Topic: What can happen next time due to a lack of proper knowledge about Bitcoin? - page 5. (Read 1290 times)

 ???OP's question is like the bitcoin will become world currency in a blip and everyone who don't know about crypto and is not very educated will lost their job and become unemployed.
But it's not very easy to replace fiat or banks with crypto, if in future the world or government will make bitcoin legal tender than centralized banks and crypto will work simultaneously.
banks will not going to shutdown anytime in the future.

Both developed and undeveloped countries will face this, as crypto is not their local currency, but they will only experience it earlier. When such incidents happen, they will get rid of it when they learn how the cryptocurrency works, and they will enjoy it more than the fiat currency. Since you know, when they think that cryptocurrency is the curse of what they are facing, it's because they don’t have the knowledge, but when they learn the skills to use it and how useful the crypto is, they will understand that it’s a blessing to them.


Normally, the reason why some people don’t trust banks is because banks have been playing with their funds, and the government is also the one controlling their funds, not them, which means they won’t get access to the money without another person knowing, so you will see that those people don’t believe in such acts. However, they don’t want to hand over their money to someone, and that is why they handle it on their own.


Those who do not believe in banks are the ones that will easily accept cryptocurrency, in my opinion, because when they tell them how freedom it’s and how they will be one to handle their funds without any third party, you know that is what they are avoiding, which stops them from depositing money in banks. I believe they will easily accept crypto when they are taught about it and told that their money will be in their custody without anyone knowing before they get access to it. That is what will motivate them to accept it.

I agree with this. Government and Bitcoin’s decentralization already coexists, or isn’t it what is going on today? But if government was to adopt Bitcoin, the issue is that they will need control over it. In as much as it doesn’t sound well to me, I understand that this is their only way to track fraud, money laundering, etc. However, it depends on how the government chooses to adopt it, it is possible they ruin the purpose while doing. They can also somehow adopt it and we can still see the legacy of Bitcoin. But for a fact, the coexistence of government and Bitcoin is pretty possible.

I think that bitcoin or cryptocurrency will develop rapidly in the future, but I think it will only be an alternative, so I think your concerns regarding the things you mentioned can be reduced. Apart from that, several things you need to know are that the government has complete control over the economic system in a country, so I think they will not let a decentralized system control them. Apart from that, the Bank will definitely make adaptations regarding this, so I think the unemployment you mean will probably not happen.
Apart from that, when cryptocurrency dominates, it doesn't mean that Fiat doesn't apply, I believe that fiat will still be the main transaction tool, so that people with backgrounds who find it difficult to understand technology can still use this transaction tool.

I think you are looking at the negative side too much, I think a group of people who don't know about crypto will definitely learn it because they have a need to live or support their families and they could potentially become experts in crypto, as long as they work hard and continue to broaden their knowledge, because All humans are the same as long as they are willing to learn and try. However, it is possible that negative sides will emerge, but personally I think I am optimistic that if that happens, everyone will definitely adapt.

and in my opinion, if crypto dominates the world, of course the governments of each country will also provide learning and insight about crypto for people who don't know much about crypto. So in my opinion, don't be confused about this, so you just need to think positively.

There is no crypto that's going to dominate the world, Bitcoin is the true store of value and if possible Ethereum also get bigger like Bitcoin they both aren't going to replace Fiat, these digital currencies are not created to replace money, they are just options for people that need them.

Either educated or not there will always be option to choose any payment solution, I believe that Fiat isn't going anywhere, even if digital future makes paper money feels old it can be replaced with another Fiat in digital form, that's it.

Crypto or digital currencies can't be forced on people to start using as day to day payment solutions, it's not a must for people to start using, if you want you can but you will need to find those that will accept it as medium of payment.

Well, it is completely wrong of you to have just focused only on the cons of our society adopting bitcoin and crypto in general to become the only legal tender, look at the benefits as well, you did realize that the benefit is much greater than you have ever imagined.

And besides, all the issues you made mention of, are ones without a solution, if the government is going to make bitcoin and crypto in general the only and acceptable legal tender, be rest assured that millions will be spent to teach people how to use crypto, and who needs a bank when they can be the custodian of their funds, but then, we know how lazy most people are in our societies today, so even if there is goin to be a crypto bank, the staffs will be well trained on how to managed customers funds effectively and efficiently.

