Can Bitcoin even work in our current system?

wendiar19

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Quote from: devinks on February 08, 2019, 10:18:02 AM

Quote from: cfif123 on January 21, 2019, 07:10:40 AM

Quote from: ShadowBits on October 13, 2018, 11:25:17 AM

Quote from: Indamuck on October 13, 2018, 06:26:37 AM

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin. Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending. Our economy is stimulated by people constantly taking out loans to make purchases. But with bitcoin you can't loan money that doesn't exist. Maybe we would have to change our consumerism as a society and prices would drop. Being able to borrow money easily makes everything rise in price. What are your thoughts?

Yeah, and Governments will start to see that and forbids it to happen since they can lose everything in power if that happens.

I also thank Bitcoin for accompanying me since I used Bitcoin in its time and I think Bitcoin is now better than the previous year

because bitcoin also means a lot to me because all this time I have used bitcoin, there have been so many benefits such as from my economy and finances which are getting better

if the system developed can implement blockchain technology and use bitcoin for transactions, it might make the economic conditions more because transactions can be faster and safer and all can see the transaction.

devinks

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Quote from: cfif123 on January 21, 2019, 07:10:40 AM

Quote from: ShadowBits on October 13, 2018, 11:25:17 AM

Quote from: Indamuck on October 13, 2018, 06:26:37 AM

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin. Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending. Our economy is stimulated by people constantly taking out loans to make purchases. But with bitcoin you can't loan money that doesn't exist. Maybe we would have to change our consumerism as a society and prices would drop. Being able to borrow money easily makes everything rise in price. What are your thoughts?

Yeah, and Governments will start to see that and forbids it to happen since they can lose everything in power if that happens.

I also thank Bitcoin for accompanying me since I used Bitcoin in its time and I think Bitcoin is now better than the previous year

because bitcoin also means a lot to me because all this time I have used bitcoin, there have been so many benefits such as from my economy and finances which are getting better

romero121

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Bitcoin can be integrated to the current payment system. This will add bitcoin as one of the payment gateway. Upon the necessity of the user one can prefer accordingly. Already there were more and more corporate firms have added bitcoin to their services payment portal section. Few banks too have adopted the blockchain technology and making every transaction through it, in those cases it is much easy to integrate bitcoin.

jabrix

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Quote from: JRoa on January 24, 2019, 11:25:28 PM

I am sure that it will work in our current system. Actually, there are now stores around the world that supporting Bitcoin as mode of payment. The payment system is continuing to improve because of the functions of the blockchain technology.

The payment system using bitcoin can be applied and working with a system that is currently running. There are only differences in mindset where conventional transactions only give up money, while using bitcoin requires a device that must be owned by both parties, namely the seller and buyer, and the bitcoin value agreement that occurs at the time of the transaction.

BlackFor3st

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Quote from: Indamuck on October 13, 2018, 06:26:37 AM

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin. Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending. Our economy is stimulated by people constantly taking out loans to make purchases. But with bitcoin you can't loan money that doesn't exist. Maybe we would have to change our consumerism as a society and prices would drop. Being able to borrow money easily makes everything rise in price. What are your thoughts?

Lending factor affects a lot in growing the economy of the country.
For example we can see that not much developed nations have comparatively less banks as compared to highly developed countries. (I won't mention the countries over here)
Also taking loans from the banks make the country get more developed even financially.
If fiat money is completely gone from the world than i think that cryptos would too be used to lend and borrow. That time the demand for cryptocurrencies would surely hike a lot which will lead for a huge price growth!

JRoa

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I am sure that it will work in our current system. Actually, there are now stores around the world that supporting Bitcoin as mode of payment. The payment system is continuing to improve because of the functions of the blockchain technology.

setialovers

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Quote from: shendy on December 09, 2018, 08:52:02 PM

Quote from: setialovers on December 09, 2018, 07:15:58 PM

Quote from: Indamuck on October 13, 2018, 06:26:37 AM

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin. Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending. Our economy is stimulated by people constantly taking out loans to make purchases. But with bitcoin you can't loan money that doesn't exist. Maybe we would have to change our consumerism as a society and prices would drop. Being able to borrow money easily makes everything rise in price. What are your thoughts?

