Topic: How would an Economy based on BTC look like? - page 3. (Read 496 times)
I realized I don't think I asked the question as I wanted. In this scenario the country doesn't switch to the coin, the currency is just BTC, built upon BTC, and will continue to rely only on BTC, not some foreign currency like USD or Euro. What I'm thinking is just a new country. Like the idea of Esperanto land.
It would be interesting, asf.
It depends, would it be a market economy (an economy without the government being involved and no regulations from them) because it would be extremely difficult to regulate an economy built on a decentralized coin.
We wouldn't be tethering stuff to USD if it was our main coin. We would make calcuations and transactions based on bitcoin since USD wouldn't exist in this scenario.
Banks would obviously just not exist.
It depends, would it be a market economy (an economy without the government being involved and no regulations from them) because it would be extremely difficult to regulate an economy built on a decentralized coin.
We wouldn't be tethering stuff to USD if it was our main coin. We would make calcuations and transactions based on bitcoin since USD wouldn't exist in this scenario.
Banks would obviously just not exist.
Bitcoin would be much more helpful in international trade. And it would be difficult for a single country to adopt bitcoin to fullest while others are reluctant to. Bitcoin should be adopted in equal pace globally. Use of bitcoin is just a single country may be manipulated by influx or outflux of currency outside of the country making the market unstable.
Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
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