Can Bitcoin even work in our current system? - page 2.

shoreno

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Quote from: Best Dreams on January 17, 2019, 12:29:41 PM

Quote from: horrifiedx1 on January 16, 2019, 07:53:23 AM

Quote from: binhvo1505 on January 16, 2019, 07:03:43 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?

I think borrowing and paying is essential in this world. Billionaires have now borrowed many banks so that they can now have a rich and prosperous life.
so I think it's a natural law and we can't change it.

borrowing must be for productive activities, so that they can repay the loan and interest, the bigger the business, the bigger the loan, but the big entrepreneurs can arrange it so that there is no bankruptcy, because they do it professionally. and of course with the presence of bitcoin it can actually help expedite their business, but this depends on existing government regulations

Loan is good only in case when you use it properly. Id you will invest it at right way trust me there will be no need to stay worry about your coming few years at the same time you can pay your loan timely. It’s now 21st century so bitcoin is not only able to use but it’s need of life now. It’s workable in this age of digital currency.

loan is goad and it does not matter how good or bad you use it but as long as you can repay it on the agreement date . bitcoin can work in our current system but we cant possibly live alone without fiats because bitcoin isnt already approved to be used as payment method whenever we work offline . our current society still uses a fiat in order to make a transaction or pay people . btc is only good for alternative use most especially when use online . so be it !

TheUltraElite

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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.

Banks work by giving out loans and people feed banks with loans because they need money. People dont get paid properly - how long do we have to listen to this? Its relevant from the time humans existed. People are never happy with anything given to them and will continue to call every system bad. Even a bitcoin based economy, if that ever comes in future will face the same problem.

The difference lies somewhere else. Its in the human mind being biased about themselves and those who are self-righteous thinking they have the VIP-benefits. This wont be solved by bitcoin is itself. It needs more discipline in the minds and a strict legal system.

bettercrypto

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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.

coinoutraged

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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.

usorin

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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?

Bitcoin is a functional coin in the current system, it is traded, it has a value and it is used world wide.

Best Dreams

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Quote from: horrifiedx1 on January 16, 2019, 07:53:23 AM

Quote from: binhvo1505 on January 16, 2019, 07:03:43 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?

I think borrowing and paying is essential in this world. Billionaires have now borrowed many banks so that they can now have a rich and prosperous life.
so I think it's a natural law and we can't change it.

borrowing must be for productive activities, so that they can repay the loan and interest, the bigger the business, the bigger the loan, but the big entrepreneurs can arrange it so that there is no bankruptcy, because they do it professionally. and of course with the presence of bitcoin it can actually help expedite their business, but this depends on existing government regulations

Loan is good only in case when you use it properly. Id you will invest it at right way trust me there will be no need to stay worry about your coming few years at the same time you can pay your loan timely. It’s now 21st century so bitcoin is not only able to use but it’s need of life now. It’s workable in this age of digital currency.

playboy654

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Quote from: horrifiedx1 on January 16, 2019, 07:53:23 AM

Quote from: binhvo1505 on January 16, 2019, 07:03:43 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?

I think borrowing and paying is essential in this world. Billionaires have now borrowed many banks so that they can now have a rich and prosperous life.
so I think it's a natural law and we can't change it.

borrowing must be for productive activities, so that they can repay the loan and interest, the bigger the business, the bigger the loan, but the big entrepreneurs can arrange it so that there is no bankruptcy, because they do it professionally. and of course with the presence of bitcoin it can actually help expedite their business, but this depends on existing government regulations

We can definitely accept the usage of Bitcoin in all kind of situation especially this situation will be very useful for the daily needs that we get from our self will also be clear by the uses of Bitcoin so I think the system will not affect any time to the development of Bitcoin.

horrifiedx1

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Quote from: binhvo1505 on January 16, 2019, 07:03:43 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?

I think borrowing and paying is essential in this world. Billionaires have now borrowed many banks so that they can now have a rich and prosperous life.
so I think it's a natural law and we can't change it.

borrowing must be for productive activities, so that they can repay the loan and interest, the bigger the business, the bigger the loan, but the big entrepreneurs can arrange it so that there is no bankruptcy, because they do it professionally. and of course with the presence of bitcoin it can actually help expedite their business, but this depends on existing government regulations

binhvo1505

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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 think borrowing and paying is essential in this world. Billionaires have now borrowed many banks so that they can now have a rich and prosperous life.
so I think it's a natural law and we can't change it.

goaldigger

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Bitcoin can function as the same as fiat in all terms. China practices nl cash basis now and they do it smoothly. They store QR codes on their phones that are connected through their banks. In terms of loan, you can loan BTC based on its current value. Whether it will increase or not, its on the decretion of the lender.

suzanne5223

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Quote from: biskitop on January 10, 2019, 05:58:01 AM

actually bitcoin can already be applied to our existing system, for example as a tool for our daily transactions. even bitcoin can make things shorter and simpler with blockchain technology. it's just that, the fluctuating price makes everyone still hesitant to start everything with bitcoin. it takes at least 5 more years.

