What if a change in people's views? | Bitcointalksearch.org

Cookdata

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

there will always have some sort of inflation
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?

Since 1862 when dollar notes have been into existence, the FED knows inflations better than anyone and they know the solutions than anyone but the government is known to be crooked, if they limit the number of dollars in circulation, they wouldn't be able to do their dirty democracy system of government and agenda, they wouldn't be able to print more money and he sovereignty upon his people will be hard. However, if today people decide to convert all their fiats into bitcoin, I'm quite not sure which direction bitcoin will follow after what I witness with USDC FUD last week. USDT and USDC have an impact on bitcoin, I wonder how these relationships will end for bitcoin and the entire market.

ChiBitCTy

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If everyone turned their fiat currency in to bitcoin then the world would be turned upside down. This is something that's going to be a slow and gradual process. Remember the blockchain still has its limitations. We've seen the repercussions of the blockchain being overloaded before and that would almost assuredly happen again.

As the saying goes , Rome wasn't built in a day. Things take time and this will take time as well.

At this point, we shall see!

SquallLeonhart

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

there will always have some sort of inflation
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?

The idea that we will "all" go into crypto is just a fantasy not because it is due to anything about bitcoin, but because nobody is 100% anything. We are not 100% in fiat neither, you should see the way people move their money around and how it all works at a bigger level to understand that the barter situation still going on, but at a larger scale, they basically share their power with each other, one has a right to do X the other has Y and they do that.

All in all we are talking about something that will make a bit of a problem to have all of them in bitcoin. On the other hand we can grow and we are growing everyday so that part will continue.

jokers10

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Quote from: Dickiy on March 21, 2023, 06:58:06 AM

...
I might think otherwise from you because if you think about it then there is potential for crypto or BTC to become a legal currency and everyone can use crypto even though it has price volatility but its status is an alternative means of payment meaning it is not the main one.
...

Bitcoin is volatile at the moment but it will become more stable in the future. Future hasn't come yet, but old fiat system hasn't crashed yet as well. So it is not the thing we can expect right now so we are trying to predict if it is possible basing on trends we can see now. And I'd say that in the future I can see from now fiat system will stay for long, but decentralized currency alternative will slowly change a finance world and there will be a totally different financial system in the future. But I'm not sure how will it look like as I expect that many of nowadays tools will be gone and some new will be invented.

bettercrypto

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I think what you are saying is vague and impossible, because most people are just poor and they will not prioritize buying bitcoin in the current hardship they are facing.

Not everyone is for bitcoin and I believe most people are not for it. Because not everywhere in the world or place has wifi or a strong data connection. Although it would be nice if most people would buy bitcoin, that's why the value of bitcoin won't rise immediately so that you can earn a lot right away, of course while you wait for its value to rise, each day will pass and it won't. you buy the things you need from food, clothes, personal hygiene you need you have fiat currency.

merekamo

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First for you question, I believe that there will always be some form of inflation in the economy.

But, I do agree that the degree of inflation depends on a variety of factors such as market demand, supply, and other economic indicators.

For second part of you question, if a majority of the population were to suddenly sell all their fiat and invest it into cryptocurrency.

I do believe that there could be an impact on the traditional finance system. This could be a result of increased volatility in the market, as well as a shift in the balance of power from traditional banking systems to decentralized digital currencies.

Remember that, it's worth noting that the impact may not be entirely negative, as cryptocurrency has the potential to provide greater financial access and inclusion to a wider range of people.

Dickiy

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Quote from: Sarah Azhari on March 07, 2023, 08:01:01 PM

Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?

When we talk about imagining and delusion, the answer is always imagining and delusion also. we don't know about future and what happen next, if fiat system dead, the strong goverment will try another ways to replace it by the time. One of very potential is gold, because gold is tested about many years ago and strong. but if crypto, I am not sure will replace it when gold is more stable than it. I just thingkin it by your imagine.

yes, even though it looks like a fantasy, but we will not have 100 percent truth from a prediction, the answer can be yes or no. Even though gold basically has tough stability, the downside is whether or not gold is easy to carry because it has a shape and weight.
I might think otherwise from you because if you think about it then there is potential for crypto or BTC to become a legal currency and everyone can use crypto even though it has price volatility but its status is an alternative means of payment meaning it is not the main one.
Talking is disrupted or not, I think it will be disrupted because it certainly takes quite a long time in matching this financial system.

borovichok

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Quote from: deathcode on March 17, 2023, 03:04:42 PM

Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto?

Your question really exceeded expectations OP. why would someone or even the majority of the public exchange all their fiat to buy crypto?.
If the majority of the world's population suddenly became like that, it would shake up and disrupt the many systems that have been implemented today, not only for the financial system but for all the existing systems and regulations.
Except that the whole world is only led by one person or group who agrees to start eliminating and replacing fiat, and that means rearranging all systems and regulations in the world.
But that seems like an impossible thing to happen and will never happen in my opinion lol.

