What happenes when Bitcoin wins and Fiat collapses?
If Fiat completely dies due to eventual hyperinflation, what will happen to those who don't own Bitcoin or sats? To all the other 7.8 or so billion people? Will all the governments start enforcing cold wallets? Or will everyone now have to use phones or cards? Even the people on very rural areas? How will all the other people perform transactions if there can only be about 30k transactions every 10 minutes? Or will everyone use the lighting network solutions? And will they also be decentralized, or owned by few people? And if so, wont they become just like central banks of today, controlled by a few groups of powerful people, efffectively changing nothing? If there will only be 21 million Bitcoin, or 2.1 quadrillion satoshi, will those who bought early become the rothschilds of future and the other 7.8 billion people can fuck off? Wont this create an even greater weath inequality, or is that the aim for most Bitcoin investors? To become the new aristocrat class of the future? Or are most hoping to sell off some sats for millions of Fiat in the future? Also, won't it be detrimental to the current world leaders, secret families, governemts and so on, to let Fiat die and give up their control? Or are they planning to take control via other methods by allowing Bitcoin to become the new world currency? How will wages, salaries work in a deflation? If Bitcoin amount won't ever increase, and sometimes decrease due to people losing their keys, will people have to give up their sats for services with no way to get more sats in the future? Or will sat price on good and services continue to decrease indefinetly? How will infrastructure, energy, public roads, education, military etc be funded? Will people be taxed in sats? How will all this be enforced? Or will other crypto be used for exchange of goods and services, and Bitcoin will be a store of Value? What happens if/when quantum computers are made? If they crack cryptography, won't this whole blockchain/Bitcoin thing collapse due to malicious use? These are just some thoughts of mine, as a economics and crypto beginner. I would appreciate if someone smarter could answer some of these questions. submitted by /u/IndependentCan9757 [link] [comments]
If Fiat completely dies due to eventual hyperinflation, what will happen to those who don't own Bitcoin or sats? To all the other 7.8 or so billion people?
Will all the governments start enforcing cold wallets? Or will everyone now have to use phones or cards? Even the people on very rural areas? How will all the other people perform transactions if there can only be about 30k transactions every 10 minutes? Or will everyone use the lighting network solutions? And will they also be decentralized, or owned by few people? And if so, wont they become just like central banks of today, controlled by a few groups of powerful people, efffectively changing nothing?
If there will only be 21 million Bitcoin, or 2.1 quadrillion satoshi, will those who bought early become the rothschilds of future and the other 7.8 billion people can fuck off? Wont this create an even greater weath inequality, or is that the aim for most Bitcoin investors? To become the new aristocrat class of the future? Or are most hoping to sell off some sats for millions of Fiat in the future?
Also, won't it be detrimental to the current world leaders, secret families, governemts and so on, to let Fiat die and give up their control? Or are they planning to take control via other methods by allowing Bitcoin to become the new world currency?
How will wages, salaries work in a deflation? If Bitcoin amount won't ever increase, and sometimes decrease due to people losing their keys, will people have to give up their sats for services with no way to get more sats in the future? Or will sat price on good and services continue to decrease indefinetly? How will infrastructure, energy, public roads, education, military etc be funded? Will people be taxed in sats? How will all this be enforced?
Or will other crypto be used for exchange of goods and services, and Bitcoin will be a store of Value?
What happens if/when quantum computers are made? If they crack cryptography, won't this whole blockchain/Bitcoin thing collapse due to malicious use?
These are just some thoughts of mine, as a economics and crypto beginner. I would appreciate if someone smarter could answer some of these questions.
[link] [comments]
