Post
Topic
Board Economics
Re: If the dollar was worthless!
by
Accardo
on 08/04/2023, 00:17:46 UTC

Perfect! So everyone that could not provide any services or sell any goods would not have the posibilites to buy bitcoin at that time. This would make the transition to the time where fiat is no more very complicated... while there are probably 1000 other things to be worried about at that time.

But lets say we would want the world's economy to be completely decentralized with no fiat, and no inflation politics. How could we create a smooth transition where there won't a complete havock?

Treasures are generally considered as money while USD is a currency. People would use money to get anything they need, bitcoin is a currency authorized by a decentralized network and not to be seen as a means to solve the problem if USD goes to zero, as it's not generally accepted by everyone in the world. Hence, in a situation like this people can run back to treasures like silver, gold, oil etc as means of transaction. These natural resources are needed by everyone for everyday life, so people with the most treasures will be considered rich, I don't think everyone would run back to bitcoin if fiat goes to zero. Bitcoin can be affected too if that happens looking at how fragile bitcoin is and how it gets affected if the world economy is in trouble. Bitcoin is an alternative, yet I don't see a world where everyone will use bitcoin as the only means of transaction. Gold, and silver have been existing as money worldwide and it has never been recorded anywhere that everyone in the world accepted only gold. Anything can be money depending on the two persons involved in the transaction. In a nutshell, don't feel disappointed, but the world can't run completely back to bitcoin as the only means of transaction, it's impossible. That's why you cant rap it around your head how it'll occur for everyone to own bitcoin and transact with bitcoin. I thought about it too.