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

[Dr.Bitcoin_Strange]

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Secondly, @OP, even if what you said is possible, those who lack knowledge of Bitcoin, blockchain technology, and other cryptocurrency will definitely learn about the technology and its user case. The use of bitcoin or cryptocurrency is not very sophisticated. Even bank workers studied at the university for some years and archived their degrees; that's also how people will learn about whatever they need to know about blockchain technology. If necessary.

Fuck crypto, I think Bitcoin is what is being referred to here and although we can't deny the fact that there is a possibility of Bitcoin becoming globally accepted of which is just a small percent of you ask me but I believe we can't write out anything in the world of possiblity as I believe no one would have taught that Bitcoin would get this massive adoption and attention prior to the first time it was created.

I believe as Bitcoin continues to grow more person or government would have no option than to join the queue on the diversification of its use as the way El Salvador have done although it's still in testing phase but I believe this sends a statement that Bitcoin use and government is actually possible even if they don't accept to the phase of making it a legal tender, learning about it more to properly know the areas which they can benefit won't be a bad idea and this has also started with my nation that first posed a restriction on the use of Bitcoin, now that decision has been reviewed back and plans to start learning more on Blockchain technology has put in place by the government so as they can know the area of which they can all benefit mutually from Bitcoin tech. That's certainly a growing and big step up in terms of Bitcoin and it's relation also with government if you ask me .

@Mr. Suevie, Don't get me quite off. I always used to say to myself that despite the fact that the governments of most countries are against Bitcoin and don't want it to be widely adopted by the citizens, that doesn't actually mean that some of those government officials are not investing in Bitcoin secretly. Of course, some of the government appointees, in one way or another, might be into Bitcoin secretly, but they don't want to make any effort to make Bitcoin a legal tender.

Bitcoin is a decentralized asset, and it was never created to become centralized. Currently, we know how many centralized exchanges out there and can't be compared to the decentralized exchange, and many new investors in Bitcoin are becoming more familiar with and feeling very secure with most of these centralized exchanges. Normally, you know that all those exchanges were given licenses of operation by the same government. So, don't you think that if the government decides to begin ceasing people's Bitcoin assets, they can possibly force those centralized exchanges to give them KYC details of customers  and the amount of Bitcoin they have purchased?

If such a situation begins to take place, and the government can begin to watch and monitor every user's Bitcoin wallet and the amount of transaction that is going on in it, then Bitcoin transactions will not really be that secure in the sense that if you make a withdrawal of any amount, the government will quickly know that you (Mr. Suevie) have withdrawn a certain amount from your wallet.

If things happen in such a manner, how can you not say that Bitcoin is now becoming like the traditional bank where the bank workers are aware of every bit of transaction you carry out on your account and whom you have sent that money to?

Quickly, let's still remind ourselves that Satoshi Nakamoto said he created Bitcoin for the purpose of removing financial control from the hands of financial elites, like banks or any traditional financial system, and placing financial control in the hands of common men and women so that they can carry out their transactions without the involvement of any third party or even without having to reveal their identity to anyone.

So, if the government decides and tries to make Bitcoin centralized by creating some Bitcoin system and they (the government) become aware of your wallet, how much Bitcoin you hold, and that of all Bitcoiners, it is not going to really make much sense to me, bro.

Well, like you said, I should not speak of something as never going to be impossible, yea, but making Bitcoin a legal tender world wide, then I am thinking that that's what will even make the government properly look at how they can control the space, since they can't access Bitcoin to make it centralized, then they will force the users to obey the rules that they are going to lay out, and it might be a very uncomfortable law that will not allow us to freely enjoy the use of Bitcoin and our investment.

If you ask me this question over and over again, my answer would be that, whether the government makes Bitcoin a legal tender or whether it is globally accepted or not, Bitcoin will keep growing and waxing wide, with different user cases. Bitcoin doesn't need to first be approved by the government or accepted worldwide before its adoption will keep increasing.

Since its creation, Bitcoin has lived for more than 10 years, yet its adoption keeps growing. Meanwhile, it's not even globally approved by all the governments, so do you think that the government needs to approve it before the adoption will continue?

Lastly, in my first comment, I was not talking about any other cryptocurrency, if not Bitcoin.

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[GreatArkansas]

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. 

I don't see this is a valid reason because for me, having knowledge of Bitcoin is always free, with no requirements or even who are you, or what your status in life is, you can always have knowledge of Bitcoin, even the basics or cores.
It doesn't mean you can't own or buy Bitcoin, you cannot learn anymore what is Bitcoin as Bitcoin is not only for investment.

