Topic: What can happen next time due to a lack of proper knowledge about Bitcoin? - page 6. (Read 1298 times)

It is people who have not been following the evolution of money that will think Bitcoin will lead to the abandoning of fiat.  Even in our world today gold still exist side by side with fiat, meaning new innovation only make improvement of what is in existence and most times does not eliminate same. In some parts of the world, trade by barter is still being practiced even though this is regarded as primitive. Truly Bitcoin will not eliminate fiat but will exist side by side fiat, offering people the opportunity to use which option is suitable for them as well as their purpose.

Many people are still reluctant to accept include Bitcoin payment as option because of some reasons that they feel will not help them meet up with their business planning and implementation, some of which include volatility of Bitcoin and unforseen circumstances such as the recent high transaction fees as a result of the congestion of mempool. 

I will say that Bitcoin is still a work in progress and will take it rightful place in finance, it is just a matter of time.

With the knowledge I have so far, I don't think that fiat will be abolished totally even though Bitcoin is adopted worldwide, as of now bitcoin remains a digital currency, the meaning of this is that, we can only see the figure and not feel it physically, if we must make use the figure, we have to convert it to fiat unless we are purchasing stuffs from dealers that accept Bitcoin as a means of payment.
There are people that are helpless in terms of the banking sector charges but those people still prefer banks because they don't believe that crypto is real, they see bitcoin as a scam without proper knowledge or information about the said currency, even though there is mass adoption today, some people will still continue to go the traditional banking way and I see this as a normal stuff, you don't force people to believe in what they do want.

For me, I don't really believe that the possibilities of Bitcoin is to overcome the fiat currency in any ways, because fiat currency has been one of the major use in the world so even if Bitcoin is here to overcome fist currency then I still believe that people can still adapt to it because there have been other things the world was using when fiat have been in existence (that is before B.C), so even if Bitcoin want to take of the fiat currency people can still adapt and things can still go well in the world.
Talking about employment, if Bitcoin took over fiat there would still be other jobs that people can do to make a living. I still believe that before Bitcoin might takeover the fiat currency, the world might have been more enhanced than the way it is now, so other good jobs will still be out there for people to make there money.

Whatever work we do must be decided considering the current and future conditions of that work. Without proper knowledge about any job a person can face big problems in future with any job.  

All of us who are involved with Bitcoin have enough knowledge and understanding about Bitcoin. We have been involved with Bitcoin for a long time and by now we have a fairly good understanding of Bitcoin and its price movement. In addition to having a good understanding of the current state of Bitcoin, we also have a good idea of how Bitcoin will affect people in the future.
For those who think that Bitcoin can destroy the economic system of a country, I want to say that El Salvador has accepted Bitcoin as a legal document in their country. As their countries adopt Bitcoin, they are making more long-term plans with Bitcoin, and every year we see them moving forward to implement new plans.Whatever you say about Bitcoin, I want to say about Bitcoin that Bitcoin has eliminated the unemployment of millions of people. When you are unemployed after graduation society will talk bad about you instead of helping you and when you are starving with your family and no one will give you one meal I don't see anything wrong if I can earn money with Bitcoin.

In the region where I live, many boys are unemployed even after completing the highest education in the country, but after finding no job, they finally chose bitcoin, bitcoin investment, trading as their profession and now they are very happy and financially stable. They are in front of my eyes, I don't need to see anything else. All I will say is that Bitcoin will become one of the most popular currencies in the world at some point, even if it's a bit late, and I look forward to that day.

Bitcoin was not created to make conventional banks obsolete. The reason for its existence is to be a financial alternative to fiat. People will always have the opportunity to choose between fiat and Bitcoin. every new invention also creates more job opportunities, so I don't think that the popularity of crypto will lead to unemployment. Even if banks become obsolete which is highly unlikely, the crypto space will create more job opportunities.

A lack of understanding of the crypto industry is not the main reason why many developing nations are not investing . The main problem is infrastructural deficit and poverty. Most developing nations don't have constant power and internet facilities for them to access the crypto space. Most citizens in these poor nations are focused on meeting their basic needs and pay little attention to investment. Due to poverty many of them don't have extra money to invest in Bitcoin.

1. No, the banking system won't be miserable. I have been into the belief that crypto or mainly Bitcoin is going to change the whole system and replace it. But I don't think that the government will allow that to happen, remember that they still have the laws and regulations on their hands and they understand that even without them, this community will go on and will have Bitcoin as a payment system but this time, more of an asset.

2. Well, unemployed people given that they don't have much financial things then it is for sure that they'll have problems related to it and as it dominates with other problems to occur. And I don't see the connection of it ever dominating or not the world as this problem has existed before even BTC existed.

