Topic: What can happen next time due to a lack of proper knowledge about Bitcoin? - page 7. (Read 1298 times)

Any major change brings both new opportunities and devastation to those who represent whatever the change is replacing. That's why it's important to have measures that will ensure that people who are suddenly suffering from the change receive support to adapt to the new normal. But let's see the specific points the op raised.
1. Banks won't necessarily be miserable, they'd just have to rebrand and provide services of crypto holding. Some people will always choose centralized services because they don't want the responsibility of securing their own funds, making sure they can restore access if they lose it, etc.
2. Some people would probably lose jobs, but that's where unemployment benefits come in, and perhaps special programs to retrain people who were employed in the industries that are no longer relevant would be required.
3. Actually, there doesn't seem to be a correlation between the strength of the economy and attitude toward Bitcoin. Some strong economies embrace Bitcoin, some weak economies are against it, but the opposite is also true.
4. Those who don't trust the banks would be delighted to know that they can hold their own cryptos in non-custodial wallets, and they don't have to trust anyone but themselves this way.

Unemployment exists in all countries in the world and the cause is because there are no available jobs. In fact, the employment problem is a classic reason that is brought to describe the causes of unemployment. For me, another cause of unemployment is because human resources are not diligent enough to utilize the existing potential as a source of income.
When the world is dominated by everything digital, on the positive side it will make things easier.
Bitcoin is part of a currency that can be useful, not a big problem.

Has this stop the new and innovative ways of doing things from taking over the old fashion way. The world is constantly evolving, we have to move with the flow and learn new skills so we can stay employable. The bankers just have to learn new skills and they'll be good.


Developing and underdeveloped countries are those that'll benefit more from the adoption of Bitcoin. The lack of understanding can easily be addressed by enlightenment program been organized across the country so this isn't a problem and when the benefits of Bitcoin adoption are been understood by them they won't see Bitcoin as a curse but a blessing.


People don't trust the bank because they know the banks are controlled by the government but Bitcoin isn't control by the government but puts the power over your finances in your hands. It'll be easier for people's that distrust the banks to trust Bitcoin because they'll see the difference between the two currencies.

What do you think about the last 3 years pandemic where most people don't know how to use zoom and working from home? it's called as transition phase!

If a country is really need and adopt Bitcoin, it will force people to learn about Bitcoin. There's no such "can't able to learn", they're either lazy and denying from big change.

If banks are bankrupt and there are many unemployed people, that mean there will be a lot centralized exchanges and they can work here, what's the problem?

The problem of developing countries is they lack of water, healthy food, transportation, internet connection and good government. Now you're exaggerating they must use Bitcoin, Bitcoin is just a currency, not something that everyone must have.

Defining domination of the entire world will help us a lot. Bitcoin still cannot have scalability for all daily transactions. In fact, any decentralized system will fail in this and therefore second layer solutions and a lot of development will be needed before we reach this stage, not to mention that this will require For years until we reach trillions of dollars in market capacity, which may happen after 10 years, 20 years or more.
Therefore, when that time comes and technology develops, many things will change about our current world, and therefore we cannot rely on the values ​​that exist now to predict the future.

It will be very difficult for Bitcoin to replace all the fiat currencies in terms of usage. Bitcoin is an innovation that offer some improvements to the conventional system of finance.  It was not created to completely replace fiat but offer another alternative.

Just like the Internet, Bitcoin is a revolutionary innovation that offers new ways of life... and even as widely accepted as the Internet is, not everyone in the world still have access to it yet they are surviving.

So do not allow the fear of change make you think that Bitcoin will destroy employement opportunities becaue many employements have been created through Bitcoin and many will still follow.

I think you are only looking at the downside of the possibility that's can happen but I would like to remind you that fiat wasn't actually the first currency in use from the first period of time and still humans adapted to it and have since used it despite the disadvantages that it first pose during its adoption in the world.

Change is a constant thing in life and thats what no one can fight although am not sure of whether bitcoin can take over the world but if eventually it does then I think the impact of positivity will be more than disadvantages.

Well, don't you think if the whole world is dominated by cryptocurrency or bitcoin, then some people will face a huge problem?
  I have discovered some of the reasons for this. For example- 

1. When virtual currency or crypto-currency reigns all over the world, the banking system will be miserable, and a group of people (who do not know about crypto-currency or bitcoin) will be unemployed all over the world, who till now were working at the convenience of various banks.

2: Unemployed people (due to a lack of knowledge of currency requirements or benefits) will not be able to handle this shock in the first place, due to which they will face various financial, lateral, physical, and mental problems, which is a big challenge for them. 

3: Many developing or underdeveloped countries (especially those with low leverage) will consider cryptocurrency a curse rather than a blessing due to their lack of proper understanding of its importance.

4: I have seen among my acquaintances who still cannot fully trust the bank (banking is some kind of rigging or fraud) and therefore leave their valuable assets (gold or money) on their own instead of depositing them in the bank. For those who do not believe in banks, how exactly will they accept this currency system?

I might be wrong, and I don't know much about advanced technology, crypto, or bitcoin yet, so please don't take my questions negatively.
 In fact, all these questions have been created from the thoughts that I have presented here.