Topic: What would a Crypto-only economy look like? (Read 1057 times)

Without governments, everything would be a complete anarchy. But what if AI manages to solve this alongside Blockchain technology? We might be governed by "The System" instead of humans in the future. A crypto-only economy could be divided into two categories: centralized or decentralized. The people's money (decentralized) will be Bitcoin, Ethereum, and other popular cryptocurrencies we know and love today, while centralized cryptocurrencies will be entirely owned and manipulated by "The System". At least, that's the idea. But right now, banks and governments are too powerful and very unlikely to become replaced anytime soon.

An utopian world where people interact only with cryptocurrencies for everything is more than a dream than anything else. But sometimes, dreams become a reality. Everything will depend on how far people are willing to trust governments and central banks in these times of turmoil. If trust is lost, then the world will gradually shift to the decentralized realm. The crypto economy is already there but it hasn't replaced the traditional monetary system in its entirety. Maybe it'll be this way for the foreseeable future. In the end, crypto will remain as an alternative than a true replacement of Fiat in the mainstream world. Just my opinion

Even though there are many people who do not like to rely their assets to the government and banks, I don't think it is a good idea for them to cease. There should always be someone in position to manage and arrange everything in order, this is where government applies. What I think needed is to change some government to have good governance over the people, in managing the economy as well as in monitoring every people's asset without the power to take over someone else's property. How it will happen, that I do not know. Also, banks are important for people who would like to take over their assets to something reliable and will take accountability.

This I think is the reason why cryptos were made is to offer  an option for some people but that doesn't mean it should take over the economy as a whole.

Your ideas are quite interesting. But if applied in practice, I think it will be difficult to accomplish that. Firstly, if the government does not exist, I think that society will become chaotic, because there are no regulatory bodies that control people's activities. Second, there are many people in the world who still do not know, have not been exposed to cryptocurrencies, so trading and using them can be difficult. There are still many barriers to this idea

Maybe, maybe not. If governments shift entirely to the digital economy, then it's possible we might experience a crypto-only economy in the future. Even if governments decide to ban decentralized cryptocurrencies from usage, people can still access them. With decentralized exchanges, atomic swaps, and privacy solutions, anything's possible. Since the emergence of COVID-19, people have resorted to digital payments and online jobs. If the trend keeps up, physical cash will cease to exist paving the way for truly-digital Fiat currencies. CBDCs will truly enable a crypto-only economy like never before.

Nonetheless, time will tell us how long the world will become accustomed to crypto-only payments. As long as old generations stick to physical cash, it may take a long time before you and I will be able to witness an economy driven by both centralized and decentralized cryptocurrencies alike. Just my opinion

Even "most countries" had, banning things when you can't enforce the ban is a fool's errand. You may even argue it would help adoption.

This topic is a bit funny, you’re just imagining things that are not real, things that are not even supposed to happen.
How can you say that government will be no more and we will be guided by Blockchain and AI? You’re not serious. So, you’d prefer to be controlled by an AI? You might say that an AI can never be wrong, but you’re forgetting that they are being created by human beings, who can even find a way to control them.

Anyway, I cannot imagine such and I won’t really like such a world. Bitcoin is good, but it’s going to be like a secondary method of transaction while banks remain the primary method. They all have their parts to play, the only thing we should be worry about is making sure that we vote in the right people and take actions when we are meant to.

Those^ problems could very well be handled in decentralized structure.
In my opinion, most public things shouldn't be centralized in the first place. Centralization encourages secrecy, corruption,  rule/law breaking, manipulation, etc.
Once your business begins to serve the public, the public has the right to know how things they consume are handled, made or produced. You can't just trust blindly as far as human is concerned.   In an ideal situation, food companies/businesses for example would be very transparent and decentralized. They can't be really transparent if they operate in centralized manner.

Fiat must be there to run the crypto economy No one can ever plan anything other than Fiat And Fiat can't break the currency crypto Crypto Decentralized Here people can work as they wish so even if the demand for fiat is less than that of crypto it is not possible to improve the crypto economy without fiat currency Crypto has been in the Fiat currency market since before.

Protection is coming from the government, if they opt not to allow bank to operate anymore, we can expect that exchanges will be more strict in terms of regulation and they will have a similar bank policy as they are still under the monitoring and supervision of the government.

We just change the system for online transaction, from centralized to decentralized and from paper money to electronic money, but the government will stay.

I still like to imagine that crypto is the new fiat. Which is great but I feel like it will be unlikely because of the big corporations. Imagine if crypto becomes the new foundation of our economy companies like Apple, Samsung, Amazon will plummet. While Crypto related companies sky rockets. So of course there will be tension with those companies demanding a place at the crypto world.