Fiat currency is the entire operation of money and some individuals are not educated on what crypto is all about, some traders tends to make it a little bit complex because they're always on the wrong side of the market. The majority would messed up the entire system, because the existence of dump projects will improved highly in numbers and it will gives way to steadily rapid liquidation of accounts and scams will enchance actively in the space. Cryptocurrency is not something we should put all our hopes in because it's risky and capable of draining our trading accounts if we don't fully understand how the crypto market operates.

bosede1

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This scenario you are picturing can only take place when bitcoin is used for daily transactions and by this I mean for purchases of any household materials easily without any constraint but even with this fiat cannot be completely sold out to obtain bitcoin.

panganib999

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

there will always have some sort of inflation
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?

Well, let me just say that like what these other people have pointed out, such a world wouldn't exist because in every corner of this planet there will always be some stubborn yosemite sam that's not gonna adopt bitcoin. But for the sake of discussion let's think about your proposition and suppose that every single person on the planet bought bitcoins with all their money, belongings, assets, and whatnots. First and foremost, the dollar's value will collapse because just like the episode from Rick and Morty where Rick fucked with the Galactic Fed's economy, you literally just zeroed the value of the currency in one go. Furthermore, bitcoin will become so scarce that its value will shoot upwards, but it wouldn't matter because there's no dollar to relate its value to anyway, coz it's already dead. What's going to happen is that with 8 billion people all using the same congested network that couldn't even handle the transaction weight of a couple hundred million/to a billion, the bitcoin network will collapse.

Basically by funneling all your dollars to a deflationary asset like bitcoin, you're going to fuck the two currencies up.

deathcode

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto?

Your question really exceeded expectations OP. why would someone or even the majority of the public exchange all their fiat to buy crypto?.
If the majority of the world's population suddenly became like that, it would shake up and disrupt the many systems that have been implemented today, not only for the financial system but for all the existing systems and regulations.
Except that the whole world is only led by one person or group who agrees to start eliminating and replacing fiat, and that means rearranging all systems and regulations in the world.
But that seems like an impossible thing to happen and will never happen in my opinion lol.

jokers10

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Quote from: uchegod-21 on March 16, 2023, 05:47:23 AM

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Meanwhile, fiat must always exist

You are looking at the current situation and expect it will last forever, but if we look at the situation with bank cards they conquered countries like Sweden just for several decades. Maybe your country is not ready to change all payments to bitcoin (and it is not necessary, I just talk about its possibility) at the moment, but it will develop and will be ready in probably a several decades. Why not? Technologies become cheaper and even not top countries can get their part of pie.

I'm not against cash, cash is much better than digital forms of fiat. But technologies are developing and not everything is based just on what we like or not. Bitcoin is a good alternative to digital fiat money.

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Quote from: jokers10 on March 16, 2023, 05:33:39 AM

Quote from: Razmirraz on March 15, 2023, 01:16:58 AM

No, the traditional financial system that adopts cash payments will continue as usual even if the majority of the population puts all their money into crypto. Traditional payment systems are more commonly used by all levels of society, from the old to the young.
Payments using fiat can be made anywhere, even in the most remote places that are not covered by the internet network. Imagine if at your place there are no internet facilities for a week, how can you make payments using crypto.?

We all know that in some countries like Sweden many stores use cashless policy. They accept bank cards only. In some countries like Russia you can't sell anything if your cash register is not connected to Taxation Service via Internet (there are some exceptions, but in general it is so). So we are already on the doorstep of a world where lack of Internet makes everything stop. Maybe it is a very risky strategy, but it is implementing right now. So maybe there will be problems with accepting bitcoin in some spots at the moment, but with further development these problems can be solved.

Different countries are making efforts to go cashless, especially developed country. My country tried it this period of our election and it was not easy for the citizens. People suffered and even till now. The major challenge is that majority of petty traders doesn't own account and doesn't accept anything else apart from cash at hand.
This is just bank account, let alone crypto. It means that people are going to lose their money because of errors and inability to secure them.
Meanwhile, fiat must always exist

jokers10

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Quote from: Razmirraz on March 15, 2023, 01:16:58 AM

No, the traditional financial system that adopts cash payments will continue as usual even if the majority of the population puts all their money into crypto. Traditional payment systems are more commonly used by all levels of society, from the old to the young.
Payments using fiat can be made anywhere, even in the most remote places that are not covered by the internet network. Imagine if at your place there are no internet facilities for a week, how can you make payments using crypto.?

