What next after bitcoin ?

[Thanos01]

Hey ,
so i was wondering all the time , we all know that satoshi build bitcoin as a digital cash to fight the current financial system that is controlling the world and even to become a new payment system , but all that time i was wondering also what if governments really accepted bitcoin and one day they wont have a problem with bitcoin exchanging the gold or the usd as a payment method , how we gonna do it ?

i mean how we gonna move from the current financial system to the new decentralized one , i believe that we wont just shut down the usd and turn bitcoin on because its not working like that .

so any one can give me clear and simple explanation about how this gonna work ?

[Upgrade00]

we all know that satoshi build bitcoin as a digital cash to fight the current financial system that is controlling the world and even to become a new payment system

This would depend on what "fight" means in the context. Bitcoin is a peer to peer Network which eliminates the need for a third party, it's pretty much a financial innovation which offers people an alternative to the existing system. All innovations in the past were not fighting the existing systems, rather the innovators discovered different ways to do things and applied this. This lead to the existing ones being dropped in some cases, both being used alternatively or the new one not taking off at all.

but all that time i was wondering also what if governments really accepted bitcoin and one day they wont have a problem with bitcoin exchanging the gold or the usd as a payment method , how we gonna do it ?

A lot of governments have already taken a positive position about Bitcoin and bitcoin can already be used to exchange USD or gold.
Also, Bitcoin doesn't need the approval of world governments to work

i mean how we gonna move from the current financial system to the new decentralized one , i believe that we wont just shut down the usd and turn bitcoin on because its not working like that .

Firstly, Bitcoin is always on. And there doesn't have to be a full transition from one system to the other. There may be a collapse of the fiat system in the future and an emerging digital one with Bitcoin or some other currency at the fore.
It's almost impossible to predict when, how or if that would happen.

[hatshepsut93]

There are two main ideas - one is that people would just start using Bitcoin more and more, it will be like today's cash. Some economic in this world are still based primarily on cash. The other idea is that fiat money will collapse, like in Zimbabwe or Venezuela, and people will flow to Bitcoin while government will be powerless to stop them. Both these ideas have flaws. In first case, the government won't just sit and watch how the economy moves into the shadows. They could ban exchanges to kill liquidity, and without liquidity adoption will slow down. With the second idea, it's never certain that fiat will collapse. They could just relaunch it like it happened many times in history, and citizens would keep using it instead of looking for alternatives.

[robelneo]

Hey ,
so i was wondering all the time , we all know that satoshi build bitcoin as a digital cash to fight the current financial system that is controlling the world and even to become a new payment system , but all that time i was wondering also what if governments really accepted bitcoin and one day they wont have a problem with bitcoin exchanging the gold or the usd as a payment method , how we gonna do it ?

i mean how we gonna move from the current financial system to the new decentralized one , i believe that we wont just shut down the usd and turn bitcoin on because its not working like that .

so any one can give me clear and simple explanation about how this gonna work ?

I don't see it that way but I could be wrong, each government will not accept Bitcoin to replace fiat that they've issued, they do not have control over Bitcoin, governments are all about control, they can issue their own Cryptocurrency but adopting Bitcoin to replace their issued currency I don't think so, they can co-exist and this is favorable to both government and the Cryptocurrency technology, the government sees many projects and business evolving around Cryptocurrency and they want to have a share of their revenues.

[Bitcoin_Arena]

The fact is most, if not all Governments won't accept Bitcoin to be used as their official currency because
1. They can not control Bitcoin (like printing more Bitcoins on demand)
2. They cannot control the price of Bitcoin. We all know how volatile bitcoin price is
3. They won't be able to freeze or undo Bitcoin transactions once confirmed etc

What I think may happen is that Governments may borrow the idea of Bitcoin and try to create centralized alternate blockchains that can act as currencies. Bitcoin will remain as a currency for those who prefer freedom and some level of anonymity

[akirasendo17]

I think the government can't stop bitcoin now, they only have to choices to accept bitcoin, or ban it in their country, but we know it's not gonna be that easy and simple, the most brilliant thing that maybe they should do is to accept bitcoin as a currency together with our money, also if they are really serious stopping bitcoin they should have done it a few years ago, maybe they are just testing the waters, see how it goes, as we know the government can use bitcoin to fund their projects, so maybe they will be imposing tax like other countries are doing slowly, and that is a bit scary.