I agreed with what you said because there's alot of innovating project implemented this day. However, technology are increasing and improving day by day. Therefore, the problem of scalability and fluctuation in price will solved sooner or later.

Bhugz09

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Yes it can, as long as it is recognized by certain country it can work on its system. Bitcoin is convertible also to current currency which you caj use in your everyday system.

FlightyPouch

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Quote from: maligu on January 02, 2019, 07:11:57 AM

If the world can only use Bitcoin as a payment method, then this can lead to war because the amount of Bitcoin is not enough to support the use of the world.

What? Why would it spark a war? What countries will be fighting over Bitcoin? That does not make any sense. Bitcoin is just a crypto currency and it is a decentralized currency, who would even think that people must die for it? That is true that Bitcoin is not enough to support the whole population of the world but that is fine since Bitcoin can be parted to smaller divisions though the only problem is their value.

Kez1817

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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 think if that will happen,there's a lot of changes in terms of monetary implementation and also banks anf government will do a lot so that it will not happen.

Naida_BR

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Quote from: maligu on January 02, 2019, 07:11:57 AM

If the world can only use Bitcoin as a payment method, then this can lead to war because the amount of Bitcoin is not enough to support the use of the world.

Not true. Why it can't? Items and services will just have a price of 0.000x. Everything can be valued accordingly with Bitcoin as it happens with fiat money. The only problem right now is scalability but any chain if going to be improved in the future as new ideas are dropped in the table from developers.

biskitop

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actually bitcoin can already be applied to our existing system, for example as a tool for our daily transactions. even bitcoin can make things shorter and simpler with blockchain technology. it's just that, the fluctuating price makes everyone still hesitant to start everything with bitcoin. it takes at least 5 more years.

KnightElite

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Quote from: ausbit on January 09, 2019, 02:27:07 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?

Bitcoin was created to enable us be our own banks. Okay, that is good, cryptocurrency is good and I have seen a lot of good things about it, same as there are lots of bad things about it too. But I don’t think we need this cryptocurrency as a main currency, fiat still remains the best for me.

I know some people will say it’s best to have cryptocurrency because they need freedom. But my question is, which freedom are you talking about? Freedom from what?

It is true that cryptocurrencies have also bad side, not all of its characteristics can improve our economy. Fiat currency is still the main currency and it cannot be replaced because government and most of powerful person will not let it happen.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: maianh09 on January 08, 2019, 02:23:52 AM

If this happens in the future, developers will create applications or applications that will help you perform the desired tasks. As the world changes, people become more intelligent, and they will turn the impossible into possible. What makes a profit will materialize.

Depending on app for everything is not a good way to live. Your bodies will start to rot. Yes bitcoin is a good financial method for future with some advantages over fiat but that does not necessarily mean that its all going to be app-centric or anything like that. I know about app development and lunching them to run on some cryptocurrency blockchain but then again most of these projects dont have any future.

Quote from: Rebisco on January 08, 2019, 10:06:23 AM

Consumers and customers are now prefer to use digital currencies because of its uses. The bitcoin will work in our current system because it can beat inflation. Most of the economy who experiencing high inflation is now using bitcoin for them to beat it.

Inflation needs to be controlled but then did the governments ever did anything to stop it except giving false promises? I doubt they would ever accept crypto to replace fiat completely.

Lexurdania

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Quote from: BlueStackz on December 08, 2018, 01:11:35 AM

Quote from: Lexurdania on December 07, 2018, 05:38:58 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?

Bitcoin is decentralized system and its hard to replace fiat money in our currency economic system. Every country need their own currency because every country have different strenght on their economic.

This is not the right assumption. Why we need different currencies for different countries when almost all the countries have accepted gold as a common momentary exchange medium. When gold is working as a common medium why not we can have a common currency. I guess in near future all the countries will be accepting this fact and benefits of having a common currency like European Union and euro.

I believe bitcoin can even work along with our current system because there will be no need of any specialized the system for the need of adopting bitcoin. It is already happening in many merchants environment. For a country level also it will be working similar to how Japan is doing right now.

I am agree that. I am prefer thinking bitcoin and fiat currency can run side by side. I think its hard for bitcoin to replace fiat money in our currency system because domination in current transaction using fiat money and not many merchant accept bitcoin for payment or as currency

ausbit

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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?

Bitcoin was created to enable us be our own banks. Okay, that is good, cryptocurrency is good and I have seen a lot of good things about it, same as there are lots of bad things about it too. But I don’t think we need this cryptocurrency as a main currency, fiat still remains the best for me.

I know some people will say it’s best to have cryptocurrency because they need freedom. But my question is, which freedom are you talking about? Freedom from what?

Topic: Can Bitcoin even work in our current system? - page 2. (Read 12976 times)