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?
Its hard for bitcoin to be world currency because bitcoin is decentralized. I think bitcoin can be an alternative payment or currency. Every country have different economic strenght and its hard to measure economic if using bitcoin
Not as easy as we imagine, bitcoin has a nature that is not easy to stabilize and will continue to change and this is difficult to accept, even the government has not been able to allow bitcoin to fly freely. The existence of bitcoin is acceptable but if the transaction has not been obtained a permit.
It would be a good step forward if we could just adjust banks to crypto currencies and just put them in our bank account, current system is already as high tech as it gets because banks are dealing with billions even trillions of dollars so their technology is more advanced than many of other business.
If we can just put that type of information in our bank accounts as well and just buy/sell in our banks system instead of trusting a third party exchange that would create an INSANE amount of increase.
Think about it, right now bitcoin worths so much compared to couple years ago, if banks all over the world decide to say "from now on we are your crypto exchange" and put up bitcoin/ethereum to begin with, that would create SO MUCH volume for all of us, even people who do not think about getting bitcoin could be persuaded to have a bit aside.