Bitcoin - What will happen after money is decentralized ?

I am wondering what will happen if money were ever to get decentralized ?

No longer would anyone have the right to print money out of thin air.

What do you think would happen? How will it affect the world?



This is an interesting video.




And a little more explanation -





If you have any additional info to help understand it please post it here..

a reply to: nOraKat
Bitcoin is a finite currency as most countries have a fiat currency.

I doubt anyone will move completely away from that, but we would definitely have a more stable currency.

It could also protect the world from economic warfare as you wouldn't be able to destabilize a countries currency as easy.

But as with most things that could be beneficial to the global society as a whole, probably won't happen.

a reply to: nOraKat

While there are a few small.countries that use other nations currencies there are no major economies that do so. (The Euro being the closest thing to an exception)

Same with digital currencies, while you could imagine small city states using them it's unlikely any major economic nation is going to give up control of its monetary policy to that degree.

As it is bitcoin is unstable with people/countries affecting it's exchange rate by artificial means. Long gone are the days you can mine your own, that lays in other crypto currencies, should they take hold. and no dogecoin was never going to work... lol

I don't see it affecting or being affected by fiat. it's a different beast. As long as there is a common acceptance for the equitable exchange of goods, it wouldn't matter if we exchanged duck feathers.

but then I am poor and live in a leaky tent.

Bitcoin is just a stepping stone to a real unhackable network to tansfer money electronically

When u have the power of a million peoples individual efforts to essentaly make that happen u have real security in thery atleast ... thats just my prediction for the end of bitcoins idea ... imho bitcoin is just code and one day as any code will be obsolete ... id be willing to bet on that history says no computer code is immune to being outdated

Also my last bitcoin transaction with a reasonable fee took over 3 mins ... whens the next time ur willing to wait 3 mins for ur money to be taken at the gas station

a reply to: CriticalStinker

originally posted by: CriticalStinker
a reply to: nOraKat
Bitcoin is a finite currency as most countries have a fiat currency.

I doubt anyone will move completely away from that, but we would definitely have a more stable currency.

It could also protect the world from economic warfare as you wouldn't be able to destabilize a countries currency as easy.

But as with most things that could be beneficial to the global society as a whole, probably won't happen.

I hope it does.

Maybe if everyone realizes that its for the world's best interest and well-being, everyone will move to it.

a reply to: ScepticScot

originally posted by: ScepticScot
a reply to: nOraKat

While there are a few small.countries that use other nations currencies there are no major economies that do so. (The Euro being the closest thing to an exception)

Same with digital currencies, while you could imagine small city states using them it's unlikely any major economic nation is going to give up control of its monetary policy to that degree.

But see that's the thing. Its not up to the country or nation. Its up to the people to use it.

Unless of course it is made illegal.

But what the banks do have control over is whether it will be issued and deposited in the banks locally/'natively'. Of course there are always ways to transfer in and out of banks accounts, but in the case that it is not the main currency deposited, it will always be something like Paypal.

originally posted by: nOraKat
a reply to: ScepticScot

originally posted by: ScepticScot
a reply to: nOraKat

While there are a few small.countries that use other nations currencies there are no major economies that do so. (The Euro being the closest thing to an exception)

Same with digital currencies, while you could imagine small city states using them it's unlikely any major economic nation is going to give up control of its monetary policy to that degree.

But see that's the thing. Its not up to the country or nation. Its up to the people to use it.

Unless of course it is made illegal.

But what the banks do have control over is whether it will be issued and deposited in the banks locally/'natively'. Of course there are always ways to transfer in and out of banks accounts, but in the case that it is not the main currency deposited, it will always be something like Paypal.

As long as the government takes taxes and makes payments in its own currency then that will remain the primary currrency.

People might use digital payments like crypto currency or PayPal for day to day transactions but it will be a means to an end and will be up converted back to the national currency.

Bitcoin and similar have uses as a payment method but they are not currencies in their own right.

a reply to: nOraKat

Man i hope they do make it illegal one day. Hello big $$!

I think that day will come. And the time delay issue can simply be solved by block times. Plus, once nations issue their own cryptocurrencies, it is likely no confirmations will be required, thus instant transactions. Of course this will mean centralization which is counter to everhthing Bitcoin stands for but it is what it is.

I dont think tptb will ever allow decentralized national monies. But that is besides the point a harsh reality.

Besides, i can already get credited fiat for btc instantly through various services. May be some liability for said services but that is their problem, and really not any as they have the btc already if a transaction goes tits up.

I bought some bitcoin this spring. There is twice as much money in there now.

I think it will be outlawed because it is not taxable.

originally posted by: visitedbythem
I bought some bitcoin this spring. There is twice as much money in there now.

I think it will be outlawed because it is not taxable.

What makes you think it's not taxable?

originally posted by: ScepticScot

originally posted by: visitedbythem
I bought some bitcoin this spring. There is twice as much money in there now.

I think it will be outlawed because it is not taxable.

What makes you think it's not taxable?

I didn't pay any taxes when I spent some. I also wont pay taxes on the value it has gained. Its double what I left ion my account.
What makes you think its taxable when the government doesn't know who has it?

originally posted by: visitedbythem

originally posted by: ScepticScot

originally posted by: visitedbythem
I bought some bitcoin this spring. There is twice as much money in there now.

I think it will be outlawed because it is not taxable.

What makes you think it's not taxable?

I didn't pay any taxes when I spent some. I also wont pay taxes on the value it has gained. Its double what I left ion my account.
What makes you think its taxable when the government doesn't know who has it?

That doesn't mean it's not taxable. It means you are planning on trying to evade tax (assuming tax is due).

How anonymous bitcoin really is depends how you bought them.

a reply to: visitedbythem

If you make a profit you still technically need to pay a capital gains tax.
I see bitcoin getting close to 8k usd this year but a 50% correction shortly after. It's a volatile asset and even more so is the many other new altcoin.

So security expert Aleksandr Vinnik was arrested for money laundering because he used his money laundering technique included using his real name online, such that the whole INTERPOL could better follow him.

Sounds quite secure to me, or at least it does not reveal directly what the problem is. The problem is that as expected cryptocurrency such as bitcoin and other purely software based services are close to a new bubble burst.