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

[Russlenat]

I'm a bit puzzled about how Bitcoin ruling the world could pose any problems for people. For that kind of scenario to play out, there would need to be an enormous demand for Bitcoin. And let's not forget, it's people who drive that demand. So, we can assume that people already understand the value and utility of Bitcoin, given this massive demand we're talking about.

What we're discussing here is more of an organic increase in demand, albeit a substantial one. It's not some pump and dump scheme meant to manipulate the market. So, I don't quite see how the statements of yours justify the result.

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[Kakmakr]

The Banking system have failed the people in so many ways, it is about time that there are some payback for them. In the previous economic crisis, Banks were bailed out by tax payers money and we just had to take it up the a$$.

A lot of industries have been disrupted by newer technologies and they just had to adapt or die... so the Banks just have to do the same. Let's forget about them, like they forgot about us.. when they harmed us.

[tabas]

1. No, the banking system won't be miserable. I have been into the belief that crypto or mainly Bitcoin is going to change the whole system and replace it. But I don't think that the government will allow that to happen, remember that they still have the laws and regulations on their hands and they understand that even without them, this community will go on and will have Bitcoin as a payment system but this time, more of an asset.

2. Well, unemployed people given that they don't have much financial things then it is for sure that they'll have problems related to it and as it dominates with other problems to occur. And I don't see the connection of it ever dominating or not the world as this problem has existed before even BTC existed.

3. Not a curse but for sure they're going to look at it as something that they dislike and the only thing they can do is to learn and adopt it so they do not get left behind.

4. It's easy to tell them that they can hold their own money and they're the keeper of it. The basic and common quote that everyone and platforms use is "you are your own bank".

[Die_empty]

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.

Bitcoin was not created to make conventional banks obsolete. The reason for its existence is to be a financial alternative to fiat. People will always have the opportunity to choose between fiat and Bitcoin. every new invention also creates more job opportunities, so I don't think that the popularity of crypto will lead to unemployment. Even if banks become obsolete which is highly unlikely, the crypto space will create more job opportunities.

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.

A lack of understanding of the crypto industry is not the main reason why many developing nations are not investing . The main problem is infrastructural deficit and poverty. Most developing nations don't have constant power and internet facilities for them to access the crypto space. Most citizens in these poor nations are focused on meeting their basic needs and pay little attention to investment. Due to poverty many of them don't have extra money to invest in Bitcoin.

[Litzki1990]

Whatever work we do must be decided considering the current and future conditions of that work. Without proper knowledge about any job a person can face big problems in future with any job.  

All of us who are involved with Bitcoin have enough knowledge and understanding about Bitcoin. We have been involved with Bitcoin for a long time and by now we have a fairly good understanding of Bitcoin and its price movement. In addition to having a good understanding of the current state of Bitcoin, we also have a good idea of how Bitcoin will affect people in the future.
For those who think that Bitcoin can destroy the economic system of a country, I want to say that El Salvador has accepted Bitcoin as a legal document in their country. As their countries adopt Bitcoin, they are making more long-term plans with Bitcoin, and every year we see them moving forward to implement new plans.Whatever you say about Bitcoin, I want to say about Bitcoin that Bitcoin has eliminated the unemployment of millions of people. When you are unemployed after graduation society will talk bad about you instead of helping you and when you are starving with your family and no one will give you one meal I don't see anything wrong if I can earn money with Bitcoin.

In the region where I live, many boys are unemployed even after completing the highest education in the country, but after finding no job, they finally chose bitcoin, bitcoin investment, trading as their profession and now they are very happy and financially stable. They are in front of my eyes, I don't need to see anything else. All I will say is that Bitcoin will become one of the most popular currencies in the world at some point, even if it's a bit late, and I look forward to that day.

[rachael9385]

For me, I don't really believe that the possibilities of Bitcoin is to overcome the fiat currency in any ways, because fiat currency has been one of the major use in the world so even if Bitcoin is here to overcome fist currency then I still believe that people can still adapt to it because there have been other things the world was using when fiat have been in existence (that is before B.C), so even if Bitcoin want to take of the fiat currency people can still adapt and things can still go well in the world.
Talking about employment, if Bitcoin took over fiat there would still be other jobs that people can do to make a living. I still believe that before Bitcoin might takeover the fiat currency, the world might have been more enhanced than the way it is now, so other good jobs will still be out there for people to make there money.

