What can happen next time due to a lack of proper knowledge about Bitcoin?

[Alana Arden]

Well, don't you think if the whole world is dominated by cryptocurrency or bitcoin, then some people will face a huge problem?
  I have discovered some of the reasons for this. For example- 

1. When virtual currency or crypto-currency reigns all over the world, the banking system will be miserable, and a group of people (who do not know about crypto-currency or bitcoin) will be unemployed all over the world, who till now were working at the convenience of various banks.

2: Unemployed people (due to a lack of knowledge of currency requirements or benefits) will not be able to handle this shock in the first place, due to which they will face various financial, lateral, physical, and mental problems, which is a big challenge for them. 

3: Many developing or underdeveloped countries (especially those with low leverage) will consider cryptocurrency a curse rather than a blessing due to their lack of proper understanding of its importance.

4: I have seen among my acquaintances who still cannot fully trust the bank (banking is some kind of rigging or fraud) and therefore leave their valuable assets (gold or money) on their own instead of depositing them in the bank. For those who do not believe in banks, how exactly will they accept this currency system?

I might be wrong, and I don't know much about advanced technology, crypto, or bitcoin yet, so please don't take my questions negatively.
 In fact, all these questions have been created from the thoughts that I have presented here.

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[DaNNy001]

Well, don't you think if the whole world is dominated by cryptocurrency or bitcoin, then some people will face a huge problem?
  I have discovered some of the reasons for this. For example- 

1. When virtual currency or crypto-currency reigns all over the world, the banking system will be miserable, and a group of people (who do not know about crypto-currency or bitcoin) will be unemployed all over the world, who till now were working at the convenience of various banks.

2: Unemployed people (due to a lack of knowledge of currency requirements or benefits) will not be able to handle this shock in the first place, due to which they will face various financial, lateral, physical, and mental problems, which is a big challenge for them. 

3: Many developing or underdeveloped countries (especially those with low leverage) will consider cryptocurrency a curse rather than a blessing due to their lack of proper understanding of its importance.

4: I have seen among my acquaintances who still cannot fully trust the bank (banking is some kind of rigging or fraud) and therefore leave their valuable assets (gold or money) on their own instead of depositing them in the bank. For those who do not believe in banks, how exactly will they accept this currency system?

I might be wrong, and I don't know much about advanced technology, crypto, or bitcoin yet, so please don't take my questions negatively.
 In fact, all these questions have been created from the thoughts that I have presented here.

I think you are only looking at the downside of the possibility that's can happen but I would like to remind you that fiat wasn't actually the first currency in use from the first period of time and still humans adapted to it and have since used it despite the disadvantages that it first pose during its adoption in the world.

Change is a constant thing in life and thats what no one can fight although am not sure of whether bitcoin can take over the world but if eventually it does then I think the impact of positivity will be more than disadvantages.

[Odohu]

It will be very difficult for Bitcoin to replace all the fiat currencies in terms of usage. Bitcoin is an innovation that offer some improvements to the conventional system of finance.  It was not created to completely replace fiat but offer another alternative.

Just like the Internet, Bitcoin is a revolutionary innovation that offers new ways of life... and even as widely accepted as the Internet is, not everyone in the world still have access to it yet they are surviving.

So do not allow the fear of change make you think that Bitcoin will destroy employement opportunities becaue many employements have been created through Bitcoin and many will still follow.

[hugeblack]

Defining domination of the entire world will help us a lot. Bitcoin still cannot have scalability for all daily transactions. In fact, any decentralized system will fail in this and therefore second layer solutions and a lot of development will be needed before we reach this stage, not to mention that this will require For years until we reach trillions of dollars in market capacity, which may happen after 10 years, 20 years or more.
Therefore, when that time comes and technology develops, many things will change about our current world, and therefore we cannot rely on the values ​​that exist now to predict the future.

[Solosanz]

What do you think about the last 3 years pandemic where most people don't know how to use zoom and working from home? it's called as transition phase!

