Quote from: ausbit on January 09, 2019, 07:27:07 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 was created to enable us be our own banks. Okay, that is good, cryptocurrency is good and I have seen a lot of good things about it, same as there are lots of bad things about it too. But I dont think we need this cryptocurrency as a main currency, fiat still remains the best for me.

I know some people will say its best to have cryptocurrency because they need freedom. But my question is, which freedom are you talking about? Freedom from what?

It is true that cryptocurrencies have also bad side, not all of its characteristics can improve our economy. Fiat currency is still the main currency and it cannot be replaced because government and most of powerful person will not let it happen.