Its hard for bitcoin to be world currency because bitcoin is decentralized. I think bitcoin can be an alternative payment or currency. Every country have different economic strenght and its hard to measure economic if using bitcoin

Not as easy as we imagine, bitcoin has a nature that is not easy to stabilize and will continue to change and this is difficult to accept, even the government has not been able to allow bitcoin to fly freely. The existence of bitcoin is acceptable but if the transaction has not been obtained a permit.

Its true that its not easy. For many people, bitcoin price too fluctuated and its not good if used as currency or payment in merchant. Merchant must be need stability on the value. But i think bitcoin can be an alternative currency

jcarlo

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Quote from: Indamuck on October 13, 2018, 06:26:37 AM

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin. Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending. Our economy is stimulated by people constantly taking out loans to make purchases. But with bitcoin you can't loan money that doesn't exist. Maybe we would have to change our consumerism as a society and prices would drop. Being able to borrow money easily makes everything rise in price. What are your thoughts?

I am believe bitcoin can work in current economic system. But i dont think fiat money will dissappear because fiat money represent of government and the stability of economic. I think bitcoin can compete with gold in the future as store of value.

SkustaClee

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Quote from: Indamuck on October 13, 2018, 06:26:37 AM

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin. Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending. Our economy is stimulated by people constantly taking out loans to make purchases. But with bitcoin you can't loan money that doesn't exist. Maybe we would have to change our consumerism as a society and prices would drop. Being able to borrow money easily makes everything rise in price. What are your thoughts?

The bitcoin is now currently working in our payment system. Actually, there are now countries who overcome their inflation through the use of bitcoin. The payment system will become more useful if we will use cryptocurrencies.

karloscimot

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Quote from: tenakha on October 13, 2018, 04:18:25 PM

I don't think that's gonna be a problem. Separate tokens can be created for credit. Nothing can replace the purity in the economy after crypto acceptance. Imagine that there will only be limited money and no one will intervene.

if bitcoin becomes the single currency in the world, then there will be a balance in the world of commerce, there will be no inflation that always exists every year for developing countries, there will be no currency playing and there will be no major state pressure on small countries in currencies they, it was time for reform in the medium of exchange.

akram143

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Quote from: semobo on January 23, 2019, 03:18:45 PM

Getting loan looks like is one of the advantages of the fiat money system but it is completely harm to the world economy because banks are making money from nothing by giving loan to the people and then printing later the amount they have given then they are collecting back the loan amount and the cycle keep repeating which increases lot of money to be printed and our money to lost its value then how much it was before called us inflation.

Bitcoin is an Universal currency so we can adopt Bitcoin at any kind of situation in any Systematic surrounding so it will be profitable also in this situation so we can definitely trust 100% by the usage of cryptocurrency especially in Bitcoin we had lot more confident with that.

semobo

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Getting loan looks like is one of the advantages of the fiat money system but it is completely harm to the world economy because banks are making money from nothing by giving loan to the people and then printing later the amount they have given then they are collecting back the loan amount and the cycle keep repeating which increases lot of money to be printed and our money to lost its value then how much it was before called us inflation.

Linkkoin

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Quote from: bettercrypto on January 17, 2019, 05:58:44 PM

Bitcoin and the technolgy behind the first cryptocurrency can fully work well with the current system of financial transactions except for the fact that fiat money must still be there. Why is that so? Because there are transactions that bitcoin is not suitable than fiat money. That is the reason they can coexist with each other.