This part is 100 percent true, that in digitalisation it is a large part of a whole era of money centralized control and does not require any third party intervention.

It looks like it will not be possible because I think the government is strong and difficult to overthrow and the world with its economy will continue to be under the rules of the government, because it seems to have become a tradition that will at least be maintained all the time. Resistance to the government because of the bad economy sometimes happens but if they change the pattern as a whole and apparently not, they will only continue to be the mainstay of governance to regulate the country's economy.

I will say that some do not prohibit. Most countries have declared cryptocurrency illegal. Could it be because it’s quite difficult to tax transactions? But the most interesting thing is that the officials who banned it themselves own bitcoins. At least in my country.

Crypto-only economy is nothing more than the libertarian day dream. When some countries ban cryptocurrencies right now, it isn't possible.

That sounds very futuristic. And to say the least, it's 40 years away from now. I think that COVID-19 will further encourage people to use crypto payments than anything else. Even Fiat will become "digitized" paving the way towards a crypto-only economy in the future. Either centralized or decentralized, the world's economy will never be the same. One thing for sure is that in the future, there will be automation everywhere. Robots will definitely replace most human jobs, bringing greater efficiency and reliability to many industries/areas of the world. Crypto will completely replace physical cash, either through CBDCs or decentralized cryptocurrencies like Bitcoin and Ethereum. The most likely scenario will be a crypto-only economy divided by the centralized and decentralized world. Governments will have their own cryptocurrencies (CBDCs) where they can manipulate them as they do with cold, hard cash. On the other hand, decentralized cryptocurrencies will be used by people more thoroughly in the mainstream world.

With so many interest into crypto and Blockchain technology, we're certainly heading towards a crypto-only economy in the future. It's only a matter of when will it happen? With COVID-19 in play, I'm sure that this will be quicker than most of us have ever imagined. Just my thoughts

That is a utopian world.

As long as there's still a law and order, that will not happen, in fact, I believe the crime will be lessen as our money can be trace in the blockchain.
If a kidnapper will demand for a ransom money, and if that is bitcoin, they will provide an address for bitcoin to be deposited and it's easy for the authorities to keep track of that money, and since everything is regulated, it will be hard for them to cash it out or sell it as that address could be mark as stolen funds or funds from criminal activities.

What worries me about such a reality are the criminals who might kidnap, force others to give them Bitcoins. It will happen in such a scenario.

Crypto economy is promising on paper but when you put it into practice then there will be drastic changes, cryptocurrency will no longer be a decentralized currency because they are now injected into mainstream circulation which means that they will have taxes and young rascals who know programming will either fake crypto or create a device that will steal other people's cryptocurrency, there will be increased demand on power because the world's economy is relying on digital currency which means that a simple outage could cause a disruption in the economy, and the imagine if some terrorist does the unthinkable and creates a massive electromagnetic pulse that short circuits the machines thus disabling the digital economy indefinitely, most of this are just speculations but I still believe that we will reach this future which is better than what I imagined.

The year is 2060, you wake up in the morning in your capsule that helps you sleep whenever you want and wake up whenever you want, without having any sleep issues ever again. Your robot brings you the coffee you like so much, it was designed to be ready as soon as you are done with your morning routine. You go to work, you work all day on a factory overseeing robots working, you do not really work yourself, you are just there to supervise the robots.

You go home, you put on your head set VR system to be in the movie you liked so much that you watched 10 times already, they make you one of the characters in the movie and changeable depending on your actions. You order a food from a machine, the machine sends info to company you like so much, your food is made and sent to your machine directly. All of this? Done with crypto payments all around from waking up to going to bed.

I wonder what it would be like living without a government because this is the concept of living since the beginning, there should be a leader whether elected or by birth, so far there's not been a country or a place that has no leader or governing body, because without a governing body there will be no rules, because who will set up the rules, only those who can lead us.  

Very true. Too much freedom without regulation will cause havoc within the crypto space. In situation like this, the projects will hide behind the name of decentralization and cheat users. It is better for a balance in the both cryptocurrency and Banks. However, crypto will always surpass that of Banks due to its revolutionary services.

If people wouldn't trust the government, there will be chaos first before having the light of crypto economy that we dreamt of. One example of this is the current situation in US where the black community is protesting and that there are looting everywhere.

What crypto-economy had achieved today is actually good already, its a slow progress but we'd get there, we don't have to be anti-government.


Sure thing. There are countries already supporting BTC, this alone will make a big impact to crypto economy. There are also banks and institutions, it won't be long we're all gonna be using crypto.  We'd realize soon that our parents will be installing wallets without our knowledge.