[Promocodeudo]

With the knowledge I have so far, I don't think that fiat will be abolished totally even though Bitcoin is adopted worldwide, as of now bitcoin remains a digital currency, the meaning of this is that, we can only see the figure and not feel it physically, if we must make use the figure, we have to convert it to fiat unless we are purchasing stuffs from dealers that accept Bitcoin as a means of payment.
There are people that are helpless in terms of the banking sector charges but those people still prefer banks because they don't believe that crypto is real, they see bitcoin as a scam without proper knowledge or information about the said currency, even though there is mass adoption today, some people will still continue to go the traditional banking way and I see this as a normal stuff, you don't force people to believe in what they do want.

[adultcrypto]

For me, I don't really believe that the possibilities of Bitcoin is to overcome the fiat currency in any ways, because fiat currency has been one of the major use in the world so even if Bitcoin is here to overcome fist currency then I still believe that people can still adapt to it because there have been other things the world was using when fiat have been in existence (that is before B.C), so even if Bitcoin want to take of the fiat currency people can still adapt and things can still go well in the world.
Talking about employment, if Bitcoin took over fiat there would still be other jobs that people can do to make a living. I still believe that before Bitcoin might takeover the fiat currency, the world might have been more enhanced than the way it is now, so other good jobs will still be out there for people to make there money.

It is people who have not been following the evolution of money that will think Bitcoin will lead to the abandoning of fiat.  Even in our world today gold still exist side by side with fiat, meaning new innovation only make improvement of what is in existence and most times does not eliminate same. In some parts of the world, trade by barter is still being practiced even though this is regarded as primitive. Truly Bitcoin will not eliminate fiat but will exist side by side fiat, offering people the opportunity to use which option is suitable for them as well as their purpose.

Many people are still reluctant to accept include Bitcoin payment as option because of some reasons that they feel will not help them meet up with their business planning and implementation, some of which include volatility of Bitcoin and unforseen circumstances such as the recent high transaction fees as a result of the congestion of mempool. 

I will say that Bitcoin is still a work in progress and will take it rightful place in finance, it is just a matter of time.

[DanWalker]

For me, I don't really believe that the possibilities of Bitcoin is to overcome the fiat currency in any ways, because fiat currency has been one of the major use in the world so even if Bitcoin is here to overcome fist currency then I still believe that people can still adapt to it because there have been other things the world was using when fiat have been in existence (that is before B.C), so even if Bitcoin want to take of the fiat currency people can still adapt and things can still go well in the world.
Talking about employment, if Bitcoin took over fiat there would still be other jobs that people can do to make a living. I still believe that before Bitcoin might takeover the fiat currency, the world might have been more enhanced than the way it is now, so other good jobs will still be out there for people to make there money.

To put it bluntly, the possibility of cryptocurrency taking over fiat will never happen, it will only happen when the government is no longer the leader and controller of this world. But if that happens, our world will collapse, the world cannot exist without leaders. As long as governments exist, they will use fiat currency or whatever they control, they will never allow bitcoin or any other decentralized currency to take the place of fiat. Furthermore, bitcoin was not created to take over or completely replace fiat, it is just an alternative.

[oktana]

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.

Let's not forget that the rise of Bitcoin isn't directly equivalent to the fall of the traditional banking system. I hope you understand that we haven't had mindblowing adoption yet, and if we did (right now), I hope you know that the Bitcoin blockchain is currently not able to handle such excessive transactions.

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.

People will learn. Once it starts going viral, people will get interested in knowing what it is about and why one should use it, and hence, they will learn how to use it. Currently we have so many guides on the internet; articles, YouTube videos, etc.

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?

These set of people are the ones who would even rush to accept Bitcoin. The centralization of traditional banks is one of the major issues people have. Aren't you scared to know that you could have $1million and the bank will lock it up just because they can? For someone who fears this and knows the many other things that banks are up to, they would definitely delve into Bitcoin because truthfully, for what they fear, Bitcoin is a better alternative.

[hopenotlate]

Whilst I understand we, as a community, tend to overestimate the innovative and disruptive power of Bitcoin and blockchain technology in general I have a completely different view on whatthe future changes to social and economic enviromment that Bitcoin ( to cut it short, meaning with it all the innovation blockchain technologies are bringing) can cause.
I think "we" will always be just one niche or maybe a sector af the overall economic movement : there will always be industry , part of which will benefit, and are already benefiting of blockchain techs, traditional finance world that will do whatever is in ther possibility to keep their leadership with the help of govermennts and supragovernmental organizations, entertainment industry, stports , travels foods and moltitude of other activities that I can't even imagine right now that will keep on beeing needed  and will continue to exist despite how great the advent and affirmation of blockchain technologies will be.

[Woodie]

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

I don't think so, Bitcoin as it is is just another mode of payment available to people just as PayPal,Cashapp, wise and the list is endless....so Bitcoin being the dominant coin would just limit peoples options.