3. Not a curse but for sure they're going to look at it as something that they dislike and the only thing they can do is to learn and adopt it so they do not get left behind.

4. It's easy to tell them that they can hold their own money and they're the keeper of it. The basic and common quote that everyone and platforms use is "you are your own bank".

The Banking system have failed the people in so many ways, it is about time that there are some payback for them. In the previous economic crisis, Banks were bailed out by tax payers money and we just had to take it up the a$$.

A lot of industries have been disrupted by newer technologies and they just had to adapt or die... so the Banks just have to do the same. Let's forget about them, like they forgot about us.. when they harmed us.

I'm a bit puzzled about how Bitcoin ruling the world could pose any problems for people. For that kind of scenario to play out, there would need to be an enormous demand for Bitcoin. And let's not forget, it's people who drive that demand. So, we can assume that people already understand the value and utility of Bitcoin, given this massive demand we're talking about.

What we're discussing here is more of an organic increase in demand, albeit a substantial one. It's not some pump and dump scheme meant to manipulate the market. So, I don't quite see how the statements of yours justify the result.

Adopting Bitcoin even in large scale basis by the mainstream population does not really translate for banks to get closed out of business and resulting into a number of unemployed people. In my view, that thinking is very simplistic. Remember that banks have so many functions that Bitcoin could not cover...in fact many banks are now so diversified in their services all because they are also convinced that putting eggs in one basket can be a very risky proposition. Now, having said that, banks can now also be be dealing with Bitcoin and cryptocurrency acting as a broker using their name and reputation as a big leverage. We are a very diversified economy, there are so many thinks that banks can do in doing business and making sure they can pay their employees.

I believe this stems from the fact that you don't understand the condition of those countries, or you can't understand the context of their situation. For example, I never heard people in developing or undeveloped countries call Bitcoin a curse. Most of them believe it is an alternative to gaining wealth. While they can misunderstand how Bitcoin or crypto works in general, things can change easily in this day and age. In your second statement, why do you think people distrust the bank? Is it because they can't trust them to make sure their money won't be misused, or is there something else? I believe people who distrust banks would find crypto an exciting alternative.

This lies on the "IF" idea that crypto would dominate the world. And even if it did, it doesn't take into account that there's a huge gap in time between the now and the then instance of this happening. All of the factors OP said pretty much involve ignorance of what crypto is. Said gap in time is more than enough imo for people to learn crypto if the world was actually swerving towards to using it for the majority of transactions.

If it was idk, late 19s or something then it might be hard, but even now you'd be hard-pressed to find someone who would have a hard time learning the basics of something they want if they needed to, but now? The internet itself helps a lot already, imagine what other types of helpful tools can be developed by the time that crypto is deemed as necessary, if ever.

The proof is evident in how crypto has begun to be adopted by some banks. That means crypto is in a positive direction because indirectly institutions have given recognition. Even many countries are starting to use blockchain technology through CBDC.
Some new payment platforms using electronic media are also starting a lot even though the systems are different. Although later the scalability may encounter difficulties due to network density. Perhaps for those who understand and follow technological developments it will be easy to adapt.

In general, the people are already bitterly facing the huge problems brought by the current monetary system. If Bitcoin will one day dominate the world, there'll be disruptions which might be interpreted as sheer havoc wreaked by Bitcoin, especially by its critics. The truth is that these will be minor ones as compared to the continuous damage caused by fiat. And these are necessary, too. But we surely won't be crying a river when the money printer operator would finally lose his/her job.


I think the banks won't go. Their roles may significantly change, though. Custodians will never be completely erased from the face of the earth. Plus there are also banking services that Bitcoin might not be able to replace. But, again, that the staff of banks will have to move jobs because of Bitcoin is never a heavy toll as compared to sticking with the status quo in which the people's currency is devalued nonstop.

 

Don't liken Bitcoin adoption to a bomb dropped from the sky. Why would people be surprised when the growth of Bitcoin is gradual? Right now, we're heading that way already. This has been going on since Bitcoin came into existence. It has been 14 years already. So, why would they be shocked when Bitcoin reaches a certain level of success? Bitcoin is a movement.   


Lack of understanding is easy to address. They only have to spare some time learning about it. Governments must have already heard about Bitcoin. They can easily invite experts to provide them better enlightenment. What's hard to address is stubbornly sticking to the fiat standard despite fully knowing how damaging and poor of a monetary system it is. The only way governments are closed-minded is when their leaders are benefiting so much from a rotten currency.


Gold and cash may be good but hard to keep. Moreover, they can easily be seized or stolen. They can also be damaged in many ways. They can't easily be moved anywhere, especially across international borders. They can easily be confiscated as well. As to cash, it might be replaced with a digital version sooner or later. As to gold, it can't be used as a currency. In which case, Bitcoin is much much better.

