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.
My thought is that this kind of event won't happen. The first major reason is, the government will never allow it. I believe that physical cash will eventually be replaced by digital currency but to think that Bitcoin and other decentralized cryptocurrencies to take over the financial system is just an illusion. The government may adopt blockchain technology and create their own cryptocurrency but it will be fully controlled. Or probably a new type of financial system will be created that is far more advanced than the recent cryptocurrency system. And if we are talking about nations, it will always be centralized and government as the central authority.