If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control.
Therefore a new system would be needed to run each country. What do you think would be the new body of control?
How could this work?
What type of system would be put in place on this.?
I don't think the people can control themselves as too many minds and ideas of where things can go in a direction. Therefore you still need a council or kingdom of control.
your thoughts.
First and foremost, blockchain technology will be the new system that will be running the financial ecosystem. And moreover, the decentralized nature of blockchain technology do not really need a body or institution to be in charge of how transactions are made. Everyone will be in charge of the financial activities in the financial ecosystem if bitcoin and blockchain technology take over the financial space.