Quote from: BlueStackz on December 08, 2018, 06:11:35 AM

Quote from: Lexurdania on December 07, 2018, 10:38:58 AM

Quote from: Indamuck on October 13, 2018, 11:26:37 AM

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin. Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending. Our economy is stimulated by people constantly taking out loans to make purchases. But with bitcoin you can't loan money that doesn't exist. Maybe we would have to change our consumerism as a society and prices would drop. Being able to borrow money easily makes everything rise in price. What are your thoughts?

Bitcoin is decentralized system and its hard to replace fiat money in our currency economic system. Every country need their own currency because every country have different strenght on their economic.

This is not the right assumption. Why we need different currencies for different countries when almost all the countries have accepted gold as a common momentary exchange medium. When gold is working as a common medium why not we can have a common currency. I guess in near future all the countries will be accepting this fact and benefits of having a common currency like European Union and euro.

I believe bitcoin can even work along with our current system because there will be no need of any specialized the system for the need of adopting bitcoin. It is already happening in many merchants environment. For a country level also it will be working similar to how Japan is doing right now.

I am agree that. I am prefer thinking bitcoin and fiat currency can run side by side. I think its hard for bitcoin to replace fiat money in our currency system because domination in current transaction using fiat money and not many merchant accept bitcoin for payment or as currency