Right, we need protection...
crypto-only economic is not a safe thing because legal protection from the government has not yet appeared, if there is protection from the government then economic pure crypto is perfect.

If someone's wallet got hacked and crypto got stolen or someone got cheated then where he should complain then?  A crpto only economy will be a safe haven for cheaters and hackers.  Rather a balanced centralized and decentralized system will be better for world economy.

Too much freedom is dangerous, decentralisation is good however I think we don’t have to decentralise everything specially the economy everything has their primary functions and some don’t need to be disrupted. Let banks and crypto exists harmoniously, balance should always be maintained.

It should be possible and easy to achieve once people understand what decentralization actually means.  If you can have "fully centralized" systems you also can have "fully decentralized" ones.

This explains what decentralization actually means in my opinion: https://bitcointalksearch.org/topic/m.54453340

Is that ^ so hard to achieve.

The decentralization doesn't necessarily have to be imposed, though it's the right way to go. And no one has the right to stop people from choosing and following the right way.

Although this is not possible today, it is a possible possibility in the future.  Of course, in order for this situation to be fully realized, state-supported crypto money should be issued and governments should make regulations in this direction.  The main reason for this is the big problems that uncontrolled economy can create.  Although it is contrary to the vision of cryptocurrencies, a cryptocurrency-based economy cannot be considered without government control.

Well, I do not think this can ever happen in the future here in africa. If the owe economy is run in form of crypto, I trust we are going witness a lot of people losing their crypto probably because they cannot remember the their paraphrase or they carelessly send coin to a wrong address. Also, in term of the pros, people wont have to depend on put their trust in financial institution to grant or keep safe their money. Also, we could all monitor the way our government spend and how much monthly allocation is paid to states. We can finally know the number of people that donate or raise fund for a particular course.

The idea of a truly decentralized world is not just replacing fiat with a blockchain based currency and call it a day. The idea is, for example, within governments, that things like bills and so on are transparent thanks to blockchain solutions, things like government's bonuses and payouts CAN'T be laundered out of the way or hidden because the blockchain is public and anyone can follow where the money goes. Which would lead to less corruption.

That's point #1, and #2 would be, some big corporations THRIVE on govmnt corruption (see AT&T for example), if the scheme of payments, money or w.e would be changed to a decentralized one, I'm sure as hell AT&T would have to reform their way of doing business. Other businesses as you say like Nvidia, AMD, Samsung, etc, they cover specific markets and are COMPETITIVE at it, at least to an extent, they don't depend on monopolizing via corruption which is what the blockchain can and WILL solve.

It's not just as simple as replacing fiat, it's really a change in the way that public processes can be made accountable.

Agree. We'll be living in a world filled with automation, where robots will replace most human jobs of today. Everything will be intangible based on Blockchain technology. Supply chains, real estate, proof of ownership, and even personal and medical information will live on the Blockchain. Bitcoin's core tech will serve as the "layer of trust" for everything, replacing third parties as we speak. Maybe central banks will cease to exist, as governments rely on computer systems around the world to support their own Blockchain networks? My guess is that Fiat currencies will be completely digitized, in a completely decentralized manner. Governments will still be able to collect taxes from each person's holdings, but they won't be able to interfere as everything will be completely decentralized. At least, that's the idea. But it might turn out that our economy will still be centralized in the future, even with CBDCs in play.

When speaking about a crypto-only economy, we're referring to digital currencies. This includes both centralized and decentralized cryptocurrencies. CBDCs (Central Bank Digital Currencies) could be also considered cryptocurrencies, except that they're centralized (unlike traditional cryptocurrencies like Bitcoin and Ethereum). It'll be more like a "cashless society", where people will conduct transactions either from their mobile device or an implant in their own bodies. The latter option seems more likely to become a reality in the not-so-distant future. A crypto economy powered by implants, makes people's lives much more convenient eliminating the need to carry with physical devices to make a payment in the mainstream world. With due time, we'll be able to experience this as COVID-19 will accelerate the evolution of money in a blink of an eye. Just my thoughts

Well never just look in crypto because remember Paypal is more popular and used worldwide than Bitcoin or other cryptocurrencies so never disregard the fact that in future there will be other electronic money will come and our market is just a part of it.
i think this will never happen in crypto because hackers only victimizing individual but not the whole Blockchain.
Funny but Indeed lol.

In the current age of technology the world will improve. Everything will go digital and will be driven by the crypto market and digital technology The economy of the crypto market will rise further. You are right every trader will manage everything by a robot. Robots should look like humans Banks will manage everything by robots This will speed up our transactions. The demand for the crypto market will increase not only economically but also the whole world will prosper.

