Topic: Can Bitcoin even work in our current system? - page 5. (Read 12976 times)
It will be fantastic but for this many things need to be replaced. It is really difficult to replace the existing systems. So it will be difficult for BTC to work in current system. Then there would be different names of BTC, like BTC for US, BTC for UK, BTC for Kuwait, so on and so forth. BTC value will be measured by these countries.
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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?
Is this debt based system necessarily something that is positive for the economy, though?
But to answer your question, even with bitcoin, banks are able to conduct fractional reserves. I don't see why they can't. It's just that there would be no government guarantee if there was to be a bank run, and I'd assume that most people would feel more comfortable just keeping their BTC inside of addresses that only they have exclusive ownership to.
Since bitcoin's completely independent of the current system, and is completely different if not the opposite to fiat currency, I don't think it's fair to measure its validity or success based on how well it can "replace fiat" per se, but rather, how well it serves as an alternative asset that can store value in the long run, and to facilitate quick transactions globally without intermediaries. That's what bitcoin brings, not how well it integrates to the current fiat system.
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?
For me, yes it can. And here in my country we need something like Bitcoin for the current system. Bitcoin is fast, secure and decentralized so I think people will like it that way. Fiat sucks most especially when we are doing an online transactions. Bitcoin is for me more convenient to use than fiat money and it's systems. I think it is also hard for us to buy smaller amount of goods or pay services with Bitcoin due to transaction fees and I think it would work perfectly with fiat. Therefore having both assets will make sense. 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?
We are having so many places that has no access to internet and that makes bitcoin not to effectively work in our current system and society. Cryptocurrencies should just remain investments opportunities and not as currency. Investment opportunity mean we should used it to make money and not in other ways.
If we are only using to make money it will fade away in some years because it is just pure speculation so some people will lose money and some other gaining money,now whales are the one who is making more our of crypto investments so if this continues they will always make us a tool to get their profits that is why we should use this what it is meant for.
We are having so many places that has no access to internet and that makes bitcoin not to effectively work in our current system and society. Cryptocurrencies should just remain investments opportunities and not as currency. Investment opportunity mean we should used it to make money and not in other ways.
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'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.
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.
nothing has to be changed, let the system run as usual.
bitcoin is very limited and very different from fiat money.
let crypto grow slowly without removing the function of the fiat money.
bitcoin is very limited and very different from fiat money.
let crypto grow slowly without removing the function of the fiat money.
the scenario of all fiat is lost and there is only crypto, so the government and central bank will maximize crypto from services, utilities, repairs and also the best partners for crypto to increase the country's economy. crypto will progress rapidly when the fiat is agreed to disappear for all countries
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'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'm not sure if for example we use bitcoin, it can't eliminate the nature of the loan interest, the use of bitcoin here can still have bank interest. so actually only changing names is not the value or internal factors. The problem with capitalism is the interest on loans from the bank which strangles customers
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'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?
Of course it can work in our current system. Actually, it can not be accepted if it do not have any value in the economy. But if fiat will be replace by bitcoin many people will hard to adjust to use it especially the seniors people because they can not follow the trend its hard for them to use some gadgets and it will be hard for them to trade or buy some goods.
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'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.
We must agree that system where economy is stimulated by loans is wrong, people start to get it. Indamuck is right about changing our consumerism, we need to do something about
it globally. It`s more than Bitcoin when he wrote that people wouldn`t be able to borrow money that doesn`t exist, it`s the advantage of most crypto-currencies.
I think that crypto-currencies can work in our current system. Internet is available everywhere, we all have mobile phones. I think that using crypto-currencies would make many things
easier than they are now.
I don't think bitcoin was created for the purpose of killing all the fiat and want to take over all the places and even if all the fiat dies we still have over 2000 crypto currencies in usage as of now so we don't care about the limited availability of bitcoin we can pick the most real life useful coins and can make the in a ways which is useful for us in our daily life.
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'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.
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'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.
Consumerism is good, it makes the economy gears work fine. On the other hand it has some disadvantages: like people who don't know limits borrowing money, creating a rising debt, possible to bankrupt. And there is a bad kind of consumerism too, the low quality one, like when people satisfy themselves with low quality goods and even pay a disproportional amount of money for it. Then it leads to a low quality industry producing garbage.
About Bitcoin, consumerism doesn't need to change because of it. Bitcoin would just replace fiat. You could borrow BTCs, you could buy anything you want and a lot, if you have enough Bitcoins...
Decreasing consumerism would lead to decreasing the demand, weaking the economies and Bitcoin. Goods' prices wouldn't decrease, only Bitcoin price would. So you would need more BTCs to buy stuff for you.
About Bitcoin, consumerism doesn't need to change because of it. Bitcoin would just replace fiat. You could borrow BTCs, you could buy anything you want and a lot, if you have enough Bitcoins...
Decreasing consumerism would lead to decreasing the demand, weaking the economies and Bitcoin. Goods' prices wouldn't decrease, only Bitcoin price would. So you would need more BTCs to buy stuff for you.
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?
Is it? Economy system is not that simple, it's not only from people taking loan for purchasing right? More than that, where government would start to think to adopt the system, and of course how to control the flow. Actually, what can be purchase by fiat were possible to be paid by crypto, this is of course if the blockchain system were really adopted. 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 that is the case then the world will be more advanced and better. payment transactions will be easier across the globe.but for now it is hypothetical.
In the previous years everyone was more confident about the payment system for to use Bitcoin in our current system but right now it became doubtful and it is because the community do not give much support to this field. If we will do our best to give support to it then it may be possible. 
Yes bitcoin will work great with the current system, but keep in mind, that it will not replace the utility such as fiat money. Bitcoin and other existing utilities will definitely co-exist together. Bitcoin will be very useful and will improve a lot of financial transactions. Let's just wait for its mainstream adoption.
As you wrote, the problem is not whether we would use Bitcoin or fiat currencies, but for lending money that does not exist.
Financial instruments similar to bitcoin-based loans are already developed, so I think if there was only Bitcoin in the world, this problem would not have disappeared, it would just be the same, just a bit different..
Financial instruments similar to bitcoin-based loans are already developed, so I think if there was only Bitcoin in the world, this problem would not have disappeared, it would just be the same, just a bit different..
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'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'm not sure if for example we use bitcoin, it can't eliminate the nature of the loan interest, the use of bitcoin here can still have bank interest. so actually only changing names is not the value or internal factors. The problem with capitalism is the interest on loans from the bank which strangles customers
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