If a country is really need and adopt Bitcoin, it will force people to learn about Bitcoin. There's no such "can't able to learn", they're either lazy and denying from big change.

If banks are bankrupt and there are many unemployed people, that mean there will be a lot centralized exchanges and they can work here, what's the problem?

The problem of developing countries is they lack of water, healthy food, transportation, internet connection and good government. Now you're exaggerating they must use Bitcoin, Bitcoin is just a currency, not something that everyone must have.

[CryptopreneurBrainboss]

1. When virtual currency or crypto-currency reigns all over the world, the banking system will be miserable, and a group of people (who do not know about crypto-currency or bitcoin) will be unemployed all over the world, who till now were working at the convenience of various banks.

Has this stop the new and innovative ways of doing things from taking over the old fashion way. The world is constantly evolving, we have to move with the flow and learn new skills so we can stay employable. The bankers just have to learn new skills and they'll be good.

3: Many developing or underdeveloped countries (especially those with low leverage) will consider cryptocurrency a curse rather than a blessing due to their lack of proper understanding of its importance.

Developing and underdeveloped countries are those that'll benefit more from the adoption of Bitcoin. The lack of understanding can easily be addressed by enlightenment program been organized across the country so this isn't a problem and when the benefits of Bitcoin adoption are been understood by them they won't see Bitcoin as a curse but a blessing.

4: I have seen among my acquaintances who still cannot fully trust the bank (banking is some kind of rigging or fraud) and therefore leave their valuable assets (gold or money) on their own instead of depositing them in the bank. For those who do not believe in banks, how exactly will they accept this currency system?

People don't trust the bank because they know the banks are controlled by the government but Bitcoin isn't control by the government but puts the power over your finances in your hands. It'll be easier for people's that distrust the banks to trust Bitcoin because they'll see the difference between the two currencies.

[yudi09]

Well, don't you think if the whole world is dominated by cryptocurrency or bitcoin, then some people will face a huge problem?
  I have discovered some of the reasons for this. For example- 
-snip-

Unemployment exists in all countries in the world and the cause is because there are no available jobs. In fact, the employment problem is a classic reason that is brought to describe the causes of unemployment. For me, another cause of unemployment is because human resources are not diligent enough to utilize the existing potential as a source of income.
When the world is dominated by everything digital, on the positive side it will make things easier.
Bitcoin is part of a currency that can be useful, not a big problem.

[kryptqnick]

Any major change brings both new opportunities and devastation to those who represent whatever the change is replacing. That's why it's important to have measures that will ensure that people who are suddenly suffering from the change receive support to adapt to the new normal. But let's see the specific points the op raised.
1. Banks won't necessarily be miserable, they'd just have to rebrand and provide services of crypto holding. Some people will always choose centralized services because they don't want the responsibility of securing their own funds, making sure they can restore access if they lose it, etc.
2. Some people would probably lose jobs, but that's where unemployment benefits come in, and perhaps special programs to retrain people who were employed in the industries that are no longer relevant would be required.
3. Actually, there doesn't seem to be a correlation between the strength of the economy and attitude toward Bitcoin. Some strong economies embrace Bitcoin, some weak economies are against it, but the opposite is also true.
4. Those who don't trust the banks would be delighted to know that they can hold their own cryptos in non-custodial wallets, and they don't have to trust anyone but themselves this way.

[mk4]

If bitcoin will end up gaining true mass adoption, it won't happen in a single night — it will likely be slow. The question is just that will you be among the first out the fiat door, or last.

But yes — with literally any decent shift in society, there will always be people that will flourish, and people that will be unfortunate. There's no way around it.

[Lorence.xD]

As the technology advances over time, there's a lot of people that are left behind with the knowledge causes for them can't keep up and lose the benefits they could get like for example for the adoption of Bitcoin. For sure in a long run people could still manage to learn how crypto industry works by exploring it in the meantime. Still there's a number of people that are confused about the system of Bitcoin, so employment rate would be affected as well the economy of a country. While for the banks I think they could still manage when Bitcoin started to get mass adopted, cause here in my country PH, There's already banks that are open and acknowledging crypto which gave them a high rates and good feedback. Some banks would take time to do the same as well as they gather more information about Bitcoin if they can't handle the volatility.