Such time will definitely be like robots that are living in the world because everything thing will go digital. We would have so many robots than human doing jobs. Crypto trading too will be more of customers to operate with robots. So much agencies will be worthless.

Good point. The volatility is what kills crypto's ability to be used more thoroughly in the mainstream world. With CBDCs in play, who’d like to deal with decentralized cryptocurrencies in the first place? After all, most people and merchants use Fiat because of its stable price. Not to mention, Fiat is backed by the government which means that it's 100% regulatory-compliant. In the future, we might live in a full-fledged crypto economy that's controlled by central banks around the world. Centralization will always be there no matter how we may try to avoid it. People who prefer to truly own their money, will simply resort to decentralized cryptocurrencies like Bitcoin and Ethereum at the cost of unstable prices across the market. For each purpose in life, will be the type of cryptocurrency to use for mainstream transactions.

We still have a long way to go before we're able to experience a crypto-only economy in our world. Physical cash is still relevant these days, despite COVID-19. Old people are reluctant to change, so we're going to have to wait until everyone (especially new generations) adopts digital payments. Once that's done, governments can start rolling in their CBDCs, phasing out physical cash at a slow and steady rate. Only then, we’ll be able to use cryptographic money (either centralized or decentralized) for nearly everything we do in daily life. Just my thoughts

Interesting, how you see it. But aren't people actually the makers of the world economic system? I don't see how Bill Gates or Rothschilds or whoever else form the aggregate demand. What if people simply say: we do not want to buy anything, unless it's sold for crypto? I think you exaggerate that global conspiracy stuff and underestimate the power of common people.

All this is similar to utopia, because if hackers clog the transaction processing pool, then people will not be able to use their money to pay for anything, you will have money, but you will not be able to use it for anything, or you will have to pay a very large commission.

Yes you live in your imaginary world. Securing digital assets can lead to "GDP grow a lot" huh? So smart! bye, your rank is a disgrace!

There can't really be a revolution without money or work neither, you need to basically make sure that fiat exists even after a political revolution. Look at Cuba, or Russie when they became soviet Russia, they still had money and they made it work. I do not mean political revolution just in communism sense, it could be reverse as well, Cuba could become a capitalist country who knows.

But, in any case fiat is needed as always. Crypto could just continue to compliment fiat and that would be the best ideal world for both of them. Decentralization however and blockchain is direly needed, there is a tracing situation that is not really nice, we do not really want governments to know it. But if governments could print out their own stablecoins like USDT but by the government, that could work wonders in the wider world.

I definitely did not focus on digital asset in developing countries in any of my repply.  This dont lead anywhere if you believe there is no digital asset to be secured. We seems to live in different worlds.  

fragile  ? how . just because its online and you cant feel them and you think that means weak ?  but no for me  . 

there are now many securities invented or upgraded so that hacks can be prevented  . fiat or any other goods cant be same as crypto or cant be decentralize  imo   but people right now have the option to choose if what they prefer  . sure the majority can switch to blockchain but this will be slow and it isnt easy  but safe ? yes it is   .

A crypto-only economy is not ideal due to the fact that cyber-space is inherently fragile.

The shift towards blockchain transactions will be gradual and will require easy to use and safe platforms.

There should be a way to use any currency out there (fiat, crypto, or even other goods and services as payment) in a decentralized way.

https://virieprojectblog.com/the-currencies-of-a-free-market/

So "the GDP will grow a lot," as you said because transactions occur in a long-distance, a.k.a online payments? And it can secure digital assets, hence removing the counterfeit digital assets?

What if there's no (or only a minuscule) digital asset to be secured in the first place if you talk about developing countries. Plus there are fintech companies offering pretty much instant transactions with QR code and even phone number?

Imagine. That's the first task. Not every country can take up a cryto-only economy. If, for example a country does, I think it would be hard for it to export its goods and trade commodities and services without the aid of gold. Consequently, third world countries can't enter the market of a crypto-only country because of that mere fact. How can exchanges even happen. I think this idea is not yet feasible.

I don't see a gap that bitcoin can break through existing systems. If there is a revolution towards a decentralized system I am excited to know how the rulers of the pyramids took positions in a decentralized system.

But in my opinion the adoption of a full decentralized system is not possible. Because it is not the plan of the maker of the world economic system. They agree with blockchain technology and the use of algorithms but they still want to preserve their wealth. The economy in the future only looks different from conventional to modern but the gap between rich and poor will still be seen.

Cashless life is easy but life without fiat is a utopia, because the rulers of the world economy (the haves) will not be willing to lose their coffers. America will still be a tool for them to hegemony the world. Only if the way it used to be with combat war is now used in more effective ways, namely through currency domination, technology domination, and technology resource dominance.