So, I do not see any issue here that is without solution, if there is anything we pray for, is that bitcoin and crypto payments gets integrated into our payment system, crypto payment can co-exist with fiat payment for sure.

I see no cause for alarms. Crytop currencies or the almighty Bitcoin in the crytop space is not striving to take dominion over fiats rather it is stressing on to be globally accepted.
Remember the primarily potentiality of Bitcoin is to exchanges with the global fiats.
So this is why it is said they Bitcoin is not for everyone and you strictly doesn't have to impose forces on anyone to learn about the cryptocurrencies unless it is an alternative to a national fiat where it is necessary for anyone to be knowledgeable of it.

If the bank falls behind in the development of information technology, it will surely suffer. Therefore nothing else potentially can stand for it. Moreover, Bitcoin has not just started its journey. Since its invention in 2009, it has been providing its services all over the world. It would be the right decision if banks don't think of Bitcoin as its formula but try to adapt themselves to it. Now what the bank will do will be entirely up to them.

A bank is generally an intermediary institution. People now understand how banks use their money to be profitable. Considering the benefits of Bitcoin, there is no problem in thinking of Bitcoin as their bank instead of a traditional bank. Generally, after depositing money in the bank, if it becomes bankrupt, who will take the responsibility? How much can a customer expect from a bankrupted bank? But since Bitcoin is under one's own control he doesn't have to pay any money but after a long time he can earn huge amount from it.

Disagreed, it might happen, but it's still far from happening. You see, all that's happening right now in the world is banking. The banking system is the main reason why there's budgets for every country, why most businesses are running, and many things rely on banking. So in short, the banking system cannot be replaced. Don't get me wrong, I want bitcoin to be in the main stream, but consider, of course, the other things connected to it, for example, banking.


There's a process or right transition for everything. You only think about the negative side of bitcoin being the main stream or adopted; of course, before transitioning to crypto currency, there's a proper way for that. It can't be in an instant because, of course, it will create chaos and disorder. So before thinking of anything, think about how bitcoin will slowly but surely be adopted. There's a right process and step for everything.

In my answer, did you see me say that the government is trying to eliminate bitcoin ? Or will bitcoin die and cease to exist? What I am trying to say is that bitcoin will not be able to completely replace fiat money and dominate the world. You are also hoping that bitcoin will be accepted by the government and thereby help bitcoin become popular , and become more powerful. It means you agree that bitcoin needs government help to become big . So do you think governments will let bitcoin take over and eliminate their fiat currency ? That's what I'm saying, bitcoin and fiat will exist side by side and bitcoin cannot replace or eliminate fiat.

You are making some pretty bold statements DanWalker.

You are suggesting that if governments cannot control money, then they have no purpose in existing, so the world as we know it cannot exist, and it seems to me that you are presuming too much in regards to governments having to be in control of money otherwise they cannot do their jobs of representing people or whatever it is that they are supposed to be doing versus what they actually do.

Personally, I believe that government can still exist without being in charge of printing and/or debasing the money, as seems to be their current and even historical practices, even maybe there had been times in which they debased it less or maybe sometimes they did not intend to debase the money, but it just happened as part of the process.. so maybe some of the spiraling debt system pickle that various governments are currently in was not completely their fault or intentional at all times, but many of us should recognize and appreciate that they are in a really shitty situation, even though maybe they can continue to prop up the current system for another 10-20 or even 50 years, but it seems that bitcoin provides a better system, in which it would be best to try to transition into whether we are talking on the individual level, institutions and/or governments.

Once governments transition into bitcoin, they will likely find themselves having different parameters and having to set up new ways of dealing with and interacting with people... and I don't claim  to know how the various systems are going to evolve, but I am surely not going to presume that government and bitcoin cannot exist in some kind of comfortable and/or stable state at the same time.

Cryptocurrencies may disrupt banking, causing job losses. It also creates IT, security, and crypto management jobs. The workforce must adapt and educate as industries change. The shift to a digital money system is shocking, especially for non-techies. Broad education and gradual integration are more important than a rapid change. Financial literacy is essential in the digital age.

Due of their volatility and complexity, developing countries should be skeptical about cryptocurrencies. These nations could benefit greatly from a decentralized currency, especially in financial inclusion and remittance expenses. Adoption, education, and infrastructure development are difficult to balance. Trust in any financial system (traditional or cryptocurrencies) is crucial. Some people distrust banks like your friends distrust cryptocurrency. Financial systems need openness, security, and user-friendliness to build trust.