[SquirrelJulietGarden]

I don't see this is a valid reason because for me, having knowledge of Bitcoin is always free, with no requirements or even who are you, or what your status in life is, you can always have knowledge of Bitcoin, even the basics or cores.
It doesn't mean you can't own or buy Bitcoin, you cannot learn anymore what is Bitcoin as Bitcoin is not only for investment.

With Internet, flat world, globalization and more fortunately with open source projects, like Bitcoin, there are more free sources to learn. Nowadays, people don't have to go to schools, universities with expensive fees to learn many things.

Blockchain, Bitcoin can be learned with free sources, no money have to spend for those educational resources.
Bitcoin information & resources
learnmeabitcoin.com
Awesome Bitcoin
Awesome Blockchains
Mastering Bitcoin
Bitcoin for Beginners

[ancafe]

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.

Do you think the current government will allow that to happen? The banking system is still very much needed by humans because it is a government product which legally has been operating for so long and it is impossible for the government to destroy its function for any reason. If you think the whole world will become unemployed because they don't know about cryptocurrencies, then you have to learn more about how cryptocurrencies currently work.

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.

At this point you give yourself the answer and the government does not see cryptocurrencies as a curse but they are afraid that this system can undermine the fiat challenge. So they will not allow the banking system to be paralyzed for these reasons caused by crypto when financial stability is problematic then the country will be on the verge of bankruptcy.

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?

This has been happening for a long time and some people have never even deposited their money in the bank, but are banks experiencing setbacks? The presence of bitcoin, especially in the crypto space, is an alternative for those who do not believe in the banking system, besides bitcoin can store the value of the currency they own and bitcoin is also a system of financial freedom that can be managed by individuals independently without involving third parties. If they don't trust banks then invest in bitcoin because nothing is simpler when one understands how to invest in an asset that is able to maintain value.

[Iranus]

Maybe not our generation or the generation before us but the future generation will surely understand the technology and knowledge behind Bitcoin. Bitcoin is for everyone but not everyone can use it. Ask me why. Because there are still people who do not know how to use a smartphone. How can you expect them to understand a complex thing such as Bitcoin? Imagine an old person just chilling at his farmhouse. Does he really need to understand Bitcoin at this age? Of course not, just let him enjoy his life and when he has lived his whole life, he will be gone.

This is why crypto and traditional currency should coexist. You cannot just come to people and force something to them. People are more comfortable using what they already know. Adding something additional to it will open up possibilities for people whether they want to use it or not. That way you get the best of the both worlds. And maybe day by day in the future More people will show interest in learning new technology like Bitcoin and only then we will see total adoption of it. Until that time comes, they both should coexist in order to make life easier.

I still want a world with only bitcoin without traditional currencies, but you are right. We cannot be that selfish because not everyone can afford to use cryptocurrency like us, especially people like our parents and grandparents. Our world is colorful and there are many generations living together so there are many choices, diversity is better than monopoly. Then people can choose what they feel most satisfied with. It is a fact that, no matter how strongly technology develops or how advanced cryptocurrency becomes, the ultimate goal is still to bring convenience and convenience to our lives. Therefore, having many options, and we can choose any solution as long as we feel satisfied, is what we should aim for. We should not be too exclusive and cause many disadvantages to others just to satisfy ourselves, we should not be so selfish. So I agree with you about a world where traditional currencies and crypto coexist.

[Pandu Geddon]

I still want a world with only bitcoin without traditional currencies, but you are right. We cannot be that selfish because not everyone can afford to use cryptocurrency like us, especially people like our parents and grandparents. Our world is colorful and there are many generations living together so there are many choices, diversity is better than monopoly. Then people can choose what they feel most satisfied with. It is a fact that, no matter how strongly technology develops or how advanced cryptocurrency becomes, the ultimate goal is still to bring convenience and convenience to our lives. Therefore, having many options, and we can choose any solution as long as we feel satisfied, is what we should aim for. We should not be too exclusive and cause many disadvantages to others just to satisfy ourselves, we should not be so selfish. So I agree with you about a world where traditional currencies and crypto coexist.

even if the use of Bitcoin as a legal transaction tool other than fiat without having to eliminate fiat is already very good.
so there will be alternative means of payment that anyone can enjoy according to what they have. old people who don't understand technology can still use fiat. and young people who understand and can use Bitcoin better have Bitcoin as a transaction tool.
If such a pattern is implemented, I think it will be gradual when the generation change occurs. Indirectly it will also erode the use of traditional currency. when in the future more people use Bitcoin as a transaction tool.