Cash has nothing to do with banks. Banks do loans or better banks link those that need money and those that have it on store. More then half worlds population dont have this option.  
Cash is fine if you deal close by. If you deal over some distance people mainly use some banking solution payments and that takes time.
No, the Bitcoin is digital. It can only secure digital asset and they have most problems with copies. Bitcoin will  not solve counterfeit of food, shelter, clean water, and clothes.

Lol what makes you think that a world where there is no government will be a better world?

I know that we all don't like the government, because of several reasons, but anything that has a disadvantage also has an advantage, but most times we choose to neglect the good side of everything.

In a world where you are in possession of all your wealth and have no place to keep it, anyone (armed robber) can walk in and take everything you have all at once. That's why you have the banks to store your money. And it's not everyone that can make use of technology, since cryptocurrency can only be used with the help of tech, it wouldn't be possible for some people to make use of it.

with an endless supply of potential cryptocurrencies---which themselves can have high/unlimited supplies---maybe that's not true. some people believe bitcoin's code-enforced scarcity is artificial and could be (or already is) diluted by expanding supplies in the larger crypto market. bitcoin would of course be deflationary over the long run, but it's hard to say what the larger "crypto"-only economy would look like.


yeah i think stable access to electricity and internet is a prerequisite for mass adoption. less developed countries will probably lag behind in this respect and cling to physical cash.


poor people are already poor. their circumstances wouldn't change just because of crypto adoption. they had little to no savings before, and would have little to no savings afterwards. the only difference is they'd be getting paid their daily wages in cryptocurrency rather than fiat, so that's what they'd be spending as well.

nice overview  . while reading it i also imagine it at the same time and i feel so good  . everything new is good anyway  . there will be no governments or banks that can dictate us and we are free as a bird ( just sky is the limit )   . however as of today there were still people that trust government and banks but this doesnt also mean that those banks and governments are bad but the reason they trust it its because they can help each other as well as the economy of their country    . 

I think humans should have major control over the system not AI. Humans should be guiding robots/AI and able to control it via moral rules and other means.

Free for all scenario is for lawless things. A well decentralized and safe cryptocurrency won't be a place of lawlessness. It should be governed by us/rules/laws.. . Afterall Bitcoin system is governed by rules, and satoshi whitepaper/posts speaks about Reputation, consensus, rules, escrow, etc. It was never built for lawlessness

it's close to impossible right, that's why I said there's a very little possibility.
No government, means no one will implement the law and that would certainly mean chaos.



Countries where terrorist are living, especially the ISIS.

That's what I mean, not because people will choose that, but it's because we have a government that will be more effective if things are centralized since they can monitor things easily and they can implement the right approach.

I imagine that it could be worse in some aspects. Transactions would be done faster, things would be more streamlined and it would be easier for people to transact.

However, the story could be different for those living in less developed countries; Lack of internet access/ stable electrical power would make it hard for them to transact. For the governments, it means that hyperinflation could be a thing of the past but it would be harder for them to
control capital flows within the country. Illegal activities would run rampant with a less regulated currency.

Yes, and they use cash.

Why put a lot of hassle just to automate things if they can simply use cash?

Cash?

Will it improve basic needs though? Food, shelter, clean water, and clothes, have pretty much nothing to do with digital assets and privacy.

I think we should all think of this stuff when there are already company that is paying their workers with bitcoin because the idea is not really possible. It's like suggesting the government to be fully decentralized, and that would be a fool idea if you let your people out of your control. Moreover, it will be hard to sustain the financial capability of a nation when something like this happened.

And having that kind of society is risky as there are more prone to hacking, that idea just makes the hacking more interesting for many people.

I guess it can lead to an increase of the poor people. A lot of persons don't understand what is bitcoin...

How will you automate security services? You are saying everything will work on autopilot and in virtual space... right? Who will be in charge of the security services if it can be automated? (Some private company?)

Nah, there are just certain services that will always be governed and controlled by some political influence. We as social humans has always had some sort of authority figure, because in a "free for all" society, people will rape and kill and molest their fellow humans.. without consequences. 

Some aspects of a government can be automated and controlled by some kind of Blockchain technology and examples of that might be Logistics and financial matters of all government organizations for better transparency. (Procurement and stock control and payments can be done on the Blockchain)  

Most people on the world have no access to banks. and this banks will be automated. Those that have they get paid weeks or months after deal is done. With Bitcoin you can use your coins the same hour. All digital asset will get tokenised to prevent piracy. Much more that I could not think of.

Oh wow, care to elaborate this opinion?
How crypto will positively affect GDP growth?

