"Bitcoin is the Global Reserve Currency: A look at banking in 2050"

Marry Finch

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Quote from: avikz on May 29, 2019, 09:33:46 PM

Quote from: Hype_Partners on May 29, 2019, 01:37:39 PM

We just published an article examining banking under the gold standard and predicting what banking might look like under a Bitcoin-backed global economy:

https://beyondhy.pe/bitcoin-reserve-currency

It's great for imagination but not the reality! Even though I want this to happen, but I don't see it happening! No Banks or governments will use a currency created by an anonymous person/group to be used as a reserve currency of their economy.

There will be virtual currencies most definitely but that will be not bitcoin or any other cryptocurrencies that we know now. It will be a government created cryptocurrency where total control will remain with government only! Because if we move to a completely virtual currency, tax aversion will be zero/minimal. That's what every government is trying to achieve nowadays.

However, the reserve will remain the same as today, like debt and GDP. A commodity will never come back as a reserve!

Totally agree with you. No state or state bank will ever switch to using cryptocurrency instead of its national money. Their national money will always exist as a mandatory attribute of the state. However, states will use their own centralized cryptocurrency, which they can fully control.
A decentralized cryptocurrency will be mainly used by people, whether it will be massively used by business structures will depend on how good conditions are created for its circulation in society in the process of legalization by its states.

CryptoBry

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Quote from: kryptqnick on June 06, 2019, 02:16:54 PM

I liked the article generally. It cites some sources, argues for a certain position and makes it seem pretty realistic. But I'd like to address the main problem with it by quoting the last sentence first:

Quote

It will be very interesting to see the majority of people in the world dramatically improve their lives by taking back control of their finances.

The problem is that while the article predicts the amazing success of Bitcoin, it still ties it up to contemporary institutions like banks. If people have Bitcoin on their bank accounts, I don't think it's right to call it 'taking back control'. The banks are still largely in control, even though not as much as nowadays. Seeing that the Bank as an institution is generally opposing cryptocurrencies (I know there are exceptions, but I am talking about the main banks in major countries), I think that perhaps the banks will finally become obsolete. There will be some price regulators and probably some things that don't exist nowadays, but people won't need banks, because they will be able to store their money themselves. Some might be concerned with robberies, and I think some sort of crypto-related insurances can become a whole new sector, but just not banks. That being said, I am not talking about things in 2050, I think such changes require more time.

The idea that there will come a time when traditional banking system can be gone and that the people themselves are becoming like banks seems very ideal from my point of view. However, there must be many changes in the existing financial system to make this big dream come true. Just because we are into cryptocurrency does not automatically mean that we are already taking charge and in control of our finances as there are so many factors involved here. Yes, this can take a whole revolution in itself. And I am hoping that we are starting this revolution today.

kryptqnick

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I liked the article generally. It cites some sources, argues for a certain position and makes it seem pretty realistic. But I'd like to address the main problem with it by quoting the last sentence first:

Quote

It will be very interesting to see the majority of people in the world dramatically improve their lives by taking back control of their finances.

The problem is that while the article predicts the amazing success of Bitcoin, it still ties it up to contemporary institutions like banks. If people have Bitcoin on their bank accounts, I don't think it's right to call it 'taking back control'. The banks are still largely in control, even though not as much as nowadays. Seeing that the Bank as an institution is generally opposing cryptocurrencies (I know there are exceptions, but I am talking about the main banks in major countries), I think that perhaps the banks will finally become obsolete. There will be some price regulators and probably some things that don't exist nowadays, but people won't need banks, because they will be able to store their money themselves. Some might be concerned with robberies, and I think some sort of crypto-related insurances can become a whole new sector, but just not banks. That being said, I am not talking about things in 2050, I think such changes require more time.

danielchris

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I think it is only for imagination idea .how can we judge it has possibility to give their staff payment in bitcoin.

xWolfx

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I don't think that calling Bitcoin "Dark Market money" is a great terminology for the goal we want to achieve with the technology in the future.

Why? Because it will scare people out. A lot will probably do like me, read and after reading Dark Market Money close the tab automatically and say something like: "I don't have anything to do it" or "I don't want to have anything to do with it". Even if your article was brilliant, the attention span is not so long.

That is the only constructive thing i see right now that we need to truly think about.

