How Will Society Change When Crypto Replaces Central Banking?
(Edited)
Pure Relaxing Sounds asks "through crypto, putting the role of central banks into the hands of the people, what will change in our economy? Especially in a financial crisis".
Here's my response!
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Central banks I’ve gone too far this time and I don’t believe they will stop until they can’t print any more money or people eventually lose confidence. Cheers mike
I believe there will always be banks despite bitcoins attempt to weaken banks.... Look where most crypto investors do. Coinbase, bitmex.. Centralised way to mandate over your cash. Add some fees and they still be corrupt.
Yes, there's a good chance they'll still be around. But at the very least, I hope their significance is greatly reduced. Just like the horse and carriage today!
The best part is I suppose, that we at least get a choice. Having a bank/exchange is always more convenient but we have the opportunity to store portion of our saving "ourselves" or even entirely. For fiat, we really don't have a choice :)
Next time when there is a financial crisis, banks will not be bailed out as they have created double or more debt than the last financial crisis for central banks to afford to create money via QE , at the tax payers expense. The pubic at large will question and revolt against the system and demand radical changes.
Unfortunately, I think that central banking will somehow remain in some/another form as crypto is not yet established widely in the public domain for it to take over.
Who knows what the central banks are planning for the future! One thing is for sure, they will not give up their position without a fight.
I agree with you 100% @louisthomas.
It is hard to know exactly how things will change but we know it will be a completely different world. The thing about recessions is they will be less likely, not only because the establishment that causes them will be removed but, also, because there will be so many different platforms and currencies.
Instead of a few strong "economies", we could see hundreds of them.
There will be lot of serous problems before this change happens! because central banks are inevitably a part of the government and government would never allow power going out of their hand.So such a shift would be very difficult.
Not all crypto currencies made equal. Blockchain is not a magic word that makes your project decentralized and censorship resistance, it can also used as a pathway to a cashless society
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