[bettercrypto]

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 just want to ask: What were you thinking when you made this topic here in the forum? Well, to be honest, everything you said is just your assumption. This judgment you make is in agreement with what you can only think of as a downside.

What about the brighter side of Bitcoin? Will you forget or set it aside just like that? In Bitcoin's 14 years of existence, you still thought about that. From another angle, I understand you because not everyone is for this in the bitcoin business industry; it's just that simple to understand.

[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.

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.

My point is that if our world had no government (leaders), we would be completely free and everyone would be equal. But that is also when the loss of control will happen and no one will follow any rules or laws anymore, the world will become chaotic. Regarding the government using bitcoin, I really don't believe that will happen, because they are managing and controlling us through fiat money. If they use bitcoin and completely eliminate fiat, how can they control us? So, to continue to maintain their existence, they need to have a tool that they can control.

I believe that the government will soon accept bitcoin, and bitcoin and fiat currencies will coexist side by side. But they will always find ways to limit it so that it does not go beyond their control.

[moneystery]

what you estimate might not happen considering that the government and banking institutions have long worked together to make banks and fiat remain popular, and weaken cryptocurrency. moreover, not everyone understands or wants to adopt crypto as their payment and this makes it more difficult to be able to penetrate the wider community.

[blckhawk]

Your worry is not far fetch but it is still unlikely to happen right now because by the time those stuff happen, it is likely that there is a lot of people that already knows about bitcoin or even cryptocurrency. When there is more people that has an adequate knowledge on bitcoin or cryptocurrency then the more the adoption grows and when the adoption grows more then by that time we will probably see banks being decimated and becoming obsolete but the people are not that heavily affected because as I have said, the adoption is already widespread.

[lombok]

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Secondly, @OP, even if what you said is possible, those who lack knowledge of Bitcoin, blockchain technology, and other cryptocurrency will definitely learn about the technology and its user case. The use of bitcoin or cryptocurrency is not very sophisticated. Even bank workers studied at the university for some years and archived their degrees; that's also how people will learn about whatever they need to know about blockchain technology. If necessary.

Fuck crypto, I think Bitcoin is what is being referred to here and although we can't deny the fact that there is a possibility of Bitcoin becoming globally accepted of which is just a small percent of you ask me but I believe we can't write out anything in the world of possiblity as I believe no one would have taught that Bitcoin would get this massive adoption and attention prior to the first time it was created.

I believe as Bitcoin continues to grow more person or government would have no option than to join the queue on the diversification of its use as the way El Salvador have done although it's still in testing phase but I believe this sends a statement that Bitcoin use and government is actually possible even if they don't accept to the phase of making it a legal tender, learning about it more to properly know the areas which they can benefit won't be a bad idea and this has also started with my nation that first posed a restriction on the use of Bitcoin, now that decision has been reviewed back and plans to start learning more on Blockchain technology has put in place by the government so as they can know the area of which they can all benefit mutually from Bitcoin tech. That's certainly a growing and big step up in terms of Bitcoin and it's relation also with government if you ask me .

~snip~

Let me also make additional comments. @Dr.Bitcoin_Strange has clearly stated in detail that even though Bitcoin is accepted in all countries of the world or not, it cannot shift the role of banks, banks will not die because we clearly know that banks control fiat currency, and I don't think governments and even countries will be as stupid as This makes Bitcoin the country's fixed currency, they will continue to use fiat currencies such as USD, Yuan, Yen, Rubber, Rupiah and so on. The reason is clear and has been explained by @Dr.Bitcoin_Strange previously, namely centralization. The realms of centralization and decentralization are very different and opposite, this certainly cannot be combined and used by the state.

Bitcoin will continue to develop and will have its own market focus, for example other alternative methods of payment or money transfer that are parallel to credit cards, master cards, wire transfers and so on, Bitcoin's development is only limited to that according to my observations.

If the problem is that there will be unemployment as discussed by the OP, industrial robots can also cause a lot of unemployment, but in fact they still require human power to supervise and run the robotic machines.
We need to remember, every technological development will definitely provide convenience, not add to problems. State officials must have thought about it and looked for other alternatives to maintain innovation.

[rachael9385]

.