Although right now Bitcoin is LEAST volatile in more than a year period, the volatility of it is still problematic for being used as a real currency. When you are operating a business, in many cases your contractual relations require you to sign a contract for whole next year, or even 2-3 of them, with prices which are usually fixed for that period. This is where on this time Bitcoin cannot work properly yet.

cfif123

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Quote from: ShadowBits on October 13, 2018, 11:25:17 AM

Quote from: Indamuck on October 13, 2018, 06:26:37 AM

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin. Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending. Our economy is stimulated by people constantly taking out loans to make purchases. But with bitcoin you can't loan money that doesn't exist. Maybe we would have to change our consumerism as a society and prices would drop. Being able to borrow money easily makes everything rise in price. What are your thoughts?

Yeah, and Governments will start to see that and forbids it to happen since they can lose everything in power if that happens.

I also thank Bitcoin for accompanying me since I used Bitcoin in its time and I think Bitcoin is now better than the previous year

Naida_BR

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Quote from: Dondont on January 20, 2019, 06:46:34 PM

In my opinion, our system cannot implement what is written on this bitcoin perfectly, even for just a few moments. Because basically it has different goals so that this is what hinders the progress of the technology. In other side, bitcoin is only used just for money field and not longterm purposes.

Bitcoin is used now just for money because it can't be used right now as something else due to regulations and strictness from governments and financial institutions. If Bitcoin was already adopted, then more use cases of it would start to come up. It would be more widely used and help the society thrive both economically but also cultural, due to its decentralized feature that helps people from different nations to communicate.

Dondont

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In my opinion, our system cannot implement what is written on this bitcoin perfectly, even for just a few moments. Because basically it has different goals so that this is what hinders the progress of the technology. In other side, bitcoin is only used just for money field and not longterm purposes.

Sum24

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Quote from: peter0425 on January 19, 2019, 04:29:29 AM

Quote from: coinoutraged on January 17, 2019, 05:13:25 PM

It sounds like the current system is heavily flawed and easily manipulable. If the economy is stimulated by people taking out loans, then it sounds like it can burst at any moment.

I think this is one flawed with bitcoin system though, it can easily be manipulate by those whales who have deep pockets. We have heard time many times so I'm sure that there's some truth in it. However, there are a lot of positive impact as well. Just look at how Japan manages crypto and fiat together, we haven't heard anything from them so far, so it looks like it's doable.

Yes here are some whales who are working just to spoil out money of other people and make profit for themselves. If we will allow them to manipulate the market only then they can, so don’t listen to them just hold your coin. Your thinking is great here i must appreciate that bitcoin has really good impact on our life because it makes our economy higher.

gurang

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Quote from: Indamuck on October 13, 2018, 06:26:37 AM

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin. Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending. Our economy is stimulated by people constantly taking out loans to make purchases. But with bitcoin you can't loan money that doesn't exist. Maybe we would have to change our consumerism as a society and prices would drop. Being able to borrow money easily makes everything rise in price. What are your thoughts?

it will work unless you know how you manage that and you overcome it just think if you know how you can manage it.

tadpole_bitfrog

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Quote from: Indamuck on October 13, 2018, 06:26:37 AM

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin. Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending. Our economy is stimulated by people constantly taking out loans to make purchases. But with bitcoin you can't loan money that doesn't exist. Maybe we would have to change our consumerism as a society and prices would drop. Being able to borrow money easily makes everything rise in price. What are your thoughts?

I don't think it's good to raise everything. economics and everything needs to have balance and ups and downs. At different times, always create talents and billionaires.
Why do you need everything to be appreciated? You should remember that as the BTC increases, the values of other objects also increase. so deduce your plan is meaningless.

peter0425

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Quote from: coinoutraged on January 17, 2019, 05:13:25 PM

It sounds like the current system is heavily flawed and easily manipulable. If the economy is stimulated by people taking out loans, then it sounds like it can burst at any moment.

I think this is one flawed with bitcoin system though, it can easily be manipulate by those whales who have deep pockets. We have heard time many times so I'm sure that there's some truth in it. However, there are a lot of positive impact as well. Just look at how Japan manages crypto and fiat together, we haven't heard anything from them so far, so it looks like it's doable.

Topic: Can Bitcoin even work in our current system? (Read 12976 times)