Quote from: Fortify on Today at 08:11:41 PM

Quote from: La56 on April 23, 2021, 10:00:29 AM

Bitcoin is a virtual currency that uses peer-to-peer technology to operate with no central authority or institutions like Banks. By its very own definition, Bitcoin sounds well positioned to kill central banks. Could it? This topic of central banks and their potential replacements are complex with a lot of valid arguments supporting it and against it.
The digital era may be against central banks, but it all not that easy as it has a strong foundation and six centuries of history. The first central banks, often helped nations in funding wars and other initiatives that are supported by the government. The British redefined the concept of central banking in 1844 with a legislative effort that laid the foundation for an institution that had the power to issue currency.

You could say one of the advantages of Bitcoin, or maybe a different cryptocurrency later down the road, is it might move us towards a global currency that is much more traceable than cash. If you really want to stamp or corruption and lower the amount of inequality within the world, the first step needs to be preventing the rich from hiding their money (or at least making it much much more difficult). If they only had a bitcoin-like object to use as currency then they would be forced to declare it and have it taxed fairly. You'd have a public ledger of how truly unbalanced the world is and it might force politicians globally to unite in disgust at the obscene quantities that just a few people currently reside over.

Absolute transparency does not mean the eradication of all the problems of the world, because social inequality and unfair distribution of income is much higher than any mechanistic aspirations to change the world. This comes from all sorts of processes that occur in the world around us, and I am not sure that there are normal solutions that would eventually suit all the inhabitants of such a huge planet as Earth. Capitalism has grown out of all the modern economic systems of the world and assumes a free market and competition between the players of this market.