Secondly, @OP, even if what you said is possible, those who lack knowledge of Bitcoin, blockchain technology, and other cryptocurrency will definitely learn about the technology and its user case. The use of bitcoin or cryptocurrency is not very sophisticated. Even bank workers studied at the university for some years and archived their degrees; that's also how people will learn about whatever they need to know about blockchain technology. If necessary.

Fuck crypto, I think Bitcoin is what is being referred to here and although we can't deny the fact that there is a possibility of Bitcoin becoming globally accepted of which is just a small percent of you ask me but I believe we can't write out anything in the world of possiblity as I believe no one would have taught that Bitcoin would get this massive adoption and attention prior to the first time it was created.

I believe as Bitcoin continues to grow more person or government would have no option than to join the queue on the diversification of its use as the way El Salvador have done although it's still in testing phase but I believe this sends a statement that Bitcoin use and government is actually possible even if they don't accept to the phase of making it a legal tender, learning about it more to properly know the areas which they can benefit won't be a bad idea and this has also started with my nation that first posed a restriction on the use of Bitcoin, now that decision has been reviewed back and plans to start learning more on Blockchain technology has put in place by the government so as they can know the area of which they can all benefit mutually from Bitcoin tech. That's certainly a growing and big step up in terms of Bitcoin and it's relation also with government if you ask me .

@Mr. Suevie, Don't get me quite off. I always used to say to myself that despite the fact that the governments of most countries are against Bitcoin and don't want it to be widely adopted by the citizens, that doesn't actually mean that some of those government officials are not investing in Bitcoin secretly. Of course, some of the government appointees, in one way or another, might be into Bitcoin secretly, but they don't want to make any effort to make Bitcoin a legal tender.

Bitcoin is a decentralized asset, and it was never created to become centralized. Currently, we know how many centralized exchanges out there and can't be compared to the decentralized exchange, and many new investors in Bitcoin are becoming more familiar with and feeling very secure with most of these centralized exchanges. Normally, you know that all those exchanges were given licenses of operation by the same government. So, don't you think that if the government decides to begin ceasing people's Bitcoin assets, they can possibly force those centralized exchanges to give them KYC details of customers  and the amount of Bitcoin they have purchased?

If such a situation begins to take place, and the government can begin to watch and monitor every user's Bitcoin wallet and the amount of transaction that is going on in it, then Bitcoin transactions will not really be that secure in the sense that if you make a withdrawal of any amount, the government will quickly know that you (Mr. Suevie) have withdrawn a certain amount from your wallet.

If things happen in such a manner, how can you not say that Bitcoin is now becoming like the traditional bank where the bank workers are aware of every bit of transaction you carry out on your account and whom you have sent that money to?

Quickly, let's still remind ourselves that Satoshi Nakamoto said he created Bitcoin for the purpose of removing financial control from the hands of financial elites, like banks or any traditional financial system, and placing financial control in the hands of common men and women so that they can carry out their transactions without the involvement of any third party or even without having to reveal their identity to anyone.

So, if the government decides and tries to make Bitcoin centralized by creating some Bitcoin system and they (the government) become aware of your wallet, how much Bitcoin you hold, and that of all Bitcoiners, it is not going to really make much sense to me, bro.

Well, like you said, I should not speak of something as never going to be impossible, yea, but making Bitcoin a legal tender world wide, then I am thinking that that's what will even make the government properly look at how they can control the space, since they can't access Bitcoin to make it centralized, then they will force the users to obey the rules that they are going to lay out, and it might be a very uncomfortable law that will not allow us to freely enjoy the use of Bitcoin and our investment.

If you ask me this question over and over again, my answer would be that, whether the government makes Bitcoin a legal tender or whether it is globally accepted or not, Bitcoin will keep growing and waxing wide, with different user cases. Bitcoin doesn't need to first be approved by the government or accepted worldwide before its adoption will keep increasing.

Since its creation, Bitcoin has lived for more than 10 years, yet its adoption keeps growing. Meanwhile, it's not even globally approved by all the governments, so do you think that the government needs to approve it before the adoption will continue?

Lastly, in my first comment, I was not talking about any other cryptocurrency, if not Bitcoin.