 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.

Not sure which angle you looking at this from, but bitcoin alone can't solve employment issues as this is just a mode of payment or a store of value.

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.

Humans are naturally survivors, and if learning how to use cryptocurrencies makes this much easy, trust me they/we shall learn.

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.

But as things stand, crypto is more widely used in developing countries as most try to use it for cheaper remittances, bypassing the tax channels and last keeping their wealth under the radar unlike developed countries where regulation follows every dime and people operate by the book .

[fuguebtc]

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

First of all, this would never happen so the problems you raise wouldn't happen either. As others have answered, I am also a crypto investor but I am not too optimistic that cryptocurrencies and bitcoin can dominate the world and completely replace fiat currencies. Cryptocurrency is attracting a lot of attention in the world because of the hype and innovation it brings. But that doesn't mean it will become huge and out of government control to dominate this world . After all, cryptocurrency is just a financial market that will also be regulated by governments and financial authorities.

[coiningz]

I don't think that the whole world will be nominated in BTC. Humanity is not ready for it. However, it may be accepted as secondary means of payment

[Youngkhngdiddy]

First of all, this would never happen so the problems you raise wouldn't happen either. As others have answered, I am also a crypto investor but I am not too optimistic that cryptocurrencies and bitcoin can dominate the world and completely replace fiat currencies. Cryptocurrency is attracting a lot of attention in the world because of the hype and innovation it brings. But that doesn't mean it will become huge and out of government control to dominate this world . After all, cryptocurrency is just a financial market that will also be regulated by governments and financial authorities.

  The only thing permanent is change, mere things will continue to evolve/undergo changes, we are currently seeing the change in the automotive industry where cars are running with batteries not longer gas. This still fall under the change the world is currently experiencing. The financial sector wouldn’t be left out Bitcoin is seen as the future of the financial institutions if it’s finally gets adopted by the government. The many benefits of bitcoin, even makes it difficult for the government to get rid of it because among their cabal they still have people who still own bitcoin. Bitcoin is going mainstream and it’s awareness as be made publicly for the world to see. It will be really hard for the government to scrape it off. Bitcoin can only go if we the people don’t buy to it. But as long as we the people agree to and accept it is here to stay.
   Investors are moving to Bitcoin because of its decentralization and its potential impact it has to  the market. A lot of seminars and conferences have been held in favor of bitcoin so that people may have insight about what’s going on the space.  Some public functions are now paying using  bitcoin, personally I don’t see bitcoin or cryptocurrency being cancelled. Because of it high in demand plus being one of the most talked about projects for the past years now it’s makes it hard for government to sweep it under the carpet.

[Blitzboy]

Cryptocurrencies may disrupt banking, causing job losses. It also creates IT, security, and crypto management jobs. The workforce must adapt and educate as industries change. The shift to a digital money system is shocking, especially for non-techies. Broad education and gradual integration are more important than a rapid change. Financial literacy is essential in the digital age.

Due of their volatility and complexity, developing countries should be skeptical about cryptocurrencies. These nations could benefit greatly from a decentralized currency, especially in financial inclusion and remittance expenses. Adoption, education, and infrastructure development are difficult to balance. Trust in any financial system (traditional or cryptocurrencies) is crucial. Some people distrust banks like your friends distrust cryptocurrency. Financial systems need openness, security, and user-friendliness to build trust.

[JayJuanGee]

For me, I don't really believe that the possibilities of Bitcoin is to overcome the fiat currency in any ways, because fiat currency has been one of the major use in the world so even if Bitcoin is here to overcome fist currency then I still believe that people can still adapt to it because there have been other things the world was using when fiat have been in existence (that is before B.C), so even if Bitcoin want to take of the fiat currency people can still adapt and things can still go well in the world.
Talking about employment, if Bitcoin took over fiat there would still be other jobs that people can do to make a living. I still believe that before Bitcoin might takeover the fiat currency, the world might have been more enhanced than the way it is now, so other good jobs will still be out there for people to make there money.

To put it bluntly, the possibility of cryptocurrency taking over fiat will never happen, it will only happen when the government is no longer the leader and controller of this world. But if that happens, our world will collapse, the world cannot exist without leaders. As long as governments exist, they will use fiat currency or whatever they control, they will never allow bitcoin or any other decentralized currency to take the place of fiat. Furthermore, bitcoin was not created to take over or completely replace fiat, it is just an alternative.

You are making some pretty bold statements DanWalker.

