their collapse seems unlikely in the near term. Central banks play a crucial role in economic stability and have tools at their disposal to address various economic issues.
There are over 8 billion people in the world and 195 countries. Not everyone will lose trust and confidence in central banks no matter how bad it becomes. Not all governments as well would deteriorate even if it seems that way.
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If hypothetically, trust in fiat currencies were to erode significantly, it could lead to increased interest to Bitcoin.
Like you said total domination of bitcoin is not gonna happen soon but as everyone slowly realizes the potential of bitcoin let us take advantage of it.
What about synergy? Many countries are already rolling out digital versions of their currencies. It looks like cash might take a back seat as everything moves online. I think this is our nearest future.
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I guess the decentralization of the world's economy will remain a long and distant dream. Central banks will only get bigger and stronger over time. I fear a "global reset" is approaching with the launch of CBDCs. Who knows what the future of our society will be?
But I want to ask you what a decentralized economy would look like and how it would work in your imagination? Honestly, I can't imagine what a decentralized economy would look like and function without government. The world will not have any controls or regulations, everyone will be free to do what they want without fear of being fined or arrested...In my opinion, it is a chaotic world, not the freedom that many people expect.
Decentralization is necessary and effective in certain areas, but it is not a good thing if everything becomes decentralized and out of control.
I agree with you. Governments will find a way to adapt to new technologies rather than just standing aside. Control is necessary, but the real question is how it will be implemented. If we evolve to a point where sensible rules and restrictions actually grant us more freedom in how we use our money, then that would undoubtedly be a breakthrough for both the economy and society as a whole.