Leh-Meh

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Quote from: Hype_Partners on May 29, 2019, 01:37:39 PM

We just published an article examining banking under the gold standard and predicting what banking might look like under a Bitcoin-backed global economy:

https://beyondhy.pe/bitcoin-reserve-currency

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MakeMoneyBtc

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Most likely in the future normal online payments will be switched to payments using crypto currencies but it's hard to imagine a government would ever allow bitcoin to be their main currency since they have absolutely no control over it. In a world where corruption does not exist anymore and every government is fair with their citizens I could see it possible but we all know that's never going to happen.

Ailmand

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Quote from: cryptjh on May 29, 2019, 06:17:24 PM

Quote from: Hype_Partners on May 29, 2019, 01:37:39 PM

We just published an article examining banking under the gold standard and predicting what banking might look like under a Bitcoin-backed global economy:

https://beyondhy.pe/bitcoin-reserve-currency

Interesting article, but I don't think that the Central banks will give up their monopoly on money, Central banks will in 30 years probably hold bitcoins just as they hold gold. But I don't think that we will see the government paying salaries to their workers in bitcoins.

Private banks that hold bitcoins will probably have a better credit rating than banks that don't have any bitcoins. If banks one day going to lend out cryptos it will most likely be crypto from a blockchain they control. This way we cut end up going back to the old time where every bank was issuing their own currency.

Well, somewhere in the future cryptocurrency can be an alternative to money, but it will never replace money as we know banks they will not give up their power in controlling the flow of money, not to mention the government using cryptocurrency as the main currency. What's written in the article could be a great thing to happen, but looking at how things are right now, this is less likely to happen in the future. However, we don't actually hold the future, and we can't tell what might happen to crypto in the future.

Nalbo

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Quote from: Hype_Partners on May 29, 2019, 01:37:39 PM

We just published an article examining banking under the gold standard and predicting what banking might look like under a Bitcoin-backed global economy:

https://beyondhy.pe/bitcoin-reserve-currency

This is a good interpretation. We don't need Bitcoin to be the money, it could be gold, we could issue other curreny based on Bitcoin. Lightning network is one of the early experiment. A Satoshi could rise upto a dollar and we can further break Satoshi according to our need.

avikz

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Quote from: Hype_Partners on May 29, 2019, 01:37:39 PM

We just published an article examining banking under the gold standard and predicting what banking might look like under a Bitcoin-backed global economy:

https://beyondhy.pe/bitcoin-reserve-currency

It's great for imagination but not the reality! Even though I want this to happen, but I don't see it happening! No Banks or governments will use a currency created by an anonymous person/group to be used as a reserve currency of their economy.

There will be virtual currencies most definitely but that will be not bitcoin or any other cryptocurrencies that we know now. It will be a government created cryptocurrency where total control will remain with government only! Because if we move to a completely virtual currency, tax aversion will be zero/minimal. That's what every government is trying to achieve nowadays.

However, the reserve will remain the same as today, like debt and GDP. A commodity will never come back as a reserve!

CryptoBry

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I am sure that years from now, governments and their corresponding Central Banks will realize that real value of their national currencies should be tied with gold and silver...and in fact China (and to some extent even Germany) is already doing this now as these countries realized the big mistake that USA made when it disengaged from the gold-backed standard.

Now, with bitcoin as the digital gold, I am sure that there will be countries who will look at it and see its many advantages. Having bitcoin as one of the currency reserves is not giving up control with their economy rather it can mean additional power as they can now participate and influence the cryptocurrency market.

However, this is just my opinion. How things will gonna be depends on a lot of factors way beyond our own control. For sure, soon there will be upheavals in the global economic order that can lead to radical changes and how those developments can affect bitcoin is something worth watching.

cryptjh

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Quote from: Hype_Partners on May 29, 2019, 01:37:39 PM

We just published an article examining banking under the gold standard and predicting what banking might look like under a Bitcoin-backed global economy:

https://beyondhy.pe/bitcoin-reserve-currency

Interesting article, but I don't think that the Central banks will give up their monopoly on money, Central banks will in 30 years probably hold bitcoins just as they hold gold. But I don't think that we will see the government paying salaries to their workers in bitcoins.

Private banks that hold bitcoins will probably have a better credit rating than banks that don't have any bitcoins. If banks one day going to lend out cryptos it will most likely be crypto from a blockchain they control. This way we cut end up going back to the old time where every bank was issuing their own currency.

Hype_Partners

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We just published an article examining banking under the gold standard and predicting what banking might look like under a Bitcoin-backed global economy:

https://beyondhy.pe/bitcoin-reserve-currency

Topic: "Bitcoin is the Global Reserve Currency: A look at banking in 2050" (Read 290 times)