  The only thing permanent is change, mere things will continue to evolve/undergo changes, we are currently seeing the change in the automotive industry where cars are running with batteries not longer gas. This still fall under the change the world is currently experiencing. The financial sector wouldn’t be left out Bitcoin is seen as the future of the financial institutions if it’s finally gets adopted by the government. The many benefits of bitcoin, even makes it difficult for the government to get rid of it because among their cabal they still have people who still own bitcoin. Bitcoin is going mainstream and it’s awareness as be made publicly for the world to see. It will be really hard for the government to scrape it off. Bitcoin can only go if we the people don’t buy to it. But as long as we the people agree to and accept it is here to stay.
   Investors are moving to Bitcoin because of its decentralization and its potential impact it has to  the market. A lot of seminars and conferences have been held in favor of bitcoin so that people may have insight about what’s going on the space.  Some public functions are now paying using  bitcoin, personally I don’t see bitcoin or cryptocurrency being cancelled. Because of it high in demand plus being one of the most talked about projects for the past years now it’s makes it hard for government to sweep it under the carpet.

I don't think that the whole world will be nominated in BTC. Humanity is not ready for it. However, it may be accepted as secondary means of payment

First of all, this would never happen so the problems you raise wouldn't happen either. As others have answered, I am also a crypto investor but I am not too optimistic that cryptocurrencies and bitcoin can dominate the world and completely replace fiat currencies. Cryptocurrency is attracting a lot of attention in the world because of the hype and innovation it brings. But that doesn't mean it will become huge and out of government control to dominate this world . After all, cryptocurrency is just a financial market that will also be regulated by governments and financial authorities.

I don't think so, Bitcoin as it is is just another mode of payment available to people just as PayPal,Cashapp, wise and the list is endless....so Bitcoin being the dominant coin would just limit peoples options.

Not sure which angle you looking at this from, but bitcoin alone can't solve employment issues as this is just a mode of payment or a store of value.

Humans are naturally survivors, and if learning how to use cryptocurrencies makes this much easy, trust me they/we shall learn.

But as things stand, crypto is more widely used in developing countries as most try to use it for cheaper remittances, bypassing the tax channels and last keeping their wealth under the radar unlike developed countries where regulation follows every dime and people operate by the book .

Whilst I understand we, as a community, tend to overestimate the innovative and disruptive power of Bitcoin and blockchain technology in general I have a completely different view on whatthe future changes to social and economic enviromment that Bitcoin ( to cut it short, meaning with it all the innovation blockchain technologies are bringing) can cause.
I think "we" will always be just one niche or maybe a sector af the overall economic movement : there will always be industry , part of which will benefit, and are already benefiting of blockchain techs, traditional finance world that will do whatever is in ther possibility to keep their leadership with the help of govermennts and supragovernmental organizations, entertainment industry, stports , travels foods and moltitude of other activities that I can't even imagine right now that will keep on beeing needed  and will continue to exist despite how great the advent and affirmation of blockchain technologies will be.

Let's not forget that the rise of Bitcoin isn't directly equivalent to the fall of the traditional banking system. I hope you understand that we haven't had mindblowing adoption yet, and if we did (right now), I hope you know that the Bitcoin blockchain is currently not able to handle such excessive transactions.

People will learn. Once it starts going viral, people will get interested in knowing what it is about and why one should use it, and hence, they will learn how to use it. Currently we have so many guides on the internet; articles, YouTube videos, etc.

These set of people are the ones who would even rush to accept Bitcoin. The centralization of traditional banks is one of the major issues people have. Aren't you scared to know that you could have $1million and the bank will lock it up just because they can? For someone who fears this and knows the many other things that banks are up to, they would definitely delve into Bitcoin because truthfully, for what they fear, Bitcoin is a better alternative.

To put it bluntly, the possibility of cryptocurrency taking over fiat will never happen, it will only happen when the government is no longer the leader and controller of this world. But if that happens, our world will collapse, the world cannot exist without leaders. As long as governments exist, they will use fiat currency or whatever they control, they will never allow bitcoin or any other decentralized currency to take the place of fiat. Furthermore, bitcoin was not created to take over or completely replace fiat, it is just an alternative.