Because there are government who are still doubted the ability of cryptocurrency in the economy, most of the country who engaged in cryptocurrency are progressively developing right now like US, CANADA, and etc. People just need to understand and promote it so that the government will try to spend some time studying it so that it will bring big impact to the market and their economy.

Cryptocurrencies are more centralized than decentralized that's why people are having a hard time to make it possible to become implemented it in the community.


That's what happening right now, fiat and cryptocurrency are moving simultaneously in the market. But maybe in the near future, this crypto-only economy will be put into reality once that most of the people know the true value of crypto in their wallet and the market.

I don't know how switching from fiat to crypto will result in such a drastic change. It's just a means of exchange at the end of the day, and they've historically been able to adapt to changes.

As for blockchain technology, there hasn't really been any widespread application that doesn't have anything to do with cryptocurrency, so there's not much to suggest that it can guide a new society lol.

Anyway, part of why the world is struggling right now is that people have been reluctant to part with their money; people are mostly restricted to spending on essentials. A world with just crypto might mirror this, except people will be reluctant to spend because of crypto's deflationary properties rather than a global pandemic. I guess inflation could be introduced to address this, but depending on how new coins are issued, things might not end up too different from fiat.

Yes, they will become outdated because of the technologies that are continuously advancing. If there's a will, there's a way, there are ways on how those PWD have an access to social media, there are people who are guiding or taking care of them so that those actions that they want to do will be possible for them with the help of other people. But not all, there are people who are poor enough to do that because of lack of money.


That's right it is just an alternative for fiat, but if you think of the future and the risks of getting harmed and the crime rate is increasing, would it be safe to use fiat? While in cryptocurrency, there is what we called security in wallets, by that it will help you to become secured and away from those scammers and hackers.

Using crypto is less hassle in many transactions, it will make you have faster and secured sending of money so that you will not be anxious about your money. The only thing in crypto is that there is a coin that is volatile in the market and you need to deal with it.

Government does not take any side, what I mean is that they are going to follow that thing which is bigger in share. World does not need to be ready. People use crypto and that is enough to get a suppl/demand ratio.

Actually governments are more interested in catching the criminals who are abusing this pseudo-anonimity to launder money. They may have spoken against crypto but they know it is a normal thing for people to use it, which is why governments never started any extreme crackdowns on crypto users, but arrested those who are into illegal stuff.

It is very likely in the far future.

I guess not, it would be chaotic for me since there is no governance in all financial terms at all and if there's no one to control it might be disastrous for all of us inside the crypto.
What country are you referring to?

Cryptocurrencies does not really created to replace the fiat, what its purpose is to add an option for people to use when there is a distortion on the other system just like what VISA did, they did not replace the fiat for crypto instead they add a crypto on their list so people could use their neither fiat nor crypto in any transaction. I see the point of yours, if we want to be a cashless society then we should not be having a decentralized one, on this case best if we use the digital payments method.

It would also require a lot of re-education of the elderly. There are too many people who are not good with technology, there are sick people, there are many people with disabilities that prevents them from using technology. At the end of the day crypto-only should never be the result of this.

Crypto was created to be alternative to fiat, it wasn't meant to replace fiat at all, that wasn't the idea. Crypto is strong as long as it is the alternative because its easy to fight from outside to inside, its not easy to fight inside to out hence why it would create so many troubles with it. Yet when I think about the distant future, like future we can't even think right now, 500 years from now or so for example. I can't stop but think, will money really still be a thing?

I think the world is not ready with crypto only economy, because the government is still on the side of fiat. Unlike the cryptocurrency
until now it cannot be controlled by anyone. Therefore some of the country's governments have not been able to accept cryptocurrency.
What is more realistic is that the fiat and crypto world economies collaborate with each other, if that can be realized I am very confident
of the economy the world can certainly develop very rapidly.

Economy will simply flourish. GDP will grow a lot. Countries that will regulate crypto to much will not see this GDP growth and cry latter.

An entire cryptocurrency-only economy means a full era of digitization of finance. Although some cryptocurrencies are centralized, the larger portion operate under a decentralized governance hence people will be masters of their own finance and would not have to wait for third parties to endorse before making transactions.

It's nothing more than a libertarian dream. Even now we see how the governments are trying to control cryptocurrencies. I believe that digital currencies-only economy is possible unlike financial system based on using decentralized uncontrolled cryptos.

I have always said that in developed countries, online ruling may eventually be something in the future. I am not talking about in 5 years or something, I am talking about in 50 years or more. Think about it, the whole world is getting more online right now, there are not that many people left without a computer, mobile phone or even tablet, this is not the whole world since in very poor countries it is impossible to find water let alone internet most of the time, there are THAT poor places, but if you leave that aside and look at countries like UK or France or Germany for example, there are few peoples left and they are very old.