I settle down to read every line of your comments and I do say that you are apparently right, however, I have in mind even before now that most government are investing in Bitcoin quietly and don't want others to know. (I can see you are a Nigerian, so let's talk about our government) more especially our Nigerian government, I have come in conclusion that the main reason why they didn't totally ban Bitcoin in our country is because they are also investing in it secretly, if they do ban Bitcoin totally they might find it difficult to invest, despite with the P2P transactions they will find it difficult to invest in Bitcoin, (I don't know how it will be difficult for them, but my instincts tell me so), they are scared to make Bitcoin so dem popular because they thought that Bitcoin will overcome the fiat currency and much people will not save their funds in the fiat banks anymore, just imagine if Bitcoin was legal in Nigeria during the cashless economy period, people wouldn't have suffered because of cash anymore rather they will just make sure that they convert there fiat currency into Bitcoin by clicking the buy button, and start making use of it, although most of the citizens wouldn't have the mind to risk their money, but a lot will do so because at that time, so many people will have no other options than to use Bitcoin.

As the world government can't control Bitcoin, it will be hard for the whole world to accept Bitcoin, but I have to say that Bitcoin doesn't need the whole world to accept it before it reaches where it will (hope you get my point?).

[GigaBit]

Let me also make additional comments. @Dr.Bitcoin_Strange has clearly stated in detail that even though Bitcoin is accepted in all countries of the world or not, it cannot shift the role of banks, banks will not die because we clearly know that banks control fiat currency, and I don't think governments and even countries will be as stupid as This makes Bitcoin the country's fixed currency, they will continue to use fiat currencies such as USD, Yuan, Yen, Rubber, Rupiah and so on.

I totally agree with this. I want to say that Bitcoin never violates the backing system. Since banks control fiat money, Since fiat money will always exist, so banking system will also exist. We can not say Bitcoin will be the central currency of any particular country because Bitcoin is volatile and its value is always changing. Moreover, since it has no centralization. But we can accept it as a means of investment or payment. It is enough if we use the benefits that we get through it properly. I think it is not a big deal whether a country's government accepts it or not. What is important is the benefits that people can get from it. In the meantime, the governments of various countries have not officially accepted Bitcoin, but they are accepting Bitcoin personally. This is where Bitcoin has great strength.

[Jegileman]

~

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.

All your aforementioned thoughts cannot be ignored but we can’t take all of them into account if eventually bitcoin will be used as the only currency for transactions. If the currency eventually becomes accepted globally, a lot of things will be put in place to make it simple to use and accessible to even the less educated. I have come to realise for every new innovation, it’ll take time for people to adopt to the change and when it becomes the only option to use, it becomes more faster for them to comprehend and explore its use.

[tjtonmoy]

I still want a world with only bitcoin without traditional currencies, but you are right. We cannot be that selfish because not everyone can afford to use cryptocurrency like us, especially people like our parents and grandparents.

You got that right. We will be gone one day and the next generation will keep on living in this world. The same goes with traditional currency and cryptocurrency. If we let both of them coexist, one day one will replace other. Old one will be gone, and the new one will take its place. That's how the whole world works. New things will replace the older ones.

We cannot just get rid of our previous generation and let everyone from this generation live. That is insane. We exist together unless our time will come and we will perish too. Having multiple options gives people the comfort to choose from any of them. People should be able to use whatever they are comfortable with. Not everyone is blessed with knowledge of everything. And the world with only Bitcoin may one day come for sure. But it's a long road.

[HONDACD125]

All your aforementioned thoughts cannot be ignored but we can’t take all of them into account if eventually bitcoin will be used as the only currency for transactions. If the currency eventually becomes accepted globally, a lot of things will be put in place to make it simple to use and accessible to even the less educated. I have come to realise for every new innovation, it’ll take time for people to adopt to the change and when it becomes the only option to use, it becomes more faster for them to comprehend and explore its use.

I don't think Bitcoin will be the only currency used for transactions. Even if Bitcoin is accepted globally, there will still be alternative currencies. There are still less educated people who cannot withdraw their money through bank ATM card although it is a very convenient method but still they face difficulties in transferring or withdrawing money online.

Therefore, less educated people will face a lot of difficulties in Bitcoin transactions as one wrong transaction can damage their capital. The most important point is that you have no margin for error in making a wrong bitcoin transaction and you cannot get your bitcoins back. If Bitcoin becomes the only transaction option then educated people will not have any problem but what will the less educated people do?.I don't think it will be so easy for such people to understand the use and transaction of Bitcoin

[Gormicsta]

There are still less educated people who cannot withdraw their money through bank ATM card although it is a very convenient method but still they face difficulties in transferring or withdrawing money online.