Maybe for cryptocurrencies other than bitcoin or altcoins this could happen. But in my opinion, you look at crypto, especially bitcoin, only from an opinion point of view that is seen from a negative point of view and not from a positive point of view. So although I can't deny that this could happen. However, I personally see crypto (bitcoin) in a more positive direction. Because in my personal opinion Bitcoin has a very good financial system and will also be far from cheating from any party, because Bitcoin has a decentralized system. Because as we know, if you look at the negative side of the current banking system, there are lots of frauds that often occur. For example, a manipulation system or an interest system that burdens customers. So even though currently the banking system has become commonplace for everyone. However, without these people realizing it, they have been cheated by the banking system.

Therefore, be it a banking system or a system that runs on crypto (bitcoin). Both have their own positive and negative sides. So if you think that if crypto (bitcoin) goes global and the results will be very bad, I personally think that opinion is very wrong. Moreover, as you have explained in your post, you still don't understand crypto or bitcoin, so to conclude this opinion, in my opinion this opinion is very inaccurate.

And based on the reasons you explain, this might happen if cryptocurrency (Bitcoin) quickly takes over the world's financial system. Because people will definitely be shocked and shocked by this. However, if bitcoin spreads slowly as is happening now, I am sure that society will be able to adapt to cryptocurrency (bitcoin) very well.

Some people are knowledgeable about Bitcoin but still rely on traditional banks. However, I believe there is a significant distinction between the two, and eventually, banks may adopt cryptocurrencies for other services.

Eventually, individuals will begin to adopt it and use it to their advantage.

Many countries will embrace crypto-currency once they understand its importance, and transition is not a curse. Transitioning can provide us with greater freedom, more opportunities, and numerous benefits.

If your acquaintances cannot trust banks, they will not trust this currency system. They continue to depend on either cash or gold.

Feel free to ask questions in this forum, but please search first since many questions from newbies have already been answered.

No, just because of crypto or bitcoin suddenly the number of unemployed will rise? Why not those who works on bank adjust and also joined the crypto? As the saying goes, if you can't beat them join them. And I doubt that the banking system will suddenly collapse. Why not them and crypto work hand in hand instead of thinking that they are going to be instinct?


Again, your argument is wrong, if you are talking about the unemployed or even those unbank, bitcoin will be the solution isn't it? Because they can't open a bank account due to lack of papers as banks ask a lot of information before you can open a account on them. But in crypto, you don't, just as little as a cellphone (who doesn't have a mobile phone in this generation?) and you will have crypto already.


I really don't understand your reasoning, it's on the contrary though, check countries that are underdeveloped or developing and come back and tell us how many of them are allowing crypto to be legal or at least in the gray area or not tagging crypto in general as illegal.

The world will continue its spins without Bitcoin or cryptocurrency and you can live well without it. There are even people who dislike Bitcoin and cryptocurrency but their life just has never been worse or stopped.

What belongs to future will be adapted by people who live and work in future. It's not too hard to adapt if it is something relates to your jobs and income. When you must do it to maintain your livelihoods, you will do it even you dislike it.

Work from home, work remotely, you can do it during pandemic time and after the pandemic. I am sure people can do it with Bitcoin and cryptocurrency, if the time comes. Like how they have to do it with the Internet, Windows, Microsoft office ...

If not majority of people are using Bitcoin, then you can't say that Bitcoin is dominating the financial world. And if there's no Bitcoin majority, then there will be no problems that you are describing - that some people will be left out, etc.

Like you correctly spotted - the "unBitcointed" people could be the future version of today's "unbanked". But the fact that people today are unbanked isn't a big problem. They somehow continue to live their lives, many are unbanked by choice.

As the technology advances over time, there's a lot of people that are left behind with the knowledge causes for them can't keep up and lose the benefits they could get like for example for the adoption of Bitcoin. For sure in a long run people could still manage to learn how crypto industry works by exploring it in the meantime. Still there's a number of people that are confused about the system of Bitcoin, so employment rate would be affected as well the economy of a country. While for the banks I think they could still manage when Bitcoin started to get mass adopted, cause here in my country PH, There's already banks that are open and acknowledging crypto which gave them a high rates and good feedback. Some banks would take time to do the same as well as they gather more information about Bitcoin if they can't handle the volatility.

If bitcoin will end up gaining true mass adoption, it won't happen in a single night — it will likely be slow. The question is just that will you be among the first out the fiat door, or last.

But yes — with literally any decent shift in society, there will always be people that will flourish, and people that will be unfortunate. There's no way around it.