People who are 50 years old right now will be 100 years old in 50 years, and people who are 50 years old can  do anything online usually. So, I feel like one day there will be a government website, and anyone could just vote for stuff and we wouldn't really need presidents at all, the whole country will rule the country that way.

There will be government in some way, but crypto have a technology for a government itself it is called DAO. The way how things stand right now is that people who are in the system just don't want crypto to adopt in the bigger scale because they're or their families are profiting in a big way from this system. Looking for a crypto-only economy will lead most probably to gaining as much power from them as they can to be still on the leader position.

It is quite dangerous to let things go freely. Because human psychology is greed, they will create organizations that manipulate and do things that are against the law. then those who have a lot of money want to be monopoly and have no fair competition. What I'm worried about here is the economic crisis without anyone warning. I think we should still have the central bank, regulate businesses to make the country peaceful and develop sustainably.

There's a very little possibility IMO.

Look at the country that loses their trust to their government, the country is not progressive anymore and there's a lot of crime happening.
We don't want that to see in the future, that's the reason we elect government officials to implement the law and govern people.

Fiat will remain, bitcoin or crypto might grow but it will not be as acceptable as fiat, there's a limitation on using crypto as whether we like or not, we are still subject by the law which the government has the power to implement it, and let us not think if they still believe they have the trust of the majority, they will always put their interest which they think good for the many, and IMO that is not crypto.

Whales exist even in the cryptocurrency space and can still use their purchasing power to sway the currency to their favour, this is not that evident in a currency like Bitcoin with it's high trade volume, but it's a factor that can be exploited, as long as BTC is pegged to fiat, a transition would see those with higher amounts of USD holding the higher amount of whatever currency becomes globally accepted.

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The fixed supply of Bitcoin however makes it more appealing as only so much of it can ever be in circulation. This to, would likely become irrelevant should it be used as a staple currency. There would be no incentive to hodl it and through daily use it would eventually trickle into the hands of the drivers of the economy.

It will never happen that people will lose their trust to the government, otherwise the world will be in chaos.  We might see the crypto adoption will grow significantly, but I am sure, we still have a government that will govern its people and we are all oblige to follow the law of the land.

What do you mean by "free for all"?Nothing in this world comes for free?The resources are limited.
What will be different in 100% crypto-economy?I don't think that there will be major differences.
It depends if there would be only one big cryptocurrency,like Bitcoin,or 100 of altcoins/tokens will have to compete in the crypto markets.If there's only one coin,the inflation would be zero and the countries won't fund their budget deficits by printing money(which is good). Other than that,I can't think of any major differences.

Socialist utopia, why would a corporation cease to exist because of that, and why should it in the first place?
Are you going to make your own car, your own shampoo, your own cereal with the help of a blockchain? Good luck with it.


Yeah, this forum scam accusation board is the perfect example of how cryptos reduce fraud. To nothing!
I mean, Mt Gox, Bitcoinica, QuadrigaCX  , Mintpal, CoinEX , yeah..there will be no fraud!


Until somebody pulls your plug and you realize there is a raccoon eating your foot.


Yeah right, let's return to the Pleistocene era, no laws, free for all. It was a marvelous and wonderful era in human history.


Nope, it's not a dream, you're trying to paint it as a dream but in reality it would be a nightmare! Dreams are things that are born from happiness, yours started with the hate for the current world when people follow what you want them to follow. This is not freedom, it's just you imposing your view on others.

In the crypto-only world, I am pretty sure that major banks and other industries would simply create centralized altcoins of their own to join the game. And some people, who prefer guarantees and someone being responsible for handling their money (this might even be the majority) would opt for these centralized cryptocurrencies. As for Bitcoin and altcoins, the influx of users might be too big with transaction fees spiking unless people are encouraged to use a less popular coin. With many coins on the run and no regulatory framework or particular trust to any of those, many businesses might accept only some rather than others, and prices would be a mess due to volatility.
I don't think the world is ready for this. In a hundred years of gradual changes it might be, but if it were to happen within 5 years from now, I think it would be a disaster.

People may lose trust in the government but that doesn't mean that the government will cease, it's only the current government and the people who are sitting there that will be replaced for it's in our measure that we always look for someone who will govern and lead us. Probably that makes the church and government as highly structure form of society.

I doubt that when the crypto will replace fiat money it will be smooth and flawless as what it's right now in the economy. For sure when that time comes to the government or any financial institution will have direct authority in it for the government will still be the one who can impose, implement the replacement and prior doing that they will make sure to have a control in any cryptocurrency which they will adopt in their country or globally.