[hatshepsut93]

Well, don't you think if the whole world is dominated by cryptocurrency or bitcoin, then some people will face a huge problem?

If not majority of people are using Bitcoin, then you can't say that Bitcoin is dominating the financial world. And if there's no Bitcoin majority, then there will be no problems that you are describing - that some people will be left out, etc.

Like you correctly spotted - the "unBitcointed" people could be the future version of today's "unbanked". But the fact that people today are unbanked isn't a big problem. They somehow continue to live their lives, many are unbanked by choice.

[tbct_mt2]

Well, don't you think if the whole world is dominated by cryptocurrency or bitcoin, then some people will face a huge problem?

The world will continue its spins without Bitcoin or cryptocurrency and you can live well without it. There are even people who dislike Bitcoin and cryptocurrency but their life just has never been worse or stopped.

What belongs to future will be adapted by people who live and work in future. It's not too hard to adapt if it is something relates to your jobs and income. When you must do it to maintain your livelihoods, you will do it even you dislike it.

Work from home, work remotely, you can do it during pandemic time and after the pandemic. I am sure people can do it with Bitcoin and cryptocurrency, if the time comes. Like how they have to do it with the Internet, Windows, Microsoft office ...

[Kemarit]

Well, don't you think if the whole world is dominated by cryptocurrency or bitcoin, then some people will face a huge problem?
  I have discovered some of the reasons for this. For example- 

1. When virtual currency or crypto-currency reigns all over the world, the banking system will be miserable, and a group of people (who do not know about crypto-currency or bitcoin) will be unemployed all over the world, who till now were working at the convenience of various banks.

No, just because of crypto or bitcoin suddenly the number of unemployed will rise? Why not those who works on bank adjust and also joined the crypto? As the saying goes, if you can't beat them join them. And I doubt that the banking system will suddenly collapse. Why not them and crypto work hand in hand instead of thinking that they are going to be instinct?

2: Unemployed people (due to a lack of knowledge of currency requirements or benefits) will not be able to handle this shock in the first place, due to which they will face various financial, lateral, physical, and mental problems, which is a big challenge for them. 

Again, your argument is wrong, if you are talking about the unemployed or even those unbank, bitcoin will be the solution isn't it? Because they can't open a bank account due to lack of papers as banks ask a lot of information before you can open a account on them. But in crypto, you don't, just as little as a cellphone (who doesn't have a mobile phone in this generation?) and you will have crypto already.

3: Many developing or underdeveloped countries (especially those with low leverage) will consider cryptocurrency a curse rather than a blessing due to their lack of proper understanding of its importance.

4: I have seen among my acquaintances who still cannot fully trust the bank (banking is some kind of rigging or fraud) and therefore leave their valuable assets (gold or money) on their own instead of depositing them in the bank. For those who do not believe in banks, how exactly will they accept this currency system?

I might be wrong, and I don't know much about advanced technology, crypto, or bitcoin yet, so please don't take my questions negatively.
 In fact, all these questions have been created from the thoughts that I have presented here.

I really don't understand your reasoning, it's on the contrary though, check countries that are underdeveloped or developing and come back and tell us how many of them are allowing crypto to be legal or at least in the gray area or not tagging crypto in general as illegal.

[NeilLostBitCoin]

1. When virtual currency or crypto-currency reigns all over the world, the banking system will be miserable, and a group of people (who do not know about crypto-currency or bitcoin) will be unemployed all over the world, who till now were working at the convenience of various banks.

Some people are knowledgeable about Bitcoin but still rely on traditional banks. However, I believe there is a significant distinction between the two, and eventually, banks may adopt cryptocurrencies for other services.

