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I'm learning more about Bitcoin and have tried researching this to no avail. As a hypothetical, lets say Bitcoin replaces fiat currency. In that world, a government would just tax us in Bitcoin, no? If so, they the government could not create currency on their own if an emergency strikes. Lets say more people are out of work for a long period and need more financial help than the government has Bitcoin for, what if a hurricane hits and the relief funds can't cover the cost, what if a state has an emergency and they don't have enough to help, etc... Currently, governments can print more in the short term to address that. Unfortunately they are not responsible during non-crisis times, but that's another discussion. I'm just wondering if any thought was given to how Bitcoin would handle such scenarios in these situations where it seems that fiat currency is flexible enough to handle such issues.
What would a Bitcoin economy look like in a crisis and how could it be 'fixed' during or after a crisis?
I have difficulty understanding this part. The US government is wildly printing money now, which almost always happens during economic crisis. This way stocks don't fall too low, government has more money to spend to help businesses not go bankrupt or to give money to those that need it in these difficult times or pay off loans/debts (I think that is the purpose at least, but I understand that the way this is handled in reality is very different). How would the economy look and which direction would it go if the government/banks did not have the ability to print money? There are reasons to do it apparently and if the government does not have enough reserves in a Bitcoin economy, how would it handle an economic crisis? Very curious on everyone's thoughts or ideas on this.
Mark Cuban has a valid point... A bitcoin economy (fixed supply) will result in alot of inefficiencies - whale hoarding, low spending and lots of people (who do not have bitcoin) aliened out etc. How to fix this?
How would a bitcoin economy work in times of crisis?
Like we currently having today. Mentioning that bitcoin is deflationary, isn’t that a bad thing? I’m still confused if deflation is bad or not, isnt what caused the great depression. Or wether bitcoin is a currency or a comodity. I’m mind-fucked.
Derek Magyll: “Thinking of Bitcoin like chess: Like chess, if the rules of Bitcoin are subject to constant change by some committee of developers adding changes to the software, people in the Bitcoin economy will not be able to make rational, long-range plans using Bitcoin.”
Owning bitcoin can revive the economy as it helps the general consumer by not being impacted by their primary currency value degradation. Bitcoin will act as a lifeline where you can continue to pay your supplier on real time at the same time offer your services to your customer without having to break the supply chain. The most popular cryptocurrencies in India include Bitcoin, Ripple, Ethereum, and Litecoin. ... the traders can sit back comfortably and reap the benefits of having an expanded economy, all thanks ... A 120-page Global Macro Investor report explains that the world economy is headed for disaster. The coronavirus outbreak has added a lot of fear into our everyday lives, but the economic after ... Bitcoin is not only a good investment; it’s important for the global economy. It is transforming the economy worldwide with many potential benefits. With a modern financial system, it has a great contribution to financial inclusion. Here you will understand why bitcoin is crucial for the global economy. You will also get a good understanding […] Bitcoin emerged from the ashes of the global financial crisis, with the genesis block created in January, 2009. The American economy emerged from the same ashes around the same time, with GDP soaring immediately following the GFC and continuing to deliver a historically long period of expansion.
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