sky rockets. So of course there will be tension with those companies demanding a place at the crypto world.

[freedomgo]

It will be difficult to imagine a society without fiat money. when there will be no more central banks and governments, we will not be protected anymore. then exchanges will constantly scam users and no one will interfere with this. Crypto market is inherently a decentralized market and no one can control it. when an important subject is illegal and unstable, so will our society.

Protection is coming from the government, if they opt not to allow bank to operate anymore, we can expect that exchanges will be more strict in terms of regulation and they will have a similar bank policy as they are still under the monitoring and supervision of the government.

We just change the system for online transaction, from centralized to decentralized and from paper money to electronic money, but the government will stay.

[Negotiation]

Fiat must be there to run the crypto economy No one can ever plan anything other than Fiat And Fiat can't break the currency crypto Crypto Decentralized Here people can work as they wish so even if the demand for fiat is less than that of crypto it is not possible to improve the crypto economy without fiat currency Crypto has been in the Fiat currency market since before.

[Ucy]

if someone's wallet got hacked and crypto got stolen or someone got cheated then where he should complain then? A crpto only economy will be a safe haven for cheaters and hackers.  Rather a balanced centralized and decentralized system will be better for world economy.

Those^ problems could very well be handled in decentralized structure.
In my opinion, most public things shouldn't be centralized in the first place. Centralization encourages secrecy, corruption,  rule/law breaking, manipulation, etc.
Once your business begins to serve the public, the public has the right to know how things they consume are handled, made or produced. You can't just trust blindly as far as human is concerned.   In an ideal situation, food companies/businesses for example would be very transparent and decentralized. They can't be really transparent if they operate in centralized manner.