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?
I think borrowing and paying is essential in this world. Billionaires have now borrowed many banks so that they can now have a rich and prosperous life.
so I think it's a natural law and we can't change it.
borrowing must be for productive activities, so that they can repay the loan and interest, the bigger the business, the bigger the loan, but the big entrepreneurs can arrange it so that there is no bankruptcy, because they do it professionally. and of course with the presence of bitcoin it can actually help expedite their business, but this depends on existing government regulations
Loan is good only in case when you use it properly. Id you will invest it at right way trust me there will be no need to stay worry about your coming few years at the same time you can pay your loan timely. Its now 21st century so bitcoin is not only able to use but its need of life now. Its workable in this age of digital currency.