You know what CONVENIENCE is? Having to go to a mall or a superstore and after getting what you need, you take out your phone scan a QR Code and just like Zap, your transaction is successful. What could be more convenient than that. The normal banking system has a lot of glitches that can really cause you lots of inconvenience either as an educated or an uneducated person, but globally legalizing Bitcoin would for sure fix those glitches. Due to the centralized nature of our regular banking system, trust that the government and the financial agencies will always enforce laws and easily manipulate the banking system to suit Their interest and always fall in their favor, but the presence of Bitcoin would for sure solve those glitches due to its decentralized nature. Why do you think the government and so called law makers are strictly against Bitcoin and are fighting tirelessly to give Bitcoin a bad image just so Bitcoin wouldn't be legalized.

On 26 January 2022, BBC reported that Criminals laundered $8.6bn (£6.4bn) of cryptocurrency in 2021, up by 30% from the previous year, said it was a report by blockchain data company Chainalysis, amongst other several reports. All for what? Just to give Bitcoin a bad name. So my question is, before the introduction of Bitcoin as a means of moving money around, has their not been several other reports of money laundering via fiat? So why make it a big deal or make it look like it's a disadvantage or a glitch in Bitcoin when long before Bitcoin was introduced we've had several reports. I think it's just preposterous and this whole parade about Bitcoin being evil is just because the fast rising of Bitcoin poses a great threat to them and is gradually making them loose total control of the economy.

I settle down to read every line of your comments and I do say that you are apparently right, however, I have in mind even before now that most government are investing in Bitcoin quietly and don't want others to know.

There's no doubt that the Nigerian government are secretly investing in Bitcoin and uses Bitcoin as a means of moving money secretly, how then do you think the so called politicians move all the millions they loot. All the so called shitty crusade of making Bitcoin illegal are just mere formality, take for instance In June 2021 when Twitter was banned in Nigeria, some government officials were still reportedly seen making appearances on Twitter. LoL, the same lawmakers are the same people who break the laws.  in their dark circle, they all know the importance of Bitcoin, don't be surprised if they're the same persons who abuse the use of Bitcoin.

[Forever101]

It is practically impossible to sweep away the fiat, the only thing is that it will depreciate in usage. As far fiat is concerned, it is still main means of transaction. Talking about global domination of bitcoins is a nightmare that may not happen in this generation even if there are news of it everywhere. Don't forget that as some people believe on bitcoin, others don't want to here about it. A lot of person are stereotype while others study the positive and negative effect of it to reach their own decision.  To be more realistic, how do you pay for product less than a dollar everytime you want to buy such things , especially children. Bitcoins dominance in today's world will not be base on usage as means of payment but mostly as means of investment and store of wealth and value when it is no longer as volatile as it is now.

[btc78]

what you estimate might not happen considering that the government and banking institutions have long worked together to make banks and fiat remain popular, and weaken cryptocurrency.

the whole point of bitcoin is that it can be used without any third party bitcoin goes against the very purpose of banks and the government doesn’t like this, through btc the government won’t have as much control and won’t get to see everything in regards of their people’s financial situation

moreover, not everyone understands or wants to adopt crypto as their payment and this makes it more difficult to be able to penetrate the wider community.

think about the older generations who might not be as enthusiastic as us when it comes to technology what more if we combine technology and something so common as money?

[lombok]

Let me also make additional comments. @Dr.Bitcoin_Strange has clearly stated in detail that even though Bitcoin is accepted in all countries of the world or not, it cannot shift the role of banks, banks will not die because we clearly know that banks control fiat currency, and I don't think governments and even countries will be as stupid as This makes Bitcoin the country's fixed currency, they will continue to use fiat currencies such as USD, Yuan, Yen, Rubber, Rupiah and so on.

I totally agree with this. I want to say that Bitcoin never violates the backing system. Since banks control fiat money, Since fiat money will always exist, so banking system will also exist. We can not say Bitcoin will be the central currency of any particular country because Bitcoin is volatile and its value is always changing. Moreover, since it has no centralization. But we can accept it as a means of investment or payment. It is enough if we use the benefits that we get through it properly. I think it is not a big deal whether a country's government accepts it or not. What is important is the benefits that people can get from it. In the meantime, the governments of various countries have not officially accepted Bitcoin, but they are accepting Bitcoin personally. This is where Bitcoin has great strength.

Bitcoin as a commodity, as an alternative payment, as a safe haven asset which is likened to gold but in digital form alone is Bitcoin's great strength to survive and exist. From here we know that Bitcoin's actions are at that limit and as a form of innovation for decentralization lovers, of course they also use and are very dependent on centralized systems (here fiat money and banks). Bitcoin appears to be a balance to the centralized system, Yin and Yang 😉