[cryptoaddictchie]

A lot of governments have already taken a positive position about Bitcoin and bitcoin can already be used to exchange USD or gold.
Also, Bitcoin doesn't need the approval of world governments to work

Provided that many have been accepted bitcoin. Probably there are still some countries that would not agree with the majority. Im sure there are still anti crypto countries that will oppose this. Yeah you are right government doesn't need approval for Bitcoin however, people is mandated by the government. So in any case there is provision related to using or trading bitcoin, we will be affected by it no matter how decentralized it is. Let say a country imposed a rule that everyone who trading bitcoin will have a case, well people are definitely gonna hide if they are gonna do it.

[mk4]

The government doesn't really need to "accept" bitcoin for us to be able to use it for it's purpose. I mean, we're using it right now regardless if it isn't totally legalized.

Also, we don't necessarily need to shut down USD at all, because how can we? Only the government can do that, and obviously they won't. Both BTC and USD can definitely coexist.

[qwertyup23]

The fact is most, if not all Governments won't accept Bitcoin to be used as their official currency because
1. They can not control Bitcoin (like printing more Bitcoins on demand)
2. They cannot control the price of Bitcoin. We all know how volatile bitcoin price is
3. They won't be able to freeze or undo Bitcoin transactions once confirmed etc

What I think may happen is that Governments may borrow the idea of Bitcoin and try to create centralized alternate blockchains that can act as currencies. Bitcoin will remain as a currency for those who prefer freedom and some level of anonymity

The purpose for the creation of bitcoin was to create a decentralized currency free from outside control. This eliminates any third-party that handles our cash which is based purely on "trust". If the government were to create their own centralized currency, this goes outside the main purpose of decentralization and freedom from outside control.

Bitcoin will still remain even to the years to come due to this revolutionary aspect. Even if the government were to intervene, I doubt that they can eliminate completely the existence of these coins.

i mean how we gonna move from the current financial system to the new decentralized one , i believe that we wont just shut down the usd and turn bitcoin on because its not working like that .

so any one can give me clear and simple explanation about how this gonna work ?

I doubt that the current traditional system will shift to a decentralized one in the coming years. I personally think that bitcoin and our respective currencies can co-exist with each other with one not replacing the other.

[Darker45]

Bitcoin is already accepted by certain governments. Bitcoin is also accepted by certain business establishments. It is also openly and legally traded on duly registered trading platforms. In other words, Bitcoin is already legal.

However, I don't think we should expect a total move from our current centralized financial system to a new decentralized one which is Bitcon-focused. It is impossible. There is always a central power. Detaching money from governments has been discussed a number of times but it seems to me it is next to impossible to actually take place. Money is everything. For governments to let go of any influence over monetary policies is suicidal.  

So I guess the best that would happen is that Bitcoin is being used side by side with fiat.

[Trinx01]

We do need the government to accept bitcoin, bitcoin lives for so many years without any connection with the government, we don't need to please them just to accept bitcoin, if they don't want then let it be but there are already some establishments that accept bitcoin as means of payment and some of the owner of those establishments are connected with the government.

[AniviaBtc]

Bitcoin is already accepted by certain governments. Bitcoin is also accepted by certain business establishments. It is also openly and legally traded on duly registered trading platforms. In other words, Bitcoin is already legal.

Yes, bitcoin is really becoming much popular these past few months, and now that we are in a new year 2021, I think bitcoin will grow more.

Not all countries or regions do already accept bitcoin in their economy and market. Some countries do still have a bad reputation or mindset towards bitcoin and I know that it is really not that easy to fully adopt bitcoin that easily. Bitcoin is already legal, yes, but in only in some part of the world because not all governments are open-minded about decentralized currency.

[Eureka_07]

There are two main ideas - one is that people would just start using Bitcoin more and more, it will be like today's cash. Some economic in this world are still based primarily on cash. The other idea is that fiat money will collapse, like in Zimbabwe or Venezuela, and people will flow to Bitcoin while government will be powerless to stop them. Both these ideas have flaws. In first case, the government won't just sit and watch how the economy moves into the shadows. They could ban exchanges to kill liquidity, and without liquidity adoption will slow down. With the second idea, it's never certain that fiat will collapse. They could just relaunch it like it happened many times in history, and citizens would keep using it instead of looking for alternatives.

IMHO, I believe not all fiats will go down, I mean there will always fiats that will remain strong in the market since the governements that manages those are successful on controlling the effect of bitcoin to their fiats.  If I were to ask, ofcourse I prefer the decentralized one, however just like what you said, government will not just sit and do nothing about it.
We can't do anything if they will ban exchanges, governments are such powerfull institution that we have in our society, we'll just follow what it says.

[dondonk]

If one day the government totally accepts bitcoins I think there will be some kind of system that makes it easier to convert between fiat currencies to bitcoin / altcoin. so that every transaction in both crypto and fiat currencies can be done even if we only hold crypto or fiat.