We all know that in some countries like Sweden many stores use cashless policy. They accept bank cards only. In some countries like Russia you can't sell anything if your cash register is not connected to Taxation Service via Internet (there are some exceptions, but in general it is so). So we are already on the doorstep of a world where lack of Internet makes everything stop. Maybe it is a very risky strategy, but it is implementing right now. So maybe there will be problems with accepting bitcoin in some spots at the moment, but with further development these problems can be solved.

Inwestour

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

there will always have some sort of inflation
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?

If this has not happened yet, then most likely this will not happen, because the cryptocurrency market is very volatile, the mood changes very often, today the news is positive, and in a week it is negative, this is perceived by different people in different ways. Theoretically, this would push the cryptocurrency market up, at least for a while, until some investors start taking profits and go into fiat money again. The market does not work in only one direction, there is a whole system.

woez

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In my opinion, that traditional financial systems could potentially see an impact in terms of their revenue stream. Banks, for example, derive most of their revenue from fees and interest charged on loans and other financial products. Well, If people switch to cryptocurrencies, it could lead to a decrease in demand for traditional financial products, which could impact the income streams of banks and other financial institutions.

While a sudden switch to a cryptocurrency like Bitcoin can have a significant impact on the traditional financial system, it is important to note that such a shift is unlikely to happen overnight. It is likely that cryptocurrency adoption and acceptance will continue to grow gradually over time, rather than all at once.

Razmirraz

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No, the traditional financial system that adopts cash payments will continue as usual even if the majority of the population puts all their money into crypto. Traditional payment systems are more commonly used by all levels of society, from the old to the young.
Payments using fiat can be made anywhere, even in the most remote places that are not covered by the internet network. Imagine if at your place there are no internet facilities for a week, how can you make payments using crypto.?

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Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

there will always have some sort of inflation
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?

Yes, interesting to discuss. Bitcoin king of all coins/tokens operates outside of the traditional financial system and is not subject to the same rules and controls as traditional currencies.

What the impact would be If the majority of the population suddenly sold all of their fiat currency and put it into cryptocurrencies like Bitcoin it would likely have a significant impact on the traditional financial system, where the demand for traditional currencies would decrease, which could lead to a decrease in their value.

Vice versa, a sudden influx of demand for cryptocurrencies can cause their value to increase rapidly, which can create a bubble that can explode at any moment.

rodskee

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am not sure but the total supply of Bitcoin cannot accumulate such big money so surely this is impossible to happen mate though there are other factor to consider like altcoins(in which for me not a practical way)

and also if this happen? then the whole world(the government will intercept and have same stand to banned or blocked the usage of bitcoin so the power will remain as theirs)

so let us not look into this scenario instead let adoption happens little by little.

Quote from: laurenB7742 on March 14, 2023, 12:48:00 AM

Nothing is certain in the more distant future, but in the near future, it is unlikely to happen anytime soon.

as long as the market is standing with people like us who believes in its future? I believe that either future near or distance will serve the same and that is good for users.

mv1986

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Quote from: davis196 on March 14, 2023, 02:39:25 AM

Quote from: worldtraveller321 on March 07, 2023, 05:59:26 PM

there will always have some sort of inflation
the push pull for sure
but that is dependent on many variables etc, at least it is possible to get rid of one form of\ inflation if the entire market place was based on a money system that had a limited supply
what are your thoughts on what if the majority of the population all of a sudden sold all their fiat and put it into a crypto? like BTC, do u think the system or part of the traditional finance system see some type of impact/disruption?

Put it into crypto? What crypto? Bitcoin or some altcoin? If they put everything into Bitcoin a few things will happen.
The BTC price will hit 1 million dollars or more.
The BTC blockchain will get clogged with millions of transactions, so the transaction fees and the confirmation time will skyrocket(despite having off-chain solutions like the Lightning Network).
Everyone will get disappointed and the majority of the people will start selling their BTC, which means that the Bitcoin price will drop severely to low levels. A small amount of traders/investors will become insanely rich due to buying and selling at the right time and the majority of the people would probably lose money. And no, I don't think that the traditional financial system will get disrupted.

There is a funny twist to what you just described though. If the price of Bitcoin goes through the roof the incentive to develop layer two technologies would also increase a lot. Now I doubt that that would happen in the first place because some of the people putting money into Bitcoin would not do it because they expect payments to become any easier for them because of that. Most of them would use it as a store of value and not unnecessarily increase the number of transactions, but just store it and keep it.

Now if some do it in hopes of being able to transact faster and cheaper, you are of course right in that that is not going to happen. But that's easy to learn actually if they do some research in advance. The block time alone doesn't allow for fast transactions as of yet. They would probably go with another crypto for that matter, at least with a little portion of what they want to put it into crypto.

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