Interesting point of view, can I make a bald statement and say that in most cases (over 90%) those unfortunate events are caused by people?!
It's not unrealistic to think about crypto only economy! Probably it would be better than this one, and what is more important it can be more fair, because (and only an example) ethereum is the same for all of us! Smart contracts will be smart contracts, if you wish to be part of it you will have some requirements and everything will be the same for everyone, nothing special for privilege ones with deep pockets. If we can apply that way of thinking in hospitals, public services, and other places it would be more fair for all of us! Everyone should have the same treatment, we are all equal, but not in the eyes of this current system with these governments and this economy! But crypto can help us in achieving that equality!

It's still hard to believe since we need someone who will guide the people. Because if there is no one, everything will be chaos.   People won't be afraid to do what they want because there is no law above them. No one will punish them if they will do something bad. If people would lose their trust in the government, they can replace the people sitting there. That's why there's an election. But it doesn't mean that when people lose their trust, the government would cease.

Big corporations will always be there, I guess. Then if there's no corporation, no company, then what would be the purpose of having cryptocurrency if no one is producing something?

Although it's still quite hard to imagine, the crypto-only economy is more possible, and that there is a chance that we can only see cryptocurrency circulating in an economy, but what's harder to believe is about the government and the "free for all" scenarios. Even though there's a government, we still have our freedom, it will only end when we have hurt others. But without the government, people won't be afraid to abuse their freedom that's why I'm saying it will be big chaos living in a decentralized world.

One word for it : Unrealistic

Due to many unfortunate events , most people don't have access to normal food , water , shelter , education , mobiles and they don't even know if something like cryptocurrencies are real.

Government backed Currencies are not actually very option , but at the same time these currencies are for anyone and does not need prior Education.

It actually works for anyone because they have been here since the time immemorial and are not that volatile nor risky.

Till the time we are able to take away , hunger , poverty , war and give everyone proper education , we cannot even start to imagine a senario like that .

Kinda magical world right there ngl. It'd be pretty weird seeing as we really have no basis of comparison in terms of it's possible price and even if we do try to use gold and the like, such assets are still volatile and would prove to be difficult. Fiat is there because it regulates the price for the entirety of the world, or at least, on a country to country basis. If we do try to put a crypto-only decentralized world, no central authority could help manage the economy. Even if there were a consensus to set a price, the limited supply would prove to be quite a difficulty. This is why fiat still couldn't be replaced by crypto and could only live side by side with it, even in the future imo.

Additionally, even if people do lose trust in the government, there would be someone to lead that party, and that party would then stand as a replacement to the government. Every uprising has its own propaganda and those at the lead would rise to fulfill that propaganda, and that literally means, someone would still again lead as a governing party.

I totally agree with you. In our harsh world, cryptocurrency cannot yet enter the world market. This is due to the fact that the blockchain system is difficult to implement in the economy. If the government decides to introduce cryptocurrency into the economic system, what will happen to people? In the end, the blockchain system is completely autonomous and can operate independently of banks and payments, which will lead to unemployment and riots that the government cannot stop.

What I am confused and even sort of afraid of when people think of a world where cryptocurrency prevails is that some of them think that it must be a utopia; that cryptocurrency will magically turn this topsy-turvy world into one which is orderly and peaceful and free. I'm afraid that won't ever happen. It certainly takes more than just a medium of exchange for the world to be like that, if it is even remotely possible.

I don't know why big corporations would cease to exist. Bitcoin and other cryptocurrencies created a new market for big corporations.

For example, mining. You can't just make a start up company and start manufacturing a new asic or GPU, as those hardware are very complex. It is normal that two or three big corporations dominate that market.

Additionally, hardware wallets. We can already see 2 main companies manufacturing hardware wallets.
You can also see other big corporations in exchanges market.

Big corporations will not cease to exist...

Imagine a world where businesses, merchants, and everyday people use crypto as the only medium of exchange. Everything will operate autonomously and decentralized without the need for third parties. In this world, governments and big corporations might cease to exist as everything will be guided by both Blockchain technology and AI. People will be able to gain autonomy over their own money, reducing corruption and fraud in every way possible. Negative events in the mainstream world will have little to no effect on the world's economy, as it lives in cyberspace. No one will be able to control people's actions worldwide, as it'll be a "free for all" scenario. Central banks will no longer be relevant, as people will become their own bank via the use of various interconnected Blockchain networks.

While all of this seems to be more of a dream than anything else, there's a possibility it could happen in the future if people lose trust in governments, central banks, and conglomerates alike.

What are your thoughts?