2: Unemployed people (due to a lack of knowledge of currency requirements or benefits) will not be able to handle this shock in the first place, due to which they will face various financial, lateral, physical, and mental problems, which is a big challenge for them.

Eventually, individuals will begin to adopt it and use it to their advantage.

3: Many developing or underdeveloped countries (especially those with low leverage) will consider cryptocurrency a curse rather than a blessing due to their lack of proper understanding of its importance.

Many countries will embrace crypto-currency once they understand its importance, and transition is not a curse. Transitioning can provide us with greater freedom, more opportunities, and numerous benefits.

4: I have seen among my acquaintances who still cannot fully trust the bank (banking is some kind of rigging or fraud) and therefore leave their valuable assets (gold or money) on their own instead of depositing them in the bank. For those who do not believe in banks, how exactly will they accept this currency system?

If your acquaintances cannot trust banks, they will not trust this currency system. They continue to depend on either cash or gold.

I might be wrong, and I don't know much about advanced technology, crypto, or bitcoin yet, so please don't take my questions negatively.
 In fact, all these questions have been created from the thoughts that I have presented here.

Feel free to ask questions in this forum, but please search first since many questions from newbies have already been answered.

[Gallar]

Well, don't you think if the whole world is dominated by cryptocurrency or bitcoin, then some people will face a huge problem?
~Snip

Maybe for cryptocurrencies other than bitcoin or altcoins this could happen. But in my opinion, you look at crypto, especially bitcoin, only from an opinion point of view that is seen from a negative point of view and not from a positive point of view. So although I can't deny that this could happen. However, I personally see crypto (bitcoin) in a more positive direction. Because in my personal opinion Bitcoin has a very good financial system and will also be far from cheating from any party, because Bitcoin has a decentralized system. Because as we know, if you look at the negative side of the current banking system, there are lots of frauds that often occur. For example, a manipulation system or an interest system that burdens customers. So even though currently the banking system has become commonplace for everyone. However, without these people realizing it, they have been cheated by the banking system.

Therefore, be it a banking system or a system that runs on crypto (bitcoin). Both have their own positive and negative sides. So if you think that if crypto (bitcoin) goes global and the results will be very bad, I personally think that opinion is very wrong. Moreover, as you have explained in your post, you still don't understand crypto or bitcoin, so to conclude this opinion, in my opinion this opinion is very inaccurate.

~Snip

And based on the reasons you explain, this might happen if cryptocurrency (Bitcoin) quickly takes over the world's financial system. Because people will definitely be shocked and shocked by this. However, if bitcoin spreads slowly as is happening now, I am sure that society will be able to adapt to cryptocurrency (bitcoin) very well.

[Darker45]

In general, the people are already bitterly facing the huge problems brought by the current monetary system. If Bitcoin will one day dominate the world, there'll be disruptions which might be interpreted as sheer havoc wreaked by Bitcoin, especially by its critics. The truth is that these will be minor ones as compared to the continuous damage caused by fiat. And these are necessary, too. But we surely won't be crying a river when the money printer operator would finally lose his/her job.

1. When virtual currency or crypto-currency reigns all over the world, the banking system will be miserable, and a group of people (who do not know about crypto-currency or bitcoin) will be unemployed all over the world, who till now were working at the convenience of various banks.

I think the banks won't go. Their roles may significantly change, though. Custodians will never be completely erased from the face of the earth. Plus there are also banking services that Bitcoin might not be able to replace. But, again, that the staff of banks will have to move jobs because of Bitcoin is never a heavy toll as compared to sticking with the status quo in which the people's currency is devalued nonstop.

2: Unemployed people (due to a lack of knowledge of currency requirements or benefits) will not be able to handle this shock in the first place, due to which they will face various financial, lateral, physical, and mental problems, which is a big challenge for them.

 

Don't liken Bitcoin adoption to a bomb dropped from the sky. Why would people be surprised when the growth of Bitcoin is gradual? Right now, we're heading that way already. This has been going on since Bitcoin came into existence. It has been 14 years already. So, why would they be shocked when Bitcoin reaches a certain level of success? Bitcoin is a movement.   