You are suggesting that if governments cannot control money, then they have no purpose in existing, so the world as we know it cannot exist, and it seems to me that you are presuming too much in regards to governments having to be in control of money otherwise they cannot do their jobs of representing people or whatever it is that they are supposed to be doing versus what they actually do.

Personally, I believe that government can still exist without being in charge of printing and/or debasing the money, as seems to be their current and even historical practices, even maybe there had been times in which they debased it less or maybe sometimes they did not intend to debase the money, but it just happened as part of the process.. so maybe some of the spiraling debt system pickle that various governments are currently in was not completely their fault or intentional at all times, but many of us should recognize and appreciate that they are in a really shitty situation, even though maybe they can continue to prop up the current system for another 10-20 or even 50 years, but it seems that bitcoin provides a better system, in which it would be best to try to transition into whether we are talking on the individual level, institutions and/or governments.

Once governments transition into bitcoin, they will likely find themselves having different parameters and having to set up new ways of dealing with and interacting with people... and I don't claim  to know how the various systems are going to evolve, but I am surely not going to presume that government and bitcoin cannot exist in some kind of comfortable and/or stable state at the same time.

[fuguebtc]

First of all, this would never happen so the problems you raise wouldn't happen either. As others have answered, I am also a crypto investor but I am not too optimistic that cryptocurrencies and bitcoin can dominate the world and completely replace fiat currencies. Cryptocurrency is attracting a lot of attention in the world because of the hype and innovation it brings. But that doesn't mean it will become huge and out of government control to dominate this world . After all, cryptocurrency is just a financial market that will also be regulated by governments and financial authorities.

  The only thing permanent is change, mere things will continue to evolve/undergo changes, we are currently seeing the change in the automotive industry where cars are running with batteries not longer gas. This still fall under the change the world is currently experiencing. The financial sector wouldn’t be left out Bitcoin is seen as the future of the financial institutions if it’s finally gets adopted by the government. The many benefits of bitcoin, even makes it difficult for the government to get rid of it because among their cabal they still have people who still own bitcoin. Bitcoin is going mainstream and it’s awareness as be made publicly for the world to see. It will be really hard for the government to scrape it off. Bitcoin can only go if we the people don’t buy to it. But as long as we the people agree to and accept it is here to stay.
   Investors are moving to Bitcoin because of its decentralization and its potential impact it has to  the market. A lot of seminars and conferences have been held in favor of bitcoin so that people may have insight about what’s going on the space.  Some public functions are now paying using  bitcoin, personally I don’t see bitcoin or cryptocurrency being cancelled. Because of it high in demand plus being one of the most talked about projects for the past years now it’s makes it hard for government to sweep it under the carpet.

In my answer, did you see me say that the government is trying to eliminate bitcoin ? Or will bitcoin die and cease to exist? What I am trying to say is that bitcoin will not be able to completely replace fiat money and dominate the world. You are also hoping that bitcoin will be accepted by the government and thereby help bitcoin become popular , and become more powerful. It means you agree that bitcoin needs government help to become big . So do you think governments will let bitcoin take over and eliminate their fiat currency ? That's what I'm saying, bitcoin and fiat will exist side by side and bitcoin cannot replace or eliminate fiat.

[Assface16678]

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.

Disagreed, it might happen, but it's still far from happening. You see, all that's happening right now in the world is banking. The banking system is the main reason why there's budgets for every country, why most businesses are running, and many things rely on banking. So in short, the banking system cannot be replaced. Don't get me wrong, I want bitcoin to be in the main stream, but consider, of course, the other things connected to it, for example, banking.

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. 

There's a process or right transition for everything. You only think about the negative side of bitcoin being the main stream or adopted; of course, before transitioning to crypto currency, there's a proper way for that. It can't be in an instant because, of course, it will create chaos and disorder. So before thinking of anything, think about how bitcoin will slowly but surely be adopted. There's a right process and step for everything.

[GigaBit]

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.

If the bank falls behind in the development of information technology, it will surely suffer. Therefore nothing else potentially can stand for it. Moreover, Bitcoin has not just started its journey. Since its invention in 2009, it has been providing its services all over the world. It would be the right decision if banks don't think of Bitcoin as its formula but try to adapt themselves to it. Now what the bank will do will be entirely up to them.

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?

A bank is generally an intermediary institution. People now understand how banks use their money to be profitable. Considering the benefits of Bitcoin, there is no problem in thinking of Bitcoin as their bank instead of a traditional bank. Generally, after depositing money in the bank, if it becomes bankrupt, who will take the responsibility? How much can a customer expect from a bankrupted bank? But since Bitcoin is under one's own control he doesn't have to pay any money but after a long time he can earn huge amount from it.