Re: Fast Forward Time with Bitcoin thought experiment question
So lets say bitcoin is eventually gonna mean the downfall of the bank
as a wallet is basically a bank. You can store money and make transactions all freely and
autonomously. Theres even coins like populous that aim to make it possible to borrow money from crowd funded pools instead of getting
it from the bank or having to search for an investor who'll definitely take his share.
So when that happens and the banks and the government can't cooperate anymore. And the majority will be payed by bitcoin and wouldn't that
force governments to also start using bitcoin (or any other crypto currency but it wouldn't really matter to much as bitcoin is like the backbone of every coin) which would naturally mean that their own currency will lose its value by the amount that the government choses to use the bitcoins instead. And lets say one day theres not much fiat left ... how would the value of a bitcoin measured? in Eur USD Yen?
Or will it ever even come to such a scenario?
Just really wondering
At that point we will not measure the value of bitcoin against fiat since there will not be anymore fiat, we will only think of the value of bitcoin compared to other crypto that is all, that is exactly what we already do with fiat, a dollar is just that a dollar, but when you compare it with the euro then you can make comparisons, that is the way any currency is supposed to work and bitcoin is not going to be an exception of that.as a wallet is basically a bank. You can store money and make transactions all freely and
autonomously. Theres even coins like populous that aim to make it possible to borrow money from crowd funded pools instead of getting
it from the bank or having to search for an investor who'll definitely take his share.
So when that happens and the banks and the government can't cooperate anymore. And the majority will be payed by bitcoin and wouldn't that
force governments to also start using bitcoin (or any other crypto currency but it wouldn't really matter to much as bitcoin is like the backbone of every coin) which would naturally mean that their own currency will lose its value by the amount that the government choses to use the bitcoins instead. And lets say one day theres not much fiat left ... how would the value of a bitcoin measured? in Eur USD Yen?
Or will it ever even come to such a scenario?
Just really wondering