3: Many developing or underdeveloped countries (especially those with low leverage) will consider cryptocurrency a curse rather than a blessing due to their lack of proper understanding of its importance.

Lack of understanding is easy to address. They only have to spare some time learning about it. Governments must have already heard about Bitcoin. They can easily invite experts to provide them better enlightenment. What's hard to address is stubbornly sticking to the fiat standard despite fully knowing how damaging and poor of a monetary system it is. The only way governments are closed-minded is when their leaders are benefiting so much from a rotten currency.

4: I have seen among my acquaintances who still cannot fully trust the bank (banking is some kind of rigging or fraud) and therefore leave their valuable assets (gold or money) on their own instead of depositing them in the bank. For those who do not believe in banks, how exactly will they accept this currency system?

Gold and cash may be good but hard to keep. Moreover, they can easily be seized or stolen. They can also be damaged in many ways. They can't easily be moved anywhere, especially across international borders. They can easily be confiscated as well. As to cash, it might be replaced with a digital version sooner or later. As to gold, it can't be used as a currency. In which case, Bitcoin is much much better.

[Luzin]

And based on the reasons you explain, this might happen if cryptocurrency (Bitcoin) quickly takes over the world's financial system. Because people will definitely be shocked and shocked by this. However, if bitcoin spreads slowly as is happening now, I am sure that society will be able to adapt to cryptocurrency (bitcoin) very well.

The proof is evident in how crypto has begun to be adopted by some banks. That means crypto is in a positive direction because indirectly institutions have given recognition. Even many countries are starting to use blockchain technology through CBDC.
Some new payment platforms using electronic media are also starting a lot even though the systems are different. Although later the scalability may encounter difficulties due to network density. Perhaps for those who understand and follow technological developments it will be easy to adapt.

[Wexnident]

~

This lies on the "IF" idea that crypto would dominate the world. And even if it did, it doesn't take into account that there's a huge gap in time between the now and the then instance of this happening. All of the factors OP said pretty much involve ignorance of what crypto is. Said gap in time is more than enough imo for people to learn crypto if the world was actually swerving towards to using it for the majority of transactions.

If it was idk, late 19s or something then it might be hard, but even now you'd be hard-pressed to find someone who would have a hard time learning the basics of something they want if they needed to, but now? The internet itself helps a lot already, imagine what other types of helpful tools can be developed by the time that crypto is deemed as necessary, if ever.

[joniboini]

3: Many developing or underdeveloped countries (especially those with low leverage) will consider cryptocurrency a curse rather than a blessing due to their lack of proper understanding of its importance.

4: I have seen among my acquaintances who still cannot fully trust the bank (banking is some kind of rigging or fraud) and therefore leave their valuable assets (gold or money) on their own instead of depositing them in the bank. For those who do not believe in banks, how exactly will they accept this currency system?

I believe this stems from the fact that you don't understand the condition of those countries, or you can't understand the context of their situation. For example, I never heard people in developing or undeveloped countries call Bitcoin a curse. Most of them believe it is an alternative to gaining wealth. While they can misunderstand how Bitcoin or crypto works in general, things can change easily in this day and age. In your second statement, why do you think people distrust the bank? Is it because they can't trust them to make sure their money won't be misused, or is there something else? I believe people who distrust banks would find crypto an exciting alternative.

[DapanasFruit]

Adopting Bitcoin even in large scale basis by the mainstream population does not really translate for banks to get closed out of business and resulting into a number of unemployed people. In my view, that thinking is very simplistic. Remember that banks have so many functions that Bitcoin could not cover...in fact many banks are now so diversified in their services all because they are also convinced that putting eggs in one basket can be a very risky proposition. Now, having said that, banks can now also be be dealing with Bitcoin and cryptocurrency acting as a broker using their name and reputation as a big leverage. We are a very diversified economy, there are so many thinks that banks can do in doing business and making sure they can pay their employees.