Quote:
Originally Posted by afc wimbledon
The irony is this is how we ended up with central banks, 2 or 300 years ago local banks issued their own currency, there were all kinds of local currencies but they would fail regularly and inevitably central Government stepped in to create stability and a trustworthy currency
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This is a good point. We are truly blessed to live in a country where outside of a couple of blips we can rely on our government and banking system to provide stability and trust in our currency and economy for 150 years. Here in Canada, a decentralized and finite currency is not particularly needed and possibly even detrimental to a central banks ability to maintain a healthy economy.
Now consider countries that are not as lucky as us. Countries that:
- routinely face yearly inflation in excess of 10%
- do not have a stable government and struggle to control their economy
- do not have their own currency
- do not have a stable trustworthy banking system
- are undemocratic and their government may not have the citizens welfare at their forefront
I think it's possible an increasingly adopted, finite, decentralized currency could be a benefit to these people. When I consider the number of people that fall under these categories in the world, I can see why people are excited about Bitcoin. It is surely in the billions and may even be over half the earth's population.
It's not without it's faults, but Bitcoin is definitely tantalizing. I'm enjoying the discussion!