Topic: If Bitcoin took over.... (Read 1535 times)

would nice if bitcoin take over, and make their own bank

The problem is that the common person is too much dumbed down by the government, they are economic slaves without knowing it and dont know how bitcoin can free them.

If Bitcoin took over....

-You wouldn't have to worry about a credit score,
-the underbanked would have as much a chance as the privileged. 
-Credit card companies would go the way of the Dodo.
-Remittances industry would be shaken to the core.  Bye Bye Western Union
-People would save so much from fees they'd normally pay from banking, credit cards, money wires, that they'd spend more money using Bitcoin
-Bitcoin would be used as a voting system in the near future and help settle elections
-Would be used as a record keeping device for legal contracts: business and personal, marriage, partnerships, wills.  It'd be forever ingrained in the Blockchain ledger


....and so much more.

The problem is most of the hip hop lyrics would become updated. Would they start talking about the mighty B? i dont see a world where the dollar isn't the be all end all of power.

If Bitcoin took over, the Fed could print an $18 trillion bill and pay off the debt and none of us would be affected (except those that have treasury bonds in war money). The economy would continue in bitcoins without a huge war money debt hanging over our heads.

Countries would not be able to print money to go to war, they would have to spend only what they have so the wars would turn into small skirmishes.

If Bitcoin took over.... It won't, not even if. It will be just one of the optional ways of paying that we already have.

Simple as that.

rather, diversity for balance,
indirectly it will benefit also for bitcoin to remain stable

Bitcoin 'taking over' would be a freakin' nightmare.

Cryptocurrencies are a different story. Bitcoin alone is a nightmare.

We need diversity to avoid fascism.

Bitcoin will not take over and if it does then many will be happy including myself. It is a currency similar to the recognized currencies and 1B is worth more than any other currency in the market.

We would have a more honest banking and it would be less easy to do wars.

If bitcoin took over no more intolerable fees

You are not factoring the possibility governments and perhaps banks go bust, leading to most corporations going belly up… IE USD collapses

If most of the people that use bitcoin nowadays holds their btc, then why would you think that we will be "free"? If they got most of the btc on their hands, they can control us by indirect or direct means--and that will happen if bitcoins took over.

Why only "good things" ?

Maybe we should take a closer look at both sides of the coin. Perhaps then it appeares more out open that Bitcoin only competes with other currencies like Maple Leaf, Krugerrand, Dollar, Euro, Renminbi...
You should realise that Bitcoin will never "take over" can only archive beeing established inside a distinctive market niche. For a limited purpose. That could be either worldwide transfer of funds across barriers (political, economical, ideological) or storage of value (which is mood regarding the last year's notations)

its already doing good. Its really cool, how you can send money for a fraction of the cost. We need more good like that.

We are in complete control of our money, well put it the other way round, basically I no longer need banks and especially can avoid the fees they charge. And when I say complete control, that is also justified by the ability to transfer anywhere in the world. And the account doesn't get freezed for any dumb reason

We don't need Bitcoin to take over. This is a meaningless thought experiment. What if Bitcoin takes over, and humanity is as depraved as ever? Nothing. Bitcoin is used towards depravity.

I think bitcoin and fiat will co-exist, but bitcoin will engulf all the credit card payments.

Do you want to know the biggest one? It's more sanitary. Since it it's not physically there you cannot sneeze on it and give it to somebody, moreover it would allow a clerk to basically not handle the money and then handle the food which is currently the worldwide practice, which is unsanitary.

I have handled such seriously dirty fiat, where the paper has darkened so much, to the point where I am disgusted just by looking at it.

How about another one, you always pay the exact amount, no physical coins to dangle in your pocket. The register would display the exact amount you have to pay, you scan with whatever device the future has and you immediately pay the EXACT amount. Sure you could do this with a credit card, but by the time you take it out from your wallet, input it into the machine, type your pin and wait 60 seconds(I assure that is how long it takes for a VISA transaction to get processed over here, increasing the time to wait by all customers).

Consider this probably rather rare scenario, where kids are MORE LIKELY to choke on coins that are real VS those that are digital.

There, Bitcoin prevented possible deaths twice, once from disease, twice from a child choking to death or worse, having to have surgery to remove a coin stuck somewhere in his body. Any surgery no matter how routine can be fatal. Or how about people with HIV and no immune system?

Another thing I can think off, is that, when decentralized exchanges appear, they can prove 100% that they hold X amount of bitcoin, and they could be designed in such a way as to not work as a fractional-reserve bank.

Not much would change, wealth distribution would still be uneven as hell, but at least the basics of the game wouldnt be rigged (bernakle printing money etc)