Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
I would say that there is an ongoing debate on this and this question would go on because up to now we could not find a good model of a country that already adopted Bitcoin as the official national currency in replacement of its fiat or paper money. We who are supporters of Bitcoin has this tendency to think that Bitcoin can be working for and in all situations but frankly speaking we really do not know what can happen to an economy that is solely adopting Bitcoin as the national money. And since nobody is volunteering, we will always be thinking of what can be, will it be helping or will just make things much worse?
Now, in the first place, will it be a good idea? Or maybe the complexity and variations within the economy can make things really difficult if a country is going to do this? You see, I am answering here with a lot more questions and this is the nature of something that is not yet tried. And i would not even dare suggest that an economy will do this. Maybe we can start with an experimental island where the only money accepted is that of Bitocin so we can see the very dynamics of the economy under a microcosm before we can say that there is a possibility of it working in a bigger scale.