Quote from: avikz on May 30, 2019, 02:33:46 AM

Quote from: Hype_Partners on May 29, 2019, 06:37:39 PM

We just published an article examining banking under the gold standard and predicting what banking might look like under a Bitcoin-backed global economy:

https://beyondhy.pe/bitcoin-reserve-currency

It's great for imagination but not the reality! Even though I want this to happen, but I don't see it happening! No Banks or governments will use a currency created by an anonymous person/group to be used as a reserve currency of their economy.

There will be virtual currencies most definitely but that will be not bitcoin or any other cryptocurrencies that we know now. It will be a government created cryptocurrency where total control will remain with government only! Because if we move to a completely virtual currency, tax aversion will be zero/minimal. That's what every government is trying to achieve nowadays.

However, the reserve will remain the same as today, like debt and GDP. A commodity will never come back as a reserve!

Totally agree with you. No state or state bank will ever switch to using cryptocurrency instead of its national money. Their national money will always exist as a mandatory attribute of the state. However, states will use their own centralized cryptocurrency, which they can fully control.
A decentralized cryptocurrency will be mainly used by people, whether it will be massively used by business structures will depend on how good conditions are created for its circulation in society in the process of legalization by its states.

Marry Finch

Posts

Merits