Can a Crpytocurrency replace current economic systems?

[Y3shot]

Bitcoin is great as a store of value, but I don't think it works well as an alternative for daily transactions and use. That's more a fault of fiat than it is Bitcoin. Fiat is the default across the world and our systems and technology have adopted to it. Unfortunately, Fiat's value is bound to the whims of politics, so it's inevitably inflationary, to the point where some government's have effectively made their currency worthless. Did you look at my project?

The idea of Bitcoin is not to completely replace fiat, and it is not even intended to boost the economy. The idea behind Bitcoin is for freedom and as a means of storing value. Bitcoin can’t solve the economic problems but can play a positive role for individuals during an economic crisis. In this economic crisis, it is up to people to tackle it to generate income, and then it can also be invested in a good store of value like Bitcoin to yield a good return. Economic problems have to do with leadership, which requires a leader to think carefully in order to solve them.

[Smack That Ace]

Stablecoin and CBDC are not very different. We are all centralized currencies, managed and controlled by the government. CBDC may be even safer because they are regulated by central bank. Meanwhile, stablecoins are managed only by private companies, and the risk is that they could go bankrupt, lose liquidity, and our money could disappear permanently.

Bitcoin was designed as a decentralized currency, but today it is used as a store of value. Therefore, comparing it to stablecoin and CBDC is unnecessary.

Each to their own but I think if CBDC gonna get regulated by central bank and managed tightly, you're essentially losing what stablecoin do best which is uncomplicated transfer and remittance.

What if CBDC follow the bank guidelines with tight screening and you're gonna get asked so many questions when you receive money from abroad and your account got frozen and there has been so many such stories where people got their account frozen for receiving money from their own family abroad, at least your address isn't gonna get frozen and asked those many questions when you are sending stablecoin that lives in decentralized blockchain.

As far as I know, USDS is the only decentralized stablecoin on the market, so far. But it is not really popular or widely used, instead, most people use USDT and USDC. Unfortunately, they are centralized stablecoins and they are strictly complying with regulations such as the GENIUS Act and MiCA. This means your asset can still be frozen without prior notice or request. This is even worse than how banks operate, because you almost have no chance to recover your money.

Tether has done this many times without a court, without prior notice and without explanation. I believe you know this very well, don't you?

[kawetsriyanto]

The idea of Bitcoin is not to completely replace fiat, and it is not even intended to boost the economy. The idea behind Bitcoin is for freedom and as a means of storing value.

The basic idea of having Bitcoin was to be an alternative of transaction. It wasn't for storing value, nor for solving economic problem as a whole. Until now, Bitcoin still has some limitation because not all countries accept Bitcoin fully. In some countries, people only can use Bitcoin for their own assets. In this way, Bitcoin has no power to change the economic system or boost the economy level.

Bitcoin can’t solve the economic problems but can play a positive role for individuals during an economic crisis. In this economic crisis, it is up to people to tackle it to generate income, and then it can also be invested in a good store of value like Bitcoin to yield a good return.

Indeed. Bitcoin has no ability to solve the economic problem in a country, but it can solve a financial problem of individual. Economic crisis covers a wide range of economic problems, this requires a more comprehensive solution.

Economic problems have to do with leadership, which requires a leader to think carefully in order to solve them.

Exactly. It is the responsibility of the government. They need to change the policy in a country, so the economic problems can be solved.